Starting a business is one thing and making the right choice is another, but no matter what, do a feasibility study, research and a detailed analysis of your target market and environment before venturing into any kind of business. Making a good business choice is very important for you to reap favourable rewards in no time (or not longer than it’s necessary). You just don’t venture into a business because you read about how it’s flourishing on the internet and in a more advanced country than yours. Be very careful and be well-detailed when making a business choice. Don’t imitate a business environment, instead study yours and see how your chosen business can fit into it.
Don’t make a mistake from the inception that will ruin your business and make you go bankrupt in the end. In a country where there are more of the low income earners and middle class income earners, than the high income earners, one has to take the following into consideration before making a good business choice especially in Nigeria. The Target market/Populace; it’s no news that a very good number Nigerians patronize consumable goods than any other goods within the country and Nigeria is definitely a good ground and soil for business development and growth. It’s no surprise how foreigners make mind-blowing profits from their companies, factories and business choices in Nigeria. As a business person you should make business choices or engage in a business that will benefit your environment. Develop a business idea that the populace will tap into and you will gain immensely too. Know your environment and their needs.
Know the class of people that dwell in a particular environment; is it the high, middle or low class? You can’t predict what you don’t have an idea of. For example you can’t just make only sandwiches in a restaurant and environment of mainly construction workers working and coming to patronize, you need to make available many local dishes like Beans and Bread, Amala, Eba and Vegetable soup, Akpu and Edikang Ikong soup amongst others. Making the decision to set up a restaurant or canteen entails meeting the hunger needs of workers, students, and residents of a particular area.
As seasons change in countries all over the world, so do the people change. Make a business choice that will bring gain to you, (the seller or service provider) and the populace, (the buyers and target market) The Intended Product or Service; what kind of product or service will maximize your profits? The primary aim of every business is to make profit. This is a very important decision and choice to make. What exactly do you want to venture into and how useful is the product in your business location? You have to survey the environment, and figure out if it’s really a business environment. Nigeria is large enough to accommodate diverse businesses and products but it will only be a waste if the product you have in mind doesn’t serve its purpose in the targeted environment.
Having a phone charging business idea in an environment with an uninterrupted power supply will be a waste of time and resources; this will strive better in an environment where electricity supply is limited. Affordable consumable and household goods (such as beverages, biscuits, foodstuffs and so on) are fast moving items to sell in Nigeria this is due to the fact that there are more of low income earners who will rather go for goods within their income range and mostly non-imported goods (except for foodstuffs like rice or beans that are most times imported from neighbouring countries). Be sure of the intended product in order to assure sales, hence, look before you leap.
The Present Economy; you have to know the current economical situation in the country of business operation. Is there inflation as at the time you conceive the business idea? If yes, how bad is it and if no, what’s the next step to take? Note that Nigeria’s economy is boosted by the success of various business entities. More jobs are created, more money in the circulation and there’s economic growth and development. As a business person you should take advantage of this business friendly economy, make good business choices and make sure your business idea will transform to a customer-friendly and affordable product or service. Know the existing competitors with similar business concepts as you, and seek for better ways to beat them. Remember its business and the economy is buoyant for every entrepreneur to gain. How well you gain is a function of how well you can compete in the unlimited business world/economy. Survey, study and inject your choice of business into the economic system.
Don’t sell umbrellas in dry seasons, you’ll fail even if the economy is business friendly, because you sell wrongly, the product doesn’t meet a need at that particular time. Prioritize business choices, which is best for the current business economy you are experiencing. Apart from consumables, electronics are really on a high demand in Nigeria today. Having a good business idea in the right business environment is wonderful; everybody wants to use an android or a high class phone even when their monthly income negates such desire. To make the best business choice you must pick from other business alternatives, and to have a choice denotes that you have a line of alternatives you are considering, make the best choice.
Lastly, capital at hand is important; don’t be surprise this didn’t come up first, but availability of capital isn’t the major issue, business knowledge is. The explanations above are to be taken note of before considering what you have in your pocket to start up a business. Now, you have the right business choice, how much capital do you need? Consider the rent of a shop or will you rather start from home? Yes you can! You don’t need to hire a sales person or an employee at the inception, it is bad for business. If you’re working, you can get a close friend or relative to run it on your behalf. Try to make the best use of your capital, use it for the purpose it was meant for. Nigeria has a distinctive business friendly economic system, take hold of this valuable opportunity.
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