Starting a business is a process which requires thorough planning and execution in order to ensure success in both short run and long run. Starting one in Nigeria is no different as studies over time has shown that the most successful businesses are the ones with their plans clearly laid out.
This few tips can make your business grow into one of the biggest in its industry in a short time.
Here are a few tips to help you build a business empire from scratch.
Thorough research is a vital tool in starting a profitable business in Nigeria. Research work done should range from important aspects such as marketing strategy or location to the least such as business logo.
Research helps gain experience in your field of work and prevent mistakes that could damage the business. It also helps to gain knowledge from past establishment in your field of work and gives you an advantage over other business establishments.
Do not relent to consult internet or even experienced professionals to learn about your business, it only makes you better prepared for the establishment of your business and ensuring you know the right values to enable you make tremendous profit.
Statistics has shown that less than 20 percent of entrepreneurs have their business plan completely laid out and revised before starting the business.
Business plan consist of all other factors needed in starting a business such as appropriate location, budget, market capabilities and a host of others. It helps to compile this information together and employ a method most efficient to ensure a profitable business in Nigeria.
Having a business plan helps you to map out key areas in your business, and also gives oversight on the whole business. A good business plan could be the difference between a very successful business that has acquired over a 100 percent growth in 3 months and one who has only managed to get 20 percent gain in a whole year.
Apart from giving an oversight of the whole business, a good business plan also helps to manage your resources well and employ the best and most efficient strategy possible for your business.
If you are on your way to starting a business in Nigeria, a good business plan is one of the most important determining factor that will decide the success of your business.
CREATE A BUDGET
Creating a budget is a very important step to be taken by all entrepreneurs when starting a business. It ensures adequate preparation for all expenses, either planned or sudden in the future .
Many good business investments that have showed good prospectives have been ended prematurely due to lack of the entrpeneur to provide essential funds needed for their operations. Also creating a budget helps to give an overview of your expenses and income over time, this is a factor which helps in efficient managing of the business.
DETERMINE YOUR FINANCIAL CAPABILITIES
One of the most important attributes which separate the most successful entrepreneurs from others is their ability to make more rational and efficient decisions. If you want your business to grow into a profitable one you must be completely honest with yourself in declaring your financial capabilities before starting the business.
Most people make the mistake of being overly ambitious and end up establishing businesses in which they are incapable of managing, this should be avoided.
Possession of the finances necessary to run the business adequately is important in starting a profitable business in Nigeria.
DETERMINE YOUR TARGET MARKET
The target market is an important factor when deciding on the establishment of a business. The condition of the market and demand for the products or services in which you offer in your business will determine to a large extent the profitability of your business.
Markets which are highly competitive or monopolised should be avoided by newly established businesses unless they have the resources to compete.
Also, market entry requirements such as government policies should be considered while choosing the type of product and services to avoid hinderances or complications in the future.
Overall, the profitability of the business established is highly influenced by condition if the target market, so it should be given high consideration when starting up a business in Nigeria.
DETERMINE YOUR BRAND
Every newly established business should seek to develop its own type of unique brand.
A brand is something which separate you from other elements in the business.
The concept of branding is often overlooked while starting up a business in Nigeria and it should not be.
A brand does not have to be only a trademark symbol, it can also be the way of conducting business, relationship with your customers and a host of other things. It is a concept that will make you stand out in the global market and should be highly emphasized.
DEVELOP A GOOD MARKETING STRATEGY
Good marketing strategy is an inevitable skill all businesses must acquire in order to ensure profit. It is one of the factors which determine whether the market will expand or not.
The marketing strategy employed by a business will determine if it will be able to tap into the market of its products and services and gain a considerate amount of customers.
Marketing strategy can be developed individually or by hiring a professional, and it is advised to spend lot of resources on this skill as it determines the influx of customers over the short and long run.
DEVELOP AN EXCELLENT CUSTOMER RELATIONSHIP
This is by far the most important factor in determining the profitability of your business right from the start till when it is fully established. Every business that hopes to be profitable and grow in the long run must try to always the maintain the an excellent customer relationship.
Many upcoming or newly established businesses in Nigeria often overlook this, but when you take the customer services of big corporations such as telecommunications company, banks and many others,they always try to offer the best of their services to their customers.
The phrase “customer is always right” cannot be over emphasized as this is the main basis for the establishment of your business and will determine it’s future.
Every business that hopes to stand out and the apex if its field must also always stand out in customer relation.
Customers should have great trust and confidence in you, if they are certain you will offer them the best services they automatically become loyalist which will help take your business to places you never thought.
In conclusion, starting a profitable business is not a talent, it is a skill that can be learnt and mastered over time. Adhering to the above principles will help you grow your business and get it to the top of the ladder in a very short time compared to unplanned businesses.
No matter the tier of production you enter into, it may be agriculture, mining, manufacturing, construction or even offering of professional services .
The thorough planning and execution of your business right from its establishment will make it stand out in the masses.