Starting A Business In Nigeria.

Do you have what it takes?

So are you just interested or are you really committed to starting a business in Nigeria?

Leaders are visionaries with a poorly developed sense of fear and no concept of the odds against them. They make the impossible happen.-
Dr Robert Jarvik.

Starting a business In Nigeria can be the most profitable venture you could ever undertake. But the truth is your success will highly depend on your preparations before taking off.

Let me ask you this?

Would you marry a person you have just met without getting to know her character, her family background, likes and dislike, genotype, dreams and aspirations?

I guess you will want to first find out a lot of things about her and see if you could make a great couple, wouldn't you?

When you are starting a business in Nigeria, especially your first business, you need to carry out the same level of preparation as you could before going into marriage with anyone. Both might be lifetime commitments that you will definitely want to be a success.

Your business idea might be good, might even be great, but such ideas might turn out worthless.

It's how you plan, how you prepare and how you implement your plans that makes the difference between success and failure in starting a business in Nigeria.

And the truth is failure is pretty much a norm for business start-ups.

Do you know that 95% of business start-ups fail and are out of business within the first 5 years? And that out of the remaining 5%, 95% again are usually out of business or barely surviving after 10 years.

The sad truth is only very very few business start-ups make it to the big league.

For you to succeed in business...

You will really need to be sure that you have the skills and knowledge you need for the business you have in mind or know how to tap into the sources of such expertise.

Start by assessing your abilities before starting a business in Nigeria.

There is a claim that for 10 people who want to start their own business only one person does. There are lots of dreamers that really like the idea of starting a business in Nigeria but never get to do it.

You do need to find out if you are a dreamer or a doer when it comes to entrepreneurship.

The questions you need to ask yourself are:

Can I do it?

Am I really the entrepreneurial type?

What are my motivations and aims? How do I find the right business for me?

Business founders are frequently characterised as people who accept uncertainty, are driven to succeed, hardworking, innovative, healthy, self-disciplined, totally committed and well rounded.

Weigh yourself against these traits? Do you possess them?The next step to take after discovering that you are the entrepreneurial type is you discovering a real need before starting a business in Nigeria(what exactly do you plan to do? who needs it? and how can it make money?).

You might want to look around and see where there is a problem without solution or where people are dissatisfied with the available solution. This could be a fertile ground to work in.

One very important thing to note is that......

Having a great business idea and possessing attributes and skills you require in starting a business in Nigeria successfully might not be enough to guarantee your success.

You have to be sure the business you plan to start is right for you.

Before going ahead with a particular idea., try making a list of the key things you are looking for in a business. Then match those up with the idea you are considering.

Does your business idea fit in with the reasons you plan to go into business?

Confirming The Viability Of Your Business Idea before starting a business in Nigeria.

Your idea might be fantastic, fits you perfectly, but such idea is not a business yet.

It's a wonderful starting point, and an essential one, but you have to do a more than that if you want to go and tell your boss what you really think about him.

Below are some steps you need to take so as not to go back to your boss in six months time and beg for your old job back.

Start by researching the market.

Before you can develop a successful business strategy, you have to understand as much as possible about your market and the competitors your are likely to face.

Are there enough people who are attracted to buy what you want to sell at a price that gives you a viable business?

Your idea looks as though it has a market. You have evaluated your skills and inclinations and you believe you can run this business. The next crucial question is can it really make you money?

You have to also establish the financial viability of your idea before you invest money in it or approach outsiders for backing.

You need to really go through all of the business's financial requirements(how much do you need to start? how much will you need for operating expenses before you start seeing a profit? How long will it take to break even? ).

If the numbers come out that you won't succeed then, you can have a rethink about that idea.

On the other hand if the numbers look good then, you can get to work preparing your cash flows, balance sheet and coming out with the business plan.

Writing up a business plan is very important and crucial to your success.

It's very important not just for sourcing funds but also as a guide to keep you focused and to measure your progress.

Remember... if you fail to plan, you plan to fail......

To raise the money needed to start the business, you can use any of these options...

The first is funding yourself or getting people to put their funds into your business as share holders. You don't have to give the share holders their money back, but they do expect you to increase the value of their shares and they get to share in your profit too.

The second is money borrowed.This can be from friends, relatives or the bank. This source of funds need to be repaid. You may also have to pay an interest on it.

Please note that....

To get people to give you money, you need to write up a business plan.

If you are through with your business plans and you have raised your funds. You should then seriously consider incorporating your business with Corporate Affairs Commission (CAC).

Learn how to go for growth in your business here.

Paul "Bear" Bryant once said this….

"It's not the will to win that matters—everyone has that. It's the will to prepare to win that matters."

Let me repeat what I have said so far.

You need to prepare yourself before starting a business in Nigeria...

It's really important you assess your abilities, discover a need and come up with an idea.

Check the fit of your business idea with the reasons you intent to go into business in the first place.

Next you research your market, do the numbers and see if it is workable and come up with a great business plan. And then... you think of how to raise the money.

So...

“Don't fear failure so much that you refuse to try new things. The saddest summary of a life contains three descriptions: could have, might have, and should have”.-Anonymous

Also bear in mind that….

Entrepreneurship is often characterized as something that cannot be thought but only learned.

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