7 Facts to Hold Before Applying Any Business Ideas in Nigeria Today

Truly, Challenge is one of the key reasons you consider becoming an entrepreneur. I mean the idea that things are not just easy in this country today, trying to overcome your Goliath, the way to win and succeed.

business idea

Now you are going to pick some important facts as you consider applying any business ideas in Nigeria. “the science of human psychology still works perfectly today”

Let me tell you a short story on how a very close friend of mine used this principle to start a business that he has never run before.

He was into a stationery business in Aba, Abia state and things were not working out at all for over 2 years in that business, in the sense that there were high levels of competition.

stationery business

Where there is high levels of competition customers tend to be at an advantage. You bring in your product, they either delay the cash or they complain about little things; you know what I mean.

So he started planning to change to another business. The first step he took was to consider 3 things:

#1: Geolocation—he moved temporarily to a close by a major city (Calabar), he took the time to analyze the market. What I mean by the market is the people who would likely buy the product you want to sell.

#2: Demographics—meaning, male or female of about maybe the age of 25-30 or 30-45, income and things like that. So he had gone to a particular location and find a marketplace where there were many women.

He looked around and asked himself some simple questions such as, which other business are they not trading or is not common here?

Which service could women be interested in? The next one answered his questions.

#3: Psychology—if you study the lifestyle of average Nigerian men you would notice one thing in common. If it comes to sports and you mention Football, they would respond in mars compared to other sports.

I hope you figured things out psychologically here? Likewise women, they tend to love movies so much.

So my friend applied this principle “the science of human psychology”, and came up with an idea to sell and also rent Nigerian current films (home movies). Where there was little or nobody doing it.

The Testimonial: an Encouragement

Now my friend trained himself and his two younger brothers in the University through that films business. And as I am talking to you now, he is a graduate from Unical, happily married with a kid.

You can apply the same principle and believe you me, it can work out for you perfectly too.

I recommend this powerful business boosting book to you here “The Business School, Robert T. Kiyosaki” when you get to the page just type in the Item ID: 479284 in the search bar and get a copy.

As I researched on a topic this morning, I came across a lot of Nigerian bloggers who listed the business ideas in Nigeria. Some listed 10, some 20, some 100 and so on, I was very impressed to see Nigerians really coming up with great resources.

But the question is, do you know that you may not succeed on just any of those business ideas in Nigeria if you don’t consider some basic facts?

What if you start a restaurant business and you do not have the management skills? Or you want to start the sales of Cement and other building materials, and you do not know how to segment the market?

Again, you want to start an internet business, and you don’t know the different channels to promote it so that you can get a lot of traffic, leads or sales? Don’t quote me wrong, I am not trying to discourage you rather; I wrote this piece to support you make right decisions before starting up any business you never run before.

So let us iron out each of those questions above.
Now, check out the list of the important facts you need to consider before you apply any of those business ideas in Nigeria:

#1: Passion—do you have the passion for that business? Or do you allow what I call the voice of conformity spring up from your mind? Why I asked those questions is because People with passion make themselves good entrepreneurs.

The Co-founder and C.E.O, Infusionsoft CLATE MASK said, “Passion, Freedom and Impact are the 3 Ingredients of Business Success

The voice of conformity means that you want to be like Mr. A, or Mr. B. Because you see that this person is really making it in a particular business doesn’t necessarily mean you can too.

That particular enterprise might not be for you, for various reasons.

So check yourself very well whether you have the passion for the biz before you even think of starting it.

#2: Lifestyle—your lifestyle could be a roadblock to any business you may want to kick-start, or an open door depending on the type of biz. Let’s look at this example, somebody who is not settled can not personally run or manage a digital marketing business.

Because digital marketing needs focus and consistency.
So, you have to choose a business base on your lifestyle except, if you can make a U-Turn to your lifestyle.

#3: Environment—environment matters a lot for business oriented people. A particular environment might not be good for your chosen business, that is why you need to segment your market.

We will talk about segmenting a bit later. So you should choose your startup environment wisely.

#4: To Prove it to Yourself—I can tell you from a personal experience. When I was part of a successful startup, being able to look at myself and said, wow! I was part of this business. Things like:

I know the effort I made for the success, now as I want to be my own boss I won’t find things difficult because I’ve really gathered much experience to run mine. So the question is have you been into that type of business before?

You need some training in that particular enterprise, you can take these Individual Training Courses online depending on its nature.

#5: Management Skills—when I say management skills, I am talking about people’s skills. If you interview a number of C.E.Os about how they spend their time, their responses are:

mainly managing people, solving people’s problem. Again, internal plans and everything that has to do with people. You might not be the man or the woman of the people, you might not be good in some areas.

You will need somebody or people who are good in those areas for managing your business such as finance, marketing, sales and things like that.

#6: Segmenting The Market—who are the people you want to sell your product/services to? The market may be big or very small, like as I said before market means people who are going to buy your goods. So you are going to do direct market research meaning, going to meet your customers face to face to tell them why they should buy your product.

For example, you want to sell this product specifically to students. But when we say, “students” the market is still broad you need to segment it further.

You should target either the high or low-level University students; Junior or Senior secondary school students if you must be realistic.

Let’s take another example, remember the story I told above about my bosom friend. He segmented the market by targeting women, you can target men of any age limit base on your type of product/service.

#7: Marketing—You need to go for marketing to let customers know that your business exists, or you hire marketing people. Who are your customers? What are they finding difficult?

Who are your competitors? How can you solve customers problems even slightly better than those competitors? Those are the questions you must have in your mind when we talk about marketing.

3 Steps to Taking to Market Online

Do you want to market online? If you say “yes” here are 3 basic steps to take:

#1. Distribution channel—so you need to choose your distribution channel, a blog, or a website or community forums. That means you should have a website or blog where you want to talk about your business.

#2. Promotion—social networks like Facebook, Google+ etc are where your fans and friends will know about your products or services. So those are the places to promote online, you can also use advertising like PPC (pay per click) if you are ready to pay for advertising online.

#3. Search engine optimization—most entrepreneurs are yet to know the power in search engine optimization (S.E.O). It is very important in today’s online marketing to make your products visible to millions of customers. So you need to optimize your blog or website.

Conclusion: if you have gathered some business ideas in Nigeria today, you should check your passion for the business, your knowledge about it, how to promote it, capitalize on the weaknesses of your competitors.

You should be able to analyze different things about your customers, and people who will also work with you. You should consider the geolocation of the business, how is it in terms of competition and buyers.

If there are any other basic facts you think I did not mention, you can add it up in the comment space below. You can also check out the 5 characteristics of a successful entrepreneur. And if you have found the post useful, please share with your friends.

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