Starting a small business in Nigeria can be an exciting and rewarding endeavor. However, it can also be challenging, especially when it comes to funding and growth strategies. In this article, we’ll discuss some important step in starting and growing a small business in Nigeria.
Conduct a Market Research
Do not start your business on mere guesses without carrying out a thorough market research. The consequences of not studying your prospective market before starting your business might come back to haunt you in the future.
Market research enables you to identify your target audience, market conditions and your competition. You can then devise a strategy to reduce potential risks and help you standout from the competition.
Understanding what influences the purchase decisions and behavior of your target audience members will equip you with the correct strategy to make your business a success.
Develop a Business Plan
The next important step will be to develop a business plan with the information you’ve acquired from your market research. A business plan will serves as a functional road map for the growth of your business.
A good business plan should include in details your business goals, descriptions of your business, products, services and your financial projections. In short your business plan should outline you business goals and how you plan on achieving them.
Technology is crucial to business growth especially for small businesses in Nigeria. You can leverage technology by creating a website for your business, using social media platforms for marketing, and using digital payment systems.
For example, financial technologies such as Opay and Moniepoint has made it easier for small businesses to collect payments from customers without transaction failure.
Build a Strong Team
No matter how good your product or service is, you can’t do everything alone. Build a strong team of employees, partners, or advisors who can help you achieve your goals. Your team should share your vision and be committed to the success of your business.
Focus on Customer’s Satisfaction
Meeting your customer’s satisfaction is important for the success of your business, and should be a priority. Ensure that you provide excellent customer service, listen to customer feedback, and address any complaints promptly.
Explore new markets
As your small business grows, explore new markets to expand your customer base. You can consider exporting your products or services to other countries or expanding to other states in Nigeria.
Funding Your Business
There are many ways to fund your business in Nigeria. You can start with your own savings or money gotten from family or close friends.
Another option is to apply for business grants or loans from organizations offering to help small businesses in Nigeria. One of such organizations is Tony Elumelu Entrepreneurship Programme (TEEP) and GroFin Fund. Others are listed below.
- AYEEN Financial Grants
- Bank Of Industry (BOI)
- Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN)
- National Youth Entrepreneurship Empowerment Summit
- Lagos State Entrepreneurs Trust Fund (LSETF)
- African Women Innovation & Entrepreneurship
- Innovation Price for Africa
- AXA Research Fund’s grants
- SMEDAN Grant For Entrepreneurs
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