5 Working Tips to succeed as a Startup in Nigeria
Frankly speaking, starting a new business in this Nigerian economy is a way too tough especially when you have limited capital but, it is not entirely impossible.
In a publication by InfoGuide Nigeria some few years ago highlighted 5 biggest challenges Nigerian startups are facing in the country which include,
- Lack of Enabling Environment and Infrastructure
- Poor Power Supply
- Poor Transport Network
- Poor Transport Network
- Not enough support from Government
These challenges are not new to us anymore, the question is, how can you bypass this challenges to meet a successful end as a startup?
Read on, you’ll find out.
While I was doing research on how best startups in Nigeria can take advantage of the new media to achieve their business objectives, I came across quite a good number of advice from some of the renowned successful business minded people in the world which I believe would help every startup, especially those with little capital in Nigeria.
Without much ado, here are my 5 working tips for any startup that wants to succeed in the face of Nigerian unfriendly economy.
#1. Know your business better than anyone.
There is a great difference between having a business plan and knowing your business plan. As a startup, you should know your business better than anyone.
At the conceptual stage, when you began to nurture a business idea that really interests you, what do you do? Ask questions and gain insight into the business from those who are already in the business.
For every business, there are thousands of people who are already in the business, meet the successful ones among them and tap ideas from them.
Exposure to your business idea will convince you if you have the capacity such as the time and finance to venture in this line of business or not.
Most people only start a business just because they saw that Mr. A is driving the latest Benz 2018 model and they began to feel that this business is lucrative and will fetch them good money.
What works for Mr. A can work for you if you can apply the same or similar strategy including finance and otherwise as Mr. A.
The point is, be the master of your business plan/idea. Have every single detail and strategies at the tip of your fingers and carefully examine the relevance of the business you aspire to the society.
In Nigeria, most entrepreneurs always jump into businesses without considering the relevance of the business and how demanding it is within their locality.
So, for you to succeed with your business ideas, you must know your business and then consider the need for the product or services you want to offer, that would help know your target audience, where to find them and the best medium to market your product or services to them.
#2. Have a good budget plan.
Any business without a good budget plan has a 95% chance of failure. If you fail to plan, that means you plan to fail – there is no double side to this.
Most startups often invest money in their business without proper budgeting. A budget helps you to put your expenses in check so as to avoid either under spending or over-spending. It will help you cut your losses and plan better.
The mistake of a poor budget plan has contributed to the failure of most businesses especially startups in Nigeria.
To some people, “success in business is by luck” this is total rubbish. Yes, I have to be this blunt because a lot of people have wasted so much simply because they believe that business is a game of luck. It’s not, rather a game of proper planning.
It is very important to have a super detailed budget before you think of spending a single penny.
Okay? So even if you aren’t good at budgeting, contact the help of someone who is.
If you want you to survive the heat of Nigerian economy then every aspect of your business must be carefully accounted for and the budget should be adhered to as closely as possible. Speaking of which…
#3. Self-discipline (Avoid Impulse expenditure).
Self-discipline is a virtue every startup like you must adhere to if you want your business to be a success. Self-discipline in this context is all about money, rather self-control and of course religiously sticking to your budget.
Any business owner especially startup who lack self-discipline in his business is bound to have issues.
The temptation to is inevitable, but if you plan to succeed and grow your business to a higher level, then self-discipline is a must virtue you must adhere. You need to nurture your business as a startup more than those established companies.
As long you have a good business plan, carefully decide what needs to be accomplished by when, and strictly adhere to your plan.
#4. Be Flexible.
If there’s one thing about anything in life, is change. As a startup, you must learn to be flexible. Always try and modify the idea on which your business is built.
A good business must be flexible. Flexibility in terms of leveraging new ideas and concept.
When you invest so much time, effort and faith in a single business plan, built on a single business concept, it’s logical that you would have trouble accepting the need to modify your original plan. But don’t don’t forget that things change and when it does, you should be flexible to follow the trend or risk being a backbencher. It not advisable for a startup to stick to just one single when there are reasonable chances of progress. Embrace the new factors that have the potential to step up your business.
Speaking of which…
#5. Leverage Social Media Marketing
What is social media marketing (SMM)?
Social media marketing, or SMM, is an aspect of internet marketing that involves sharing content and creating promotional ads on social media networks in order to achieve the desired marketing and branding goals.
Social media marketing could be a part of flexibility I spoke about because of the emergence of the internet which has become an integral part of marketing all over the world.
Today, everybody relies on the internet to access information about a product or service. The popular e-commerce website such as Jumia has made so much money on the internet. There are other e-commerce websites such as FeelynX, Konga, Alibaba, etc who have leveraged the internet to promote and market their businesses all over the country and across.
Social media marketing is just one part of internet marketing that can grow your brand even if you are running on a limited capital.
- FeelynX online female fashion stores
- Ceedom Collections (online female fashion store)
As one of the best Online Fashion Store in Abuja, Nigeria, FeelynX specialized in providing quality and Design female fashion for sale, rent or exchange. FeelynX has leveraged internet marketing ranging from website design to full digital marketing. You can contact the manager on their website and get to hear from her about their progress.
Online marketing can give your business assurance just like Davido to Chioma.
This an online female fashion store with visibility only on social media for now (website is under construction). But since the social media presence was created and set- up as a standard business page. The business through social media marketing has recorded over 40 sales in the last two months from people in different parts of the country.
These are just a few among millions of businesses that are enjoying the huge benefits of online marketing simply because they follow the trend. In other words, flexibility is a must for startups and Online marketing is a great good start.
Every business with proper planning must survive irrespective of the economic situation of the country. Endeavor to plan for the best.
Backdesk Innovative Solutions is at your service to provide you with full business strategic ideas that can help you succeed in your business.
Talk to us and let’s help you get to the top. (Free Consultation on web design and Digital Marketing)
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Check out the following post to learn more about online marketing and why you should be doing it.