5 Questions You Need to Answer Before Launching Your Own Business In Nigeria
Launching your own business can be one thing you are very passionate to do, but you cannot do it without asking yourself very important questions that are vital to prosper your business.
When watching others play the game of chess, you will be seeing the opportunities that they are not able to see, but if you are the one playing, the story will not be the same.
You can say the same thing about new entrepreneurs, many times, they have great business ideas but lack the knowledge to understand the risks, experience and time associated with startup success.
There are very important questions you need to answer before launching your own business. There are no generally accepted answers to these questions. This is because; some things will have an effect on some businesses but not others.
Related: 9 common mistakes made by new entrepreneurs in Nigeria
Below are very important questions you need to answer before launching your own business.
Questions You Need to Answer Before Launching Your Own Business
1. Why do I want to start this business?
There are various reasons for which many people start their own businesses. Some just because they hate the idea of taking orders from other people, others need to be in control of their own time and money. Others also want to just make some money, and that is it for them.
If you ever start your business for any of these reasons, then you are probably going to fail.
You should have in mind to solve a particular problem with your business; there must be a mission and a vision for your business.
Also read: 5 fatal startup mistakes entrepreneurs make in Nigeria
For example, I set up a business research firm in my locality in 2010 because I feel people lack the knowledge of business plans and feasibility studies.
Launching your own business must be for the purpose of meeting a particular need and nothing more,
It is very important to properly look into any business you want to launch. This is to help you not to lose focus as you may be faced with many business ideas.
2. Who is my target market?
You must as matters of importance know your target market because your sales and profits depend solely on it. You must know that targeting everyone is as good as targeting no one.
You must carry out a market survey to identify your target audience before launching your own business.
Have a plan to reach out to your prospective customers by sending questionnaires, or directly speaking to them.
By not doing this, you risk providing a service or product that people do not need. You must come to the understanding that a business’s focal point is the target market.
3. What is my digital strategy for the business?
I can categorically say that more than half of Nigerian small businesses don’t have a website. The current business world cannot thrive without digital technology.
The conventional methods of delivering goods and services to clients are phasing out. You can be certain that you will engage billions of prospective customers all over the world by using digital marketing.
You can also automate some of the business tasks by using sophisticated software.
4. What should go into my business plan?
Before launching your own business, you should as a matter of importance have a standard business plan.
The question now is what should be in your business plan? There are people who believe that one need business plan only when seeking outside funding.
A good business plan shows whether a business is feasible or not, breaking down its strength and weaknesses.
Your business plan should contain very important information about your business. It should contain the financial breakdown, market analysis, SWOT analysis etc.
You must not think of launching your own business without having a detailed business plan.
5. What are my own competitive advantages?
You must know that before coming into the market with your service or product, there has been someone in that business environment that is providing similar if not the same kind of products and services that you intend to offer.
You must have something that is better than your competitors. You must always think how better to offer your services and products to your customers.
This helps you stay above your competitors. You must make sure you know your own competitive advantages before launching your own business.
