How You Can Identify A Good Business Opportunity In Nigeria
Your ability to identify a good business opportunity in Nigeria depends on many factors. I shall be letting you in on these factors and how you can be better prepared to handle them.
It is one thing to want to do business and another to identify a good one that will not burn you in the future.
The total number of unemployed youths in Nigeria currently stands at about 87 million. Because of this, there is very high demand for business opportunities in Nigeria by these unemployed youths.
Many dubious people now use this gap to dupe these unsuspecting youths using fake business opportunities in Nigeria.
Related: The 5 legal requirements for starting a business in Nigeria
You can see a business opportunity as a franchise, the difference being that you don’t operate under any registered trademark in the market.
Examples of these business opportunities include distributor and supply deals. In distributor deals, you agree to help the producer market his/her products to local buyers.
That these business opportunities are legal doesn’t translate to them being good business ventures for you.
To identify a good business opportunity in Nigeria, there are things that you must do so as not to be ripped off in the business deal.
Things You Must Do To Identify A Good Business Opportunity In Nigeria
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Make sure that they are registered
Before you accept any business opportunity in Nigeria, be sure that the business is registered with the government agency in the state that they are operating in.
Without being registered, it should tell you that something is very fishy about their operations and business dealings.
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Go through their testimonials
They should be able to tell the people that have done business with them in the past and it must be verifiable.
If they lack testimonials, it should tell you a lot about their authenticity in business. If they are as genuine as they claim to be, people must be patronizing their offer from inception.
Related: 5 effective ways to market your business in Nigeria
accept a business opportunity without verifiable testimonials. The testimonial, aside from telling you about people’s patronage, will also tell you how the company treats her customers and employees.
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Do they have abnormal clauses in the business deal
You must proceed with caution if the company in question has many abnormal clauses in their business dealing with you.
You should be very suspicious if they require that you pay a big nonrefundable upfront fee. They may also give you the impression that you are an affiliate but prohibit you from mentioning their name among customers or suppliers.
Does their website have any background information on their top management? If your answer is no, then you might reconsider that business opportunity.
This is really great to identify a good business opportunity in Nigeria.
How To Negotiate When You Identify A Good Business Opportunity In Nigeria
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Get a lawyer involved
Before you sign any business agreement with the company, have a lawyer review it so as to explain to you what you are getting into should you not understand the implications by yourself. If the seller refuses to allow this or seems nervous, then you know for sure that you are dealing with frauds.
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Flexible agreement
What I mean by the agreement been flexible is that it must allow you to quit the business without any penalty should you not be satisfied with how the business is going.
When the seller refuses this, then there is something fishy about the business that you must identify before you commit yourself.
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The seller must bear all the legal risks
The seller must indemnify you from all legal risks involving the business opportunity. If anyone accuses you of doing an illegal business, the seller must be the one to cover the legal cost and the risks involved.
Well, I have opened your eyes to certain things about business opportunities in Nigeria. It is now left for you to know what you want and you go for it.
You must always a common sense in all your approaches, and remember, if it’s too good to be true and legitimate, then it probably is.
