How To Build A Successful Startup Business In Nigeria: Things You Must Do
It is one thing to start a startup and an entirely different thing to build a successful startup business, especially in Nigeria. Today, you and I won’t be discussing just starting a business venture, our focus will be how to build a successful startup. I hope you are ready to go on this ride with me because it promises to be enriching as it is informative. As an existing or intending startup founder, your mindset should centre on creating solutions to the problems facing the people.
Also read: How to overcome the challenges of startups in Nigeria
Your motivation and reason to build a startup matter a lot, your mission, your target, and your vision is important. Building a startup requires quality planning and you will be making a mistake to think you can rush into it. You must have it at the back of your mind that everything becomes clear as you work on them. Don’t try to get everything at once, things become clearer as you work on them.
You must make out time as a startup founder to feed your startup carefully and effectively. As a startup founder, knowledge is essential to the success of your startup. There are certain things you need to put in place in order to have a successful startup venture.
Tips To Help You Start A Successful Startup Business In Nigeria
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Adequate And Thorough Planning
Nothing worthwhile can be achieved without quality planning. In your quest to build a successful startup in Nigeria, adequate planning is needed. There are times you will have a great business idea in a sector you know very little about. The onus lies on you to research on your business venture and make necessary plans to build a successful startup. There are people who venture into a business simply because a friend said it was profitable. Some people jump into starting a business blindly due to unverified information.
It is true that entrepreneurship is all about risks, the fact still remains that jumping into an industry without proper research and planning is a recipe for failure.
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Have A Unique Business Idea
It is completely a misstep for you to venture into a startup because of the money other people are making from such business. You should not make the mistake of copying a successful business idea and think it is key for success. Before you can build a successful startup business in Nigeria, you will need business ideas peculiar to the Nigerian environment.
You need to critically look into the Nigerian problem and identify business ideas that will solve these problems. Put on your thinking cap and generate ideas that will satisfy needs and solve problems. Until you are able to do great business ideas in Nigeria, the probability of having a successful startup business is rare. There are hot business ideas in Nigeria begging to be explored, search them out.
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Carry Out A Thorough Feasibility Study and business plan On Your Business Idea
Before starting any business in Nigeria, it is important that you conduct a thorough feasibility study. A good way to build a successful startup business in Nigeria is to ascertain the business viability. The failures of many Nigerian entrepreneurs begin with a poor feasibility study of the startup. You should know that the importance of a good business plan can never be overemphasized.
See: Why your startup might fail after succeeding
It is important that you develop a robust and wholesome business plan that houses every aspect of your business. Without a good and well-detailed business plan to provide you with clear set goals and objectives, you risk running your business blindly. It will interest you to know that research has estimated that more than 85% of small startups in Nigeria do so without a business plan. Don’t let any anyone fool you that having a business plan is not important, in fact, it is inevitable to have a successful startup in Nigeria.
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Understand The Market And Your Market Audience
Before you delve into starting any startup in Nigeria, ensure you have a good understanding of the fundamental metrics of the market. There is no business without an insider secret, so you have to find that secret in your own business. When you have a good understanding of the market you are going into, you will definitely increase your chances of building a successful startup in Nigeria.
It is not just enough to have hot business ideas in Nigeria or an easy business to start in Nigeria; you need to completely understand the market. Aside from understanding the market, you need to also know what your customers need. It is business suicide to assume you know what your customers want. Create time to inquire and talk with your customers. You need to pay attention to your customers’ feedback. Never have you joked with your customers’ opinion on your product, always give them a sense of belonging.
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Get A Good Location
Although the location is very important in building a successful startup in Nigeria, it is dependent on the type of business. For instance, it is not advisable that you locate your cyber café business in an area where there is no school or students. In business, positioning is indispensable, so you must see to it that you are in a place where your business will receive the best patronage.
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Source For Your Startup Capital
Unless you have the money to finance your business, sourcing for your startup capital is paramount in building a successful startup in Nigeria. Financing a startup is one of the challenges faced by Nigerian entrepreneurs but you can scale it with a good approach. There is a number of ways you can source for startup capital in Nigeria which I explained in my previous article on how to source funds for your startup in Nigeria. you can as well check it out and know the things you need to do.
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Put A Good Team Together
Building a successful startup business venture is hugely dependent on having a good team in Place. This includes everyone involved in the business process from its inception. For your startup venture, a good team will definitely go a long way to determine if the business survives the next few years.
In hiring, there are two basic ways you can go about it. You can decide to hire the best talent in the market or hire solid talents and then bring out the best in them. As a startup, you can’t be hiring the best talent in the market because it will stress your budget at that stage. After timing in a business establishment, a good team is my next pick as an important factor for building a successful startup in Nigeria. It is often challenging for entrepreneurs to put together a great team.
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Register Your Business
Many of the businesses in Nigeria operate as a sole proprietorship and you can decide to go the same way. If you truly want to build a successful startup that will last, it is important for you to register your business name. There are certain legal requirements for starting a business in Nigeria and business registration is at the top of the list. Depending on the size of your business venture in Nigeria, you can register with the Corporate Affairs Commission (CAC).
Conclusion
The above-listed points are not a guarantee that you will have a successful startup business in Nigeria but it will greatly improve your chances at succeeding. One thing you must know is that determination and resilience are the hallmarks of every successful entrepreneur in Nigeria. Put in the effort and hard work, and you will definitely break even in your business.
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