How to start a small business in Nigeria?
You have a little capital, so you should think about a small business. It’s better to make a detailed analysis of all needed requirements, Nigerian market feasibility and other things can help to start your business. We also advise you to download series of industry-specific sample business plan templates.
Starting a business in Nigeria cannot be called a luxury but a real necessity for everyone whose aim is to get huge profit and become, for example, a millionaire. This is a good motivation for starting your business in Nigeria. There are a lot of people who can patronize you especially in the big cities like Lagos, Onitsha, Abuja, etc.
There are some clear advantages in business in Nigeria: the heavy taxes which some entrepreneurs complain about, cannot be compared with the sums in some other, even African countries.
There is no specific recipe for business success in Nigeria or any other country, however, there are several lessons that can serve you as a guide. They are based on the experience of several successful companies and include a detailed market research in order to choose the right strategy, demanded product and reliable partners.
It is important to build and maintain good relations with stakeholders. Business should be flexible and open, with a long-term perspective, and, of course, does not contradict the laws regulating entrepreneurial activity in the country.
The problems you may face
However, according to theconversation.com, the business environment in Nigeria is burdened by many problems, such as underdeveloped infrastructure, instability of food security and the national currency, foreign exchange deficit, high inflation, corruption, high capital and rental costs, Unpredictability of legislation.
In Nigeria, there are the same business risks and problems that are inherent in most African countries. But the main difference is the population size and the complex social structure. It seems that the size of the market, coupled with huge economic potential, makes the country a kind of testing ground for companies seeking to enter the markets of Africa. Successful business in Nigeria is seen as the key to success in other regions of the continent.
More than one hundred South African companies operate in Nigeria, and only a few have failed. The reasons for this were a superficial monitoring of the situation on the market, the choice of an incorrect product or business strategy, damaged relations with stakeholders.
These errors can be avoided, but there are factors such as, for example, a fall in oil prices, which are beyond the control of the firm and can adversely affect the business. Nigeria is an import-dependent country, and foreign exchange earnings are directly related to revenue from oil sales. The recent drop in energy prices has led to a sharp devaluation of the country's national currency, which made it too expensive to pay for imports.
You should know the economic situation in the country very well. It will help you to choose the best time for opening your business and the sphere you are going to work in. However, do not forget how to start export business in Nigeria. It requires much more money. So first, stay away from it for a while.
Here are 10 ideas for business in Nigeria for 2017. Choose the one you like the most and start changing your life!
Raw foodstuff business in Nigeria
This is a very profitable business that can easily give you good money in Nigeria. Nigerians love homemade foods than any fast foods, unlike other foreign counterparts. Rice, garri, beans are amongst other things that are well-sold.
Call card business in Nigeria
This type of business can be also called the recharge card business. In Nigeria, everyone owns a phone. This is the reason why the recharge card business is always doing well. You can dive into the business market too.
Dry cleaning business
This is extremely fast growing businesses in our country. A lot of people have become really wealthy due to this business and they are still doing well. There are people who are too busy to have the time to wash the clothes. Therefore, it is a good idea to start a dry cleaning business.
Restaurant business
In Nigeria, the restaurant business has always been in the leading positions. It means that it is always trendy. If you are a great cook, you can easily start your restaurant business. You will have to do a lot of things in the area of cooking business.
Bakerybusiness in Nigeria
All people all over the world prefer to eat baked things. Our country is no exception. Before you start bakery business it is important to gather all the necessary information that you will certainly use in work. You may go to a school that teaches baking services if it is needed. You should be a professional to start own business.
Graphicsdesign business
There is a growing demand - more and more companies are ordering the development of corporate identity elements (logos, trademarks), packaging, promotional products, and relatively small investments that quickly pay off. So making a studio of graphic design is a very attractive idea for small investors.
Phonerepair business
Workshops for the repair of cell phones, smartphones and communicators are everywhere, but as a rule, they are filled with orders, and in a rare workshop you will be offered some urgent repairs. The opening of such a business will cost, according to H & F estimates, about $3,000, monthly costs can be up to $2,000, this amount includes salaries and purchase of spare parts.
Workshops earn on an extra charge for spare parts - as a rule, it exceeds 100%. Money for work usually goes to the salary of the master. With good traffic (up to 10 orders per day), monthly revenue will be up to $6,000.
Gymbusiness in Nigeria
The first thing you need to do is to find a suitable premise, the area of which should be approximately 150 square meters. Such a large area is necessary because, in addition to the gyms, you need to place: locker rooms, showers, cloakroom and administrative premises. Their total dimensions can be up to two-thirds of the total area.
Then you need to determine the optimal price of one hour lesson in your fitness club. Although, frankly speaking, a regular gym is not a fitness club, because it does not provide the volume of services that is usually offered there. So whether you want to open a fitness club, it is a totally different thing.
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