How To Be An Entrepreneur In Nigeria
Howdy! A Portland, OR native, I currently reside in the northern San Diego County area as a freelance writer. When I'm not sipping coffee, soaking up some rays and writing or playing guitar you can find me at the hot yoga studio.
Entrepreneurship in Nigeria is paradoxical—we run in an environment where there are tremendous opportunities however also lots of difficulties.
We know it can be hard out there but we have tips and ideas to help you on your journey to be an entrepreneur in Nigeria.
Why start a business?
Beginning your own business will typically take a toll on whatever else in your life, while you ensure you have a balance. A fantastic amount of your time will be spent establishing your business, and you need to be prepared for this.
As a small company, you need to take working more seriously than a large company as your resources are minimal, and a bad hire is even more expensive.
Keep precise records
Know your financial status at any point in time. Watch on your margins. Comprehend your cash conversion cycle, and most importantly do not overspend money.
You should know a little about a wide variety of management disciplines and be laser concentrated on self-improvement.
You will make errors. Your service will only continue to run if you have sufficient money to spend on those errors. For that reason, you should be economically disciplined.
The Nigerian government has produced and embraced policies promoting the usage of technology in education. The Nigerian Economic Policy 1999-2003, is a thorough compendium of President Obasanjo's policies and directing principles for the nation.
However, a crucial distinction between developed and developing nations frequently depends on the vast disparity between policy declarations and policy application.
Frequently developing countries embrace excellent policies and guidelines that could, if well carried out, change the future of their residents, but they are very typically not followed through.
Nigerian government promotes exports
The Nigerian government has a program in a location that promotes exports from Nigeria to other countries, which can be helpful for business owners wanting to do service in Europe or the United States.
Lower taxes and increased price ceilings have increased the rewards to business owners in the nation. Nigeria is gradually attempting to incorporate modern-day innovation into its country.
Nigeria is attempting to actively promote technology in its educational system by using the web. Although there are a great deal of barriers, entrepreneurship in Nigeria is needed for the nation to end up being an industrialized country.
Entrepreneurial forces are relatively stable in this nation, as the absence of jobs and a rise in hardship leave a couple of other alternatives for the Nigerian individuals.
Although it is hard due to a lack of resources, there are non-profit organizations such as the Fate Structure in Nigeria that is devoted to promoting entrepreneurship.
In previous years, there have been the startups of web cafes, brand-new Web Service Providers, computers in some schools, and connection centers that offer access to details at high speeds.
You can try e-commerce as people learned to embrace online shopping. The good thing about e-commerce is that you don't need significant investment for your stocks.
Top e-commerce websites in Nigeria include Jumia, Kara.com.ng, and Konga. The top retail sites are Mall for Africa, Dealdey, DressMeOutlet, Kaymu, Wakanow, and OLX.
It will also help to know the top products under the categories for Nigerian online buyers, which includes services, electronics, and books.
Open your restaurant
It will be very rewarding to put your ideas into life and make it your source of income. The thing with the food industry is it requires long hours of work.
Food business can be advantageous. You can start with your family's authentic dish and work around on your branding.
Buy a franchise
If you are retailed oriented, you can try franchising for restaurants or selling products. This is a good startup since the brand is already established.
It is one of the fast business opportunities in Nigeria. This industry is continuously emerging and is yet to discover its fullest potential.
You can start in your backyard, provided that you know how to operate the equipment, and knows take care of your livestock. You will need knowledge, patience, and experience.
Some of the niche areas that you can venture into are poultry farming, catfish farming, cattle grazing, snail farming, goat rearing, and many others.
Export agricultural products
Nigeria is full of quality food and various natural resources. To start your own exportation business, you need to register with the Export Promotion Council of Nigeria.
Some of the products that are in high demand abroad are cassava flakes, mango, cocoa, yam flour, cashew nuts, groundnut, chili pepper, and many others.
Break the barriers
In many cases, people start their businesses because of the minimal chances provided to them. A lot of these services remain small because they are doing what other companies do and have no barriers to entry.