Below are 5 tips I suggest you implement to run a profitable business in Nigeria.
Make sure you have a marketing plan
Do you have a marketing plan. If you don’t, you need one.
It’s
all about the plan. What is your value proposition? Who is your target
audience? How do you plan to reach them and deliver your product/service
to them? What are your Key Performance Indicators (KPIs) and how are
you tracking them?
Without a solid marketing plan, your business
is running on random luck; one thing you don’t want in your business is
random. You need a solid system which ensures that everything runs
smoothly. You must know where every kobo is coming in from and where you
are spending them.
A
marketing plan is not something you draw up over the internet,
especially in Nigeria where we have insufficient to nonexistent records.
You need to enter your target market and conduct your own study to
discover the best way to penetrate that market.
Understand the business
I
notice that people usually pay more attention to ‘lucrative business
ideas’ than on how those businesses really work. Not a day would pass on
nairaland without someone asking “what business can I do with Nxxx,xxx
and make Nxxx,xxx every month.” The
business idea articles
on this blog get more attention than all other articles. There is so
much emphasis on the best lucrative business idea to make the most
money.
There is nothing wrong with looking for lucrative business
ideas to invest in. But you must understand, the devil is always in the
details. You need to understand the details about the business you want
to venture into. This is where most people get it very wrong.
Many
people venturing into a particular business do not spend time to
understand the pros and cons of that business. They only need to see
that Mr. Adamu is raking in money with that business and
BAM, they are in, just like that. Kind of shoot first, ask questions later.
Till
today, many people are still trying to create their own nairaland. A
lot more are still trying to create their own naij and SDK. Most of them
fail. Only a few who are able to understand how the industry works are
able to make it. You must first understand what makes a business
flourish before you launch into it.
Have a leverage
A
leverage is what gives you an edge over your competition. It makes you
stand out and leaves a permanent impression in the mind of your target
audience, making it difficult for them to leave your brand.
The
tailor who makes my clothes has this ability to look at you and just
figure out what would suit you best. It may not mean much to you if you
always know the patterns and design you want. But for some of us who
have little to zero fashion sense, having someone like that is
invaluable. For my tailor, his leverage lies in the way he understands,
interacts with and delivers the best service to his customers.
What
is your leverage? There has to be something you can offer better than
anybody else. Use that leverage to your advantage and your customers
will pay you for it.
Get techie
Technology makes things so
much easier these days. The best part is you don’t need to be
tech-savvy or a programmer to leverage the power of technology in
advancing your business.
One chore I hate with all my heart is taking inventory (
taking stock,
in street language). Even if you don’t hate it, taking stock is often a
time-consuming task, time which you could devote to something else.
Now, technology makes it easier to take inventory with only a click.
There are many business management software you can deploy to automate
such tasks as inventory and sales records. So you don’t have to worry
about your sales girl stealing your money.
This is just one example of technology at work in business.
If
you used to spend a lot of money paying graphics designers, you can now
design your own graphics, free of charge, using a service like canva.com The examples are endless.
Don’t keep doing things the old-fashioned way when you can use technology to save time, automate tasks, and make more money.
Innovate
One
innovative idea or concept could make your business go viral. Do
something creative, something out of the box. Make your customers go
wow!
CNN once ran
this story
about a Nigerian windscreen cleaner who showed up to work one day in
dapper suits, with a bright red bow tie to match. See the picture above,
if you see this guy cleaning your windscreen would you be able to
ignore him? You see him sweating and everything but the suit was a head
turner. It was so never-seen-before that his picture went viral on
social media; he landed a huge job the following day.
The point
is, to run a profitable business in Nigeria, you must innovate. Explore
your creative genius, give people something to talk about your business
and watch your profits grow.
Finally, patience, persistence and
focus is key. Nigeria is a goldmine for business owners and only by
doing your due diligence can you enjoy this wealth in all its
profitability.