How to start a lucrative business in Nigeria

lucrative business

Lucrative Business

Don’t be deceived by anyone, starting a business is hard especially in a country like Nigeria where there are unfavorable policies for business owners. Starting a business is hard but keeping and growing the business is even harder. But if you know within yourself that you want to be an entrepreneur, then don’t let this get in your way. There are a lot of advantages as well as disadvantages to starting a business, but so far as the good outweighs the bad, you should have nothing to worry about. Let’s look at some of these advantages and disadvantages:

Advantages:

  1. Be your own boss
  2. You are the main decision maker
  3. Earn profit

Disadvantages:

  1. Involves a lot of risk taking
  2. High cost of capital
  3. Unfavorable government policies

There’s much more to this but these are just based on experience. So, if you’ve put it into consideration and you’re still convinced that starting a business is what you want to do, then read on.

Ill be giving you few steps on how to start out if you intend on becoming successful:

  1. Think it through

The first thing you need to keep in mind is that starting a business isn’t something that you can just wake up one morning and say you want to venture into. It involves a lot of decision making and its likely that you’re going to be putting in a lot of money, you wouldn’t want put money into something only for it to be unsuccessful, would you? so think this through properly.

 

  1. Identify a need

This is the most important step that will be very helpful to you as a Nigerian. There are a lot of entrepreneurs in Nigeria, so you’re going a lot of competition. But identifying a need that only you can solve not only makes you stand out from your competition, but also gives you an edge in whatever business you want to venture into.

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  1. Identify a solution

After you’ve identified a need, the next thing is to think of ways that you can solve that problem. I always recommend that you relate it to your own experience, probably think of something you always need in your area, and there is no one there selling that thing or offering those services. You could be that person because the situation is that you are most likely not the only person that is affected by that need.

The last and the most important thing is don’t be too money-minded. This is where a lot of Nigerians miss the road. The biggest mistake you can make as an entrepreneur is choosing money over your customers satisfaction. Good luck in your business venture.

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