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13 Best Business Development Tips in Nigeria

Filed in Business Idea, Business in Nigeria, Top Ideas by on October 16, 2018 0 Comments
 Are you an aspiring startup entrepreneur or an established business owner? Do you need expert advice for starting a business? Or you need a list of best small business ideas for beginners, so you can make a choice?

Do you want to learn what it takes to go from idea to fast growing business in less than 12months? Or you are looking for a low risk way to invest your money for high returns, while keeping your day’s job?

If you answered YES to any of the questions above, then you are welcome to BusinessHAB.com. There are fast ideas and slow ideas, just as there are fast trains and slow trains. When it comes to money, most people are on the slow train looking out the window watching the fast train pass them by. If you want to become rich quickly, your plan must include fast ideas.

Best Business Development Tips in Nigeria

https://infoguidenigeria.com

1. Business ideas for Beginners:

An idea is the foundation of any business. It is the seed that sprouts the greatest businesses of the world. Unfortunately, as minute, simple and intangible an idea is; most people have a hard time coming up with a winning business or product idea.

In this section, we provide you with business ideas spanning several industry. We also provide you a corresponding sample business plan template and a “How to” guide to help you take your business from idea to product launch.

2. Startup Advice:

 Starting and running a successful business requires not just knowledge but a certain set of skills. In this section, we will provide undiluted startup advice for entrepreneurs seeking to develop their entrepreneurial/business skills and navigate the murky waters of running a business. We will also analyze the various challenges of starting a business and how to overcome them.

3. Business Finance Advice:

It takes three things to get a business rolling smoothly. One is the idea, two is the team and three is the money. This section covers everything you need to know about financing your business; from loans and crowdfunding to grants and VC funding.

4. Growing a Business:

 If you have successfully launch your business, then thumbs up to you. But you have just scratched the tip of the iceberg; as the main hurdle is scaling up fast and growing your small business into a big profitable business. This section is dedicated to helping you achieve that as we explore tactics and strategies for promoting your business, dealing with employees, government policies and taxes, etc.

5. Personal Finance Advice:

 One of the greatest skills a person needs to be financially stable in live is money management. How can you handle a business, career or family successfully when you lack control over your financial life? In this section, we will explore the basics of financial literacy with respect to credit and debt control.

6. Investing Tips for Beginners.

 Okay, it is understood that you don’t have the luxury of time to run a business full-time. But you still want to make money on the side without your active involvement. If this description fits your person, then this section is dedicated to providing you with low cost, high yield investment ideas and the corresponding strategies to minimize your risk exposure and maximize your ROI.

7. Personal Development:

For you be successful in life, whether as an entrepreneur, investor or career-oriented person; there are certain traits and skills you need. Most importantly, you must have the right mindset needed to attain success. Now how do you ensure you have the right mindset? That is the sole reason why this section was created; to help you develop the right skills needed to succeed and survive in life.

8. Career Advice:

Do you need advice on what career path to choose as a young adult? Or you want to rise fast on the corporate ladder and have a fulfilled career-life? If you answered yes to any of the questions above, then this section is dedicated to helping attain your career goals.

9. Get a Peculiar Business Idea

What do I mean by “Get a Peculiar Business Idea”? Some of our entrepreneurs or foreign investors believe that copying an already successful business idea from another country to Nigeria will be the needed key to success. But, the Nigerian market need ideas peculiar to her. Look at the country, there are several needs to satisfy. Get your head thinking, come up with something, satisfy needs, and you will succeed.

10. Get Prepared

This is a very important step if you want to start a successful business in Nigeria.

Sometimes you may get business ideas in sectors that you are not conversant with.

Your next step is to adequately prepare yourself.

You may think that this is not important but it can be the thin line between success and failure.

Running a successful business on the Nigerian soil is tough but highly rewarding; so to survive, you have to be tougher.

Nigeria is a harsh but potential-filled terrain to operate in, that is the reason why you need to be well-grounded to tackle the challenges on ground.

You can prepare yourself by attending seminars and workshops on the chosen line of business you wish to venture in and getting all the necessary information about your chosen industry.

You can also prepare yourself by accepting the reality that you can fail tomorrow; you can prepare yourself further by increasing your risk bearing capacity. And ultimately, you prepare yourself by making up your mind to succeed despite the odds and competition.

11. Conduct a Feasibility Study

There several reasons you must conduct a feasibility study before starting any business in Nigeria.

One of the many steps to start a successful business in Nigeria is to conduct a thorough feasibility study to ascertain the business viability before investing a dime in the business opportunity.

This is basically where the failure of most Nigerian entrepreneurs begin.

A lot of people invest in a business idea or opportunity simply because a friend or relative said the business was profitable and they end up being disappointed.

Others jump into an industry blindly in reaction to unverified information and end up with bankruptcy.

Even though entrepreneurship is all about risk bearing, jumping into an industry without an adequate knowledge of its fundamentals is suicidal.

12. Become an Insider, Understand the Market

Before jumping into any business or industry; make sure you have thorough understanding about the fundamental metrics of its market.

Every business has an inside secret and if you must succeed; you must find that secret.

Understand the market of the industry you are going into and you will increase your chances of success.

Becoming an insider in any business sector you venture into is a step you should not over look if you want to succeed.Ask questions such as:

Who are my customers going to be? How would they want to be served?

Who are my major competitors? Who is leading the market and what are they doing differently?

Do I have a chance for survival? Can you grab some market share in that proposed business industry of yours?

These are the questions you must answer before starting any business in any industry in Nigeria.

13. Location! Location!! Location!!!

Location! Location!! Location!!! This is a very important step for you.

This decision is dependent on the type of business you want to venture into.

Are you going to site your business within your neighborhood.

Or are you going to site your business in an industrial area?

Are you going to separate yourself from the crowd by building your own brand in a specially selected location?

Or you are going to operate from the centres of trade or commercial places in Nigeria?

If you need a complete business plan, please let us know. Or,you want us to help you set up any business,kindly contact us.Otherwise, please check out these other business ideas.


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