Sometimes foreigners want to start businesses in a brand new country. Nigeria definitely ranks up there with the best in terms of opportunities. There simply isn’t enough already to fuel the local demand, so it’s the perfect place for a wild adventure.
One of the biggest concerns anyone will have is whether or not they’ll succeed, which is impossible to know until you try. You can do lots of research online and speak to local friends over Skype, but here are a few tips to help you succeed.
Traveling To The Country
Mighty Moving, a Calgary movers company mentioned something insightful at a recent business event. One of their clients was packing up and moving to Nigeria for a year to conduct research and possibly start a business.
It makes you think how many people decide on a business before they’ve arrived in a country they know little about. If you want to succeed you’ll need to research on the ground first before you do anything.
Find A Unique Selling Proposition
A lot of countries with few businesses tend to do the same thing, but you’ll need to find something that sets you apart. You’ll only contribute to the country if you offer an idea people have never seen before.
It’s easy to see what is working and replicate it, but you’ll never be the best at your thing. When you bring something new to the table you’ll be known as an expert, plus even if people copy your idea you’ll be the original.
Validating Your Business Idea
By this stage you’ve researched the Nigerian people and have a good amount of knowledge in regards to the country itself. It’s not enough because if it was you’d be able to build a business easily in your own country.
You’ll need to do something to validate your idea before sinking your money into a lost cause. There are many ways to do this and in the end you’ll know if it has the potential to be a success at the very least.
Starting Out Very Small
Some businesses want to offer everything when they’re starting out, but it’s tough for a few reasons. The amount of money you need to get started is one thing. It’s also harder in general because it will make life more complicated.
Even Amazon was once just a silly little website where you could buy books online. Now it’s one of the biggest companies in the world. You can always add in more products or services as time goes by.
Choosing The Right Location
The reason so many people in Nigeria are building online businesses is because location won’t matter. When you’re building an offline business it could mean the difference between success and failure.
Even with the perfect product you won’t get far if your target market finds it difficult to reach you. It’s why renting somewhere purely based on price alone is a recipe for disaster in big Nigerian cities.
Come And Join In The Fun
It’s going to be exciting over the next few years as we all watch the country continue to develop. We’ll see businesses we could only have imagined in the past. It’s going to bring pleasure to a lot of people and you could be one of those providing it.