Starting and managing a business successfully is not what everybody is skilled at. Many of us will have to learn the tricks from successful entrepreneurs.
You might have heard people saying it is not easy to start any business in Nigeria, yes nothing comes easy. But applying some tips to your startup could help you run a successful business.
If your startup isn’t doing well, it might be due to some factors you refuse to consider before venturing into the business.
As shared by Philip Obin, the CEO of Potech Limited, here are some useful tips you’ll need to run a profitable business and make money in Nigeria.
1. Understand the business first
Don’t jump into a business because your friends are doing it. It is important you understand the nature of the business first, ask questions, ask more questions to get the gist and everything you need to know about the business. Don’t ever start a business if you have no idea about how it works.
“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”.
2. Market and advertise your business
Nobody will know where you are or what you do if you have a startup and you refuse to market or advertise it. Market and advertise your business, let people know more about the business.
Marketing! Marketing!! Marketing!!!
More Nigerian businesses die because of lack of marketing plan and budget than any other factor.
From day one, you must have a marketing plan – covering from research to advertising, branding, etc.
Advertising every other day is a must!
3. Learn from fellow entrepreneurs
While asking questions about a business before you jumped on it, you would surely have met some entrepreneurs who have gone through the stage you are in entrepreneurship. Ask questions and learn from their mistakes. Consult honest entrepreneurs, they will definitely tell you what you should do and the best practices you should follow in your business.