Are you planning on starting a business in Nigeria with small capital? Then you need to read this as there are several factors to take note of. Nigeria is a country that is blessed with numerous mineral and natural resources. With a population of over 170 million people, it boasts of one of the most populous nations in Africa and on earth.
So is it really possible to begin a business with little money in your hands? Yes it is and here are some easy steps to take.
- Find Out What People Want
Yes I know you want to start a business in Nigeria. Before you begin, have you found out if it’s what people want? If nobody want to eat rice and you decided to start selling rice in your neighborhood then this can be a pain to sell as you will always have to beg customers to patronize you.
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The starting point of all businesses is not capital. It’s actually the demand for the product.
- Find Out If You Can Enter The Market
If you have taken your time to find out the demand, then the next step is to check if you can enter the market. Let me give you an example. If there were three people in your street selling gala. Assuming that those who buy gala are so hungry that there is usually a queue every day for this food. This means that if you become the fourth person, you will meet a demand immediately. But if there is already too many sellers, then if you enter the market , you are just another seller struggling to make it among many.
- Get Enough Information On The Business and How You Can Begin
Many people have told me about different business ideas they wanted to get into but most times, they do not have all the necessary information. I always refer them to this website and related sites where they can begin their search for quality information as regards the businesses they want to do. My advice here is that get as much information as possible. Read and absorb.
- Save Up The Cash To Start
Save up the needed capital you need to begin with. You do not want to depend on someone before you can begin. There are so many business ideas that you may begin with little or no capital. If you render a service like washing clothes for people. You only need water, a bucket and detergent to begin. If it’s a product like selling biscuits, you need little cash.
As a personal observation, businesses that will become huge tomorrow can begin with less than N10,000. An example are telecoms dealers, many of them started selling under the umbrellas as recharge card retailers.
- Choose A Place To Begin and Start
You will most likely want to begin in your home. This is an advantage as you won’t have to spend all your money on renting a shop. You do not need a shop yet but customers.
- Ensure You Are Adding Value
Value is all about perception. Make sure that your service is different from others. Add a little extra to what you are doing.
- Is the Capital Enough?
One of the reasons why most business start-ups fail is that capital is not enough to sustain the initial phase of start-up. You might need more fresh supply of cash sooner or later. I recommend you have a backup plan and source of capital.
Is anything holding you back from starting a business in Nigeria with small capital lets us know by dropping a comment in the comment box provided below.