Business in Nigeria – Small business, Online business ideas
Business in Nigeria – Nigeria, Africa’s most populated country with a population of 150 millions, also one of the largest oil producer on the continent creating huge inflows of foreign income.
The explosion of companies such as the mobile telecommunication market and the success of foreign companies such as South Africa’s MTN have shown that doing business in Nigeria is a potential that can be turned into reality.
Now let’s look at what business is
What is Business?
What is Business – A business is any legal entity that is set up to make goods, sell goods or provide a service.
There are two general categories of business, they are:
For – profit
Regardless of whether the business is for profit or not a business is generally characterized as running in a systematic and regular business manner, having commercial principles governing it.
Small Business in Nigeria
Small Business in Nigeria - The logical way to gain financial freedom is to start a small business in Nigeria. It has been noted that most Nigerians who are wealthy started with a small business, which they grew overtime to a big establishment.
It is important that you start a business on what you have passion for, something you love doing.
If you are passionate about your business, you will not mind putting in several hours daily until you succeed. It is the zeal you have for the business that will give you energy and patience to keep working.
Your knowledge in the business is crucial. The passion in your small business in Nigeria must be backed up with the knowledge of the industry. This will improve your products and give you edge over your competitor.
Business Ideas : Have you ever had problems coming up with profitable business ideas. You will amazed to know that you can create new business ideas in any niche you have passion for by asking yourself questions.
You want to stand out, offer a unique product to service right? Well, before you do that, subject those crazy business ideas to these queries.
- Is there a better way of doing this business? Allow your mental faculty to run wild, maybe just maybe you have identified the mistakes that akara (beancake) seller constantly does, could be in the presentation of the akara balls.
- Should I add something to it, subtract something from it, or rearrange the order of things. Fine tune your business idea, come up with your unique concept.
- Can I make it faster or cheaper
- How do I deliver my business service or goods? Packaging makes your business idea crazier and better
Online Business Ideas in Nigeria
Online Business in Nigeria – Millions of internet users are searching online for money making online business ideas that they can start-off on to bring income over and over again, maybe that is because online business seem to be coping better with the economic recession.
The beauty of online business is that it can be run from home (internet home based business) and you get to chose your work hours. Now, even if you have a paid job, it would not hurt to have some extra cash coming in beside your fixed income form your day job.
You need a Business Plan
What is a business Plan: It is a roadmap detailing how a businessman or woman will move a business form its current status to the intended status, skipping this step is tantamount to planning for business failure.
- A business will define and focus you business objectives using appropriate information
- Yours business plan can uncover omission or weakness in your planning process
- You can use a business plan to get invaluable advice form people in your intended field of business.
Business Development: is the process of marketing sales and development strategies for your company. All businesses need to focus attention on the creation of marketing and business expansion.
A business development professional’s focus is to look out for opportunities for the business; also the need to stay up to date on latest trends in the industry cannot be left out. Knowing what business competitors are working on is helpful to keep your business strong and going.