11 Ways To Build A Profitable Business In Nigeria

Previously I talked about why you should embrace entrepreneurship and become the boss of your own company. However I have come to discover that not all businesses in Nigeria are profitable. People just venture into a particular business without learning how to make that business profitable, and along the way, they crash. Building a profitable business in Nigeria is not really an easy task especially in this bad economic situation of the country. You may see article topics like

•          How I made 500,000 naira online in a week
•          How I made 1.5M exporting and importing goods in a month
•          How I made 200,000 naira selling books as a writer within two days.

The truth is making those amounts of money are possible but it’s not going to be easy for you. Anyone who tells you its easy is deceiving or trying to extort money from you. However in this article, I will show you 11 ways you can build a profitable business in Nigeria.

#1: MAKE A RESEARCH

There are a whole lot of profitable businesses in Nigeria. However, you should carry out a pertinent research on the business you have in mind.

•          The first thing you should do is to conduct a mind research. Here you should soberly scrutinize the business.
•          Then conduct a proper research by making inquiries from experienced people who are into it.

#2: CONSIDER THE COST

A good entrepreneur should consider the expenses of setting up the business he has in mind. He should efficiently consider the financial and physical cost and map it out. He should then ask himself questions like:

•          Will this business improve my financial life? 
•          Will the turnover be more than the capital or otherwise?
•          Are these what people really need?

Positive answers to these questions will trigger him on.

#3: CONSUMER'S CONSIDERATION

An entrepreneur should really find out the needs and aspirations of the consumers because they are, logically speaking, the end-product of every business. He should ask himself 

'Are these what people really need?’

He should extensively study the elasticity of demand of his area.

#4: SETTING A PROPER PRICE

The price you set for your products determines the quality of your products and the expenses you have made.

#5: ADVERTISE

If you want to attract people and make more money from your business, you must be able to promote or advertise it.

#6: HAVE A POSITIVE MINDSET

I believe you can make money from any kind of business when you have positive mindset. There is nothing good that comes easily. However this calls for determination and patience. Keep investing and advertising. The worst thing that can happen to any entrepreneur is to quit when he is about to succeed. It took most of the successful entrepreneurs 10 years, others 5 years or less to make their business a world-class and profitable business. Always have in mind that making money from your business don't come easily. Be determined, patient and work hard.

#7: BUILD CONNECTION WITH THE RIGHT PEOPLE

For you to build a profitable business, you must build connection with the right people. There are some people who don’t have the right mindset and vision you have, quit those people. Build connection with successful people who are into your line of business and are ready to help you make more money from your business.

#8: BUILD TRUST

Trust is the most important relationship that can exist between an entrepreneur and his/her clients/customers. 

•       Do you know what it means for a client to pay you first before your service to him/her and vice versa

•    Do you know what it means for your clients to send you another client to buy a product from you?

This is what trust can bring about. To achieve this, make your products to be of good quality; be honest to your clients and avoid deceit. Also get genuine testimonials from clients who like your products – this can convince other first-time clients that you don’t cheat.

#9: CLING TO NEW INNOVATIONS

Technology changes every six months or less. Business ideas also changes constantly. As the days are rolling by, new thing emanates and the old ones become obsolete. Make sure your business is up to date with the latest products and business ideas/incentives.

#10: OCCASIONAL AUDIT

An entrepreneur should in certain occasions audit his account to see if he is getting profit or loss. If he finds out that he is losing, he should adjust and curb the cause. If he is gaining more, he should continue and not rest in his laurels.

#11: TAKE IT TO THE INTERNET

If you want your business to go round the whole world, the internet is the best place for you. Join social media platforms and create websites for your business. Inform people about your products and convince them to book or order for it. Successful Entrepreneurs makes the internet the best marketing tool for their business.

CONCLUSION

Nigeria is filled with so many businessopportunities and ideas. If you don’t have a job, stop wasting your time and start up a business. If you feel that you are not making money from your current business, invest more and watch the turnout or venture into a better one. Read books and magazines, browse the internet and attend seminars/webinars that can boost your business. Know that you cannot succeed in Nigeria if you quit or give excuses. 


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