How To Start A Profitable Business in Nigeria As A Student

How To Start A Profitable Business in Nigeria As A Student

Every business man knows the chant of ‘everything is now expensive’ like a lullaby a mother sings to her sickly child; but the truth remains that there are endless possibilities to the businesses you can start in Nigeria, especially as a developing country where all you require is determination, hard work and a little bit of money.

Starting a business has always been known to be capital intensive. In times like this, when income remains fixed but cost of living continues to explode, we are faced with a higher capital need to start the simplest businesses; after all businesses thrive on the buying and selling of goods and services indirectly or not.

How Can You Start A Profitable Business With Little To No Capital In Nigeria?

Find a business Idea.

To start a business, you must find or create a business idea relative to your available capital. Many nurture businesses for years that bring in insufficient profit relative to the stress and energy required to keep it up. When searching for a business idea, there are few things that will serve as a guide;

  • Think about the problems in your locality
  • Can you provide a solution to such problem and monetize it
  • Think about the execution processes: What will it cost you and how will you do it

Not all business ideas are worth starting at all. A business idea that is worth the effort must be unique, practical, needed by the market and easy to scale.

 Conduct market research.

According to Wikipedia, a business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

Every business, whether big or small, needs a plan for that business. In starting a business, a business plan helps you to stay focused and organized. Remember organizational skill is one of the skills of a successful entrepreneur.

Examine the current market for the proposed business.

  • Who are the possible clients of this proposed business?
  • Can I succeed at this business? Do I have the necessary skill to make this business thrive?
  • Will this business be easy to scale?
  • What is the necessary amount of capital that must be inputted into this business and do I have it?

 Create a business plan.

Every business needs a business plan in order to analyze its implementation. It may be unwise to have a business idea inspiration, acquire the necessary funds to bring it to life and then go straight to its execution stage.

What is an effective business plan?

An effective business plan is a document addressing the following –

  1. The aim of the business / product to be sold
  2. Business growth plans
  3. Advertisement strategies
  4. Physical and or online presence only?
  5. Client basis
  6. Capital needed

 Acquire business funding

Of course, the number one means business starters get funds is by bootstrapping which means scraping together all available personal funds and support funds from friends and relatives. Money from this source is usually not enough but must be the first resort.

The next method and the most usual means of getting funds is by obtaining loans. Loans can be daunting and it is advised that this would be a last resort except such loans have simple terms, If not you’ll be looking at a future of monthly payment build-ups that may eventually ruin the business.

You can consider taking WEMA Bank small business loans which have been tailored to meet specific business needs such as the WEMA Bank Pharma Loan which is tailored to help pharmacies and small drug store owners. Applicants can get as much as 5 million naira loan without collateral.

You should take a step towards financial freedom today.

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