Before You Start A Business In Nigeria, Read This!

I can boldly say starting a business in Nigeria feels like when you meet a new girl you really like and intend to date; there are so many things you will have to learn about her during the talking stage of that relationship.

Marketing, Branding, Price Mechanism, PR, Product Management, Growth, and Expansion; are all the things and more you will need to know to run the new business successfully.

Even when you have the knowledge of all the things aforementioned, you will still have to battle the ultimate boss at the end of the day ‘the Nigerian factor’

The Nigerian factor can be so many things. Government policy, immediate environment, people, etc

What I’ve learned in my short period of managing a new business are the things I want to share here.

It is all about grit!

If I was to make a list based on the importance of things you should know, it will look like this:

1. Product: Make sure the product you are about to push into the market is a good one. Not just because it's your idea, but it is actually solving a problem or at least making living in this world a lot easier. A case in point would be The Double H, a SMART and Luxurious short-let apartment; the idea was quite simple, create an experience everybody would love to enjoy. So we blended technology with real estate. A completely automated house that is equally luxurious and won’t cost an arm or a leg. The Double H became that all round product.
2. Branding: This is what the whole world is going to know you as. There are brand names I will call and the first thing that will come to your mind is that it is expensive. Create that effect for your brand. Let your brand be known for something great. If it's a complete experience you offer, make sure everybody gets that great experience. In 2014 when I was running Tapadiaa Foods our major aim at the time was making sure the food you order gets to you in less than 30 minutes from the time we get your order. Did we meet up at all times? No. But we made sure the customers were part of the journey so they know where their food and when it will get to them. Every single time we delayed, the customer never complained!
3. Marketing: The world needs to know that you have the best product on the block and this is what marketing is going to help you do. The success of any marketing campaign is the marketing strategy…never downplay it. If you don’t know how it works or how to create one, send me a message I can help put you through or connect you to someone who will. Another thing to note is understanding the audience you are marketing to. Your product might be for everybody but there’s a specific group of people your marketing message will be directed to. A classic example will be Indomie Noodles; the kids don’t have the purchasing power, but Indomie is constantly speaking to them.
4. Government Policy: This is the one that kills me the most about running a business in Nigeria. They’re so many levies, unions, and associations that you’ll have to join you avoid problems and fines. Taxes also fall in this category especially if you have your business headquarters situated in Lagos. You have to reach out to the government agencies first don’t wait for them to come to you, because if they do, they come to steal, to kill, and to destroy!
5. People Management: This is one aspect that can make or break your business. There’s no business without human interaction and you have to understand how to finesse this because human beings are so dynamic. The good people at SLING said you need 20 things to be able to manage people well, but I’ll mention 7; Good communication, Patience, empathy, open mind, good listening skills, Accountability, and honesty. There’s a lot more that you’ll need like problem-solving skills, organization, positive energy, and a great leadership skill. I’ll like to add, when dealing with Nigerians, always have this in mind “This Is Nigeria, Anything You See, Just Take It Like That”.

I wish you all the best in your new business venture. Brace yourself, you’ll pull through and never be hesitant to ask for help. Your nights may not be full of sleep anymore but be rest assured that when the business crushes its set goals, you’ll be happy and it will be all worth it in the end.