Step by step guide on how to become a successful entreprenuer in Nigeria

An entrepreneur is a person  who identified an opportunity/need/business idea, first calculate risk, mobilize resources, set up an Enterprise and he/she is reward with profit. An entrepreneur simply means a business founder.

It's a dream of most people to become an entrepreneur because of the benefits that come with entrepreneurship, doing a regular job or salary job will never give you such freedom, independence, satisfaction etc. However, before you enjoy all these fringe of benefits, you must risk your resources.

ATTRIBUTES OF AN ENTREPRENEUR 

*He/she provides the initial capital needed for the formation of a business Enterprise.

*He/she mobilizes and controls other factors of production

*He/she takes takes decisions that concern the business

*He/she bears all the risks exposed to the business. If the business fails, he bears the loss.

STEP BY STEP GUIDE TO BECOME AN ENTREPRENEUR

To become an entrepreneur, you must follow the following steps;

1. Identify a need or business idea

Analyse your environment to identify economic needs, listen to the complaints of people and think about how to solve thier problems, think about the challenges you face when using certain products and think about how you can do magic to solve these problems, others might face the same problems too, look around your area and watch out for the businesses people do there and how you can do any of those businesses better or what new you can bring. 

You can create a new product that has not been existing, you can improve on the quality of a product that does not give maximum satisfaction, you can add new features to an existing product, you can create a product that could perform wonderful functions, you can as well give extra customer service that can win you a lot of patronage. It's all up to you. For you to be an entreprenuer, you must solve problem, Identify the problem you want to solve, learn how to solve it and put your resources towards solving it.

     2. Conduct feasibility studies

Gather data about the business idea you have generated, it will enable you to forecast if the business is profitable, the growth rate, how much money you need to start with, all the equipment you need to purchase, how your are going to produce, the level of risk that is involve in doing the business, how many products you need to sell before making profit, who and how to employ, the special skills ( computer and internet, communication and managerial skills) you have that could give you absolute advantage, also, evaluate your competitor critically at this stage.

 3. Choose an organization, business name and location

* Organization; choose the form of business organization you intend to establish: sole proprietorship (one man business), partnership ( a business formed by at least two persons to at most twenty people, private limited liability company 'LTD' ( a business owned by at least two persons to at most fifty people except bank). Each one of them has advantages and disadvantages, analyse them critically and choose the right one for yourself.

*Business name: choose a good and simple name for your business and product. The name draws attention, makes people to understand your industry and it makes it easier for people to know what your business does.

*Location; ensure you locate your business at the right place, what you produce determines where your business should be located, your business should not be located far from the source of raw materials, it should not be far from your house to avoid unnecessary spending and your business should be accessible for your customers, try to locate it where you will enjoy social amenities.

4. Proceed to CAC and register your business

5. Write a business plan 

Business plan helps to guide you or the operation of your business, you can prepare a daily plan, weekly plan, production plan, time and functional plan etc, you can also incorporate all plans into a single plan . Ensure you state your vision, mission, objectives , goals and Target and work towards achieving each one of them. They could be a lot of distraction when operating your business, be ensured you stick to the plans or adjust your plan a bit to meet up with the current situation.

6. MOBILIZE RESOURCES AND COMMENCE OPERATION

This entails bringing all the resources (materials, money, time and human resources etc) needed for the operation of the business and commence operation.

 SOURCES OF BUSINESS IDEAS

How to produce a quality product

Producing a quality product nowadays is very competitive, a lot of companies are springing out, offering the same and similar markets with astonished products. However, these are the attributes of a quality product( product mix)

1. DIFFERENTIATION

It is the combination of all the characteristics or features that differentiate a product from others. It involves sizes, shapes, colours etc that make a product easily recognisable. 

Be ensured you use appreciate combination of differentiation strategies to make your product look beautiful and unique.

2. BRANDING

Product branding involves product/brand name, slogans, trademark, logo, symbols etc.

Be ensured you have a nice brand name that is easy to pronounce and remember, good slogans e.g ( MTN everywhere you go!), have nice symbols and logo for your product.

3. PACKAGING

It has to do with developing containers, sachet, cartons etc for a product. It makes a product safe, easier to use and carry about. 

4. LABELING

It involves given necessary information and instructions on a product e.g usage, expiry date, manufactured date, registration number, ingredients used, batch number, benefits derived from using the product etc.

Be ensured you don't mislead your customers, provide accurate and adequate information and instructions on your product.

5. DURABILITY

It involves making a product last long. If you produce a tangible product, make sure it's well processed and preserved, if you produce a service, ensure you render astonish Service.

6. MODIFICATION 

It means adding unusual or certain features to your product that makes a product perform absolute and distinctive functions. 

If you offer Service, be ensured you focus more on branding, ( brand name, logo, slogans, symbols etc) and quality customer service.

These are some of the attributes that make a product possesses high quality. The combination of these attributes attract customers to your product and make them to buy and keep buying your product. 

I hope this is helpful!

What are the signs that your business is about to die/fail and how to revive it

Once your business is about to fail, it will show you some dangerous signals. Once these signals are identified, you must take corrective measures in order to stay in the business.

These are some of the signs that your business is failing;

1. REDUCTION IN SALES

If your business is failing, your sales will keep reducing. Some factors such as low quality product, high product price, poor distribution, ineffective promotion, poor customer service, irregular supplies of raw materials, little or no competition and inconsistent operation of the business could definitely reduce your business sales.

When such factors occurred, you must have to reposition your product.

Ensure you work on your product quality such as re-packaging, labels, size, colours etc.

Put more effort in promotion. Some promotion mix includes advertising, sale promotion, Public relations etc. Make use of them judiciously.

Improve on the services offered to your customer by given discount, credit sales, bonuses, timely delivery, home delivery, conducive business environment etc.

Choose effective distribution channels and ensure your products are delivered at the right time, in the right place and in good condition.

Make sure you have regular supplies and distribution.

 fix the right price, always make sure that your business is operating, monitor your competitors closely and try to outperform them. Once you can do all of these things appropriately, your sales will continue to increase.

2. REDUCTION IN PROFIT

If your business is failing, your profile will keep reducing as the result of high cost of operation. If the cost of materials is high, utilities and taxes are high, if you pay high salaries and bonuses to employees, if you are unable to track your credit sales and purchases, if you give to much discount and bonuses to your customers, if your employees are secretly consuming from the stocks, if you incurred a lot of wastages and spoilage these are big signs that your business is failing.

Ensure you operate carefully to reduce wastage and defection, monitor your employees, careful with how you sell on credit and how you purchase on credit, look for where you can get raw materials at cheaper rate, if there is need to reduce/retrench your employees do it, you can employ some on a contract or part-time basis, you can as well do outsourcing. Make sure you minimize cost as much as possible.

3. INCREASING IN DEPT

If your business is failing, your debt ratio will be higher than your current asset, you will be unable to maintain the equipment, you will be unable to pay staff, you will be unable to pay rent, your credit purchase will be high, your stocks will be too low. 

Once you experience these signals, borrow to finance your business, or you can go into partnership or diversification.

I hope this is helpful!

List of businesses you can do in Nigeria with a small capital

 Nigerian population is estimated to be around 200 million people, as such there is market for many businesses to thrive. This post highlights some of the businesses you can start up with a small capital.

1. COSMETOLOGY 

Under cosmetic industry, these are some of the business you can start up with a small capital.

Production of cosmetic soaps, detergents, creams, shampoo, conditional, bonding gum, tissue paper, deodorant/perfume. 

It's easier to package your products nowadays, they are already made containers in the market, graphic designers are everywhere too. Don't be discouraged with the procedures just do more research and learn how to do it.

2. EDUCATION

Training/teaching, daycare centres, driving schools, demonstration schools, online classes, music classes.

 If there is anything you know how to do perfectly, you can teach others and earn a living.

3. BUSINESS SERVICE

* Agencies; Housing/real estate agency, sport agency, sales agency, advertising agency, insurance agency etc.

* Consulting; management consulting, financial consulting, medical consulting etc

*Others; accounting firms, law firms, research firms etc.

These are some of the businesses you can start with a very little capital. You just need an office space and office equipment to start it.

4. ICT

Computer networking, website design, blogging, programming, data analysis, forex trading, digital marketing, graphic design, video editing,computer repairs, crypto trading, app development etc. 

One good thing about ICT business is, once you have a system and a good phone business is set both off and online.

5. ENTERTAINMENT AND RECREATIONAL SERVICE

Event management, sport promotion, music promotion, banding, DJ service, music production and mixing, MC etc.

6. FOOD PROCESSING AND PRESERVATION

Catering service, production of snacks, cakes, chin-chin, meat pie, butter, tea, beverages, chocolate, ice cream, pap, restaurant etc.

7. AUTOMOBILE

Auto electrical, spray and painting, wheel alignment, vulcanizing and balancing, repairs, air conditioning, fixing of glasses, interior etc.

8. AGRO-ALLIED 

Crop farming, poutry, bee keeping, vegetable farming, pig farming, rabbit farming, snail rearing etc.

Agriculture is the source of raw materials for our industries and people need food to survive. Anything you produce in agro base will surely bring you high returns.

 9. CONSTRUCTION

Steel workers/ fabrication, Mason, furniture, aluminium, painting, tiling, plumbing etc

10. ENVIRONMENT AND BEAUTIFICATION

Horticulture, gardening, orchards, tree planting, crop nursing etc

People who are in this business are making cool money. Majority of people are not even aware of this industry. All those beautiful gardens and tree planting you see in cities are done by them even plantation farms. They nurse crops and supply to farmers. 

Just learn the skills, you don't need much capital to start up.

11. COMMERCE

Retailing, wholesaling, sales agent/representative, distributing, supplying, transporting etc.

These are some of the business activities under commerce. You can supply industries with raw materials or help and distribute thier products and get your profit.

12. TEXTILE/FABRICS

Cloth making, shoe making, bets, dying etc.

People cannot do without wearing clothes, just research the industry thoroughly they must be something you can start with small capital.

13. CREATIVE ART

Drawing and painting

This is one of the businesses that can make you blow within a short period of time like a joke, you will begin to see yourself with celebrities and public figures. Just learn the skills, you don't need much capital to start up.

14. FILM AND PHOTOGRAPHY 

Script writing, video editing, video directing, cameraman, makeup artist, costum designing etc.

15. OTHERS

Car washing, laundry services, hair dressing etc.

These are some of the businesses you can start up with a small capital. Some of them, you just need to learn the skills, some you just need and office space, some you can do them at home, some you can do them anywhere you are. Conduct more research in the area you are interested in.

I hope this is helpful!

How to make customers patronize you (5 proven strategies to make and retain customers)

To make and retain customers is not an easy task. You must be equalled to the task in order to make profit and expand your market share.

Listed below are the strategies you must undertake to make people buy your product.

1. PRODUCT STRATEGIES

 A Product refers to a good/service offered for sale or a good/service that satisfies human need.

For you to make sales be ensured you offer a quality product. 

Brand your product (logo, name, trademark etc) to distinguish it from other ones. Package your product ( containers, sachets, cartons etc) for safety, easy to use and durability.

 Label your product perfectly (manufacture date, expiry date, usage, ingredients etc). When you combine all of these ingredients accurately, it will give your product high quality, capacity and capability to give customers maximum satisfaction and in turn boost your sales.

2. PRICING STRATEGIES

Price is a value place on a product or a sacrifice made by buyers to obtain a product.

Price does a lot of work in a business, it enables a business person to make profit and extend the market share.

Before you fix a price for your product, consider the following analysis;

*Cost of production; consider the cost of labour, the cost of materials, the cost of maintenance, the cost of marketing. Consider all the expenses incurred and estimated  expenses from the point of production till the product get to the final consumers.

*Competitors; consider the price your competitors are selling at. If you sell higher than them, your customers will run to where they can get it cheap, if you sell too low, your customers will think your product is not good enough. Fix a competitive price.

* Inflation; you went to market and bought one sachet of tomato at the rate of #80, you go to market today, the same tomato is selling at #100. You don't know how much it might sell tomorrow. That's inflation I just talked about. Consider inflation rate before you fix the price so that you won't loose.

*Demand driven; if your product is highly demanded you can fix high price and cash out before other people will come and spoil market for you.

3. PROMOTIONAL STRATEGIES

Ensure you spend your money and time in doing promotion. Promotion can do wonders for you.

You can use radio, newspapers, posters, sign post, fliers, social media, websites to promote your product.

Also maintain good relationship with your customers, suppliers, competitors, government agencies, friends, relations, colleagues and the general public. They will keep coming to patronize you.

You can as well go to offices, religion centres, market places, schools, clubs etc. Wherever your prospective customers are just try to locate them.

You can organize context, shows, sponsorship, discount sales, credit sales, bonuses, premium etc.

4. PLACE STRATEGIES

This involves getting the right product at the right place in the right time. Move your products to where they are needed. If you can make your product available for the customers at the right place, right time and in good condition, your bank account won't contain your money.

5. CUSTOMER SERVICE STRATEGIES

You can offer pre- sale Service, post-sale Service, home delivery, timely delivery for your customers.

Maintain good gestures, use kind words, if possible entertain them. If you can initiate all of this write up or even go beyond, sky will never be your limit. 

I hope this is helpful! If you need a consulting Service, you may contact us.

How to market your product in Nigeria (8 best selling strategies for small businesses)

Marketing means the activities of a business to ensure continues flow of goods and services from the point of production to the point of consumption. Marketing is a broad term, it ranges from physical distribution, merchandizing and promotion. However, For the purpose of this post we emphasised on  promotion.

Listed below are the eight (8) ways you can market/sell your product

1. Personal selling

2. Advertising

3. Sales promotion

4. Word-of-mouth

5. Branding

6. Packaging

7. public relation

8. Publicity

Let's look at how you can achieve your marketing/selling objectives with the following mentioned above.

1. Personal selling

Personal selling refers to a direct contact between a seller and buyers for an exchange to take place.

Personal selling could occur on the internet, face to face, presentations, messages and phone calls.

For you to market/sell your product, try to locate your prospective customers either in thier offices, schools, religion centres, market places, Houses, public gatherings etc. Prepare yourself to present your product accurately. Explain to them how your product can help solve thier problems or satisfy thier needs and what makes your product better than others.

Personal selling will help you to understand your customer and how you can serve them better.

2. Advertising

Advertising means informing the public about an existence of a product, educating them on how to use the product, persuading them to buy the product, telling them how the product is better than others and/or reminding them about a product through paid media.

For you to market and increase your sales, locate an advertising agency that is willing to offer you affordable services. They are expert in this field that can design effective advertising campaigns for you. Also given the job to them will help save you from unnecessary spending, stress, errors and wasting of time.

However, if you decide to do the job by yourself, these are the advertising media you can place your product.

*Television; local television are cheaper than national television, it will also help you to reach your prospective customers within your limit. 

*News papers; news papers are also relatively cheap depending on the advertising space you intend to cover.

*Magazines; magazines are the best media to advertise products that are perculiar to your industry e.g advertising sport wears on sport magazines.

*Radio; radio is very cheap, it covers wide audience and can even Broadcast in different languages.

*Posters/ banners/calenders/handbills; print quality designs and distribute to your prospective customers.

*Internet ( social media, websites etc); internet is one of the best, simple and cost effective way to market your product. You can locate IT experts to setup social media pages, website and run advertising campaigns for you, you can also do the ones you know how to do by yourself. Locate bloggers to advertise your product for you as well

* Other ways of advertising your product include; T-shirt, caps, nylon leathers, journals, cinemas, sign post, Billboards, church bulletins etc.

3. SALES PROMOTION

Sales promotion means using some techniques to stimulate sales. E.g

*Organizing a context; (Nigerian idol, Maltina dance, Gulder ultimate search) are examples of context organized by big firms. You can organize for your product as well.

*Sample; given free products to prospective customers to test.

*Discount sales; Given discount sales can help increase your sales

*Given credit sales; is a way of marketing your product too

*Sponsorship;  sponsoring live events and programs can help increase your sales too

*Trade shows;  showcasing your product In public places and trading programs will also help market your product.

*Premium; buy one get one free, given bonus/jara to your customers is a good way of marketing your product too.

4. WORD-OF-MOUTH

When you give maximum satisfaction to your customers, they will help spread the good news. They will tell thier friends, relations, colleagues, class/course mates, members etc. 

5. BRANDING 

It means specific attributes given to a product that distinguishes it from others e.g name, design, label, trademark, logo, symbols etc.

It will help customers to easily locate and remember your product.

6. PACKAGING

It means to develop containers/sachets for a product.

Design simple, versatile, safe and attractive packages for your product. They contribute to a product quality and also help to attract prospective buyers.

7. PUBLIC RELATIONS

It means a deliberate effort established by a business to create and maintain good relationship, good image and reputation with his/her business environment such as customers, employees, government agencies, competitors, community and suppliers etc. All these things will help to market and increase your product sales

8. PUBLICITY

It means any information about a product or business distributed to the general public through media and it not paid for.

This one must not be too effective for your small business at this stage but you can try it too. Media might not be interested in publishing what they are not gaining much or not gaining at all from.

Study the write up closely, practice what you studied and it will help your business to grow. 

Incase you need a consulting services you may contact us.

10 million naira international grant for serving corps members through SAED department

      

The Farmers for the Future (F4F) Grant is an Agricultural Entrepreneurship grant designed to support young people with viable Agri-Business with equity-free capital and other associated support they may require to scale their businesses.

The project is an initiative developed and sponsored by the British American Tobacco Nigeria Foundation (BATNF) in partnership with NYSC and implemented by Fate Foundation. It is targeted at currently serving National Youth Service Corps (NYSC) members – as part of BATNF’s drive to encourage and support the youth in sustainable agriculture.

Click here to apply https://f4f.wealthishere.org