Being bold enough to build a startup is always an inspiring step to take. Even more audacious and encouraging, doing it in Nigeria. Why? you might ask. The answer to this is simple, the country is somewhat structured to work against dreamers and doers.
However, owning a startup is one thing but owning a successful one is another. In other words, it goes beyond having a dream because the initial stages require tenacity in versatile ways. From gathering resources to business development and growth, building a startup is hard work but can be worth it.
Check out 7 things to know before building a startup in Nigeria…
1. Have a Perfect Picture of Your Product/Service
When you’re establishing a startup, it’s very important to identify the ‘What’ and ‘Why’. What is it that you want to sell and why should your target market buy it. This helps you offer the best solutions through the best channels and boosts the integrity of your business.
2. Competitive Advantage
Speaking of being the ‘best’ at what you do, competitive advantage is what sets you apart from other businesses. It concerns the unique benefits of your product or service down to its intricate details. To do this, you need to conduct some market research to understand your competitors and your customers. This way, you know what you can bring to the table and earn loyalty from your target pool.
3. Invest in Hiring Smart
Another factor that contributes to the success of your startup is hiring competent people. More specifically, in a country like Nigeria it’s important to build with self-starters that fill the necessary positions at the early stages. If you want to avoid micro management and lead with innovation, this is key.
4. Get Some Advice & Expert Advice
A common mistake most startup owners make is thinking they know it all. As a result, you’d find a bunch of them lacking adequate management skills. To clarify, getting some professional skills through courses or business development programs help big time!
5. Build a Strong Network and Be Open-Minded
One thing to know about Nigeria is the more people you know the better. Basically, having strong connections or go-to contacts is key for potential investments and stakeholders. Additionally, being open minded within and outside such parameters helps with taking constructive criticism for improvement.
6. Market Your Brand Well Enough
In addition to having a good business concept, getting noticed by your target audience and other stakeholders requires marketing. Whether its digital or not, this helps you present your strategies in the most efficient and exciting ways possible. Simply put, have a plan and implement it ASAP!
7. Adopt the Right Company Culture
If there’s one thing every startup owner should endeavor to do, it’s create a solid support system. Essentially, this can be achieved by giving your team some room to grow and expand through a healthy chain of command and communication. In plain words, don’t be toxic.
8. Project the Future
Yes, you’re starting small but you shouldn’t be thinking small. Have a clear projection of where you want your startup to be in the coming years and how to get there. Not only does this help you monitor the consequences of your business decisions, but it also helps you work smarter.