Who are my Competitors? 5 Things to Know In Order to Succeed in Any Business
- Delving into a business in Nigeria can either be a great achievement or your worst nightmare; it all depends on planning
- Before going into any business, it is necessary to take some things into consideration in order to achieve your desired goal
- One of the important factors behind any successful business is the availability of the required capital needed
Running a business in Nigeria is not a layman's job. It requires funds, dedication and commitment.
For anyone who wishes to start a business in this country and become successful in the end, there are some key things to note.
Legit.ng in this article, will tell you 5 things you need to know and do before starting any business.
Source: Getty Images
1. A good business should have the potential to add value to people's lives
Before coming up with any business, you need to ask yourself what people will gain if they patronize you.
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People only want to buy what will be useful to them. Majority of people want to make their lives easier, therefore, businesses that thrive in the country definitely meet the demands of people and ease their day to day activities.
For instance, wig making business is becoming the order of the day because most ladies no longer want to sit long at the salons. They now prefer getting a wig and putting it on wherever there's an occasion.
Machines are now being invented to reduce the stress of doing labour manually. On this note, whatever business you intend to do must either cater to a need, solve problems or make life easier.
2. Capital needed for the business
After deciding on the business to delve into, the next step to take is to find out how much is required to kickstart the business.
Thus, you would need to go on a market survey to find out the prices of things in the market in order to ascertain the capital required to run the business effectively.
For some businesses like wig making or distribution of plumbing materials, you might need to pay an expert who would tutor you and give you contacts of legit suppliers to avoid being defrauded.
For a business like sales of tailoring materials, you should find out the prices of materials, threads, satins, machines, and other tailoring tools.
3. Location
The importance of a good location to the success of any physical business cannot be over emphasized.
In order to gain prominence and become successful in your chosen business, it is imperative to situate the business in a location where your goods will be seen and purchased.
Some businesses like a restaurant business might thrive well in a street, but for some others to thrive, they must be located on a highway.
4. Study your competitors
It is very important to know your competitors and study their method of operation. That way, you will be able to position yourself better and think of something that would give you an edge over them.
You can’t play the game to win if you haven't fully observed the player’s tactics. Do your researcg and ynderstand your competitors so you can be able to defeat them.
When researching about them, find out their core values, frequency of sales, their distribution channel, weaknesses and every other important fact about them.
5. Unique selling point
After making an indepth research about your competitors, the final step is to come up with a sharp strategy that will shoot your business to limelight.
This unique selling point is what distinguishes you from your competitor and places you above them when done effectively.
It will also help you in drafting a smart business plan which when followed, will definitely yield good results.
I started furniture making immediately after NYSC, then sales began coming in: Young Nigerian man reveals
Meanwhile, Legit.ng previously reported that a young Nigerian man, Odunowo Babatunde, whose tweet on Wednesday, May 11, went viral has spoken about his life and business in an exclusive interview with Legit.ng.
In the viral post, the man shared photos of his amazingly furnished two bedroom apartment. What got people's attention then was how the house looked classy. There were neon lights to enhance the beauty of the pieces. An interesting thing to note is that Babatunde made everything.
Source: Legit.ng
