Guide To Being A Successful  Entrepreneur In Nigeria

Introduction

The business sphere in Nigeria has an evidently diverse and wide scope, which needs more exploration to grow and this makes it attractive to those wanting to start a business or branch into its economy.

As a fast growing economy, with a projection of 263 million by 2030 and already over 200 million in population in 2024, it is apparent that Nigeria as a nation needs to have more production than consumption to be able to cater for its citizens.

This article aims to equip entrepreneurs with valuable insights on how to successfully start a business in Nigeria, despite its fluctuating economy.

It will be covering insights from a successful entrepreneur in Nigeria, funding, legal requirements, market research strategies and possible challenges.

INSIGHTS FROM A VETERAN

Mrs Oluwakemi Odusanya is the owner of the perfume brand, Fragranza Elizir, and she has shared insights on how best to start and stay in business in Nigeria.

Do you think there is a particular business or industry that a person can thrive the most as an entrepreneur in Nigeria of today?

“No, I don’t think so.”

“Any business can thrive whether you sell pure water or high -end fashion, there’s always a market for every business, all you need to do is find your market and do everything necessary to stay in that market, be relevant and constantly evolve.”

How did you raise funding?

“I had some personal savings and also got loans from family and friends.  I was given a six month moratorium, and I paid little by little in the course of three years, which helped me stabilize my business.”

What mistakes did you make, and how did you right them?

“I’m sure I made quite a few, but the one that readily comes to mind is when I started selling, I was buying perfume oils from a vendor here in Nigeria and it was of very good quality. Later though, I decided to start selling mine and imported from abroad which was very cheap and that made me think the Nigerian vendors were selling at cutthroat prices. This experience made me realise that cheaper is not always better, as the perfume that I bought turned out to be rubbish and I couldn’t sell it. I learnt that if you want to copy what people are doing you have to do it better and prices should not be your only deciding factor as you don’t know what overheads they are incurring or how they source for their items”

What challenges did you encounter in your business and how did you overcome them?

“My major challenge is staffing but thankfully I have been able to solve this partially. Now I have a recruitment agency that I’m registered with, and I call them whenever I need staff. They send already trained candidates in marketing and sales that I can choose from.”

What steps did you take to reach this height?

The company used to import perfumes and diffusers from the US but had a hitch during the COVID period as the US company closed down. “This led to me doing research on how to produce those perfumes and diffusers as they lasted long. Since I was aiming for that same quality we delivered, I persevered and through resilience, I was able to pull through. It made me realise that we can’t depend solely on importation and so we started producing ours. Now we produce almost everything we sell apart from designer perfumes, which we have in the works.”

How are you able to stay in business despite the changing economy?

“I attribute the success of my business to His mighty power, but also through resilience and passion. Since I want to see my business succeed, irrespective of the economic state of things, I’ve been able to adjust and accommodate them. There are things that I used to import that I now source locally and the ones that I couldn’t get, I have been able to mitigate. Also, everybody understands that prices of things have gone up, especially now, and they’ve been able to adjust.”

What is your best advertising channel?

“My best is Instagram, it has been my widest reach and has helped my business growth.”

What is your advice to a start-up entrepreneur

“For every start-up out there, I wish you all the best, it’s a beautiful journey, though it’s not easy, I encourage you to start.”

“Start, find your place, and you don’t have to do everything at once or by yourself. My business has people we produce for and they sell with their brand name, no one knows we did it for them and they make their money.

When starting your business, you must be able to identify ‘Why’ you’re doing that business. It helps you stand the test of time and overcome challenges.”

STEPS TO TAKE INTO THE BUSINESS WORLD: