Which Business Can I Start In Nigeria?
I was just doing some random search for new business ideas to write on this morning when it crossed my mind that a lot of Nigerians use search engines to gather business ideas.
I came across popular phrases such as:
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Then it dawned on me that as Nigerians we are not really short of ideas to invest our cash in. Whether you are looking to create an entirely new business idea or to re-brand existing ones, there are numerous opportunities open to you. Practical Business Ideas blog and Nairaland Business are two popular pools of business ideas to explore.
The truth is, it’s not only about the best business to start but getting information and experience which can help succeed at doing that business. The baseline is to nurture the young business to fruition.
This whole revelation made me come up with some things to watch out for if you want to invest in Nigeria successfully.
==> Don’t reply UNSOLICITED emails, faxes and phones calls that:
-promise financial reward for helping out
-ask for money or spurious assistance
==> Carry out your own market research. Develop a business plan. Don’t start or run your business on hearsays or assumptions
==> Don’t transfer money to someone:
-on the promise that you will also receive money.
-who sends you a check
==> If that business deal looks too good, have a second thought because it is probably too good to be true.
==> Verify all your business partners officially and through people you know.
==> Abstain from bribery to avoid stories that touch the heart especially blackmail
==> You will need a lot of patience and great personal relationship which are key to success in business.
==> In investing in Nigeria, put into consideration issues of electricity, religion, culture and security
==> Ensure that the source of any payment you receive is verified and the funds cleared by your bank
==> If you are abroad, make sure you come down to Nigeria in order to assess the business environment and create a reliable and verified team.