Nigeria in 2020 is a place where you cannot afford to be careless with the little capital you’ve managed to gather. If you are not extremely careful, you can lose that cash very easily.
- Find out what people want: Do your market survey. Capital isn’t easy to get in Nigeria. So, you cannot afford to start your business on a whim. You must make sure the goods/service you are providing are exactly what people want, not what you think they want.
- Be your own utility service: This simply means that in the present day (2020), you cannot depend on the licensed utilities for electricity and other essential services. If you supply frozen foods for instance, you must have a standby generating set and enough fuel to power it. Don’t depend on NEPA. You must factor in the cost of electricity maintenance into your budget.
- Find a good location: Before you buy land for your office premises, make sure it is not in a swampy ground. Also, if you can avoid it, don’t rent office space during the dry season. This is because many properties may be located in swampy areas that become very impassible by vehicles during the rainy season.