If you are abroad or in the diaspora and want to tap into these abundant opportunities without getting your fingers burnt, there are important steps you must take before you venture into starting a business in Nigeria or Africa, from the diaspora. Please read on.
Avoid Emotion Based Decisions
Your decision to start a business or invest back home should not be based or driven by emotions. Successful businesses don’t run on emotions. Emotional attachment is not a business strategy.
For example, don’t decide to invest back home simply because it is your home country, town or city; or because your mother, father or brother wants it; or a friend suggested you start a business back home simply because someone else is doing well in it. Emotions can blind you to the real risks of business start-ups.
Your First Steps
Since you are not on ground back home, get a business consultant to prepare a feasibility study, business analysis and market research for you in the business sector you are interest in. That way, your investment decisions can be based on current and reliable facts.
With such background information, you are better placed to evaluate your risk exposure, and avoid the danger of overestimating your opportunities while underestimating your risks. This goes a long way to improve your chances of business success when you eventually launch out.
Before You Take a Dive
Before you invest, do well to understand the business trend in that sector. Figure out the business trajectory of the niche, industry or sector you want to invest in. Is the trajectory rising or falling? Satisfy yourself that there is a clear upward trajectory in the business climate of your area of interest; and that there are still enough opportunities and profits to be made.
That way you are sure to tap into a larger chunk of opportunities before profits are contested away. A small investment in good quality feasibility study, business analysis and market research should provide answers to most of these questions.
Also check to see if in the short and medium terms, any government policies could negatively impact your business - especially if you’re going into import and export business; and use all the above information to formulate an exit plan, if necessary.
Stay Legally Compliant
Ensure that as much as necessary, you are legally compliant with government policies on environment, location, licensing and business permits, as they relate to your proposed business.
A Great Opportunity to Add Value and Become Rich!
Nigeria, and indeed Africa need you! Nigeria not only has the population, it also has a plethora of needs and problems; and this precisely is what creates huge business opportunities for those willing to genuinely add value by solving these problems and fulfilling these needs, affordably.
What are you waiting for?
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Stay Smart, Wealthy and Wise!
