Business, high quality, Money, Success, Uncategorized
Oh, the sweet excitement of starting a business in Nigeria! You find yourself gazing at your room ceiling, reminiscing about all the beautiful, high-quality clothes you’ve just ordered in bulk to stock your stunning shop. You can still hear the inspiring story of the renowned businesswoman from your church, recounting how she got a six-figure profit in just one week. The excitement about your new business is through the roof!
But nobody tells you that sometimes business is like frying puff-puff for the first time—you mix the batter with confidence, scoop it into the hot oil, only to watch some sink, some scatter, and the rest come out looking like the map of Africa. Just when you think you’ve gotten the hang of it, the oil starts popping, and you realize you didn’t prepare for the unexpected heat.
The truth is, starting a business in Nigeria is one thing, but growing it is another story entirely. Let’s talk about what no one warns you about—and what you can do differently.
1. The Market Has No Pity
The market is not your friend. In fact, it doesn’t even know you. When you first arrive, you’ll be full of excitement, believing that because your product is top quality, everyone will rush to buy it. E go shock you.
Customers will price your goods as if they’re pricing groundnut “Madam, last price?” you say ₦5,000. They say ₦1,200, and they will still ask for “jara.”
What no one tells you is that selling isn’t just about having the best goods, products or service; it’s about understanding your customers. Why should they buy from you instead of your competitors just three stalls away from yours? Are you offering better service, better packaging, or even a simple smile that makes them feel special? Your business needs strategy.
2. There’s a Bill for Everything
When you were daydreaming about running a business, did you include the cost of fueling a generator every single day or paying electricity bill? No? Welcome to reality.
You thought the only bill you’d be paying was rent? LOL. There is also government levy, association dues, unexpected repairs, and the classic “Oga/Madame, we need to settle boys.”
To survive, you must plan for the unseen expenses. Have a financial cushion because, in Nigeria, surprises are a normal part of business.
3. Pay Yourself, Pay Your Business: Why Profit and Cash Flow Are Not the Same
One of the biggest mistakes business owners make is assuming that all the money their business generates belongs to them. You made ₦500,000 in sales this month? Great! But before you start flexing, ask yourself—have you paid yourself a salary? Have you set aside money for restocking, delivery costs, and other operational expenses?
Many businesses don’t fail because they aren’t making money—they fail because the money isn’t properly allocated. Structure your business in a way that ensures you get paid as the owner while also covering the costs of running the business.
4. Slow and Steady Wins the Race
We love the idea of blowing overnight, but let’s be honest—most of those “overnight successes” were years in the making, you can call that the Compound Effect.You see a big business today and think, “Wow! They’re making millions!” but you don’t see the years of struggle, failed ideas, and small wins that led them there.
Instead of chasing overnight success, focus on steady growth. Build trust with your customers, deliver quality consistently, and reinvest in your business.
5. Who You Know Matters—A Lot
Forget “I can do it alone.” In Nigeria, connections and relationships will open doors that hard work alone cannot. That’s not to say you shouldn’t work hard, but if nobody knows you exist, who will support your business? Yes, good answer—Nobody.
Network, talk to people, and build relationships. That one person you meet today might be the one to introduce you to a big supplier, an investor, or a customer that changes your business forever.
6. Loans Are Not Your Enemy—If You Use Them Well
Ah, loans! The thing most small business owners fear more than bad market. “I don’t want to owe anybody.” Oya bring your ear let me tell you something, do you know that a well-managed loan can be the difference between struggling and expanding.
If you take a loan, use it for something that will grow your business, not for flex. If it’s for restocking, buying better equipment, or increasing production, then it’s an investment. If it’s for throwing an end-of-year party, you are on your own o.
So, What’s the Secret?
Nobody has all the answers, but here’s what will set you apart:
• Understand your market. What do your customers want, and how can you serve them better?
• Manage your money wisely. Profit is good, but cash flow is king.
• Build a network. Business is easier when the right people know and trust you.
• Take smart risks. Growth comes from stepping out of your comfort zone.
• Use financial support wisely. A well-timed loan from Market Monie will definitely take your business to the next level.
Business in Nigeria is tough, no doubt. But with the right mindset, you won’t just survive—you’ll thrive. Now go out there and make that money! Call Market Monie at (+234) 913-6000-833 for the right financial support.