3 COMMON CHALLENGES EVERY STARTUP BUSINESS IN NIGERIA FACES AND HOW TO OVERCOME THEM.

Starting a new business is not a task for the feeble-minded, it requires brevity, determination, and persistence in the midst of difficulties. Every new business has its own fair share of challenges and while that makes some stronger, it sweeps others off the market.

However, knowing about the likely challenges you might encounter beforehand fortifies you with the necessary tools you need to keep your head above the waters and positions you to overcome them.

Here are 3 common challenges faced by startups in Nigeria and how to overcome them

Challenge 1

Insufficient Startup Funds

We asked about 100 entrepreneurs in a seminar what their number one challenge was in taking their businesses to the level they desired it to be and 91% of them mentioned funds. While some of them had started their businesses and needed funds to step it up, others were even yet to start due to lack of funds. Businesses, regardless of the size or industry require funds to stay in the competition and succeed.

Ideas to help you overcome these challenge

1. Write a viable business plan and ensure the financial information is intact. With this tool, you can source for funds, investment and partnership opportunities.
2. Leverage on grants, loans, and business funding opportunities. In recent years, there has been a lot of attention on small businesses and entrepreneurship by the government, other corporate organizations and the public which has resulted in support in terms of cash, training and mentoring. Keep your nose to the ground and maximize the opportunities you find.
3. Minimize your startup expenses
4. Liaise with a financial expert in planning your finances.

Challenge 2.

Marketing

After scaling the funding challenge, the next major milestone an entrepreneur faces is getting enough people to know about their brand and patronize them.

How to overcome the challenge

1. Create a marketing plan.

This is where it all begins. Who is your target audience? Where are they? What medium is the best to reach them? Answering these questions correctly will help you get started in creating a workable marketing plan for your business.

2. Have a marketing department

This is non-negotiable and should be adequately covered in your plan. You need to hire the best hands to take care of your promotional activities and equip them with everything they need to do their jobs effectively. As a startup, it is understandable that you might not be able to afford large salaries to pay marketers. You can make it up to them by paying good commissions.

3. Lastly, leverage on digital marketing. It is a cost-effective and very efficient way to market your business.
4. Create a budget for marketing. As a startup, a large chunk of your business should go to marketing and promotional activities.

Challenge 3

An appealing office space.

Renting a well-serviced, appealing office apartment is a critical part of your brand reputation. And that might cost way too much for a new business to afford.

How to overcome this challenge

1. Consider co-working space options for a start especially if your business is a service-based business.
2. Get in touch with Gilgal Properties to find a convenient, professional space to work whenever you need. In our office spaces, you will have access to unlimited, fast internet connection, reception, administrative and janitorial services, access control offices that are spacious, airy with natural lighting.

Want to get started, contact us on +23416326126, 09099990125 to book a tour.