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11 questions to ask before Starting Up a Business in Nigeria

11 questions to ask before Starting Up a Business in Nigeria

The success or failure of any business, no matter how small, depends on plans made and strategies put in place. And as funny as it sounds, asking yourself some of these questions is largely dependent on how much success you’re going to achieve. In today’s article, I have compiled 11 cogent questions you need to ask yourself before venturing into any business, be it Real estate, Fashion design, Dropshipping, Lawn care services, Pet keeping, Digital marketing, Cleaning service, Freelance copywriting, Restaurants, Content writing, App development, Consulting or home care services. With this checklist, you can be sure that you’re not missing anything as you hear towards launching that project this year.

Checklist of Important questions before starting any business

The list is below.

1. Why do you want to start a business?

A wise man once said before you venture into anything, it is important to know your why. The question of why you do what you do will keep you going when it gets tough along the way. And I also want to tell you that whatever reasons you may have for wanting to start a business is completely valid. Don’t let naysayers tell you otherwise.
Which leads us to the next question.

2. Who is your target audience?:

The next question after knowing why you want to start a business is the question of who you want to sell to. Will you be selling to busy professionals, stay-at-home moms or students?. And I think the type of product or service you’re offering will help you answer this question well enough.

3. What problem does my business solve?

If your business doesn’t have any problem it is solving, it is only a matter of time and you’ll soon be out of business. Take for instance an entrepreneur who has decided to be selling only rain coats. The implication of this is your business will be seasonal, so will your profit. What happens when there is climate change and rain doesn’t fall for months?.
Therefore, when thinking of a business to venture into, always think of solutions to other people’s problems.

4. What makes you different from your competitors?

The business market is getting competitive by the minute and it is therefore important that you stand out from the rest of the crowd. What makes you stand out doesn’t have to be something big. Sometimes, it is the little things that make all the difference.

5. What resources do I have to help me achieve my business plan?

Is there any man who wants to build a house who won’t first consider all the resources he has in order to ensure that he builds?. Also when starting a business, you need to consider all your resources, whether it be financial or human. It is with these resources you can begin to make plans. However, if you do not have, that’s an indication for you to start putting two and two together.

6. What are my long term and short term goals?

Your short term goals might be to build brand awareness and get more customers while your long term goals might be to open a branch in every state. The goals you set will depend on your business type and what you hope to see your business become in the nearest future.

7. What challenge am I most likely to face?

This sounds quite pessimistic but it’s an important question you need to ask yourself. It is called foresight.

8. What mistakes have others made and how can I avoid this?

It is wisdom to learn from the mistakes of others. And the truth is, no matter how unique your business is, there is someone who has or is currently doing something similar to your idea. Therefore, it is important to look at some of these mistakes these people have made and see how you can apply the lessons learned to your own business.

9. What legalities do I need to put in place to ensure I reach my business goals?

I think that a very vital part most people tend to overlook is the legal part of a business. This should not be so. If your business would be needing a lot of legal work, by all means get it.

10. Do I need other people or is this something I can do alone?

If you think sole proprietorship is going to be the best decision for your business, then you need to evaluate. If you need the input of other people too, then you need to ask yourself too.

11. In 10 years, do I still see myself doing this?

If you do not see yourself doing your venture in the next 10-20 years, then I think you should not bother about starting that business in the first place.

In conclusion

If you think these 11 questions did not cover all the things necessary, by all means make more research concerning this new business. There are enough materials on the internet made available.
You will win!.

Originally posted 2023-03-18 11:09:06.

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