Have you ever thought of starting a Dropshipping or mini-importation business in Nigeria but, you’re at a junction confused about the Hot-selling and profitable products to start with?
Well, I will show you the hot-selling and profitable products for mini-importation and Dropshipping. And somewhere in this page, I will share a link to a guide that’ll walk you through the processes of starting your dropshipping business in Nigeria.
Mini-importation and Dropshipping are the two goldmines in the ecommerce industry for smart entrepreneurs. Millions of Naira (and Dollars) has been made from these two businesses.
They are one of the most profitable businesses in the country. And in the future, it might be a great rival of most businesses we have presently.
The goal of dropshipping is to make sales without having or buying any physical inventory to stock goods. For Dropshipping, you can create a site, with the aid of Shopify, WooCommerce etc., then, add products and start selling. You could make changes to your inventory quite easily and update products without paying additional fees.
But for mini-importation business in Nigeria, you will need to gather some capital and buy products that will return high profit to you.
Let me tell you my personal experience:
In my personal experience with mini-importation, you need to study and understand the market before you ever think of buying in products from abroad. I bought a goods worth N37,000, used the total sum of N13,000 to ship it to my house (that’s N50,000 in total).
If I sell the products at its current price that time, I will make N99,700, meaning, I will have N49,700 as my own profit.
But you know what, the market change, the price of that products was cut to one-quarter. Meaning that the products I bought with N50k will now be sold for N12,500!
Instead of gaining, I lost N37,500 instead!
What am I trying to tell you? You need to understand the market very well before you ever think of investing your capital on Mini-importation.
But for Dropshipping, it’s risk-free. You have nothing to lose no matter what happened in the market.
To start dropshipping business, kindly read this complete guide on dropshipping.
Although dropshipping is profitable, not all products will guarantee you profit. For that reason, we’ve compiled a list of seven hot selling products for dropshipping in Nigeria.
There also tools that can help in finding top selling products and could use any of those. But for this article, we’ll be focusing on the top seven.
So, let go!
10 Hot-selling Products for Dropshipping & Mini-Importation in Nigeria
Shoes are a necessary commodity in today’s world. Humans are been given birth daily with foot so the demand for foot wears isn’t going away anytime soon.
People need to put on shoes, and there are many reasons for this — some do it casually, others for events and other purposes.
One sweet thing about dropshipping and importing shoes in Nigeria is the wide varieties that are available on offer — we’ve got sneakers, sport shoes, formal shoes etc.
Putting things into broader perspective, we’ve male and female dress shoes from which other types of shoes originates from. According to a recent study, women generally have more shoes for different occasions than their opposite sex.
You’ll have to choose from the wide array of shoe type, size, gender type and focus mainly on that. Once you’ve got focus on something, it’s much easier to channel all resources towards it and getting the best from it.
I should also remind you that basically all shoes are lightweight and therefore easier to dropship or import — you wouldn’t have to pay much for shipping.
Bags just like shoes, are on high demand there have been an increased demand in shoes in the past decade from both sexes especially the females. Shoes and bags do share some similarities which makes them perfect for importing and dropshipping in Nigeria. Of the many similarities, two are of high importance to dropshippers or an importer is that, bags are both lightweight and of wide variety.
The demand for bags seems pretty high and it’s continually on the rise, dropshippers and smart importer can cash in on this lucrative business and make money without sweat. This is a multi-billion Dollar industry that many entrepreneurs want to tap into a you should too.
There are many suppliers of bags for dropshipping or importing to Nigeria, one good example is DropWow. They offer wide variety of bags from the best manufacturers at a relatively low price. You can get basically any bag you’re looking for on this site, they even sell bag accessories.
Bags will continue to be in demand as long as people keep traveling, moving to places and more — people just want to temporarily store things and using bag is a great way to do that.
3. Phones & Accessories
In today’s world of constant communication, information and more, mobile phones have gone beyond making phone calls and texts. A typical smartphone today can be your camera/video recorder, mp3 player, scanner (you’ll need an app for this), your typewriter etc. The list is endless.
More awesome features will be added in the future, technology grows daily so don’t get freak out when you’re told your next smartphone comes with highly sophisticated features which may be literally beyond your imagination.
With the growing need of owning a smartphone, dropshippers and importers can cash in on this. People seem not to get enough of their current smartphones, some have two, three and more — even kids these days now owns a smartphone.
Many people get tired of using a particular smartphone, and there many reasons for this — new technology, new version, better specs etc. So, you can see the demand is really high, some people change their phones frequently so as to keep up with the latest on everything.
This is the best time to start dropshipping smartphones in Nigeria, the demand is really high and you can make good profit in the process.
NB: You could also dropship smartphone accessories to complement your smartphone sales. You would make more money doing this.
4. Clothing Products
I don’t need to state the importance of clothes in our lives, it’s elementary! But I’ll say it’s a pretty lucrative item to start making money via dropshipping. We all wear clothes, we like to stock a wide variety of clothing in our wardrobes — old clothes, new clothes, latest fashion styles, these is what a typical wardrobe of an individual looks like.
People change clothes often and some do perform a wardrobe overhaul at some point.
Bottom line is; people like to have many clothes and I don’t know why — I think it’s inherent in humans.
Dropshipping or importing clothes is quite different from the conventional sale of clothes you may be used to. I’ll give you reasons why.
- In dropshipping business, you can easily update your store by replacing old products with new ones, replace old trends with current trends. This is done for free. You don’t have to pay a dime.
But in the conventional retail or wholesaling of clothes, once you’ve bought your products from the manufacturer, you’ll need to buy again to update your trends even though you’re left with old stock. This scenario is eliminated via dropshipping — that’s the beauty of dropshipping clothes!
We’ve gone through generalized products above. Let check on more specific hot selling products for Mini-importation and Dropshipping in Nigeria.
Slime is a really nice product and most sort after product in dropshipping. It’s a fun product to play with, a substance that can change from solid to liquid and solid to liquid.
There are different types of slime you could choose from; Fluffy slime, cleaning slime, popping slime, Glow-in-the-dark slime, Borax-free slime, and Glitter slime. It’s the most wanted product in the e-commerce market right now and dropshippers (and smart importer) do benefit from it.
You can get it from the popular Chinese brand — AliExpress or other top e-commerce sites.
6. Wireless Chargers
Some technologies do get boring at some point and so is the case with wired charging. People need better ways to charge their smartphones these days, they’re beginning to dislike those long wires which at some point might get broken and therefore need replacement.
Wireless chargers, just like most wireless technologies, are here to stay. In fact, they aren’t going away soon. The convenience of placing your smartphone on a device and starts charging right away — nothing beats that. Although wireless charger may not deliver speeds like the wired chargers, it’s still worth having as research are working on improving its speed.
Dropshipping and/or importing wireless chargers is highly profitable and you should seize the opportunity to begin yours soon.
7. Posture Correction Belts
Health is wealth they say!
People are looking for better ways to manage their health easily. Good posture is one sure way of living a healthy lifestyle. It quite difficult to obtain a good posture these days, with most jobs requiring us to assume wrong postures.
This problem could be solved with the use of ‘Posture correction belt(s)’ — it’s a belt that makes it easier to assume a proper posture whether at home or at work. It portable and easy to use — no wonder people are scrambling to get their hands on one.
As a dropshipper or aspiring importer, I see no reason you shouldn’t be adding this to your product list on your site.
8. Waist Trainers
This may look as if it’s also “posture correction belt” but, waist trainer is different from posture corrector (or belt).
Some ladies are suffering from obesity and some others, want to have perfect body shape. That’s why it’s a great idea to start waist trainers’ dropshipping business in Nigeria.
You can buy a waist trainer for as low as $10 (N3,600) and sell it for N10,000 in Nigeria.
9. Cosmetics & Jewelries
I don’t need to say much things about dropshipping and importing cosmetics products and jewelries. You know how ladies treats their makeups and always want to have the complete dressing, which includes using of matching jewelries.
So, if you’re thinking of going into dropshipping or mini-importation business soon, kindly think of these two hot-selling products.
Do you know that a powder can cost N50 and sold here in Nigeria for N300 – N500?
You don’t need to doubt this, Cosmetics and Jewelries are profitable products indeed.
10. Home Utensils
What I mean by home utensils is everything we’re using at home. Ranging from bathroom to kitchen and in other part of a home.
This is what I’m saying, you can import products like toothbrush, pots, stoves or electric cooker, soap cases, towel, plastics, plates, jugs, cups, spoons, your extension box etc. All these products are either dropshipped or imported from foreign countries.
The truth is that, these products are cheap when bought from CHINA.
You may be thinking that China products are fake but let me tell you that more than 70% of products we are using in Nigeria comes from China, including your lovely smartphone.
So, think of these home utensil products and start your business like a pro!
In conclusion to Hot-selling Products for Mini-importation & Dropshipping in Nigeria
So, these are the hottest selling items you can lay your hands on in your dropshipping and mini-importation business in Nigeria. The above products have seen a reasonable amount of demand in the first half of the year and may likely continue beyond 2020.
What’s your take about these listed hot-selling products for mini-importation and dropshipping in Nigeria? Kindly let me know in the comment box below.
How to Dress Like a Smart Entrepreneur in Nigeria
To really show your clients that you are worth investing in, you must learn perfect grooming tips to woo them. I mean, you must learn how to dress like a smart entrepreneur in Nigeria.
Many entrepreneurs meet different clients on different occasions, most of us (the entrepreneurs) are chairing boards of directors, firms, agencies, conglomerated companies, individuals, and government bodies with the aim of achieving the best for the respective companies or organizations they are representing.
The major reason why you need to dress corporately is not just to be attractive or show how extravagant you but you need to dress the way you wanted to be addressed, your business skills or intelligence are not enough!
In business both offline and online branding, you need to understand how to meet-up and simplify your corporate or business dressing etiquette. To be sincere, dressing etiquette and sense should be one of the key factors that all people aspiring to be successful and smart entrepreneurs should have.
Good to know that most business organizations like the banks, hospitals, and other agencies have their own dressing code. For example, the government here in Nigeria allows their workers (otherwise known as civil servants) to wear their native attires only on Fridays.
While institutions like banks, hospitals always are expected to put on their corporate suit and polished pair of shoes while most self-employed dress the way they like or feel.
But, the world of dressing and grooming is entirely different for entrepreneurs, no matter the source of your job and its dressing code. Here in this article, I am going to work you through some tips on how to dress like a smart and successful entrepreneur.
8 Perfect Dressing Tips For Smart Entrepreneurs in Nigeria
Take Your Dressing As An Investment
Before going to your office or to boutique for shopping, you must buy classic and corporate styles that suit your body shape, size, and complexion. Don’t think because your friends are wearing Gucci, Versace, Fila or Nike, you must wear them also.
You need to dress to fit your business not the latest trends in the town. Do take enough time to pick out of many and never wear body-revealing clothes (Mostly women).
Some clients hate this while some want this but as a corporate entrepreneur, you must not wear seducing clothes or have such intention to negotiate with clients with your dressing but rather, seduce them with your business Skills and Intelligence!
2. Change Your Wardrobe Constantly:
Although I won’t advise you to take all your savings to buy clothes that suit your business and body. But, it will be good if you shop for new dresses at least once (or as much as possible) in a month. You should tell your regular clients, prospects, or business partners that you are happy and successful in your chosen career and one of the best ways to do this is through your dressing.
Don’t look retarded, tactless, or awful in appearance. Change all old clothes to New One. If you don’t know how to shop for clothes that fit you and your business, ask those who are professionals in fashion.
3. Build Good Body Shape
If your body shape is not good enough, you must try the right and safe remedy to build it up. Doing an exercise or going to the gym regularly will give you perfect body shape. The reason for this is that, no matter how fabulous you dress without having good body shape, such grooming efforts won’t go beyond your room.
You may look stupid to some people and this may cause depression or frustration if you find out what people or your business partners are saying behind you.
4. Keep Your Make-up Simple:
This concerns the women who like using cosmetics in an excessive way. Let go of make-up products that are too flashy but instead choose the one that will show entrepreneurship and serious in you. Remember you are dressing for a business not for partying and you must not annoy your clients or allow them to take you for granted because of the way you dress.
If your make-up is faulty, there is a possibility that you will face some faults with clients and business partners. If you can’t perfectly do good and nice makeup for yourself, I will advise you to consult a make-up artist for help.
5. Do Like A Roman When You Are In Rome:
I mean, you should understand how to dress for each business occasion. You can’t be working in a bank or hospital and be wearing jean and canvass to office, you cannot be going to farming to make the heaps or ridges and put on a suit.
You can’t be a military man and be wearing “mufty” to station or barrack (although, you may wear the police vest or any designated dresses by the military officials). You must select clothes according to the nature of your business or profession.
6. Understand The Atmospheric Condition:
Always, dress according to the weather condition. If it’s during the rainy season, wear clothes that will protect your formal dressing from being immersed by rain like a coat, jacket, etc.
Go for clothing materials that are reflective of the season. Clothes that are thick are good for fall and winter and it’s not advisable for summer but instead, Light linen fabric or clothing materials will be good for it (summer).
7. Avoid “Color Riot”:
This is a “must” for all entrepreneurs who want to dress up well and gaily as a successful and smart entrepreneur. For business and corporate sake, it will be perfect if your coat, tie, shoes, handbag, shirt, skirt, trousers, belts, and other things you will put on Match each other.
For women, a black handbag should be matched with a black shoe. For men, a blue coat should match with blue trousers and so on. If you do this in the right proportion, this will show your creativity, intelligence, and how much more you can take care of things perfectly.
8. Wear Quality Dresses:
As I have said earlier, you don’t need to put yourself into debt before you dress like a smart entrepreneur and that’s why I suggested that you should buy Clothes for at least once in a month or more depending on your salary or income.
But, make sure that the “one” you will be buying will be a quality “one” not fake. Most clients will study everything you put on before they can give their project or contract to you.
You remember the adage that says “Dress as you Want to Be Regarded” So, wear quality materials if you want your clients and business partners to take you so important.
How to Create an Online Store in Nigeria: Guide to Launch Your Own Shopping Site
Do you want to create an affordable and profitable online store in Nigeria but don’t know how to get started with it? In this blog post, I will show you the easy way to launch your dream eCommerce website using a flexible CMS platform and reliable web hosting.
Oh… are you thinking right now that what is CMS and web hosting? Well, I will explain that to you as well.
But why create your own online store in the country?
In the last decade, the world has witnessed quite some changes in some of the ways people do things. One such change has been in terms of commerce. Before now, we had the physical stores with inventory scattered around, that we choose to shop from, today we have online stores all around the internet and they’re slowly taking over.
Recommended: Top Online Shopping Sites in Nigeria
Here’s a solid reason you need to launch your own store now;
Research done in 2017 has it that; “55 percent of commercial activities are carried out online worldwide”. In Nigeria, we’re all getting awakened to the idea of online shopping, and it’s expected to be a big industry in a few years to come.
With all these in mind, what stops you from owning your online store? Well, maybe you think that ‘to create or set up a profitable eCommerce website will cost you a fortune’, but that’s not true!
I’ll be showing you how to create an online store in Nigeria using some pretty cool platforms and tools, which are absolutely affordable – at least you don’t need to spend a million naira ($3,000) before you can get your own dream online shop!
Now, let start;
How to Create a Profitable Online Store in Nigeria – Complete Guide
Before heading to these platforms, you need to have certain things in place, in order to maximize your level of profitability in the e-commerce world. These are simple, yet often taken for granted, but they go a long way in growing your brand.
To build a profitable online store in Nigeria, you should follow the following steps;
1. Define Your Niché
There’s no need to start diversifying, you’re probably on lean resources at the moment, and you’re pretty not sure if this business is going to be a success, you only hope it does.
Focusing on a Niché helps in channeling your resources on that Niché. This you should do because you’re starting up, you shouldn’t diversify because the top guns are doing it. You’re not yet at their level, as your business grows, you could make plans for expansion.
I mean, you shouldn’t copy the likes of Amazon, Aliexpress, or Jumia (for now). Start with one product and try to dominate that niche to an extent, then you can think of leveraging other products.
When choosing, make sure it’s viable, and products in such a field are in great demand. In an eCommerce business, your niche doesn’t necessarily have to be something you’re passionate about, you could learn the ropes of such a niche as you forge ahead.
2. Choose your form of inventory
Many e-commerce firms today have inventories in various places, but let me tell you an easy way – Dropshipping!
You’re going into this business to maximize as much profit as possible, both forms of inventory have their pros and cons. Although you get to pay certain fees for hosting and more online, they are less expensive than having a physical inventory.
If you’re a fashion designer, you can sell your clothes in your online store in Nigeria and make more money by dropshipping related products. This same method applies to those who sell Smartphones, computer gadgets, and their accessories etcetera.
To learn more about how dropshipping works in Nigeria, check this guide.
Now. let’s talk about the next step.
3. Get a Brand Name
Another important step to abide by here is picking a brand name. Now, don’t just go about choosing any name, you wouldn’t want a situation where you’ll have to change your name often, it devalues your brand. Your name should be well thought out, it should also serve as your domain name and your social media usernames when you finally launch online.
A piece of advice on brand name choosing: Endeavor to choose an English word or phrase if you want to see real success. Not everyone will be able to write or pronounce your native name or phrase correctly, and this is bad for marketing.
Since English is the official business language in Nigeria (offline and online), I think you should have this in mind. The key here is to use simple words or phrases that’ll be easier to recommend to someone from another region of the country. Additionally, you could integrate a native word with English to make it much better.
You may decide to register the unique brand name with the government, in order to avoid anybody using it. Click here to learn how to register a business name in Nigeria
Just make sure you get a unique and brandable business name! Now, let go into the practical steps in creating your (profitable) online store in Nigeria.
4. Choose a Good CMS Platform, then build
There are many CMS platforms available to help you create your online store in Nigeria. The word “build” might sound stressful but not to worry, it’s a simple process.
Quick Tip: CMS means “Content Management System” – You can read this Wikipedia article to know more about it
Although, the level of simplicity varies depending on what platform you choose. In fact, some platforms are automated; you only have to make a few clicks on your PC. Some other platforms let you use your already existing site, you just have to install a few plugins and you’re done.
There are quite a lot of platforms to build eCommerce websites, but I recommend using either Woocommerce or Magento. Because they’re both;
- Flexible to use even, if you’re a beginner
- Very friendly and reliable
- You take control of your stuff and many beautiful reasons.
Let me talk about these two amazing CMS platforms and how you can set up your dream online store in Nigeria with them;
How to Create an Online Store with Woocommerce (WordPress) in Nigeria
Woocommerce is one of the most used platforms for e-commerce, they have a huge percentage of users in the e-commerce world. This is due to WordPress dominance on the internet – over 30% of websites are powered by WordPress.
This is why Woocommerce tends to be a much popular choice. There are other reasons why Woocommerce remains at the top. It’s pretty easy to set up, it’s open-source which makes it easier for customization, SEO friendly, and it’s totally free – you only get to pay for other external features.
Setting Up An Online Store with Woocommerce
It’s very easy to build an online store with Woocommerce, with your WordPress site, you’re good to go. Here are the steps to take.
Buy a Domain Name and Web Hosting
A domain name is an identification string that makes you unique on the web.
I will not feed you with technical jargons, a domain name is like the house address that people can use to locate you easily. For example, Gbolamedia.com is a registered domain name.
To create a successful online store, you need to buy one! After the domain name, you need to buy web hosting as well.
Web hosting allows you to make your online store accessible via the World Wide Web. A web hosting stores your website files (the text, images, and anything you upload to your store). It is like your house where you can have your possessions stored.
There are a lot of web hosting companies out there, but I recommend buying from LiquidWeb.
Why Liquidweb of all web hosting companies?
Liquid Web is a very effective and reliable web hosting provider that offers the best hosting services to consumers of various kinds. With Liquid Web, you get up to 99.9% server uptime, next-generation dedicated servers, and much more.
The web hosting company is suitable for various professions, from freelancing to agencies, and businesses of every kind.
They’ve also got great customer support on various channels, with less than minute response time. These and many more you get to enjoy when you choose from any of their hosting plans below;
Here’s a deal:
Use this Coupon Code >> GETONLINE to get 25% off, on 3 months Managed Woocommerce or WordPress Hosting.
or use SAVEBIG to get 50% when you buy a Dedicated or VPS Servers
Click here to Buy your web hosting now – the link will open in a new tab so that you can navigate back here.
After buying your domain and hosting, it’s time to build your site.
Install WordPress, then, Woocommerce plugin
After buying your domain and web hosting, you’ll be given a Cpanel. From your Cpanel (Control Panel), Install WordPress app.
Note: You can always ask for help from the Liquid web Customer care, they’re ready to assist you.
After installing the WordPress from the Cpanel, Login to your WordPress admin dashboard;
>> Then go to Plugin
>> Click on “Add New” and search for Woocommerce
>> Finally Install and activate the Woocommerce plugin
The Woocommerce plugin was designed specifically for e-commerce, it tweaks your site to make it great for an online store you’re dreaming to launch. It’s mobile-friendly since most people access these platforms via their mobile.
After installing Woocommerce, with just a few clicks, some sections of your site will be automatically created. These sections are pretty much mandatory on all e-commerce platforms; sections like Cart, Checkout, Store, My account, etc. You could further customize these, add other sections, and personalize your store.
The next step is to design your online store beautifully!
Install and Custom a Good WordPress Themes
Remember I said “Domain name is your Address” while a “Web hosting is your house”? Don’t you think it will be cool to paint the house beautifully and do some decorations to make it stand out?
You think so? Great, this is why we need a “theme” to beautify your online store.
You can get a lot of free WordPress themes, as WordPress offers lots of themes for beautifying your site, you could choose from the wide variety of available themes – but be sure to use e-commerce friendly themes.
To get a free WordPress theme, follow the steps below;
>> Login to your WordPress dashboard
>> Click on “Appearance”, then “Theme”
>> Click on “Add New”, then search for “StoreFront”
>> Click on Install and finally Activate.
Note: I recommend StoreFront because it is the best free WordPress theme for Woocommerce.
But dear, I recommend buying your own theme!
Premium themes are so blessed, you will have access to some features that you can’t get on the free themes and you will get premium support from the theme developer.
To buy a theme, go to Themeforest and search for any WordPress theme of your choice.
Quick Tip: If you are going to sell clothes, search for “Fashion eCommerce WordPress Theme”. If you want to sell Computer gadgets, search for “Computer eCommerce WordPress Theme” and so on.
After buying your theme (here), download it and upload it by following the steps you explained if you want to use a free theme. The only difference is that you will “UPLOAD” instead of searching for the theme in your WordPress admin dashboard.
Add Your Products + Details:
The next thing is to add your products. Click on “Products” in your WordPress Admin dashboard and flow with self-explanatory onboard screens. Then finally Publish and do this for all the products you will like to upload to your site.
If you need any help, kindly ask me in the comment box below.
Finally, we’re done!
You’ve successfully created a Woocommerce powered and lucrative online store in Nigeria. It’s now time to start adding products to your store.
Okay, let talk about Magento;
Magento is another wonderful platform for e-commerce, more and more users are getting to use this platform. It’s pretty new to the business and still has its quirks. Although released initially in 2008, it finally got a stable release early this year, and it’s still undergoing changes which we would see in the future. It’s a good platform for starting out your e-commerce business.
Setting Up An Online Store in Nigeria with Magento
Unlike Woocommerce, you would spend much time and effort in setting up your store, it is more like a manual process.
Note: We will not be talking about all the steps here, as we have discussed in the process of setting up a Woocommerce store. But notwithstanding, I’ll brief each step;
- Using Liquidweb as our hosting provider for Magento, choose a suitable domain name. I noted some points you should pay attention to when choosing your brand name – this could also serve as your domain name.
- Install Magento. It’s pretty easy if you follow the prompts, and select the suitable options. Since it’s open-source, you get to customize every single aspect to your taste
- Styling: Like WordPress, Magento also offers a good number of themes for a much better looking online store. Pick from the available themes and customize your site. You can as well buy premium themes from ThemeForest
- Add Products: It’s time to start selling, adding product images and description is pretty much easy and shouldn’t break a sweat.
That’s all about setting up a lucrative online store in Nigeria using WordPress or Magento. But that’s not the end, let me tell you a few things you need to do to make your store fetch you pretty income (or profits).
5. Marketing Your New Store
Marketing is the soul of any business. You are supposed to start marketing a little bit earlier before your store fully goes live. You’ve got to let people know what you’re up to, the products you offer, and many more about your brand.
Marketing has been simplified these days, social media is one huge marketing platform you should take advantage of as the top brands use this to publicize their products. You’ll be saving some money while doing this, you could start paying for a much bigger audience as you grow your store.
Set up an Instagram account and Facebook page with your business name, connect them together (Google search for how to connect Facebook page and Instagram account), and finally, start promoting your products on social media platforms.
Conclusion – Creating an Online Store in Nigeria
These are pretty much what you need for a profitable online store in Nigeria. Setting up an eCommerce store in Nigeria is pretty much an easy task, it’s even much better if you fully utilize the platforms shared above.
If you’re already using these platforms or will like to ask a few questions, kindly “CLICK TO COMMENT” and I’ll be happy to hear from you.
You can share this blog post with your friends if you find it helpful. But don’t forget to subscribe to my mailing list in order to receive free updates like this.
How to Write a Perfect Business Plan in Nigeria (And a FREE Template)
Writing a perfect business plan in Nigeria shouldn’t be a difficult task, let talk about this!
Are you starting a new business in Nigeria and you don’t want to fail? Then writing a good business plan should be considered the second great deal after your initial idea before you put in your capital.
In today’s business world, one of the great ingredients for a successful business is proper documentation, one of such documents is your Business Plan; which is why I’ll be showing you how to write a perfect business plan in Nigeria.
Well, not as perfect as an angel. But, I’m sure this blog post will really help you understand the simple secret behind writing a good business plan.
But we need to understand some basic concepts in order to fully understand the proper crafting of a business plan. In business schools, we’ve got different definitions of what a business plan is.
What is a Business Plan?
Basically; a business plan is a comprehensive, yet concise description of a business entity, be it a startup firm or well-known cooperation.
It’s a document that describes several areas of your business as an entrepreneur, these include; financial, executive, operational, marketing, and goals of your business. A business plan may serve one or all of the following purposes, which is;
- To present current and potential investors what your business entails in a bid to make them invest, or;
- To serve as a guide for the company – leading you from where you are present to where you wish to be in the future.
But often, business proposals and business plans are oftentimes, used interchangeably, while in essence, they differ to some extent. So, what are the differences between them?
Difference between Business Plan and Business Proposal
A business proposal is a document showing potential investors your business idea and how you tend to execute such an idea and how viable it is, all these are done with the aim of getting support from investors and clients. You don’t need to have a business up and running before drafting a proposal, just an idea is enough.
Business proposals are for a specified set of audience.
ALSO READ: How to Write a Good Business Proposal
A good business plan in Nigeria as earlier stated serves as a document to guide a firm into its future or to seek investment from investors. You need to have a business up and running before you could write a business plan.
A business plan is meant for a much wider spectrum of people.
Importance of a Business Plan in Nigeria
Few advantages of crafting a good business plan in Nigeria include;
A Business Plan Makes It Easier to Make Future Prediction
With a well-defined business plan, it’s much easier to predict the future of your business. When you’ve got a clear goal of where you are going, it becomes much easier to plan towards it.
It Gives You Better Understanding of Your Market
When crafting a business plan, you get to do quite a lot of research work which would include your target market. Doing this will give an insight into the market, something you probably didn’t have before.
You will Know the Business Pros and Cons
As you outline your plans, your strong points become more obvious to you, and that’s what you should focus on moving forward. You’d also see your flaws, with this knowledge, you can work on improving on them – turning them into strong points.
Business Plan Improves Decision Making
Irrespective of who your business plan is targeted at, you still get to keep a copy. This informs your decision, leading you to make better choices. If ever you lose track – which is quite certain, you could get right back with the knowledge of your intended plan.
There are many more advantages of why you should have a good business plan in Nigeria, these are just some of the more prominent ones. Therefore, it’s important you take time to carefully craft a business plan, which leads us to the next phase.
Things to Note Before Writing your Business Plan
Before you go-ahead to start writing that business plan, take note of these three points;
- Know your Audience: Who would be reading your business plan? Are they well versed in your field of expertise? probably not. This lets you choose your words so as to accommodate almost everyone, you can leave out the technical jargon because not everyone is acquainted with your field. The aim is to use simple grammar while writing, this makes it easier for any investor to comprehend what you’re up to.
- Not Too Long, Not Too Short: This is a really sketchy one, but you don’t want to tire out investors. Too long, it seems discouraging to read and most probably won’t be. Too short, you’re seen as not committed to the business. This is what you need to do; your entire document should be between 15 to 25 pages with a very legible font.
- You don’t have to be an Expert to get started: Many entrepreneurs feel reluctant to start writing a business plan, with the mindset of being an expert with good writing skills to start writing their business plan. There are lots of platforms that could help you create a really good business plan in Nigeria. You could also research available templates to make it a lot easier.
To have a more personalized business plan, you need to craft it yourself, which leads us to the meat of the article.
Proper Structure to Write a Perfect Business Plan in Nigeria
If you want to capture the hearts of your future investors, and probably something to keep you from going on track, then you need this structure in place, in the following order;
N.B. Remember to use legible font while writing, proper paragraphing should be employed and also ensure to use infographics where possible.
This is the first part of your business plan, it’s the summary of all other sections of your plans, and as such, it should be concise – not giving off too many details. A good executive summary will determine if the rest of the business plan will be read, especially by a potential investor.
If this part of your document is nicely written, stating all the relevant information, a client may not need to read the whole plan because you’ve already conveyed the whole message.
When writing a business plan in Nigeria, you should see this part of the document as your major selling point, so you need to get it right.
A perfect executive summary should summarize the following;
- Value proposition
- Problem(s) you wish to solve
- Solution(s) you’re offering
- Your target market, your competition
- Overview of your business team
- Means of funding and milestones reached.
All these shouldn’t be more than two pages of your document, with you stating the most relevant points, facts, and figures of each.
PROBLEM & SOLUTION
As an entrepreneur, your business will definitely be solving a problem, directly or indirectly. You should know what the problem is, making this the second part of your document. If your company isn’t solving any direct or indirect problem, then its relevance is questionable.
You’ve got problems to solve, how do you go about solving them?
This is where you’ve got to show your ideas’ credibility. Certainly, you’re not the only one solving the stated problem, there are probably other small business owners like yours, who’re providing similar products or services.
You’ve got to give reasons why your products and services outperform your rivals, how you intend to make it much better and easier, this is what investors care to know about. Offering a much more efficient product or service which tackles the challenges stated opens the door of investments.
ALSO READ: Top 10 Business Investors in Nigeria
Another strong point that would make your business plan stand out is by identifying and targeting a section of the market. Gone are the days of making products or offering services with no intended market, it is critical to the success of any business in the current world.
Take, for instance, you’re into clothes manufacturing, you need to have a specific gender in focus, a specific age group, and probably, people with similar style tastes. In doing this, you’ve got a good chance of succeeding in your field as you already know who you’re targeting, this will surely make investors sign those deals.
If you take a vivid look at the business world we have today, it is obvious that most business entities have direct alternatives, they may be one or more than one alternatives to your business, a perfect example is the Nigerian telecom sector. While this is good for the customers, as they’ve got varieties to pick from in case one option sucks, it’s a challenge you must face as a business entity.
What you should note therefore in your document are; what your target market entails, what your counterparts are doing currently, and how do you wish to improve on it. Remember, you need to offer better products or services than your competition, or offer these products/services in a much better way.
After you must have written all the above sections, you then need to come up with an execution plan. Whatever will be written here has to be feasible, without knowing how to go about executing, your plan will remain just a mere plan without life. This is where your plan gets into action.
“Execution” in business plan entails how you tend to market your products/services and your brand, and the mediums required to do so. There’s also a need to structure your pricing policy in relation to the current market.
You don’t necessarily need to give out the actual figures, but you could suggest pricing patterns – the same price as the market, or higher/lesser than the actual market figure. When writing your business plan in Nigeria, it’s important you’ve got steps to execute it, investors don’t invest in oral contents – they invest in the actual content.
Publicity is one good point to note when writing a perfect business plan in Nigeria. Truth be told, no one is going to come to look for you if you don’t exist. If you’re just an entrepreneur starting out, then you need to make people know you exist.
Your branding, PR, and advertising all come under this part of your business plan. You’re competing against similar brands and you need publicity to grow your business beyond its current level.
TEAM & COMPANY OVERVIEW
Now your business plans have been stated out, revealing all the bits and pieces, and how to execute, but who will execute? Your team of experts is the people responsible for bringing this plan to life. You need to have a competent team, who should be able to carry out this plan and you have to include this in your document.
You don’t need to highlight the titles of the personnel involved here, an apt description of their level of proficiency in their respective field will be enough.
In your team and company overview, you’d have to include the following to give more insights about the plan;
- Your intellectual property,
- Your mission statement
- Business structure
- Business history
- Your financial plan
- Personnel plan and your profit/loss profile.
Now, Your FREE Business Plan Template
As you see in the title of this blog post, I promise to give a free business plan template, and here it is. Please enter your best email address and name in the contact form here and write in the message ox that “I need the business plan template“. Click on “SUBMIT” and the template will be sent to you.
CONCLUSION – Writing a Perfect Business Plan in Nigeria
Writing a good business plan could be an arduous task, but with proper research and commitment, you could craft a perfect business plan among your competitors in Nigeria. You don’t want to rush things, take it a step at a time.
If you need a good business plan writer in Nigeria, you can contact me here or use the free template to craft your own plan.
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