This article has well explained How To Build A High Profit Business in Nigeria.
Anyone can build a high profit business in Nigeria from his or her passion as passion drives a huge amount of success. Yes! We’ve heard the talk that we are all blessed with a gift or passion. So I’m not here to repeat that.
I’ve learned in my years of interacting with entrepreneurs that most of them are aware of their abilities and passions but the only problem is how to build a high profit business from it. A lot of them have dabbled into many things like I did a few years back, and it’s really frustrating. It cost me time and money to learn that for you to can actually build a high profitable business in Nigeria from your passion and there are 5 essentially ways you need to do that.
5 Ways to build a High Profit business in Nigeria
1. Be more specific
When I ask most entrepreneurial minds what they are good at, their response is usually – teaching or talking or singing or any other broad thing. Well it’s a good start. However, if you are just starting out with your passion or gift, you have to narrow down. Ask yourself questions like – What exactly can I teach very well? Try to niche down to an aspect of your market and establish your authority there. People will easily pay you when they understand the tangible solution you solve. Online business coach, Stephanie Obi doesn’t just help people build online businesses; according to her “she helps them create online courses”. So if anybody wants to create an online course, she is the one to call on. Instead of being a general roadside mechanic, become the expert at fixing Mercedes cars and all Mercedes car owners will come to you.
2. Offer a unique solution
Believe me, the market is crowded. There is probably someone around you offering something similar to yours if not exactly. What will stand you out? I call this a Signature Solution Roadmap. If I were to meet you for your product or service, what are the specific steps you’d take me through to move from where I am to where I needed to be? There is a process for everything and you need to be clear of your own process. John Maxwell’s leadership process is the 21 Irrefutable Laws of Leadership. Nigeria’s VIP Brand coach Victor Ekpo Bassey’s process for helping people become highly paid experts is called The Highly Paid Experts Plan.
Having your own unique way of delivering solutions immediately projects you as a thought leader and not just a follow-the-crowd entrepreneur.
3. Start building a community or platform
What make you a leader are the people following you. These are essentially the people that know, like and trust you enough to pay you. You need to build a platform where your ideal clients can converge to experience your expertise for free or at a much reduced price, engage with you and ultimately buy your products and services.
I remember a few years ago when I began to read Success Digest Newspaper. It amazed me to learn how huge Dr. Sunny Ojeagbase has built such a platform to inspire and teach entrepreneurs how to grow their business online and offline. The demand for the Newspaper was huge even in my town Owerri that I have to hurry to get my copy every Monday before it’s sold out.
The truth is, Dr. Ojeagbase built a thriving platform with the Newspaper and of course gained the trust and respect of millions of entrepreneurs in Nigeria. Whether it’s a periodic seminar, a networking hangout, a blog, Facebook group, start one now. Make sure you’re showing up consistently with value and impacting lives on your platform. But here is a warning from Seth Godin – “building a tribe (community) is an act of generosity, not a marketing stint.”
4. Learn sales
If there is one skill you need to give the utmost attention, this is it. For a long time I deployed all the marketing strategies to grow my business but I didn’t make the money I wanted. I was still running on empty pockets. Until I began to learn sells. There is a big difference between marketing and sales. Marketing is all you do to get know and attract potential clients, sales is all you do to make them buy from you. Don’t think the big gurus you hear of today became rich overnight. They learned how to sell at some point in their business. You can start by reading Brian Tracy’s book “The Psychology of Selling” and start practicing. If you can master how to sell one-on-one or from the stage, you’ll make a lot of money.
5. Create In-Demand products and services
You might be good at selling, but selling the wrong product. People buy what they want, not what you think they want. As entrepreneur who wants to build a high profit business, your job is to always create and offer products your market wants. If you are successful in building a thriving community, it will be easier for you to find out what they want by running a survey within the community. You can do this with Survey Money. Go further and ask them how they want the product delivered – as an eBook or coaching or Done-for-you service etc. If your community likes you enough, they’ll respond.
The important thing about building a high profit business in Nigeria is consistency with a proven strategy. It might take time and sometimes you’ll feel like nobody is giving you attention, but you have to keep learning and showing up with value. I had those moments where frustration almost made me quit. But I didn’t because if the successful entrepreneurs did it, I knew I could. Today I’ve built a successful business from helping struggling Nigerian entrepreneurs to grow their profits. You too can!