No. 1 Challenge Facing Small Business Owners in Nigeria and How to Overcome It



There are many challenges facing small business owners in Nigeria.  It takes overcoming these challenges for an entrepreneur in Nigeria to emerge a success. Having known that sitting indoors complaining about them or blaming the government for their inefficiency won’t help either, it’s important that I cite the number one problem and proffer solution to it.
Until you identify the challenges, creating a custom solution that will deal with them once and for all will continue to be a mirage. In fact, you might be tempted to blame the wrong people to be responsible for your sluggish business growth.
In this article, we shall be looking what I think is the no. 1 challenge small business owners in Nigeria are facing and how they ought to deal with it so that they won’t get crushed and their visions shattered.

No.1: DIFFICULTY IN FINDING INVESTORS IN NIGERIA

The difficulty in finding people that will believe in your vision is often the reason why many small business owners in Nigeria don’t get to find investors that will help them expand their business.
But here’s the irony of the whole thing: many entrepreneurs in Nigeria don’t believe in their product. They may act like they do, but in reality, they don’t.
How do I know?
If you believe in product you will be proud to identify with it. If you believe in your product you will talk about it. If you believe in your product you will be passionate about it, hungry to expand it and will always strategically walk yourself into an audience that celebrate it.

WHAT DO YOU DO WHEN INVESTORS AREN’T COMING FORTH?

Because no one values your business enough to ask if they can acquire it is not a good reason enough to quit. Hang on and proof the fact that you deserve more.

Do something amazing that will attract the attention of investors

This could be building your brand awareness, dominating your niche or building a cult-like customers that consistently promote your products on their social media timelines. This can be achieved by initiating word-of-mouth marketing. The good thing about this marketing strategy is that it doesn’t cost a fortune to do it.
Companies like Namecheap (where we buy domain name), Siteground (where we buy our hosting plan) and MyThemeShop (where we buy our blog themes) have caught my attention so much through their excellent service delivery and quality technical support that even if they don’t pay me, we will still recommend their products to anyone that wants to start an online business.

Step out and look for them

A story was told of a speaker who brought out a hundred dollar’s note; flinging it in the air, he said, “Who will be glad to receive this hundred dollars today?” Everyone raised their hands but none came out. He repeated it again and again until someone stood, ran to the podium and took away the one hundred dollar.
As the speaker progressed in his speech, he made a remarkable statement: “Everyone wants a good life but only those that step out will get it.” In other words, until you are hungry enough to succeed, forget it, you will not. Same thing applies to getting the attention of investors. When I mean investors, I’m not talking about those that will ask you for 80% of the business proceeds.
Don’t be surprise, some of your friends will think you are being desperate but don’t let that discourage you. A time comes in a man’s life where you must have to pay less attention to what others saying, especially when it sounds like they are discouraging you from making just one more progress in your career.
However, there’s an exception to this. And that is, if you have no proper business development plan in place. But if you do, get excited and step out – luck might “fall” on you and your business will become the next big thing in the lips of every gossips.

Work and sponsor your business

What happens if after all said and done nobody gives a damn about your business, not even family members? Do you chicken out or would you rather prefer to find a way around it?
Well, in my opinion, packing up is never the best option.
Do you know, why?
If there are successful people in the same business ecosystem you are in, it’s the number one sure-bet that if they made it, you too can make it.
So what do you do?
Simple.
Work and sponsor your business
My dear, face the reality…. Finding investors in Nigeria is hard but not a mission impossible. But don’t let that scare you. Some investors in Nigeria are willing to invest in your kind of business and possibly your own business but as an obvious matter of concern, nobody wants to risk their hard-earned money trying to see if it works out or not. Instead, they want to be really sure your business is worth investing to.
So the big question is: Who else is in a better position to proof that if not the business owner?
Are you ready to make them believe in your capacity to trade with their money and give them a good ROI?
The truth is, if you have been investing 60% of your total income into that business of yours, it won’t be where it is today. As a matter of point, you would have become the leader in your industry or at least somewhere better than where you are today. Surprisingly, investors would have been following you up and down by now.

CONCLUSION

Take this to bank and cash out millions of dollar…. “Nothing good comes easily – if they were easy everyone would have had enough of them.” So don’t expect getting investors into your business to be another walk in the park. Grab these thoughts I shared here to reposition your business mindset. As a small business owner, don’t let the difficulty in finding investors in Nigeria ruin your happiness, passion and intelligence. You need them if success is a part of your goal.
Have you learnt from this article? Let me know in the comment section.