Categories: Business

Basic things to know before building a startup in Nigeria

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June 29, 2022 8:37 pm

Building a startup usually starts with a promising idea that gets you exited and eager. But wait till you enter it. The idea can be great, but you need more than an idea to begin and grow a scalable business. While it is true that you’ll face challenges, your business can still thrive. We’ll be looking at some basic things you need to know from the perspectives of two thriving start-up owners in Nigeria.

These two startup owners have shared stories of how the ride has been for them especially in Nigeria. You definitely need to hear from people who have been in business and have gone past just the idea stage to build a startup that thrives.

Before we delve into their stories there are few things you should note.

You should not start building a startup without the knowledge of what it takes, what to expect and what not to expect. If you go into it without being informed you may get deformed.

You need more than just your idea to pull through
Sell the solution to a problem
Get coached by an expert in the field you’re hoping to build a startup in
Know your onions. Don’t get started if you’ve not acquainted yourself with what it entails
You need people systems. Partner with people. Discuss your ideas with people who are willing to invest their time and other resources as the need may arise
Build a community that trusts your brand
Have other streams of income
Learn basic skills to run your startup in the beginning because you might not have enough to pay for other people’s services
Invest in people. This will help you build a system that works even in your absence. However, it takes time, intentionality, and tenacity
Network and pitch your ideas to people who are willing to invest.

Two startup stories

The Healthy Edibles story

“My name is Igbodipe Penticostia, a 500-level law student of Obafemi Awolowo University. My business name is Healthy Edibles.

“Healthy Edibles is a brand concerned with the healthy living of youths specifically. We do this by providing healthy yet not boring treats and drinks to our customers as well as offering healthy tips daily.

Healthy Edibles has been running for one year. We started March 26, 2021 to be precise.

Contents

Two startup stories

The Healthy Edibles story
The Exquisite Sweet Street story

“There are a lot of processes involved in bringing our products to life (we major in Fruit parfait and yoghurt drinks for now) and the most interesting part of the process for me is blending the fruits for the yoghurt drink and layering the fruits for our parfait.

“Another very interesting part of the business for me, although not a process is seeing customers reviews. I absolutely love and crave it!

As a startup in Nigeria, one of the major issues the brand is facing is inconsistent power supply. Our products are fragile in nature and do not last in a hot environment and always has to be refrigerated but due to inconsistent power supply, we’ve had issues at one point or another with that.

“Another challenge we face is as a result of the fact that the business is for now situated in my school, OAU and the ASUU strike affects it greatly.

“Based on experience, I have come to realize that running a business or maybe anything at all on passion only cannot survive. Aside from passion, you also have to put in the work and acquire knowledge as you go because passion alone may not keep you going.

“One thing I’d like to mention here is that if you’re thinking of starting a business and do not know what to sell, sell solutions. Discover a problem that exists and provide a product or service that solves that problem you have identified.

“I’d leave you with this, as far as you’re doing something right, the accolades will come at the right time. Thank you.”

The Exquisite Sweet Street story

“I am Fisher Grace Oluwaferanmi. My business name is ‘Exquisite Sweet Street’.

“Exquisite Sweet Street is an online bakery committed to satisfying your sweet tooth with treats of exceptional quality and taste. I make cakes, pastries, small chops and desserts.

“I’ve been in business for three years.

“My favorite part of the process is actually the work process, from the raw unfinished products to the aesthetically pleasing and delicious treats. The icing on the cake for me is the customers review, that’s when I know for sure that I’ve delivered.

“Although, it all appears easy on the outside, but I have faced different challenges along the way.

Electricity, just this year, I can count the number of cakes that I’ve made with electricity and how much I’ve lost because something spoilt.

“Bad roads, it makes my delivery process a nerve wrecking experience “Inflation! Every week, there’s an increase in the price of one ingredient or the other.

It makes pricing very difficult and even brings losses.

“However, I’d leave you with this. I know this probably sounds cliché but consistency is underrated!! Keeping at it always pays off. There’d be some times when you definitely don’t want to do anything because you’re frustrated but what matters most is that you get your act together and continue pushing. Intentionality is also very key. Every time I take something very seriously and work it out every step of the way because it has to work, it never fails. Not leaving it to chance but taking it by the horn and making sure it works. ”

And that’s it on the stories. What did you learn from both startup owners? What’s your take? Whatever the case may be, your business can thrive despite all these challenges if you give it all it takes!

Conclusively, “Be patient with your start-up while doing the things that are right.” You should read that again. What will you do differently from today?

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