How to start a Business in Nigeria From abroad

Business naturally is an activity involving one personally but this age/era/generation has devised means and created jobs which do not require one's presence and can be run from anywhere in the world. Now, a business owner can be abroad and successfully run his business in Nigeria.

Nigeria as a country is blessed with numerous Natural Resources which people can invest in and make a profit. Lots of Investors have come down to Nigeria to take calculated risks of Investment in lots of areas. Some started a business and left the country, but this didn't stop the growth of their company cos they took adequate measures and steps required, and that have resulted in the growth and their profit-making.

It is obvious that it is challenging, and tasking to physically run a business, let alone talk of running from another country. It's a difficult step to take but in the end, the profit is worth the risk. This article will enlighten you on how you can run your business in Nigeria from anywhere in the world, 

The article will highlight a few examples of businesses that can be run and have been successfully run from abroad in Nigeria, challenges faced by such business owners, and how they successfully run and overcame it.

How To Run Business In Nigeria From Outside Nigeria 

1. Decide the Product/Service

Wait a minute, deciding on the kind of business you want to run in Nigeria from whatever part of the world you are is NOT benched on what you want but on what is lacking in the market. Breaking news, sweetheart, business is not firstly about making money. It is about about solving problems. 

Entrpreneurship simply means discovering a problem in the society, finding a solution to it, then monetizing it. Here is the danger in thinking money first before thinking value - money becomes stingy to you. It just won't feel comfortable around you. Money flocks around people who provide solutions - value. 

So, answer the following questions and you are good to go:

1. What problem have I noticed in the Nigerian market? 
2. What are the most pressing needs with lower supply rate compared to the demand rate?
3. How can I come in? 

2. Research

Just like any other business, the first thing you want to do after finalizing on what you want to sell is to run a research on the business to know more about the business and how it operates in Nigeria. Even if you are in Nigeria, it is not enough to be in Nigeria, you still need to conduct a research to understand how the market works.

But what if you don't have that luxury of time or skills to do market research, market analysis, product research and analysis, etc? Well, in this case, your money can work for you. Simply contact experts who are based in Nigeria and can do a thorough job for you. In this case, I will recommend you contact +2347080225737 (Call/WhatsApp).

The point is, don't feel having a good amount saved in your 'kolo' is enough vibe to launch a business. Findings around the value you want to give will save you a lot of mistakes, money losses, early death of your wonderful business.

3. Count Ya Cost

It says it all, huh? Well here it is. You know what you want to sell, you know how it works in the Nigerian market. Now, how much is the kick off of the business gonna cost you sweetheart? Don't assume ''when we get to the bridge, we will cross it''. Entrepreneurs are normal humans with eagle's perspectives. They see ahead. 

I saw where the world will be in the nearest future, and I went ahead to wait for them there.

Chew on this statement.

So what are the important questions to ask? Check this out

Product

1. How much is the wholesale price of the product I want to sell?
2. How much does the retail price cost?
3. How much would logistics cost?
4. How much does the equipements and materials for the business cost?
5. How much should I budget for miscellaneous? 
6. How much would running of the business cost me in the first six months to one year of the business in cases where I am not expecting instant profit?
7. How much am I paying my employee(s)
8. How much would it cost to rent the store/shop/office

Services

1. How much would the office cost to rent?
2. How much is the equipment of the office going to cost?
3. How much would it cost to train myself/employee(s) on the service itself?
4. How much should I budget for miscellaneous? 
5. How much would running of the business cost me in the first six months to one year of the business in cases where I am not expecting instant profit?
6. How much am I paying my employee(s)

Not sure of how to calculate your budget, what everything is going to cost you and what the likely expenses are to be in future? Well, again you can contact the number in this article and rest assured that will be taken care of.

4. Business Plan

A business plan gives you a skeletal overview of what your business will look like. It sums up everything you need to know about and do with your business. While we have talked about budgeting and research, your business plan will have all that and more.

Also included in your business plan will be the vision, mission strength, weakness, opportunities, and threats. It will also include the marketing strategy, the execution plan, the sales forecast, structure of your company/business, branding strategy, and lots more. 

And if you feel you are not a pro in writing a business plan, you can contact +2347080225737 for a well researched business plan. 

5. Register The Business

Now this is beginning to sound like a cliche, but it's your choice to decide between strategy and tragedy of your business. You didn't get that? Listen baby, when you register your business, you are implementing one of the strategies of business. 

Here is how it works. Your business is likely going to be online as well as onsite, huh? Well that means you will have to do some marketing, buying, selling, closing of deals with clients from different parts of Nigeria/the world, right? So how do you convince them that your business is legit, legal, and not one of those businesses out there looking to scam people of their money?  

Very simple. Give them a reason to trust and trace you at anytime, any day. How? Register your business darling. It doesn't cost you much to do that, especially with the flexible-ness of business registration in Nigeria. Does it?

On the other hand, the tragedy of the business is you going ahead to have everything ready for your business and after investing heavily into the business, you then begin to face the general challenge most businesses face online and offline. It will LITERALLY kill ya business. Now you don't want that do you?

When we started our business consulting firm, we had similar issues. And of course we registered our businesses and began having clients nationally and internationally, contacting us for our services and even paying before hand, rest assured we would deliver. This thing works. 

6. Business Management 

Okay so if for instance you are based in the UK and doing this business in Nigeria, you might need someone who will manage your business well for you here in Nigeria. But the problem, as usual, is finding the right person whom you can trust to manage the business, right? 

That could be difficult but how about you try this.If you have someone in Nigeria, be it a family member, friend, or colleague, you could ask them to recommend someone for you who best fits into this role. This then creates a chain of trust in the sense that you might not know the person but you know someone who knows the person. 

Not only that, you must be sure you can trust the person recommending the manager of your business. This is so you don't fall into the trap of assuming you can trust the person because you 'know' them. 

Another way you can go about it is look for an organization that can be tracked and ask them to help with recommending the person to you. It could be a HR firm, it could be a non-recruitment firm that is easily tracked.

7. Shoot

After ensuring all these are in place, the next thing is to move on to execution level. This is the part where you begin to implement what is in the business plan. And then monitor the kick off and growth of your new business in largest black country in the world where so much opportunities abound. 

Many though usually get to this point but never  kick off. For some, it's due to certain fears. For some, it feels like they ain't ready yet. But here is a bitter truth: the difference between a dreamer and a successful person is one wakes up from the dream and EXECUTES.

Well, I've got good news  for you. I with my team could help you execute this from start to finish. You can always reach out to me at anytime and any day through the contact above.

Businesses You Can Run In Nigeria From Anywhere In The World

1) Online Store

This is a common business which is been run by most people outside the country at the moment. Social media platforms and websites have made it easy to reach customers from anywhere. Platforms such as Facebook, Instagram, Twitter, Website have been of good help in making this happen. Some even make use of e-commerce sites such as Konga, Jumia, Jiji, OLX, and so on.

To run an Online Store in Nigeria from abroad, it is essential to have the goods available for sale in Nigeria, Employ a manager to oversee and run the affairs of the company, and lastly, have a fast, reliable, and dependable dispatch service. That way you can successfully run an online store in Nigeria from anywhere in the world.

2) Real Estate

This is a business that involves buying and selling Landed Properties and Buildings. This type of business appreciates over time and does not require or involve your physical appearance to run.

To successfully run this business from abroad, it is expedient to get a competent lawyer that will manage the properties and also have a trusted real estate agent. Both of them will help in selling Properties when it appreciates and buys other properties at a lesser price. Their Negotiation power and skill are of great help in the success of this business.

3) Importation and Exportation

This is quite a profitable business and can be run on small scale or large scale from anywhere in the world.

All that is needed is to import products that are greatly needed in the country you are from Nigeria then sell or you export from the country you are to Nigeria. Sell goods at higher prices than it was bought and make a profit.

Examples of products that can be exported into Nigeria from abroad are Cars, Agricultural products, Electrical Appliances, and so on.

4) Investment

Nigeria is blessed with lots of businesses that can be invested in to yield lots of returns.

One can decide to Invest or be in partnership with an Investment firm or an already built and thriving company and make huge returns on investment depending on the agreement.

Businesses that can be Invested in Nigeria Includes; Textile, Food Processing Firm, Beverage Company. Water Company, Agriculture, Investment Firm, Real Estate Firm, and more.

5) Radio / Television Station

To start-up in this field, you need a certificate of operation from NBC. After that, get a nice place, set up your broadcasting equipment and gadgets, employ OAPs, appoint heads of departments or managers to oversee, listen and watch your Radio/Television channel always, and get reports from heads of departments and Manager. 

This way, one will be able to effectively run the Station from abroad. Listening and watching the Radio/Television Station frequently will make one know the lapses and give necessary commendations and recommendations when necessary.

Give Awards and incentives to the best worker of the Month or Year, this will enhance workers and make them stay focused on the company's goals and vision. This way one can run a Radio/Television Station in Nigeria from abroad successfully. Let me give an example of a Television which is in Nigeria and I'd been run by someone abroad, ROK on DSTV.

6) Blogging

There are many Nigerians who are blogging about things (entertainment, sports, music, news, etc) in Nigeria and are abroad. All that is needed to make this happen is a desktop, laptop, or phone with data. It might actually take a while to start making profit but it's a very convenient and common job that is usually considered by people outside the country.


While there are still tons of businesses out there that couldn't be mentioned but these are few common ones that people from several countries have invested and ventured into in Nigeria. These few highlighted businesses that have been successfully run from abroad in Nigeria by people who took the risk.

Challenges Faceb by Business Owners Running a Business In Nigeria from Abroad 

1) Inability to make adequate research about the business, area to be situated, urgent need and complaint of the target market, and so on.

If one is physically present, it's much easier to understand the need and plight of customers and personally see to solving and rendering sustainable solutions but one's absence makes one ignorant and makes blind decisions, causing fall back for the company.


2) Unreliable Partners: running a business from abroad makes it difficult for business owners to know if partners and workers can be trusted or not. Owners operate on risks rather than assurance.


3) Poor Managerial display: it becomes difficult for business owners to accurately know how things are being run and carried out in the company. He makes considerations and decisions based on what's he's told and not what exactly it is.


4) In a situation whereby basic amenities needed by the company is scarce (such as power supply, water, good road, etc) it affects the productivity of the company and increases maintenance cost.


5) Misappropriation of Funds and Embezzlement: it becomes unknown to the business owner if there's any misappropriation or embezzlement. This results in the insufficiency of the company's account and funds and also reduces the growth rate of the company.


TO OVERCOME THESE CHALLENGES, THIS MEASURES MUST BE PUT IN PLACE

1) Make adequate and proper research before starting up.

2) Avoid venturing into a business that will require your presence every time.

3) Employ qualified staff and don't be sentimental. Don't employ any unqualified personnel based on relationship. Employing unqualified relatives can easily ruin your business.

4) Choose and Invest in businesses with low risk but has huge and high returns

5) Make sure incentives are given to employees to keep them focus on the company's goal and vision. This will boost workers' zeal and enables prompt result and growth.

6) knowledge is power. Orientate and Organise seminars for workers so as to increase their work strength and professionalism.

7) venture into a business you have knowledge of.

There are lots of businesses you can start in Nigeria from abroad and run successfully, just make sure you have good knowledge about the business and also follow the necessary steps and information disseminated in this article.

If you have any questions or suggestions or wish to know more about how to successfully run a business in Nigeria from abroad, drop a comment in the comment box to reach us.

Thank you

Eniola Fagbenro is a blog writer and entrepreneur. He works with Manicleworld as a content writer. He speaks to inspire and writes to motivate.