According to a report by Statista, Nigeria has one of the biggest internet economies in Africa with a total of 76.7 million online shoppers. The fashion and beauty industry is the most valuable e-commerce sector in the country, with the food and personal care industry becoming the fastest growing e-commerce sector.
Entrepreneurship just like other aspects of the business sector has taken a digital approach. A lot of businesses have taken advantage of the online space to increase their reach and generate more profits.
However, to run a successful online business in Nigeria and anywhere in the world, you must follow some tips. This article contains a guide on five essential tips that will help you become a successful online entrepreneur.
- A Unique Business Idea
To succeed in a competitive marketplace like the internet, you will need a unique business idea that solves at least one need of an average consumer. Although it might be impossible to come up with a new idea due to the competition, you can further tweak your business process. To do this, ask yourself the following questions;
- What are your competitors offering?
- Create a feedback form for your target audience
- What unique features can you add to the products?
- How effective is their customer service?
These questions will help you draw a perfect business plan and add more uniqueness to the already existing market product.
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- Market and Feasibility Study
A market study analyzes the market demand for a particular product or service while a feasibility study provides you with crucial information that could prevent you from entering carelessly into a risky business. Before your online venture, make sure you have a solid idea of your target market and the latest trends. The benefit of this is that it helps you figure out the risks and potentials of your new product in the market. One simple way of conducting market research is through social media platforms.
- Learn From Professionals
In the initial phase of your online business, accept the fact that you are a newbie! As a new entrepreneur, it is normal to make mistakes and that’s why you need an online business coach or a successful entrepreneur. A business coach can help with your market research, tools to use, digital campaigns that will appeal to your target audience and so on.
However, with the influx of online business consultants today, it might be difficult to find a good coach. You have to consider their track records, their knowledge of the industry you are targeting, and their ability to help you achieve success.
- Don’t Quit Your Job, Yet!
A lot of online entrepreneurs quit their full-time job during the initial phase of their online business. It is not advisable to quit your job at the first phase of your business. Yes, you have to invest time and efforts into your new business, but the truth is, your full-time job serves as the rescue to your business risks.
- Be Adaptable
Lastly, adaptability is one important skill for you as a new online entrepreneur. Starting your online business is not going to be an easy venture. This is not to scare you but it’s the truth. All you need to do is to be adaptive to all changes the market brings to you. Doing this will make it easier for you to establish your brand’s reputation in no time.
Key Takeaway
Running an online business isn’t for everyone. If you tend to spend more time on details than you do on setting goals, making plans, looking for trends, etc., running an online business may not be the path for you. – Forbes.
