However, building a successful business in Onitsha can be a daunting task. But with the right knowledge and strategies, entrepreneurs can achieve their goals. In this blog post, we will explore some relevant statistics and offer some practical tips on building a successful business in Onitsha.
Steps to Building a Successful Business in Onitsha
So here are the quick steps to follow in building a successful business in Onitsha:
1. Conduct Market Research
In building a successful business in Onitsha, it’s important to conduct thorough market research. According to a report by the National Bureau of Statistics, the major economic activities in Onitsha are commerce, manufacturing, and services. Thus, it’s important to identify the most viable opportunities in these sectors and understand the needs and preferences of the target market.
2. Leverage Digital Platforms
The use of digital platforms is becoming increasingly important for building a successful business in Onitsha. According to Statista, there are over 84 million internet users in Nigeria as at 2022. The report equally projects that the number will hit 117 million in 2027. And of this number, over 25 million are active social media users. By leveraging social media and other digital platforms, businesses can reach a wider audience, build brand awareness, and drive sales.
So if you are serious about building a successful business in Onitsha you must consider leveraging digital platforms.
3. Create a Strong Brand Identity
Creating a strong brand identity is essential for building a successful business in Onitsha. According to a report by PwC Nigeria, 77% of Nigerian consumers are willing to pay more for products and services from companies with strong brand identities. To create a strong brand identity, businesses should focus on:
- Building a unique brand message
- Designing an eye-catching logo
- Delivering consistent messaging across all channels.
- Crafting an easy to remember tagline that resonates with the people
4. Build a Strong Team
Onitsha is one of the cities known very well for the Igbo Apprenticeship System (IAS). This IAS business model relies so much on team work and trust.
Therefore building a successful business in Onitsha requires a strong team. According to a report by the International Finance Corporation, Nigeria has a large pool of skilled and talented workers, but many of them lack the required experience and training.
Therefore, businesses need to invest in employee training and development, create a positive work environment, and offer competitive salaries and benefits to attract and retain top talent. This is in addition to the traditional skill the apprentices learns from working directly with their masters.
5. Seek Funding
Funding is an essential requirement for business growth in Onitsha. According to a report by the Central Bank of Nigeria, over 80% of Nigerian small and medium-sized enterprises face challenges in accessing funding. Therefore, entrepreneurs should explore different funding options such as loans, grants, and angel investors. Bootstrapping can also be a good option for those who will be patient enough to build and scale gradually.
6. Develop a Sound Business Plan
How many times do I need to say this? Is it possible for me to overemphasize this? I doubt. Well, for the nth time, building a successful business in Onitsha or any other place at that will always require you prepare a comprehensive business plan.
And as you already know a sound business plan is a roadmap to success. According to a report by the Global Entrepreneurship Monitor, only 30% of Nigerian entrepreneurs have a formal business plan. So can you see that you are automatically ahead of 70% of the entrepreneurs in Nigeria simply by preparing a formal business plan. A well-crafted business plan should outline the business’s goals, target market, marketing strategy, revenue and expense projections, and growth plan.
7. Network and Collaborate
Networking and collaboration are essential for building a successful business in Onitsha. According to a report by the World Bank, Nigeria’s “cultural, social and business ties” provide significant opportunities for networking and collaboration. Entrepreneurs should attend networking events, engage with other businesses in their sector, and collaborate with suppliers, partners, and other stakeholders.
If you are new in the city of Onitsha, you may need to ask around and discover some important business communities you can identify with. From such communities you can also discover some business seminars or workshop where you can get opportunity to meet and network with other entrepreneurs.
8. Adopt Innovative Technologies
Innovative technologies can help businesses in Onitsha become more efficient and productive. According to a report by the Global Entrepreneurship Monitor, only 10% of Nigerian entrepreneurs use advanced technologies.
Truth is that most businesses in Onitsha still don’t know how to use basic tools like MS Excel, MS Word, MS PowerPoint nor how to send simple email. In fact, some of them don’t even know how to leverage WhatsApp for their business marketing. So by adopting those and even more advanced innovative technologies such as automation, cloud computing, and e-commerce, you will not only be ahead but will equally reduce costs, increase productivity, and enhance customer experiences.
9. Focus on Customer Service
Customer service is a critical success factor for businesses in Onitsha. According to a report by PwC Nigeria, 82% of Nigerian consumers will stop doing business with a company after a bad customer experience. To succeed, businesses should focus on delivering exceptional customer service, providing timely and effective responses to customer inquiries and complaints, and offering personalized experiences.
10. Stay Compliant with Regulatory Agencies
Staying compliant with laws and regulations is essential for building a successful business in Onitsha. Of course we know that the ease of doing business in Nigeria is quite low. And many entrepreneurs sees government and its agencies as one of the biggest obstacles to business growth in Nigeria.
In fact, according to the World Bank’s Ease of Doing Business report, Nigeria ranks 131st out of 190 countries in ease of doing business. So businesses should be aware of their legal obligations, obtain the necessary licenses and permits, and comply with tax regulations. This will reduce the incidences of clampdown from regulatory agencies.
Wrapping it Up on Building a Successful Business in Onitsha
In conclusion, building a successful business in Onitsha requires careful planning, research, and execution. By leveraging digital platforms, creating a strong brand identity, building a strong team, and seeking funding, entrepreneurs can achieve their business goals and contribute to the growth of Onitsha’s economy.