29.2 C
Lagos
Thursday, May 23, 2024

spot_img

Which country is this, with money flowing on the streets ?(3)

GROWING BUSINESSES CLINIC with Kola Owolabi

We shall be ending this series in this edition due to the need to discuss another very serious issue, starting from the next edition, which is what business people can do to convert their ideas to money. An idea in your head is as useless as the money you put in the bank without you investing it.

 The interest that is payable on any deposit account in Nigeria today is not as high as the rate of inflation. So you are actually losing money by putting money in any deposit in any Nigerian bank today. You can quote me anywhere. We shall be discussing more of that in the next edition.

However, today we will wrap up our discourse on what to do to get your own share of the money flowing on the streets of Nigeria on a daily basis. Nigerians are forlorn looking on the streets today. People walk around looking dejected and frustrated. They are not happy at the numerous challenges they are faced with on a daily basis. People are not aware that challenges are the tonic for the prosperity of tomorrow.

Can anybody believe that the United States of America was in a worse position that Nigeria is now at one point of their history. It was reported that, at the time that Coca cola was being invented in 1886, the US was populated with so many charlatans in virtually all fields and crooks saturated everywhere. The time of the gold rush in the same country was a time of confusion in business with so many desperate people ready to kill just for a few dollars in the mad rush for money just like is happening in Nigeria today. The story is different in that country today.

We said we were going to round up the series by looking at what a prospective business person can do to penetrate the market to start a business in the face of hot competition and low purchasing power of people. The answer lies in what is called nichemanship. This is another word for entering the market from a very narrow opportunity perspective. It means that you identify the need of a very narrow segment of the market and craft your business idea around that narrow opportunity.

 It may be a location niche, or buyers’ income niche. Let us start with a location niche. We know that Coca cola is the largest selling cola drink in the world. So if you want to start manufacturing your own cola drink, don’t aim for the whole world or your state or local government. Aim at your immediate locality. You have a better idea of the profile of buyers within your immediate environment. You know their taste preferences, their affordability and how they pay for goods and services.

You are likely to beat Coca cola in that community when you come out with your own cola drink there. How about buyers’ income niche? If you are thinking of starting a school, you may have to build the business around a market niche that is not popular. Maybe you are in a low income environment and most schools are targeted at the low income group. You may have to set up a high profile school that will be highly priced to be able to attract the affluent within that environment. It will shock you that you may even succeed more than the cheap schools around.

Nichemanship will thrive in your hands if you are highly focused. It means that you concentrate on that narrow segment opportunity so well and continue to improve your offering to them. You will discover that within a very short time you will be the market leader within that niche and begin to attract patronage from buyers outside that niche of yours.

Kola Owolabi:- (FIMC) Fellow of the Institute of Management Consultants; 08023203198.

Kola Owolabi is the Principal Consultant and CEO of David Richard Associates, a company he founded in 1998. He is a Business Plan and Feasibility Study preparation expert and has been very active in the Business Development landscape in Nigeria in the past 23 years. His company prepares business plans for all categories of businesses. To receive more information please text”SEND MORE INFO on your Business Plan Preparation service” to  08023203198. You can also send reactions to the contents of this post or any question you may have to the same telephone/WhatsApp line.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -spot_img

Latest Articles