Welcome to WEEK 2: How to Launch Your Online Business in Nigeria. Yesterday we covered Amazing Business Ideas & Opportunities in Nigeria.
By now you have an Idea or couple of ideas you may want to explore.
Time to launch your business…right?
That’s what most Nigerians do.
Once they have an idea, they get excited, they skip through so many steps and spring right to launching their business.
This is the reason most of them fail, they waste a lot of money.
We won’t do that. We’ll do most of the work now, and reduce the risk as much as possible.
Okay Jaime, How can I do that?
First, you want to check if your ideas are good.
Second, you want to dig into the minds of your customers to understand what they really want.
How To Estimate Demand Before You Launch Your Online Business
You need research the market to find out if there are customers interested in your product. Are there competitors? How much are they already paying for a similar product?
Try categorizing your idea into one of the following.
- High Price, Many Customers
- Low Price, Many Customers
- High Price, Few Customers
- Low Price, Few Customers
If your idea falls into the first category, where there is high demand for your product and customers are willing to pay a high price, then congrats, you’ve got an excellent chance for success.
What about the second category? Where products or services are low priced and there are many customers. We call this Mass market. You should expect high competition here.
In the third category, there is High Price and Few Customers. There is an opportunity here, but you might face some risk.
While you have little chance of success in the last category, where there is Low Price and Few Customers.
I share some tools you can use to go about this research in the membership group.
P.S. Have questions? Join my private membership group on Facebook where all questions are answered within 24 hours. You’ll also get access to detailed materials for free including my e-books to help you learn faster and implement what you learn. It attracts a small monthly subscription fee. Not everyone gets in—it’s by invitation only.
Click the link below to get more information.