Starting a business in Nigeria does not have to cost you an arm and a leg before you effectively start. We have so many resources and technologies to help business owners today.
With limited resources, entrepreneurs must find creative ways to maximise efficiency and profitability while keeping expenses in check. Below are inexpensive strategies to use:
Use Technology
Instead of doing a million and one things before you officially call yourself a business owner, technology has made it fifteen times easier. When you use technology, you’ll be able to perform all your transactions from your mobile phone or laptop without any hassle.
Outsource Work
As a business owner, the last thing on your mind should be having a team of employees to help you run your business. You can put that aside for a bit and outsource on tasks you really need to get done. You should consider freelancing platforms or just the people around you.
Negotiate with Suppliers
You don’t have to buy products at the exact price that it was being called. Also, buying in bulk is a lot cheaper than buying products piece by piece. When you do this, you, you lower your expenses while still maintaining great standards.
Focus on Retaining Customers
This should be your number one job as a business owner. Your customers are the ones who would propel your business forward and make sure you see profit, so invest your time and energy in them. You can do this by having discounts for people that have patronised you before, personalised communication and great customer service.
Implement DIY Marketing
As a business owner, you have no business paying for expensive ads to push your business forward. This won’t prove sustainable in the long run, and you can start by getting your customers through organic marketing like using SEO, social media, email marketing, and even content creation.
When you use these cost effective strategies, it would help boost your small business without you having to spend a whole lot of money.
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