4 hacks for launching a successful sportswear startup in Nigeria
Every thinking human alive is a potential small business owner. However, not many are bold enough to take the initiative to start that dream business they regularly dream about.
Many aspiring entrepreneurs–especially in the Nigerian sportswear industry–are frantic about the uncertainties that come with running a business.
Let us imagine you dream about revolutionizing the sports industry by becoming a bookmaker crypto.
Questions like “what if people become disinterested in cryptocurrencies” and “what if I quit my job and the business fails” begin to creep up in your mind.
Of course, these doubts are not always out of place.
Research shows that less than 50 percent of small business startups worldwide can survive the first five years. In an industry, as congested as sports in Nigeria, the percentage is even lower.
Does that mean it takes only geniuses like Elon Musk to succeed in launching a successful startup in the Nigerian sports industry? The answer is NO.
We went out and researched some of the most successful sportswear business owners in Nigeria. Here are some insights we learned from them that can significantly help you build a successful sportswear startup.
BE CALM AND STRATEGIC
Reports have shown that starters get overwhelmed by owning their own businesses and being their own boss.
This apparent freedom of decision-making tends to have a negative effect on some entrepreneurs causing them to make emotional and not necessarily rational business decisions. You need calm and tact as a startup.
Be calm, deliberate, and focused when launching your sportswear startup.
Concretely identify your business goals and streamline your efforts (and resources) exclusively in their pursuit.
ACCURATELY GAUGE MARKET GAUGE
Never forget that because you fancy your business idea well enough to start a business with it does not mean that 200 million Nigerians would fall head over heels for your sportswear product.
Don’t just assume or estimate your demand size based on your personal experience or opinions. Always test your demand with a wide range of people who would be brutally honest with you.
They could be friends, family members, and even random strangers. What matters is the critical (and objective) feedback you are getting from them.
Let them give you an objective evaluation of your sportswear product idea.
Make sure your sportswear product or service, however much you may think it is important, is in tandem with modern trends.
For example, you may have grown up buying sportswear from physical retail shops in Nigeria. But if you are launching your startup, you must entertain ecommerce sales options for Nigerians home and abroad.
You want to run a sportswear startup where customers can remotely order your products and get their sportswear delivered to them just anywhere in the world.
DISTINGUISH YOUR BUSINESS AND STAND OUT
The sportswear industry is attracting more players by the day. Consequently, competition is revving up.
But before you do so, ask yourself: what can I bring to distinguish myself from my rivals dealing in sportswear?
Why, then, would you be patronized instead of your competitors?
Fear not, there is hardly any new business these days. What can distinguish you is the manner of delivering the service or product with a few compromises that your competition isn’t willing to make.
This would make your brand stand out and your customers’ reputation boosted, thereby increasing your market share.
PROPER DELEGATION OF DUTY
No one tree makes a forest, and no one man can run a successful business all by himself. There are so many angles to be covered if one is to be truly successful in running his sportswear startup.
Particularly, if you are building a really robust product, we don’t expect you to have the extensive knowledge or skill required to perfectly cover all of these angles, not to mention the time needed.
From material procurement, production, and delivery to quality control, you will struggle to manage every facet of your sportswear company.
This means that you need an excellent team, with each person delegated to carry out the duties he is best suited for. You don’t necessarily need to pay this team.
There are many people in Nigeria who are ready to buy into your vision if you present it compelling and capably demonstrate the profitability the future promises.
Managing your team is crucial. Remember to scrutinize and get reports from all arms, including and most especially, those you don’t like or know little about.
Lastly, as a Nigerian startup, it is easy to ignore your taxes. This may turn around to hurt your business legally and even your credibility.
We admit knowing just the right amount to pay in Nigeria’s complicated fiscal ecosystem is usually very challenging. In that case, it is best to consult trusted financial guides.