Top Best Cities To Start A Business In Nigeria – Factors To Consider
Are you an entrepreneur, thinking of starting a business in Nigeria and you are thinking about the town or city, in which to kick-start your venture? check out Best Cities To Start A Business In Nigeria below:
One of the key things to note, as an entrepreneur, before starting your business, is the environment. You just need to get it right here, as this will ensure the survivor of the business.
Some environment are just not ready, to receive some kind of services and even, though, there may be little signs that, the environment “may” be ready, do not be tempted to dive into it.
Take your time. Do more research and feasibility study, before diving into it.
See Also: How To Start A Supermarket In Nigeria – All You Need To Know
Factors To Consider When Choosing A Location For Your Business
There are several factors to consider when choosing a location for your business. Some of them are:
1. Target population:
One’s business should be set up in such a way that it is closer to the target population. It should also be located in a populated area which makes the probability of making substantial amount of sales per day. For instance, A person who sells tires cannot set up a shop or store in a village or remote area because those who really use cars are in the urban areas.
2. Easy Access:
One’s business should be located in such a way that it is easily accessible to it’s target population. This includes considering good roads and transportation as well. This is very important most times because of one’s customers and most importantly how goods will get to one’s store or shop.
3. High level of Security:
Another very important factor one should consider when choosing the location of one’s business is the level of Security. Putting so much money in a business and eventually losing every thing to either hoodlums or robbers due to bad security in the business area isn’t a very good experience.
4. Distributive channel:
If your business don’t deal directly with end users or final consumers, then it’s wise to put your distributive channel into consideration when choosing a location for your small business. The more you make it easier for your distributors to access your products, the better for your business.
5. Mindset of customers:
The mindset of your customers or the aura of a particular region is also a factor to consider when choosing a location for your small business. For example; if you site your business in a region where tribalism thrives, then you are doomed if you are not a member of the tribe. Another example is this; if you are in the pornographic industry, you will be making a grievous mistake to site your business within a region where the inhabitants are highly religious.
6. Economic policy:
The economic policy or system of a particular region may also affect your decision and choice of location. Some economy favor capitalists and others are driven by socialism; where the government controls all businesses. Other sub-factors to consider are government’s policy, fiscal and monetary policy, exchange rates, taxes, levies and duties.
7.Availability of raw materials:
If you intend running a manufacturing or production business, then the nearness or availability of raw materials is a factor you must not joke with when choosing your business location. If your business is not sited close to these raw materials, then sourcing and transportation will reduce your profit margin.
See Also: How To Start Cake Making Business in Nigeria – All You Need To Know
Top Best Cities To Start A Business In Nigeria
Below are the top 10 cities that meet properly to the demands of these factors of Target population, Easy Access, High level of Security, Distributive channel, Mindset of customers, Economic policy, Availability of raw materials:
- Aba
- Onitsha
- Abuja
- Calabar
- Enugu
- Lagos
- Port harcourt
- Uyo
- Kano
- Sapele
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