This is a tough time for small businesses all over the country.
The dollar’s instability and macroeconomic headwinds are taking a toll on both big and small businesses.
MTN Nigeria has been declaring losses back to back, and this is the first time they have experienced this setback since they started doing business in Nigeria.
I have seen at least three small businesses close during this period.
As someone who runs a small business that pays the salaries of 10 other young people and 11 when you include myself, it hurts to see another small business take the bite.
Here is my old, timeless advice for young people who run small businesses like mine.
Find a niche.
Minimise costs.
Scale gradually.
Don’t die.
By niche, I mean something with real, measurable value. If you are able to find this and actually provide results, you will win client trust, convert more customers, and gain good business.
On cost, you need to let go of the nice-to-haves—this may be staff, equipment, or subscriptions that don’t directly contribute to your revenue at the moment.
You can even let go of the fanciful office to start working from home.
Why buy that car when you can commute with cheaper options like the Lagos Yellow Bus?
If you don’t pay office rent or buy expensive fuel, you’ll save a lot of money.
Save money by installing inverters and solar panels in your office; as a result, your diesel and fuel costs will go down.
The current wobbling of Tinubu’s economy favours a lean, nimble operation.
Cut the fat to create a healthier business.
Scaling up is always exciting. However, if not matched properly to your financial, skill, or staff strength, it could kill your business fast!
Scale with opportunities that provide more revenue than those that demand more resources, so you can scale more and save money.
Don’t die! Simple.
Hang on.
Keep going.
No matter how hard it gets, keep pushing.
Do all you can to become one of the growing and enduring Nigerian business stories.
The generation after you is counting on this.
Please don’t disappoint them.
