Starting a new business (business idea) has been a big problem for many people. You should know no success without challenges. Don’t be afraid to fail. Start the idea, fail and rise up again. When the journey begins, you will encounter problems with financial, product development, distractions, discouragement and much more.
Your passion must not be buried inside you. Get whatever is required to make your dream becomes a reality. Nothing is sweet than living a life you have wished to. Challenges will come and you need to stay firm on the course. Look for mentors that would help you. Do a research on how to realize your goal. Every goal is attainable and every dream is realizable if the required effort is put in.
Yes, I know you have a million ideas running in your head. With many ideas, there is a good chance that you will forget them in the blink of an eye. Write them down, carry out the feasibility study and set your priority. Never let anybody pull you down. Your success can be a point of reference for people if you don’t quit now. Many things and people will want you to fail but you will be the one to resist it.
Thinking about how Bigi product came and filtered the industry Coca-Cola had dominated for years in Nigeria is an encouragement for all. If you are indeed serious about your business idea, you can make it too.
For years, even before I was born, the popular and only known brand in the Nigerian market were Coca-Cola and Pepsi. Though, some products have come into the Beverages industry but were forced and chased out by the powerful competitor (Coca-Cola).
No doubt, Coca-Cola is the most popular and biggest-selling soft drink in the history, as well as one of the most recognizable brands in the world.
According to a report, the brand was created in 1886 in Atlanta, Georgia, by Dr. John S. Pemberton. Coca-Cola was patented in 1887, registered as a trademark in 1893 and by 1895 it was being sold in every state and territory in the United States.
In 1899, The Coca-Cola Company began franchised bottling operations in the United States and in 1906 bottling operations for Coca-Cola began to expand internationally.
In 1961, Sprite was introduced. Sprite is the world’s leading lemon-lime flavoured soft drink. Sprite is sold in more than 190 countries and ranks as the No. 3 soft drink worldwide.
Introduced in 1940, Fanta is the second oldest brand of The Coca-Cola Company and the second largest brand outside the US. Fanta Orange is the leading flavour but almost every fruit grown is available as a Fanta flavour somewhere.
However, the Rite Foods Limited came into the beverages industry with Bigi products. The Rite Foods Limited broke into the industry with a similar taste of Coca-Cola, Sprite, Fanta, Sprite, and Lakasera. Also, they have Bigi Lemon-Lime and the Bigi Apple that dominated the market recently.
From their history, Bigi products came into the beverages industry in 2007. The products were given birth in 2007 now giving tough competition to the Coca-Cola products which have been existing for more than seven decades. The confidence, courage, sacrifice, efforts and the perseverance they have put in have yielded the results they are enjoying today.
When they started, many people were saying they won’t last. Well, they are now in existence for more than a decade. Many people prefer Bigi soft drinks today because one of thing I observe, the price. Their price is lesser than that of Coca-Cola.
Nigerians prefer to buy the lower price type since both drinks look alike and perform the same function of quench your thirsty. Today in Nigeria, the rate at which people take Bigi drinks especially the Bigi Apple that flooded in few months. Bigi has it all, the Coke, Fanta, Sprite, Lakasera, etc taste. Why buying Coca-Cola products at higher prices when I can save more by buying same taste in Bigi drinks.
I have visited Ogun and Lagos while this write-up, I realized the market is saturated and full of Bigi soft drinks. Every shop you see is stocked with Bigi products. Almost every outlet can’t do without Bigi products. Last week, I heard a report that over 300,000 cases of Bigi soft drinks were sold within a month in North. The end of Coca-Cola is coming to an end if care is not taken.
Now back to the main talk, you can also penetrate into any industry if you have the zeal to succeed. To be successful in any business you must be ready to study the environment and come with plans that can make you last longer. Don’t invest in any business that has no long-term view.
Though many promising youths with amazing business plans are faced with financial challenges. There are many ways you can raise up capital for your business. The nature of your business determines which type of finance you need. Never finance a short-term business with a long-term capital and vice versa.
There are many sources of capital; Banks, Family members, Relatives, Friends, Grants etc. You can also look for investors and sales of assets can boost your start-up. For your business to last long and function smoothly, you need a consistent cash flow.
Look For Investors
Though there are cases you have the ideas that can flourish for years but with all your efforts to get capital to start in vain. That doesn’t mean you can’t still make the business live. We have heard of many successful companies today who started via merging.
Merging in the sense that, you have the business ideas but no financial resources. Find someone who has the financial resources, combine it with your valuable ideas and make your dream into reality. Look for investors and venture capitalists who can finance your business ideas. Though you need to convince and let your investors believe in your business vision. Investors want to know and learn from your business idea plan.
Contemplating on Where and How To Start?
Moreover, some people have the required capital to start up but fail to understand where and how to start? If you are in this category, reach out to people who are successful in your niche. Seek professional advice and how you can be successful too.
The concept of your business idea might be unique, you should do research on a similar business idea. Such similar concept can give a clue on how to start your business idea.
Fear of the Competitors
Fear of competitors has killed many ideas. Many businesses die prematurely because of the thoughts that the ideas might not sell or survive in that industry. If you are determined, you have the financial support and human resources, don’t be afraid any competitor. Break into any industry with the mindset of becoming the best among others by providing quality products or offering quality services.
No industry is over-saturated if you can bring new things to the world. Be initiative with your services. Study your competitor, analyse the business environment and look what you can do to become the favourite of the consumers.
Distinguish Your Private Life to Business Life
Another important thing as a promising business mogul, you need to distinguish your private life from your business life. You don’t need to spend all hours on social media. Maximize your time on essential things.
Do a research, test run and analyse the results. However, spending much time on business only would result into burn-out which might affect your productivity level. You need to find a balance between the social life and business life.
Also, you should know a business is not a familiar affair. Never operate to pity friends or family members if you want to be successful.
Who Are Your Target Audiences?
After a lot of research, you have the required capital and ready to start the business. The next question is, who are your target audiences? Who are the customers that need your products or services? Business idea needs evaluation of decision making.
When getting to know your target audience, provide with quality outputs. The satisfaction they derive from your work makes them glue to your organisation. If you still have problems getting your target audience, read up How to define your target audiences?
Providing Quality Products/Services
The last chain of any successful business is to get it to your customer. You need to provide quality products or services that customers will value. Customers will be glad to pay for your products or services if they are getting back the value they paid for. The satisfaction and enjoyment they derive are what that makes them come back for your products/services.
If you take your business seriously, you do it happily and deliver the quality and value you promised. No doubt, your business will undoubtedly experience a turn of the tide.
Make Profits or Quit The Business
Finally, the aim of any business is to make profits. No business without the aim of profit maximization. Even the non-profit organizations/business at end of the period check the excess of their receipts against the expenditure.
No business without financial risks. Though some risks unsystematic which you should avoid. However, the systematic risks that you can’t avoid should be minimized. Your business will only strive when you make profits. The revenue generated from sales should exceed all running costs and other costs.
When a business is making profits and the trend goes upward, no need to stop such business. In another way, if you invest and no returns no doubt you have different thoughts on the business. The question like; should I quit? Should wait for another 2-3 years?
The question above can only be answered by the nature of a business. A long-term business might yield the profit you need immediately. Though if you think you are making progress, no need to quit just keep the pace. If you quit a business a year after starting a business that would flourish after 3 years. Then, that would be a big mistake.
As said earlier, you need to decide which investment are you into. Are you looking for quick profit or want to establish yourself in your industry? Remember, you put in efforts, resources, and capital to kick-start the business.
The slogan is don’t quit if you want to win. It might be hard and rough today, keep the pace and never relent. The fruitful years are ahead. As you are reading this piece, you need to first kill the fear of realizing your ideas. Put them down, start something today even if you will at fail at first. The blessing is failing at first is the experience you gathered to be a better entrepreneur.
You acquire knowledge and experience during the first period. The next time you start the business again, believe me, you will rise and be successful. Dare to start and you shall be glad to take a step today. You can become a Bigi product in the world of Coca-Cola in your industry. Let your business idea or passion be realized.