Is This The Best Time to Start an Internet Based Company in Nigeria?

A decade ago starting a company that does most or all of its business through the web and mobile internet functionality was rare. The internet then was only just getting welcome in Nigeria and broadband speeds were sleepishly slow.

The infrastructural problems in Nigeria are still ever present but a whole lot has changed in the online world for the country.

If you are thinking of starting an internet based business here’s why now is the best time to start.

The Barriers to Entry are Lower Than Ever

Everyone knows starting a brick and mortar business is even more difficult these days with the logistics issues and infrastructure problems you have tpo face. Similar issues face internet entrepreneurs but in a way that technology has made them insurmountable.

Years back starting an internet based business came with pretty high costs associated with domain hosting, internet access (which was often very unreliable) and of course high cost of hardware. Today with as little as possible you could pick a couple of computer systems, get useful hooked up to a decent ISP and not bother about sinking hundreds of thousands in paying for office space and getting office furniture. You could actually start from a spare room in your house or share office with buddies or even get a shared office/co-working space for a fraction cost.

Starting With Your Passion

The Internet enables you start a business around your area of competence and passion and grow it quickly. You can do that offline but the internet makes it easier now.

Millions of Nigerians Are Online

Stats show just how much opportunity there is for reaching potential customers on the net. Over 34 million mobile phone subscribers are on the internet. By the end of 2012 there were an estimated 48 million internet users in Nigeria.

The prospective customers for most businesses are coming online and there is no better time to start an Internet based business.

Marketing Online is Within Reach

In the pre-internet days small businesses could never afford extensive marketing and advertising. The internet has levelled things somewhat and made it possible for small players to target a sizeable chunk of the market. Email marketing, the various advertising options, content marketing all make it possible for your internet based business to reach prospective customers at low and manageable cost.

Talent is Becoming More Accessible

It is still difficult to attract top tech talent in some areas. However the talent access is opening up and depending on the sophistication level of what you are building you can find more talents to work for you. The way you go about attracting the kind of people you want to work with will matter a great deal.

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