Hurrah!

We made it through 2016 in one piece. It was a tough year to be in business in Nigeria. You didn’t need to read the news to know our economy was in trouble. The signs were much closer to home. We all felt enough pinches here and there to know that things were tough.

It wasn’t all bad though. 2016 was a breakthrough year for some entrepreneurs. While we celebrate their big successes, we are mindful that success comes in all shapes and sizes. You don’t need to see earth-shattering breakthroughs to know you’re making progress. There were quite a few good trends that suggest many of Nigeria’s creative entrepreneurs made good progress in 2016.

How Creative Entrepreneurs Fared in 2016

For starters, many of us now operate in the formal sector. I think this has to do with the entrepreneurial programs being run at all levels and government’s effort to ease the path to business ownership. Many of us were able to put basic formal structures in place for our businesses.

I also observed that like me, quite a few Creative Entrepreneurs were determined to grow their businesses through good branding. Branding is particularly important for those of us in the fashion, accessories and beauty industries. As we show our readiness to deliver quality through authentic branding, we build trust and loyalty with our customers. For many of us, good branding led to more sales and more leads in 2016.

Finally, a very potent sign of the upward movement Creative Entrepreneurs maintained last year was the rise of support / service businesses. A support business in this sense, is a business designed around the operational or logistical needs of another business. They can be B2B or B2C.

2016 saw the emergence of product photography studios, local and national courier services, payment processors, online-only loan services and micro-scale advertising services. What these businesses have in common is that they’re designed to meet the needs of SMEs.

All these suggest that while things were far from ideal in 2016, many Creative Businesses found customers for their products. Furthermore, it shows there are still many entrepreneurial opportunities waiting to be exploited.

The Good News For Creative Entrepreneurs in 2017

As we get back to the grind, there are 5 growing trends Creative Entrepreneurs can hope to exploit in 2017.

****** 1 ******
Growing Appreciation for Nigeria’s Local Creative Brands
**************

You see it everywhere. It’s on social media, it’s in newspapers, it’s in magazines and it’s on television. Nigeria’s fashion and accessories brands continue to enjoy local patronage and an increasingly vocal fanbase.

#BuyNigerian and #ProudlyNigerian are slowly becoming more that mere tags. They are part of a budding movement that could mean more business for Creative Entrepreneurs like me. If you run a fashion or accessories business, no matter how modest your operation, you can expect to see a lift as this trend deepens and builds in 2017.

****** 2 ******
The Rise of Online Marketplaces for African Fashion Goods
**************

If you were active on social media in the last months of 2016, you must have noticed the emergence of DressMeOutlet. This much hyped online marketplace whose CEO is Nigerian, aims to help African brands reach global customers.

Dressmeoutlet is by no means an isolated case. There are many others in the making. StylemeAfrica.co and DealAfriq are also setting up online marketplaces for African fashion goods. For Creative entrepreneurs, this trend is an opportunity to reach a global market and to be more profitable in 2017.

HMJServices is a jewellery and lifestyle brand based in Abuja, NIgeria.
Subscribe to receive email updates on all things HMJS

****** 3 ******
Trendspotting on the Rise
**************

Trendspotting has long been known to contribute to the success of fashion brands and markets in general. People who draw attention to new and interesting products play a vital role in connecting brands to new customers and retailers.

No where is this trend more active than on Instagram. On IG, there are quite a few art and fashion trendspotters who freely share the products they discover. On social media where relevance is currency, it’s a win-win for everyone. Trendspotters gain more followership (thus greater relevance) and brands gain exposure among people with established interest in the sort of products they make.

Why is this important? Well, 2016 was my most active year on IG. I posted often and even ran a paid AD campaign. And in the process, I observed that getting promoted by a trendspotter can be far more profitable than paid advertising.

While some trendspotters offer their services for a fee, this growing trend within Nigeria’s social media could help creative brands connect with more qualified leads, sell more and grow faster in 2017.

****** 4 ******
Greater Mutual Respect Among Creative Entrepreneurs
**************

To think of social media simply as a means to reach more customers would be to take a very narrow view. Social media platforms like Instagram are also helping creative entrepreneurs get to know and appreciate each other.

Connecting in virtual spaces where interaction is cordial, appreciative and non-competitive is helping creative entrepreneurs see that their activities are mutually beneficial.

No single business can take credit for the growth of Nigeria’s fashion and accessories industry. No single business or organization can claim to be driving the growth of the beaded accessories sub-sector. It’s the result of many creative entrepreneurs doing great work independently.

Getting to appreciate the value we each contribute is a very positive trend. It means we’ll be inspired and motivated by each other to improve. And beyond inspiration, this mutual respect is a necessary foundation for the sorts of formal collaborations that we need in order to thrive together.

****** 5 ******
Better Networking Opportunities
**************

One thing Creative Entrepreneurs like me should realize is that we are each other’s best customers.So with organizations like SheLeadsAfrica and HerNetwork helping female millennial entrepreneurs connect across Africa, we are likely to see relationships emerge that can power us and our businesses to the next level.

To get the best of this networking trend, you need to get involved. Subscribe to updates, share lessons learned, and participate at events. As our networks expand across Nigeria and Africa, so too will our pool of potential customers, our access to raw materials and of course, access to financial resources. Make no mistake, this trend can be a game changer for our businesses!

Postscript

Because of these trends, I have high hopes for 2017. That’s not to say 2017 will be a cake walk. Far from it. Nigerians still have a recession to contend with. For their part, these trends merely point to possibilities. Much will depend on how we position ourselves to take advantage of them.

Dear Creative Entrepreneurs, as you make your plans for 2017, be sure to factor in these trends. If we play our cards right, 2017 could turn out to be a resounding success. Good luck.