How to start a business in Nigeria has given so many interested individual so much nightmares and they have ended giving up their business dreams and goals. Actually, the knowledge needed is very important which when neglected can lead to business crashes. So, how did you stumble upon this article? Via Google search or social media? Either way, it is clear that you seek better ways to start a business in Nigeria irrespective of your field of interest at the moment.
Business in Nigeria
Running different kinds of Businesses in Nigeria will take a whole lot of deliberate moves by anyone who is interested. In Nigeria, when you start a new business within any location, just get ready for 10 new competitors within a year of kick starting yours. They will catch a vision with so much inspiration from your own business visions that are already exhibited for the world to see. This is the more reason why you must be knowledge and skill ready before you start a business in Nigeria.
If you kick start a new business without a true desire and interest for it, you stand a chance of being bought or crushed by market competitions out there. The 21st century is full of many business ideologies that works once put to work with needed skills on a very serious note. If you have been neglecting the place of understanding how businesses in Nigeria works or operate on different levels, it is time you take a serious study of different kinds of businesses related to the one you desire and work it out by deep researches on how to operate the business that is of interest to you.
We have in this article about 15 steps to take if you want to start a business in Nigeria. The steps are all realistic and feasible.
Step 1: understand Yourself and The Business You Desire
Understanding who you are is a must as far as starting a business in Nigeria is concerned. You can’not make any head way until you have taken serious the art of self discovery. Take it so serious as this will determine how long you can last in the business battlefield. This is simply because, business is not for the vegetable-hearted. It is a risk filled affair. When you have discovered who you are, then take time to study the business idea that is coming to your mind.
Having a business is not enough to make you a businessman. It is in your understanding how it is all going to play out that matters. This is very important. Many businessmen like Warrent Buffet, Bill Gates, Mark Zuckerberg, Aliko Dangote, Innoson Chukwuma, Allen Onyema and the host of others all started out with mere ideas but took steps that translated to big shot of mega Billions in the world economy of today within and outside Africa. Take the need of understanding yourself and the the business idea you have serious.
Step 2: Develop Skills Needed To Start A Business In Nigeria
After understanding yourself and the business idea you have at hand, getting skilled in the area of that business is a must. There are skills needed. Hence, take deliberate actions to ensure that you are well trained to undertake the tasks involved in this business you desire to start. Skills are lubricants of businesses that makes them flow more like a system without too much frictions. Without skills, most businesses would have crashed.
Enroll in different business classes organized by some academies in Nigeria. Whether paid or free, make it a tool needed for your success in Business building in Nigeria. Don’t be satisfied with what you know about running a business at the moment. Go for more out here.
Step 3: Have a good Business Plan
Having a business plan is having a map to get to a destination. Without a map, a traveler is in big trouble. You need to have a plan which is just not limited to financial proposals but that also covers the goals, visions and missions that will cover the entire project at hand. This will serve as a blueprint for success or failure. Why did i say it will serve as blueprint for success or failure? I said so because an intelligently written plan will enjoy success if the necessary steps are taken and a poorly written plan will suffer setbacks because there were no proper research done but rather, a casual writing down of junky ideas was done.
Step 4: Raise Capital to Finance the Business
Every business plan needs to be funded big time. So, seeking ways to raise fund to be able to power your business idea into a reality is very important. You can start saving up money to be able to kick start at ease because there are uncertainties in every business which serves as the source of risk taking in business. So, you will need to be extremely smart about raising funds.
You can go for loans,grants and more. But, it is more confident to be kick start with what you’ve raised all by yourself. This boosts your self esteem more because when there is no fear as a result of the source of fund, then risk taking attitude will be poor which will in turn make you a wimp in business. Think this through before making your choices of what source of funds to employ.
Step 5: Choose a good location for Business
Where a business is situated will determine if i will live or die with time. Knowing the location where a business can thrive is an assignment you can not afford to fail. When you take this factor for granted, you may end up opening your good business at a location where its services are not needed at all. Do well to run a very good market survey before selecting a location to situate your business.
Take out time to survey potential growth influencing spots where people resident will value what you have to sell. Be it commodity or services, take a survey to know if it is going to be satisfying any need in such locations. After doing this, then start making plans to get a space.
Step 6: Execute your business plan
Executing your business idea/plans is not quite easy even if it were to be in your residential area. When doing this, do well to avoid skipping any little detail on the blueprint of the business plan. This also should be done with a high self esteem and deep conviction that it is going to work out just good. This is to help you stay mentally stable and to also overcome anxiety while starting up new.
Anxiety can ruin your needed calmness as far as running a business is concerned. Put yourself together when the early stage storms comes up and stand bold with understanding of how your own business works. This is the reason why you had to acquire skills related to running a business earlier. This is usually the perfect time to employ every single bit of it.
Step 7: Seek Customers massively
When a business is started by an individual, it is not regarded as a functional one until it has a customer or client base. So, you will need to have customers before you can make sales via different means. At this stage, you will need to leverage on every opportunity available to get customers who will patronize your business on a daily, weekly or monthly basis.
Depending on your kind of business, the method of branding is key to creating heavy awareness about what your business is all about. You need to brand the business big time. This is 21st century where any business that is not branded is considered ‘dead’. It is not enough to get an idea, draw a plan and kick start. The place of branding is very important as well.
If you really want to start a business in Nigeria, you will need to get people to know what you sell through a lot of media outlets. Below is a list of sources where you can gain prospects:
- Social Media Platforms
- Social events
- Complimentary Cards
- TV shows
- Banner Ads on the streets
Social media Platforms
As regards social media usage in branding, networks such as Facebook, LinkedIn, Twitter, Instagram all go a long way in helping you brand your business so easily as they also offers the leverage of branding via pages and more. These platforms also have payment integrations that enables your clients to make payment for goods and services from their smartphones. This is an option you need to employ seriously while branding.
Social events and Complimentary card
In being able to start a business in Nigeria, being in attendance to certain kinds of business social events is very important. Do not neglect the gathering of possible prospects and other business partners. This can help you sell yourself and your business faster than you can ever imagine. While at such meetings, exchanging of contacts that matters should be part of your goals for going there. Do not be left out of the league.
Some people keep wondering if advertisements still works in the 21st century. Well, if media moguls like Facebook and Google still run ads at all levels, then what are you waiting for? There is no excuse whatsoever for a business owner not to seek a way to advertise his/her business to the general public to be able to build a customer base to enable a massive growth of the business.
Business in Nigeria takes creating awareness to be known. If this is done well, then your business stands a chance to be popular leaving you with the assignment of being standard at all levels.
Step 8: Register your Business with CAC
Your branding is not complete until you register your business with the Nigeria’s Corporate Affair Commissions (CAC). With your business properly registered with CAC, it gains some official cover as a business recognized by the government at all levels. This can earn your business lots of contracts from both governmental and private angles. Take a bold step and register your dream business and and make it real.
Step 9: Own a Website as resource
To start a business in Nigeria successfully, you will really need to think outside the box all the time. The availability of a website helps you gain more popularity but above all, have a little source of income as websites associated with businesses tend to be of great value. This will serve as a serious means of income. To learn more on this, you can research on topics related to Woocommerce on the internet to be enlightened as supposed.
Step 10: Protect your Business
Anything built by hard work deserves to be protected at all cost as disregarding this fact will crash an entire built business empire in few months. It is lack of protection that leads to businesses getting crashed as though no one owns it. In terms of taxes, be sure to pay all legal and necessary dues or charges.
How to start a business in Nigeria has been duly discussed and the steps are above. Read them and take steps from them to get to the peak of your endeavours in business.