How to start a business in Nigeria without a proper guide could be disastrous. Here are guidelines on How to Start and Manage a lucrative business in Nigeria.
Business in Nigeria 2020
Nigeria is a fertile ground for most businesses. If there is anything that will do well in Nigeria, it must be Business. See list of 21 Recruitment Agency in Nigeria
Even with a failing economy the country still houses numerous business opportunities.
This of course is strengthen by her increasing population of over 186 million as at 2016.
For many who wish to start a business in Nigeria, here is a step by step guide on how to start a business in Nigeria.
Practical Steps to Start a business in Nigeria
- Get a Business Idea Peculiar To Nigeria
The first thing to do is to think out a business idea having in mind that there are some business and career development that will not thrive in here in Nigeria.
Take your time on figuring out what you really want to do, target something that meets a particular need and solves a problem(s).
Make sure your choice of business is something you like doing as this will help to motivate you in turbulent times.
Although you can actually start a business in an entirely different sector from the one you are conversant with, but then you have to do loads of work in preparing yourself for such business.
You can prepare yourself by attending seminars and workshops on the chosen line of business you wish to venture in and getting all the necessary information about your chosen industry.
Once you are clear on your choice of business, you can now move on to the next thing on how to start a business in Nigeria which is -Doing a feasibility study.
- Conduct a Feasibility Study
A feasibility study is very important if you must succeed in business at all.
You have to conduct a thorough feasibility study to ascertain the business viability before investing your time and resources into the business.
Here you will need to make a detailed analysis of all needed requirement for your business.
Understand the market and sector you want to delve into. This will help you come up with the next step on your journey of starting a business in Nigeria which is Drawing your Business Plan
- Develop A Business Plan
Your business plan will help you determine what key problem your business is going to solve, how it adds value to your target customer.
It will also solve issues about the business lifespan, how you intend to generate revenues in the short term & subsequently profits on the long term.
Likewise, how you intend to achieve market penetration & growth, how you will raise startup capital, etc
To develop a perfect business plan we advise you download series of sample business plan templates that resonates with choice of business.
Then with the help of the analysis from your feasibility study, you can now dray a perfect business plan.
- Find a Location for your Business:
For the next, you have to choose a location for your business, Although this factor is dependent on the type of business you want to venture into, but the bottom line is that business location has a long way to go in determining the success of any business.
Factors like closeness to your target customers, access to production materials, and resources etc. plays a vital role in choosing your location.
- Register Your Business:
Once you have all your plans set out, the next thing is to choose a business name. You will also decide the legal business structure you want to setup like a “sole proprietorship”, partnership or a corporation.
With these decisions (name & Business type) made, you can now Register your Business in Nigeria with the Corporate Affairs Commission (CAC) to enable you do business in the country legitimately.
- Source For Start-up Finance:
To start business in Nigeria you must have the necessary capital. This depending on the type and structure of business you are going into.
There are various ways to raise startup capital for your business; ranging from angel investors, to personal finance, friends & family, etc.
You can as well look leverage, you can getting credit line from suppliers; striking strategic alliance with a bigger player or getting a contract.
Whichever way, just source enough fund for your business before starting.
- Form a Good Team:
The next thing to do is to set up a nice team that will understand he vision of your business.
You can do this by hiring or partnering with like minds.
You may not need more than two people for a start, but make sure you carefully select the right talent for your business as this factor will determine if the business will survive the first two years.
- Start your Business
Once you are done with all the steps above, take the bold step to start, many start ups quit just before they begin their business mostly for the fair of failure.
You just have to start, Start small but have a big vision.
Let your target customers easily and quickly identify the solutions you are bringing.
Go out there and make some sales, publicize your product and services.
Finally, work on your brand. Try to brand your business, design a business logo, a business card and other necessary materials to help your grow and gain recognition.