Starting a business in Nigeria can be very stressful which is probably why you stumble on this piece to know how you can start a successful one with less stress in 2020.
As you must have known, there are lots of registrations, travelling and work to do.
The whole process can be very tiring for a beginner as it requires so much time, efforts and resources but with the right guide, it can be a lot easier.
Are you planning on setting up your own business? Do you want to establish a firm for the buying and selling of goods and services?
This guide explains everything you need to know from A to Z.
This is one of the questions almost every new entrepreneur wants to find answer to.
Though there are lots of things you should do when establishing your own enterprise, the following are the basic ones you can’t do without.
How to Start a Business in Nigeria
The first thing you should is make sure your business idea is a very good one, follow it up with a great business plan, source for capital, register the business, set financial goals and target for your new venture.
1.) Get A Good Business Idea
A good business idea isn’t just any idea that comes up in your mind. Your business idea deals with the kind of business you want to embark on.
What kind of business would you like to do? Unless you have an idea of a kind of business, you may want to do.
However, you could also meet with a good entrepreneur for a good business idea.
Your location as well may also provide you with a business idea. Your idea on what kind of business you want to do determines your business name.
However, always put into consideration that no matter the kind of business you want to do there will always be loses especially for a fresh starter.
Unless you intend buying an ongoing business or you want to partner with a growing business.
It all depends on what you really want to do. Develop a good business idea.
2.) Create Your Business Name
Creating your business name is one of the major things you should do first.
In the midst of the entire commercial establishment that exist in the country, what name will you like yours to be identified with?
This is very important as the name you choose will have a lot to say about your brand.
When selecting a name, it is best to choose something that has a tie with the kind of business you hope to start.
For instance, if you are planning on setting up a shop where people come to buy foodstuffs, you may have to name it something like “Lady B foodstuff” or “Lady B’s Home of foodstuff”.
That way, the business name will communicate to the average customer about what is being done in that shop.
Imagine selling foodstuffs and naming your business, “Lady B’s Airline” or even “Lady B’s Digital World”. Absurd, right? That’s what I’m talking about.
Choose peculiar names, but ensure it tallies with the kind of business you hope to do there.
3.) Register The Name With CAC
In Nigeria the Corporate Affairs Commission (CAC) is the body instituted and authorized by the government to handle all forms of business name registrations.
Whether you are planning on setting up a small, medium or large scale business in the country, registering the name with CAC is a must.
It will not only help you establish a unique brand, it wills not only your customer knows you are operating a very legitimate business.
There are lots of benefits you will get from registering your business name. That is why you don’t need to delay your at all.
4.) Your Passion For The Business
Like I said earlier, irrespective of the kind of business you want to do, it must be something you are passionate about.
How do I mean? Your idea of the business you want to do should be driven by your passion for it.
You should love what you intend to do. That’s the only way to keep moving when ugly storms arising in your business.
Of course, starting a business will not go all smoothly as you expect.
There will be times when things may go wrong or even loses made. Yet what will encourage you and keep you moving is your passion for it.
Many organizations have risen and fallen, some entrepreneur do not even go beyond their starting point when they got tired and quitted.
However, most great business enterprise and organizations we hear of today were able to succeed because their owners loved what they were doing. Have passion for your business.
5.) Develop A Business Plan
A business plan is a step by step procedure of actualizing your business. Business plan is the process you take in making your business idea a reality.
However, your business plan should be in line with your idea. You can also meet an entrepreneur with your business idea to help you with an effective business plan.
Depending on what kind of business you want to do. Your business plan should include: getting a space, raising capital, getting employers, necessary equipments/materials or machineries.
Your journey into your business starts with a business plan.
This plans guides against mistakes and unnecessary usage of your capital. It also helps you to evaluate what capital you will need for the business.
6.) Understand Your Business
In as much as you have passion for what you do, you must also understand the business you want to do. Every business has a secret. That is something unique that improves the business.
This business secret may be learnt or discovered. You can discover this business secret by analyzing your business in view of what kind of customers will patronize you.
How do they want to be served? What competitors do you have? What quality of products do your customers want?
You have to discover something new or unique about that business that no other entrepreneur knows. If you are dealing with products.
You have to check for the best products that will suit your customers better than your competitors.
You should understand your business so that you wouldn’t rush in and lose all. Understanding your business is equals to a successful business.
In a simple sentence, capital is money used to derive wealth. What does this mean? It is the money you use to derive wealth from your business.
The money use to begin a business is called capital. It is the major determinant of the beginning of your business.
However, your capital is determined by the kind of business you want to do.
Some business requires a small capital while some requires big capital. Yet money is needed whether small or big business.
You have to device a means of getting enough capital to start the business. Running out of cash is not a good sign of a successful business or entrepreneur.
Evaluate all your expanses, if required go for survey (I mean market survey depending on what you plan to do). Get accurate analysis of what you are doing. Money is business.
8.) Be Unique In What You Do
Every business as a unique quality. No matter what you intend to do, try to be unique.
In your production, or service, try to make a difference. Even organizations with similar products have something unique about them.
Commercial organizations as well serve their customers in different ways, yet some are preferred that the others because of their way of service and respond to customers.
Create your own strategies of meeting up the demands of your customers to their satisfaction.
Have satisfactory skills to keep your customers patronizing you always, either by your services to them or your products. Just have your own unique skill.
9.) Start Small and Grow Big
Every entrepreneur or business owners dream to have a large business. No business starts big or large in that manner.
Growth is something that also occurs in business. Every business grows according to how they are being handled and managed.
Irrespective of how much you feel you have, depending on the business you have in mind, it is advisable you start small.
Don’t start so big because you want to meet up with other competitors who started way before you. Begin that your business small.
Have a focus for it. Set a goal. So that while you are at it, you analyse your advantages of growing bigger or disadvantages that many make you lose.
Don’t try to impress anybody but your customers. Be yourself starting little and aim high, don’t lose sight of your focus.
10.) Build Up A Good Team
Depending on what business you want to do.
If you plan on have workers or team in your business, and then you have to ensure to build a strong team. Unless you plan on working alone.
Your team should consist of people who are willing to work effectively to the growth of your business.
People who are adequately equipped and skilled unless you are planning to train them first.
You have to be careful in picking candidates for your team. Your team will serve as the strength of your business.
A good and effective team result to successful growth of your business.
11.) Start Your Business. Be Focus
After all necessary plans have kicked off; it is now time to start the business. Except you plan on buying an ongoing business, you may tend to feel nervous and anxious too.
Some of your fears may be reaching out to your customers. How do you get customers in a competitive environment? All you need is to be focused.
Don’t be distracted by your competitors. Stay focus and always acquire new knowledge concerning the business.
12.) Be Calculative
Once you start your business, you need to be calculative about all the money going in and out of the business. This will help you keep an accurate evaluation of your capital, loss and profits.
It will also guide you against unnecessary use of money in your business. A record for your daily activities should be taken. It also helps you to dictate growth in your business.
And helps to prevent lose too, when money is used anyhow, the business may begin to fall bits by bits. Calculate your expense and your expenditures.
Finally, you have to bear in mind that challenges are bound to occur you also have to prepare your mind for any kind of challenge you may come across.
Entrepreneurship has profited many and has made many men successful men.
Starting a business in Nigeria is not as difficult as you think.
You only need to prepare yourself with the right procedures.
I hope you find this article interesting enough to help you start off immediately.
Let me know in the comment box, what kind of business you intend to start in Nigeria and how you intend to apply the knowledge you gained in this write up. Keep the comment coming.