To start a business in Nigeria, just like in any part of the world is not easy as it sound because starting a business successfully takes more than just an idea. Sometimes, people wish to start a small business but they have no idea on how to go about it and some other individuals have the money but they just do not know what business to start or where to invest their money. These tips/guide to starting a made in Nigeria business are:
1: Get prepared..yes, adequately prepared because starting a business is no joke especially in Nigeria even though the profit is really rewarding. Every business has challenges at every point of its life time. Working towards these challenges requires preparedness. Get grounded, seek for advice from people whom are into the kind of business you are interested (except you are inventing something new), attend seminars and do everything possible to arrive at that feeling of preparedness of becoming an entrepreneur. Do not jump into any business because you heard it is profitable or everyone you know is into it and it will bring in good profit. Do your research right, find out the secret of that business because every business has its secret and once you get it right, your business will succeed and be very sure.
2: First things first, have a perfect business idea or opportunity. You can find a proven business line and learn the fundamentals. You can even decide to buy a franchise if the capital is on ground. Nigeria has the needed population to absorb any product that is backed by a strong business sense.
3: Identify your potential customers, have a good understanding of your market, ask questions and note them down. Give thoughtful answers to questions like how can your customers gain maximum satisfaction? Who leads in the line of business you are going into? Can you survive in this business line? With good answers to these questions, you are sure to be distinct in your line of business even if you have several competitors.
4: Please write a business plan for any business venture you want to undertake. Even if it is an informal or a one page business plan, just write it. Your one page business plan may not get you the bank’s attention but it is a way forward because it will help you concentrate on fulfilling your business mission. Do you not think so too?
5: Location, location, location. Where would you want your business and brand located? Choose your terrain wisely and be ready for the challenges that would come from your competitors.
6: Obtain all permits and licenses to start your business. This should be added in your budget. Well, if you don’t want to have the government and its law enforcement agents pursuing you all over Nigeria and locking up where you have spent lots of money on, make sure you obtain the necessary licenses and permit needed to operate your line of business. Every industry has regulatory bodies governing it, be sure to check their operational policy to make sure you are not going against the law. Also, remember that you may need licenses and permits from both the local, state and federal government. Then, with a lawyer, register your company or business Corporate Affairs Commission’s office anywhere nearest to you.. You should already have a business name.
7: Start the business: With your capital at hand and everything in place, including the confidence and morale to face whatever challenges that may arise, start your business and the sky will only be a starting point for you and your business. Stay relentless.