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How to Start a Business in Nigeria

HOW TO MAKE THE BEST OF YOUR SERVICE YEAR

Have you ever wondered how you can start your own business?

If you have, then today you’ll learn the step-by-step ways of starting a business that will attract clients, customers, investors, and revenue.

Having said that, let’s get started.

Evaluate Yourself

Making up your mind to start a business is not enough but evaluating yourself carefully is what matters most. The evaluation process is for you to know if you have the following:

  • The skills to run a business
  • The skillset to manage a team
  • Ways of raising capital for the business
  • The passion and motivation to turn your business into a profitable one

This evaluation process is important because it’s a time you find if you have what it takes to start a business.

Find a Business Idea

Having evaluated yourself and seen that you have the skills to run a business. It’s time to search for a business to do, and it starts with an idea.

The question is, how is this business idea found?

It’s by providing solutions to what people are always complaining about or the problem of people. The solution is what you will offer to them and that’s the idea.

If your idea is new in the market, find a way to make people love it. And if your idea is already existing, then make yours better.

Market Research

Carrying out market research will give more insight into the business you plan to start.

It’s the opportunity to have in-depth knowledge about the customers, competitors, and how to make yours unique.

During the market research, you know if the business is worth investing your time and energy in.

Develop a Business Plan

A business plan outlines an in-depth analysis of your business and how to grow it.

It’s a document that helps you to be focused and organized. So its function is to address:

  • The type of business
  • The nature of the business (an online or offline business)
  • Your market
  • The required capital
  • Plans of growing the business

It shows an interested investor whether to invest or not. Also, it’s used to apply for loans from financial institutions e.g. The Bank of Industry (BOI).

Business Registration

This is important because it will save you a lot of trouble.

However, before the business is registered, first, come up with a name and not any kind of name. But a name that will be easy for your customers to master.

So after you must have come with a name, go ahead and register the business with the Corporate Affairs Commission (CAC).

Tax Registration

It’s recommended that the business is registered with the Federal or State Inland Revenue Service. Doing this will help in obtaining a Tax Identification Number (TIN) and if your business provides taxable supplies, you will get a Value Added Tax (VAT) Number.

HOW TO BOOST EMPLOYEE MORALE
African Professional Chartered Accountant Woman Doing Tax

Obtain the Necessary Licences

Obtaining an extra license depends on the business you plan to start.

But if your business falls under these categories, then a license from National Agency for Food and Drug Administration and Control (NAFDAC) is required:

  • Cosmetics
  • Food production businesses
  • Pharmaceuticals
  • Veterinary businesses
  • Herbal medicines
  • Drinks production businesses

To operate fully you will need to get the necessary licenses.

Build Your Team

Time to build your team, which is employing people that will come in and grow the business.

But if your business is one that you can do by yourself at the beginning. There’s no need for any team, especially if it happens to be an online business.

The best thing is to outsource some tasks to freelancers and when the business is up and running, you can then bring people on board.

HOW TO OVERCOME STAGE FRIGHT
A man accompanied with two women sitting in the board room and having a business interview

Grow the Business 

Marketing is needed for the business to grow because it’s the engine room and without it, the business will die.

So start by getting a website and social media accounts. They will give your business an online presence, making it easier for your target customers to find you through SERPs.

To get more visibility, I recommend that your website has a blog where you publish SEO-optimized content in line with your business and niche. This will help your business rank on Google’s first page and this will bring more people to your site.

Next, promote your business both online and offline.

Online, consistently post content, this could be in the form of article, image, or video. This will help create awareness about your business in the minds of people.

Offline, promote your business through posters, banners, branded shirts and caps, and the placement of billboards at strategic places.

Conclusion

It’s time to hear from you concerning this topic.

Which step do you think will be easy for you to take?

Or maybe I didn’t mention one step you were hoping to learn.

Either way, let me know in the comment box.

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