What Do I Need To Start A Business In Nigeria?
From my personal experience as a business owner, I’m writing this article on what every small business owner needs to start a business in Nigeria.
Here in Nigeria, with a lot of small businesses and small stores springing up every day, people must know what they need to start a business in Nigeria.
This article is going to address that. From business inclined people to people that are still clueless but want to take a chance at starting a business, this post would be beneficial to them all.
Here are the 10 things every potential business owner would need to start a business in Nigeria
1- Money Is Important To Start A Business In Nigeria
A popular catchphrase about money according to Allan Dib the author of marketing pmp, said money ranks up high with oxygen and this cannot be less true. Every day we wake up, we would always need money to do several things concerning our lives. We use the money for food, clothing’s, business, cars, repairs, relaxation, e.t.c
Before one starts a business in Nigeria, money is very important because the amount of money one has would determine the type and quality of business he or she plans on getting himself or herself into and if that amount of money is sustainable for the growth of that business.
From the planning stage of a business to the execution stage, money is needed to carry out so many activities in a business both new and old.
2- The Business Idea Is Important To Start A Business In Nigeria
For one starting a business, the business ideas he or she decides to take would determine how much money and success they would attain.
Business ideas like the name implies are the different types of businesses one would pick from.
Knowing the type of business one would want to start would help them identify the necessary.
To pick a business idea to start here in Nigeria, it is very necessary to look out for the steady demands of the people around (in the country) since they would be the main customers, competitions, how profitable that business is, is it long term or short term, and a lot more questions to ask.
Thinking of a business idea and finally agreeing to stick with that business idea doesn’t put an end to it. One would also have to look at making other enquiries concerning the business. If it’s a business idea that requires sales of products, the person planning to start that business would have to reach out to people in that field to know where they get that product from and also do their price survey.
Also, if the business idea is a service rendered, a price survey of similar businesses should be done.
3- Business Name Is Important To Start A Business In Nigeria
After the idea for the business has been conceived and efforts are being put in place to enquire about that business, it is right to choose a name that suits that business.
One can pick a business name related to the goods he/she has decided to sell or the services they have decided to render. It all goes down to what his/her customers would remember.
If you are still clueless about a business name, you can also try the business name generator.
4- Registration Of Business Name Is Important To Start A Business In Nigeria
In Nigeria, a potential business owner needs to register their business name to be able to access business perks like loans, opening a business account, a show of professionalism and not to be seen as fraud due to the many recent cases in Nigeria.
The main and the most important business registration in Nigeria is getting registered with the Corporate Affairs Commission (CAC) in Nigeria. They are the first and most important before any other business organisation one would want to register with.
Registration normally involves documents like a passport, or an Identity card, or a valid driving licence, passport photographs, signature, business name, address, product or services rendered.
It is right to register with a lawyer to ensure seamless and hassle-free registration.
5- Business Plan
A business plan contains mapped out strategies that would be used to run a business or an organisation effectively. Starting a business in Nigeria would require you to have a business plan.
This is so important because a business plan would contain how you need to achieve your goals, your target market, your products and services, marketing strategies for the long term and short term and how to help that business grow over the years.
6- Website For Your Business
With the coming of the internet, a lot of businesses have dominated the online space and new and upcoming businesses are also doing so too.
Before someone buys from you or if they want to enquire about the authenticity of your business, they always do it online.
Also, the internet helps a lot to increase business sales and a lot of other measures to showcase your business within your location so that people can come to your walk in-store and buy.
A lot of business people do not know how to design a website for their businesses. Although this can be outsourced, if you need to do it yourself, the three most important things you need are your domain name which should be the name of your business along with a .net, .com, .biz or and suffix you choose, your domain hosting and SSL which is security for your site.
The domain name, the hosting and SSL services can be gotten from my two favourite hosting companies, Qservers and Bluehost, they both offer services as low as 3,000 nairas per year and $2.95 per month respectively with constant access to their customer care assistants.
You can pick your range and start from there.
Your website should contain different information like contact numbers, address, email addresses to reach, your objective, founders, company history, products sold and services rendered, e.t.c
7- Secure Offline Locations
An offline location is a major factor to affect the growth of that business, therefore while one is trying to pick a business location, it is very necessary to consider the products sold or services rendered because that’s the primary aim of that business- to sell their goods or services.
While choosing an offline location, it is very necessary to get a place that is close to your target market to allow them access to your goods and services easily.
8- Secure Your Business Name On Online Platforms
The names you have used for your business should be used to dominate the different social media platforms. You mustn’t be active on all the social media platforms, just pick one or two that could help the growth of your business and grow it.
9- Business Cards And Accessories
Business accessories like business cards should be designed and shared with people as a way of marketing your business in case they need your product or service.
10- Launch Your Products/Services
At this point, you should have decided on the product or service you plan to sell. It’s time to launch them and begin sales.
All the steps below are necessary while starting a business in Nigeria, although depending on the business, some may come before the other, it is right to see which comes first in your type of business as this is to ensure you are starting your business properly.