Salary is what your employers pay you to forget your dream is what we hear thrown around every time nowadays, well, whether this is true or not, that’s an argument for another day. But whether you have just quit your 9-5job or a fresh graduate trying to start a business in Nigeria, I want to share some basic procedures to start a business in Nigeria. Ride with me as I take you on a step to step approach.
These questions, what business do you want to start? Where do you want to locate the business? How much do you need? How do I go about it? And so many other questions, must have been wrestling for answers in your mind.
Step by step to start a business in Nigeria
Well, if you have decided to become a boss of your own, below are highlights of steps you must take.
- Have A Rich Business Idea
- Develop a Working Business Plan
- Choose a Strategic Location
- Have Your Product/Service Ready For The Market
- Incorporate/Register your Business
- Enrol your Business under Federal Inland Revenue Service
- Open a Business Bank Account
- Obtain Necessary Permits/Licenses
- Promote your Business both offline and Online
- Offer Quality Product/Service Proficient
- Control Your Process
In this part one, we will explore just 3 points above. Make sure to subscribe to our newsletter to know when we post the other parts.
A Rich Business Idea
You must be wondering why I wrote ‘rich’, you’d be shocked when you hear the reason why some people want to start a business, after a 5 mins chat with them you’d discover that it’s a malnourished business idea, suffering from kwashiorkor. A good business idea must profer solution, either inform of gratification, or any other human daily experience/need. A pub for instance, provides a social engagement space for people, where they get to eat, drink, socialize, network etc. This previous blog has got some juice for you, 3 Business Idea to Start With 100k or Less
Develop a Working Business Plan
To start a business in Nigeria, you need a working plan! By ‘working’, I mean it doesn’t have to be the final business plan. Create some sort of map for your business that would give you smooth navigation. Your business plan would help you realize what value your product or service adds to target consumers, its sustainability, how you can generate or raise capital, how to create healthy revenue to grow the business and probably even expand at the end of the day. Too many people have “Ideas”, and the ideas plenty! But it is all talk. No plan on how to implement. Here is our last blog handling the issue of implementation – become successful.
Choose a Strategic Location
The importance of location can’t be overemphasized in business. Don’t go and rent a space basically because it’s cheap, big or fancy. Look, we actually recommend you to have a selling product or service first before renting a space, except you are the production/manufacturing business that can’t be done from home. Remember a space is fixed cost, so if you sell you do not sell, you go pay rent, light bill, water bills security fees etc.
Now, if you have to rent, check its proximity to your target consumers. How regular there is light, otherwise fuel and generation cost must be factored into your budget. A pub for instance should be in an area with socialites. You don’t want to open your pub in an area with an open and closing hour restriction.
Like I said, let’s take this small small thing. In part 2 on how to start a business in Nigeria, we will explore Products/Services ready for market and Business incorporation. If you have questions, use our chat box beneath. Remember to subscribe to our newsletter for updates. Follow us on social media.