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Thursday, 4 January 2018

How To Start A Business in Nigeria - 10 Complete Guides

If you have been thinking on how you can start a successful or lucrative business in Nigeria, then you are among the thousands of people who want to join the league of entrepreneurship.
Everyday, thousands of people in Nigeria also dream of starting a business and, they surfs the search engines to get useful information or tips on how they can vividly launch a successful business and, how to make more and over their competitors.

Here in this article, you will get all the information and tips needed to start your business in Nigeria. But, I must tell you that you can't possibly dream of starting a profitable business in a day and achieve that dream the second day.
Business starts with an innovative idea and steady/gradual fulfillment of that idea.
Without wasting any time, let quickly dive into the main business but, I will kindly advice you to be patient and meditate on each points before going further.

Do you know what business really mean? Yes, I bet for sure that you know but for reference purpose, let me define the meaning of the term "Business".

A business is anything you and I engage in that earn us living.. When am talking about living under business, I mean what makes us bear our financial life and, that is "Money"!
The aim of every businesses Is to gain profit and, the profit is not sand or stone, it's Money. We use money to buy anything we need, take care of our health, lifestyle and other amenities.
I can categorize business into two namely below:-
Online Business and
• Offline Business which you are reading here.

READ ALSO: 7 Ways You Can Start A Business and Make Money Online

So, I have just remind you what business mean but, forgive me because I don't do more research about the meaning of Business but I still remember how my high teacher taught me.

How To Start A Successful Business in Nigeria - 10 Complete Guides

Let start;

*.1. Have A Business Plan
This is the first and it's a must! If you are planning to start a business without having an plan, then you are trying to buy a drive a canoe on highways. How possible will you really achieve your dream?
A business plan is like a fuel in a vehicle's engine... Without it, such vehicle won't move an inch (I don't know if you can force it by pushing with force).
Before thinking of starting that successful business, ask yourself: "What are your plans?"

*.2. Maximize Your Business Plan
So, you have got a business plan? Then start developing it by writing your plans down in a special book... Yes, every successful business start with a plan on paper. You need to draw your business structures, routes, competitions, response to demands, your services or products, your vision and goals etc.

According to experts, there are some major aspect of a successful business plan. They are namely below:-

The Executive Summary:- This is your major focus and what you want to achieve in the business.

Business Description:- The purpose of your business

Market demand:- Your targets! This chapter will focus on what and how you will offering to your potential customers either it's a product or service.

Competitive analysis:- Believe me, you can never come up with 100% unique business idea in Nigeria. No matter what you think that starting as a business, somebody else or a company somewhere else is doing that thing already. But, you can still dust them all but knowing your competitors and how you can defeat them.

Design and Development: This chapter covers how you want to brand or structure your business.

Operation and Management:- Now at this junction, your business would have been running. The next thing you need to do is to have a strict rules/guidelines on how you will operating your business. You will need to plan how you will be monitoring both outs and ins of your business in Nigeria.

Resources:- What did you have to start that business you are planning? Did you have a building for offices? Did you have some money to hire workers? How much can your friends and family give or loan to you?
This is very important in starting a successful business in Nigeria.

Financial forecast or projections:- How you will start the business and how you need to plan ahead on how you can make profit... Though, the first six months of starting a business might not be pretty well or profitable but, this is very important to be included in your business plan.

start a business in Nigeria

*.3. Register Your Business
Do you really want to operate a business in Nigeria without any disturbance from governmental agencies or your business association? Then, it's a must you get your business registered with Nigerian Corporate Affairs Commission also known as CAC.
Nigerian Corporate Affairs Commission, CAC is a Nigerian government agency that aims in registering all business organization or brand within the country.

*.4. Tax Registration
After getting your business registered with Nigerian CAC, the next step is to get a valid tax registration.
Just like Nigerian Corporate Affairs Commission, CAC, their is also a government agency responsible for the registration of tax in Nigeria, they are called Federal Inland Revenue Service (FIRS). There is no how you can run a business smoothly in Nigeria without having your tax registered.
To register your tax, visit your local government secretariat and you will be directed to where you will do your tax registration.
After registration, you will be given a special number known as Tax Identification Number (TIN).

*.5. Register Your Business With The Related Governing Body: There will surely be a governing body for your business in Nigeria. For instance, the commercial drivers are under National Union of Road Transport Workers (NURTW) or Road Transport Employer Association of Nigeria (RTEAN), the Carpenters, Automobiles dealers etc also have their governing bodies.
So, for you to avoid any arrant embarrassment or fine, you need to Register under any related body to the business you want to start in Nigeria.

READ: How to Register your Business in Nigeria

*.6. Get A Working Place:- After going through all those stresses, the next thing is to start bringing your business to live.
Look for a conducive and attractive place where your can build or rent office spaces for workers and your products.
Although, if you want to run an internet business, you can choose to work from home and 85% of online business are run from home.

But, running a commercial business like selling of cars, books, mobile phones, bags etc will need an office space for a start. You can't park cars inside your house compound and expect customers to approach you.

After getting an office space, renovate any area of the building that needs renovation, paint the office with attractive colour combinations, furnish it and start equipping it.

*.7. Bring Your Business to the Internet & Social media Sites
The internet is gradually turning the whole world into a global village! What you must also do is to roll with the development also.

To bring your business to the internet, you need a website. Building a website for your business means you serious about maintaining professionalism in whatever the business you are running.

You will gain more customers if your business is on the internet, especially when the website is mobile friendly (80% of internet users make use of their mobile phone to surf the internet the most), search engine optimization (SEO) is also very important.

You can create a successful website for your business, Click here to get started
Note: You can hire me to build a very attractive and well optimized website for your business. Just mail me at or call me: +234 80 6886 6068.

Social media branding is also important in running a successful business especially in Nigeria. Billions of people use social media sites like Facebook everyday and, why can't you tap your customers from these billions of active users of social media?
You will meet alot of customers who will like what you are offering.

Running ads with your website will also help you alot.

*.8. Start Marketing Your Business
After having a website and doing alot of time consuming work setting up social media brands for your business, the next thing is Marketing!
Remember that your business is still new, you need to get it known to the people by doing what I called "Business Giggling". This is a way you start distributing flyers, bills, cards etc to the people to tell them about newly launched business.

Also, social media marketing is very important just like when you are doing your social media branding. Join the groups, pages, rooms and board associated with your business and market both your service and product to people.

*.9. Be More Unique, Brand Your Business in Nigeria Surprisingly
You should know that you are not running a business that other people haven't run or will not be running so, you are in between competitors but, you need to be outstanding and unique. Don't copy other people or companies' ways of operations - be unique!

For instance, a person running hair barbing saloon business in Nigeria may think that the only thing he need are clippers, shaving blades, chairs, large mirror, hair styles magazines, Dusting power, creams, audio player etc... This is very common within Nigerian barbers but, you can outdo them and be unique.
You can have a special vest for your staffs and trained them about a unique dressing code, how to woo/accost a client/customers, be moderately professional. Let me tell you this, "if you can be able to offer free Wi-Fi service within your office space, believe me, customers will be flooding to your office like you did a charm. Why? Because, almost 90% of Nigerians make use of data to do one or two things and, they will gladly approach a business offering free Wi-Fi service within or outside the area."

Also, don't forget to have a complementary card, an I.d each for your staffs and have a customer care representative (just one is okay for a start) and, do gives free things maybe as a form of competition, empowerment etc.

Just make sure you have a unique branded business in Nigeria!

READ: How Communication Helps A Successful Business Life

*.10. Continue Marketing and Promoting Your Business - Don't Give Up!
This is my last guide for you in this article, "How To Start A Successful Business in Nigeria - 10 Complete Guides. I'm sure you have already catch the scoop of setting up your business hale and healthy in Nigeria.
But, winners never quit! As long as you have a good business idea and impressive strategic plans, you should keep on trying.
Continue to promote and market your business, don't just sit down and be waiting for manna to fall on you, set up a marketing team (it maybe one or two knowledgeable individuals) to help you proclaim your business to the potential customers within and outside Nigeria.
Big and successful companies still have marketing team... The secret is that, everyday, the market is being more competitive.
Don't relent!

From Editor's Desk:::-- How To Start A Successful Business in Nigeria - 10 Complete Guides

By now, starting a business in Nigeria shouldn't be a tedious task for you to implement because here in this article, I have tell you everything you must do if you are aiming to setup a lucrative business in Nigeria.

Although, starting a business in Nigeria might seems hectic or unfruitful at a start but, don't kill that great ideas of yours, try as much as possible to maximize it. Nigeria is a very big targeted market, investors from other African countries are also aiming to hit Nigeria with their business idea and, this made it more competitive for a beginner but, remember that everything starts from something.

Do you have any question, query or enquiry? Please, let me know through the comment box below, I will be very glad to receive your comment.

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