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9 Steps to Start Real Estate Investment in Nigeria

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Real estate investment in Nigeria has been generating real and consistent income for many smart entrepreneur in the country and different part of the world.

And many people are still skeptical about how really the business work.

Some knows how real estate investment business work in Nigeria but don’t have enough capital to skyrocket the great business idea. If you’re in this category or under the aforementioned situation above, this article will enlighten you on how to become a real estate investor with little capital and make some profits.

But for reference sake, we may need to define the meaning of real estate investment and from there, you can catch the main idea of the business.

What is Real Estate Investment?

Real estate investment is the kind of business that deal with purchase of real estate or property with the intention of selling in higher price and thereby making some profits.

It can be property acquisition for a long term and, sold off which value is its value is increased. Renovating property to sell at higher price or engaging in property rental services.

ALSO READ: How to Start a Restaurant Business in Nigeria

But that’s not all about real estate investment in Nigeria. Here is a fact;

What you need to know about real estate investment in Nigeria

For starters, real estate investment has proven over the years to be one of the most profitable business for investors in Nigeria and all over the world. Making the profit isn’t as quick as you see with other businesses, and that’s why it’s called an “investment” making it a long term profit system.

Like in most businesses, there are best practices and steps to follow in other to be successful at it and same thing applies to real estate investment.

So, we are going to take a look at every and each tips related to starting a real estate business in Nigeria even, without having huge capital.

How to Start Real Estate Investment in Nigeria – Beginner’s Guide

Below are 6 proven tips by experts worldwide on how to make more profit from real estate investment in Nigeria.

1.    Get a Unique Business Name

The first thing I will ever advise you to do is to create a professional but unique name for your business.

Think of a name that will speak more about your business even before you introduce what your business is all about.

But note that when I say “UNIQUE” name, I mean a name that:

  • Its social media handles are available
  • Its domain name is available for purchase from any web hosting company
  • It shouldn’t be searchable on search engines (because you’re not to compete with anybody’s business name)
  • And finally, the name should be easily pronounced.

CHECK HERE: How to Choose a Unique Business Name

After getting your business name, the next thing is to make sure that government know about its existence.

But how? Check the next step below:

2.     Register Your Business with Nigeria’s Corporate Affairs Commission (CAC)

Registering your business can’t cost you much. Normally, it should cost you nothing more than N12,000 which includes the Name Reservation fee, Business Name Registration fee and other little expenses.

It’s the one of the first 3 most important steps for setting up a business which include real estate investment in Nigeria.

The Corporate Affairs Commission (CAC) is the only Nigeria’s government official conferred with the authority to register and approve businesses within Nigeria.

Registering your business name will attract some benefits to you. It makes you professional, trusted and free from any harassment from government or force officials.

If you’re thinking right with me that it’s a nice move to get your business name registered, I have a guide for you:

Read >>> How to Properly Register Your Business Name With CAC in Nigeria

But if you think you won’t be able to handle that successfully, I’m ready to help you out. I will:

  • Help you find a unique business name related to your business
  • I will get it registered with CAC for you
  • And set up a professional business website for you.

This is 3-in-1 package which should cost you something around N350,000 but because you’re a reader of this blog and you’re ready for this 3-combo service, I’ll give you some discount beyond your expectation.

Just contact me (HERE) or whatsapp me directly on 080-6886-6068. Please contact me with this coupon code “InvPos2019”.

3.     Get a Business or Portfolio Website

Because everything is getting more global these days, you need to have an automate platform where your prospects or customers can be able to reach you (even when you’re sleeping).

The best choice is to set up a very responsive and beautiful business website. In my business website (HERE), I have been able to tap clients for my team even when I’m asleep.

A business without a website these days has very lean chance of dominating the market.

To skyrocket your idea of real estate investment in Nigeria, I’ll urge you to get a website made for you.

In the #2 above, I said I will offer you 3-in-1 combo service at a very discounted price, the service includes a business website for your real estate business.

Contact me NOW!

The next thing is to start playing your game gradually and that’s what I’m going to enlighten you on:

4.     Buy at a Lower Rate

For every business person, the price of an item is key.

The same applies in the real estate market, the price of a property should be considered before choosing to make that purchase. It’s similar to what we have in stock market, buying low is key to making profit.

After a proper examination of the property, the purchase should be made immediately the price matches with the value, waiting for the price to appreciate isn’t advisable, once you’ve purchased your preferred property of choice you can now sell at an appreciated rate and this should be your profit.

Example: A property bought at the rate of N8 Million, for the sake of making profit, a sale should be made after its appreciation. It could rise to N10 Million+, the increase in the value of that property becomes your profit

5.     Selling At a Greater Amount

You’ve bought at a less expensive price, it’s time to sell. You should sell a much higher price than you’ve purchased. This is a common idea among business persons and that’s also what should be part of your motive as a real estate investor.

The big deal is to always buy when the price is low, then you sell when the price appreciates.

Before selling, you should consider the acquired expenses, it should cover the expenses and have some left. Buying a property involves a lot expenses like cost of registration, legal fees and some transaction charges, selling at a higher rate covers all these thereby increasing profit.

As said earlier, it’s quite similar to stock market trading, those with stock market experience could easily navigate the waters of real estate investment in Nigeria.

6.     Increase Net Profit by Renovating

Real estate values doesn’t always increase, in history they’ve been some period when it happened, you could buy a property worth a million naira to sell at N1,000,050.

The rate of inflation is beyond your control as a real estate agent in Nigeria, the government makes the decision which directly or indirectly affects the value of real estate business.

Despite all these, you could still improve on the estate’s value, how?

First off, you need to understand my fourth point of buying at a lower rate, then do some renovations on the property and this will no doubt increase its value in future.

Let’s say you purchase a slightly dilapidated property for the sum of N500,000, due to its horrible state, you can’t profit much if you sell a property with such condition.

What’s you’ll need to do is to get the property back to life by adding some paint or repainting, furniture of good quality should be added also, and whatever you know such a property should contain.

After doing all these, the value of that property will invariably increase and you can boldly say you’re in real estate investment business.

You should also consider this before initial purchase, before purchasing a piece of property should have a rough estimate of how much you’re to use for repairs and other expenses, it shouldn’t be much else you’re not in business, you could be likened to a charity organization.

This should be done in every property you purchase so as to increase your net profit.

7.     Renting Is More Profitable

Those who have made millions from real estate investment in Nigeria will tell you that most of their profit came from renting and leasing.

This is one sure and steady way to keep the cash coming in, irrespective of whatever property it is, private or commercial, you get much more gain when it’s put up for rent.

Requirements for Starting Rental Service/Business in Nigeria

Before putting up a place for lease, some factors should be considered such as:

  • Location
  • Road network
  • Availability of necessary amenities,

All these influence the rental value of any property. Location seems to be the most important among all, so before buying be sure to see if all these are in place.

Take a look at this simple calculation below:

A property bought at a rate of N5,000,000 is renovated with N1,800,000 plus miscellaneous expenses of N200,000. This sums up to N7,000,000.

At the end, you could get back all you’ve invested plus more in the space of two years.

Remember, real estate investment in Nigeria is not a “get rich quick scheme“, although it’s very profitable.

8.     Have You Thought of Land?

If you haven’t, you should start thinking of how to start buying lands (if you’d like to make more money from real estate business in Nigeria).

Owning a land where you could set up a real estate yourself is very profitable and you should take advantage of this.

Before you get that land remember that location is vital. The developmental prospects of such a place should also be put into consideration. If an area has no prospect for growth in the near future do not invest, else you might run into loss at the end of the day.

Remember that land is one of the most important gift of nature (coupled with Water and Air) apart from the mineral resources given to us by God.

If you buy a plot of land at the cost price of N2,000,000 and you just do corner-pieces on the land to identify and different your land from others, after a year or two, you may sell off the land at the rate of N4,000,000 – N5,000,000.

The most important thing is that the price never decrease but increases with respect to development of the location.

9.     Marketing: Get Seen, Heard and Paid

You have a great job from #1 – #8 and you still need to do more.

Although, real estate investment in Nigeria is not yet crowded like other businesses out there. But, the competition is high because real guys who are into this business are spending more on marketing.

But why marketing is necessary for real estate development business?

People these days are aware about what comes to their notice. And to make money from any business you lay your hands upon, you need to get your business to their notice because without these people, your business is NOTHING.

I believe your know the importance of marketing for any business right?

But let me remind you that the best marketing strategies for your real estate investment is through:

  • Social media – Facebook and Instagram is the best choice!
  • Google ads
  • SEO (Search Engine Optimization)
  • Offline marketing which include making banners, handbills, flyers, vests, radio jingles etc.

Read these helpful tips:

A physical presence is what you should also consider, you need a physical office separate from your virtual online presence. You need an office for discussing business, an office enables you to have a dialogue with your intending customers.

Wrapping up

Real estate investment in Nigeria has made billions of Naira for many smart entrepreneurs and more are still racking up the millions. You too can be part of the moving train if you choose to invest wisely today.

These tips above have been recommended by experts to be among the top ways to make more profit as a real estate agent.

What are you waiting for? Start investing today!

I’m sure that in one or the other, this article has help you get new idea about how to professionally start a profitable real estate investment in Nigeria? But do you know that there are other people outside there who can benefit from this article?

Kindly help me share this article with me by clicking on the social media sharing buttons below.

Thanks and don’t forget to sign up for our newsletter.

My name is Stephen Gbolagade, people say I'm a multi-skilled guy. I guess maybe because I'm a Blogger, Website Designer, SEO specialist, Content Writer, Business coach, Digital Marketer, and Self-taught Frontend Developer. But what do I have to say about myself? My contents, personality, and services will say and prove the person I am to you. __________________________________________________________________________You can hire me for Music Promotion, Website Design or Blog Setup, Marketing and any Digital-based tasks! __________________________________________________________________________ Contact me here on Facebook :: Instagram :: WhatsApp __________________________________________________________________________ If you're inspired by me and think it's necessary to buy me a cup of coffee, you can give me a tip HERE 👌

1 Comment

1 Comment

  1. dice@diceview.com'

    Successful Real Estate Investors Stories

    August 12, 2019 at 7:25 am

    Thank you for such a good passage discussed. I really have a great time understanding it.

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Business

How to Dress Like a Smart Entrepreneur in Nigeria

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To really show your clients that you are worth investing in, you must learn perfect grooming tips to woo them. I mean, you must learn how to dress like a smart entrepreneur in Nigeria.

Many entrepreneurs meet different clients on different occasions, most of us (the entrepreneurs) are chairing boards of directors, firms, agencies, conglomerated companies, individuals, and government bodies with the aim of achieving the best for the respective companies or organizations they are representing.

The major reason why you need to dress corporately is not just to be attractive or show how extravagant you but you need to dress the way you wanted to be addressed, your business skills or intelligence are not enough!

In business both offline and online branding, you need to understand how to meet-up and simplify your corporate or business dressing etiquette. To be sincere, dressing etiquette and sense should be one of the key factors that all people aspiring to be successful and smart entrepreneurs should have.

Good to know that most business organizations like the banks, hospitals, and other agencies have their own dressing code. For example, the government here in Nigeria allows their workers (otherwise known as civil servants) to wear their native attires only on Fridays.

While institutions like banks, hospitals always are expected to put on their corporate suit and polished pair of shoes while most self-employed dress the way they like or feel.

But, the world of dressing and grooming is entirely different for entrepreneurs, no matter the source of your job and its dressing code. Here in this article, I am going to work you through some tips on how to dress like a smart and successful entrepreneur.

8 Perfect Dressing Tips For Smart Entrepreneurs in Nigeria

  1. Take Your Dressing As An Investment

Before going to your office or to boutique for shopping, you must buy classic and corporate styles that suit your body shape, size, and complexion. Don’t think because your friends are wearing Gucci, Versace, Fila or Nike, you must wear them also.

You need to dress to fit your business not the latest trends in the town. Do take enough time to pick out of many and never wear body-revealing clothes (Mostly women).

Some clients hate this while some want this but as a corporate entrepreneur, you must not wear seducing clothes or have such intention to negotiate with clients with your dressing but rather, seduce them with your business Skills and Intelligence!

2. Change Your Wardrobe Constantly:

Although I won’t advise you to take all your savings to buy clothes that suit your business and body. But, it will be good if you shop for new dresses at least once (or as much as possible) in a month. You should tell your regular clients, prospects, or business partners that you are happy and successful in your chosen career and one of the best ways to do this is through your dressing.

Don’t look retarded, tactless, or awful in appearance. Change all old clothes to New One. If you don’t know how to shop for clothes that fit you and your business, ask those who are professionals in fashion.

3. Build Good Body Shape

If your body shape is not good enough, you must try the right and safe remedy to build it up. Doing an exercise or going to the gym regularly will give you perfect body shape. The reason for this is that, no matter how fabulous you dress without having good body shape, such grooming efforts won’t go beyond your room.

You may look stupid to some people and this may cause depression or frustration if you find out what people or your business partners are saying behind you.

4. Keep Your Make-up Simple:

This concerns the women who like using cosmetics in an excessive way. Let go of make-up products that are too flashy but instead choose the one that will show entrepreneurship and serious in you. Remember you are dressing for a business not for partying and you must not annoy your clients or allow them to take you for granted because of the way you dress.

If your make-up is faulty, there is a possibility that you will face some faults with clients and business partners. If you can’t perfectly do good and nice makeup for yourself, I will advise you to consult a make-up artist for help.

5. Do Like A Roman When You Are In Rome:

I mean, you should understand how to dress for each business occasion. You can’t be working in a bank or hospital and be wearing jean and canvass to office, you cannot be going to farming to make the heaps or ridges and put on a suit.

You can’t be a military man and be wearing “mufty” to station or barrack (although, you may wear the police vest or any designated dresses by the military officials). You must select clothes according to the nature of your business or profession.

6. Understand The Atmospheric Condition:

Always, dress according to the weather condition. If it’s during the rainy season, wear clothes that will protect your formal dressing from being immersed by rain like a coat, jacket, etc.

Go for clothing materials that are reflective of the season. Clothes that are thick are good for fall and winter and it’s not advisable for summer but instead, Light linen fabric or clothing materials will be good for it (summer).

7. Avoid “Color Riot”:

This is a “must” for all entrepreneurs who want to dress up well and gaily as a successful and smart entrepreneur. For business and corporate sake, it will be perfect if your coat, tie, shoes, handbag, shirt, skirt, trousers, belts, and other things you will put on Match each other.

For women, a black handbag should be matched with a black shoe. For men, a blue coat should match with blue trousers and so on. If you do this in the right proportion, this will show your creativity, intelligence, and how much more you can take care of things perfectly.

8. Wear Quality Dresses:

As I have said earlier, you don’t need to put yourself into debt before you dress like a smart entrepreneur and that’s why I suggested that you should buy Clothes for at least once in a month or more depending on your salary or income.

But, make sure that the “one” you will be buying will be a quality “one” not fake. Most clients will study everything you put on before they can give their project or contract to you.

You remember the adage that says “Dress as you Want to Be Regarded” So, wear quality materials if you want your clients and business partners to take you so important.

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How to Create an Online Store in Nigeria: Guide to Launch Your Own Shopping Site

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Do you want to create an affordable and profitable online store in Nigeria but don’t know how to get started with it? In this blog post, I will show you the easy way to launch your dream eCommerce website using a flexible CMS platform and reliable web hosting.

Oh…  are you thinking right now that what is CMS and web hosting? Well, I will explain that to you as well. 

But why create your own online store in the country?

In the last decade, the world has witnessed quite some changes in some of the ways people do things. One such change has been in terms of commerce. Before now, we had the physical stores with inventory scattered around, that we choose to shop from, today we have online stores all around the internet and they’re slowly taking over.

Recommended: Top Online Shopping Sites in Nigeria

Here’s a solid reason you need to launch your own store now;

Research done in 2017 has it that; “55 percent of commercial activities are carried out online worldwide”. In Nigeria, we’re all getting awakened to the idea of online shopping, and it’s expected to be a big industry in a few years to come.

With all these in mind, what stops you from owning your online store? Well, maybe you think that ‘to create or set up a profitable eCommerce website will cost you a fortune’, but that’s not true!

I’ll be showing you how to create an online store in Nigeria using some pretty cool platforms and tools, which are absolutely affordable – at least you don’t need to spend a million naira ($3,000) before you can get your own dream online shop!

Now, let start;

How to Create a Profitable Online Store in Nigeria – Complete Guide

Before heading to these platforms, you need to have certain things in place, in order to maximize your level of profitability in the e-commerce world. These are simple, yet often taken for granted, but they go a long way in growing your brand. 

To build a profitable online store in Nigeria, you should follow the following steps;

1. Define Your Niché

There’s no need to start diversifying, you’re probably on lean resources at the moment, and you’re pretty not sure if this business is going to be a success, you only hope it does.

Focusing on a Niché helps in channeling your resources on that Niché. This you should do because you’re starting up, you shouldn’t diversify because the top guns are doing it. You’re not yet at their level, as your business grows, you could make plans for expansion.

I mean, you shouldn’t copy the likes of Amazon, Aliexpress, or Jumia (for now). Start with one product and try to dominate that niche to an extent, then you can think of leveraging other products.

When choosing, make sure it’s viable, and products in such a field are in great demand. In an eCommerce business, your niche doesn’t necessarily have to be something you’re passionate about, you could learn the ropes of such a niche as you forge ahead.

2. Choose your form of inventory

Many e-commerce firms today have inventories in various places, but let me tell you an easy way – Dropshipping!

You’re going into this business to maximize as much profit as possible, both forms of inventory have their pros and cons. Although you get to pay certain fees for hosting and more online, they are less expensive than having a physical inventory.

If you’re a fashion designer, you can sell your clothes in your online store in Nigeria and make more money by dropshipping related products. This same method applies to those who sell Smartphones, computer gadgets, and their accessories etcetera.

To learn more about how dropshipping works in Nigeria, check this guide

Now. let’s talk about the next step.

3. Get a Brand Name

Another important step to abide by here is picking a brand name. Now, don’t just go about choosing any name, you wouldn’t want a situation where you’ll have to change your name often, it devalues your brand. Your name should be well thought out, it should also serve as your domain name and your social media usernames when you finally launch online.

A piece of advice on brand name choosing: Endeavor to choose an English word or phrase if you want to see real success. Not everyone will be able to write or pronounce your native name or phrase correctly, and this is bad for marketing. 

Since English is the official business language in Nigeria (offline and online), I think you should have this in mind. The key here is to use simple words or phrases that’ll be easier to recommend to someone from another region of the country. Additionally, you could integrate a native word with English to make it much better.

You may decide to register the unique brand name with the government, in order to avoid anybody using it. Click here to learn how to register a business name in Nigeria

Just make sure you get a unique and brandable business name! Now, let go into the practical steps in creating your (profitable) online store in Nigeria.

4. Choose a Good CMS Platform, then build

There are many CMS platforms available to help you create your online store in Nigeria. The word “build” might sound stressful but not to worry, it’s a simple process. 

Quick Tip: CMS means “Content Management System” – You can read this Wikipedia article to know more about it

Although, the level of simplicity varies depending on what platform you choose. In fact, some platforms are automated; you only have to make a few clicks on your PC. Some other platforms let you use your already existing site, you just have to install a few plugins and you’re done.

There are quite a lot of platforms to build eCommerce websites, but I recommend using either Woocommerce or  Magento. Because they’re both;

  • Affordable
  • Flexible to use even, if you’re a beginner
  • Very friendly and reliable
  • You take control of your stuff and many beautiful reasons.

Let me talk about these two amazing CMS platforms and how you can set up your dream online store in Nigeria with them;

How to Create an Online Store with Woocommerce (WordPress) in Nigeria

Woocommerce is one of the most used platforms for e-commerce, they have a huge percentage of users in the e-commerce world. This is due to WordPress dominance on the internet – over 30% of websites are powered by WordPress. 

This is why Woocommerce tends to be a much popular choice. There are other reasons why Woocommerce remains at the top. It’s pretty easy to set up, it’s open-source which makes it easier for customization, SEO friendly, and it’s totally free – you only get to pay for other external features. 

Setting Up An Online Store with Woocommerce

It’s very easy to build an online store with Woocommerce, with your WordPress site, you’re good to go. Here are the steps to take.

  • Buy a Domain Name and Web Hosting

A domain name is an identification string that makes you unique on the web. 

I will not feed you with technical jargons, a domain name is like the house address that people can use to locate you easily. For example, Gbolamedia.com is a registered domain name.

To create a successful online store, you need to buy one! After the domain name, you need to buy web hosting as well.

Web hosting allows you to make your online store accessible via the World Wide Web. A web hosting stores your website files (the text, images, and anything you upload to your store). It is like your house where you can have your possessions stored.

There are a lot of web hosting companies out there, but I recommend buying from  LiquidWeb.

Why Liquidweb of all web hosting companies?

Liquid Web is a very effective and reliable web hosting provider that offers the best hosting services to consumers of various kinds. With Liquid Web, you get up to 99.9% server uptime, next-generation dedicated servers, and much more. 

The web hosting company is suitable for various professions, from freelancing to agencies, and businesses of every kind.

They’ve also got great customer support on various channels, with less than minute response time. These and many more you get to enjoy when you choose from any of their hosting plans below;

Here’s a deal: 

  • Use this Coupon Code >> GETONLINE to get 25% off, on 3 months Managed Woocommerce or WordPress Hosting.

  • or use SAVEBIG to get 50% when you buy a Dedicated or VPS Servers

  • Click here to Buy your web hosting now – the link will open in a new tab so that you can navigate back here.

After buying your domain and hosting, it’s time to build your site.

  • Install WordPress, then, Woocommerce plugin

After buying your domain and web hosting, you’ll be given a Cpanel. From your Cpanel (Control Panel), Install WordPress app.

Note: You can always ask for help from the Liquid web Customer care, they’re ready to assist you.

After installing the WordPress from the Cpanel, Login to your WordPress admin dashboard;

>> Then go to Plugin 

>> Click on “Add New” and search for Woocommerce

>> Finally Install and activate the Woocommerce plugin

The Woocommerce plugin was designed specifically for e-commerce, it tweaks your site to make it great for an online store you’re dreaming to launch. It’s mobile-friendly since most people access these platforms via their mobile. 

After installing Woocommerce, with just a few clicks, some sections of your site will be automatically created. These sections are pretty much mandatory on all e-commerce platforms; sections like Cart, Checkout, Store, My account, etc. You could further customize these, add other sections, and personalize your store.

The next step is to design your online store beautifully! 

  • Install and Custom a Good WordPress Themes

Remember I said “Domain name is your Address” while a “Web hosting is your house”? Don’t you think it will be cool to paint the house beautifully and do some decorations to make it stand out?

You think so? Great, this is why we need a “theme” to beautify your online store.

You can get a lot of free WordPress themes, as WordPress offers lots of themes for beautifying your site, you could choose from the wide variety of available themes – but be sure to use e-commerce friendly themes.

To get a free WordPress theme, follow the steps below;

>> Login to your WordPress dashboard

>> Click on “Appearance”, then “Theme”

>> Click on “Add New”, then search for “StoreFront”

>> Click on Install and finally Activate.

Note: I recommend StoreFront because it is the best free WordPress theme for Woocommerce.

But dear, I recommend buying your own theme! 

Premium themes are so blessed, you will have access to some features that you can’t get on the free themes and you will get premium support from the theme developer.

To buy a theme, go to Themeforest and search for any WordPress theme of your choice.

Quick Tip: If you are going to sell clothes, search for “Fashion eCommerce WordPress Theme”. If you want to sell Computer gadgets, search for “Computer eCommerce WordPress Theme” and so on.

After buying your theme (here), download it and upload it by following the steps you explained if you want to use a free theme. The only difference is that you will “UPLOAD” instead of searching for the theme in your WordPress admin dashboard.

  • Add Your Products + Details:

The next thing is to add your products. Click on “Products” in your WordPress Admin dashboard and flow with self-explanatory onboard screens. Then finally Publish and do this for all the products you will like to upload to your site.

If you need any help, kindly ask me in the comment box below.

  • Finally, we’re done! 

You’ve successfully created a Woocommerce powered and lucrative online store in Nigeria. It’s now time to start adding products to your store.

Okay, let talk about Magento;

About Magento

Magento is another wonderful platform for e-commerce, more and more users are getting to use this platform. It’s pretty new to the business and still has its quirks. Although released initially in 2008, it finally got a stable release early this year, and it’s still undergoing changes which we would see in the future. It’s a good platform for starting out your e-commerce business.

Setting Up An Online Store in Nigeria with Magento

Unlike Woocommerce, you would spend much time and effort in setting up your store, it is more like a manual process.

Note: We will not be talking about all the steps here, as we have discussed in the process of setting up a Woocommerce store. But notwithstanding, I’ll brief each step;

  • Using Liquidweb as our hosting provider for Magento, choose a suitable domain name. I noted some points you should pay attention to when choosing your brand name – this could also serve as your domain name.
  • Install Magento. It’s pretty easy if you follow the prompts, and select the suitable options. Since it’s open-source, you get to customize every single aspect to your taste
  • Styling: Like WordPress, Magento also offers a good number of themes for a much better looking online store. Pick from the available themes and customize your site. You can as well buy premium themes from ThemeForest
  • Add Products: It’s time to start selling, adding product images and description is pretty much easy and shouldn’t break a sweat.

That’s all about setting up a lucrative online store in Nigeria using WordPress or Magento. But that’s not the end, let me tell you a few things you need to do to make your store fetch you pretty income (or profits).

5. Marketing Your New Store

Marketing is the soul of any business. You are supposed to start marketing a little bit earlier before your store fully goes live. You’ve got to let people know what you’re up to, the products you offer, and many more about your brand. 

Marketing has been simplified these days, social media is one huge marketing platform you should take advantage of as the top brands use this to publicize their products. You’ll be saving some money while doing this, you could start paying for a much bigger audience as you grow your store.

Set up an Instagram account and Facebook page with your business name, connect them together (Google search for how to connect Facebook page and Instagram account), and finally, start promoting your products on social media platforms.

Conclusion – Creating an Online Store in Nigeria

These are pretty much what you need for a profitable online store in Nigeria. Setting up an eCommerce store in Nigeria is pretty much an easy task, it’s even much better if you fully utilize the platforms shared above. 

If you’re already using these platforms or will like to ask a few questions, kindly “CLICK TO COMMENT” and I’ll be happy to hear from you.

You can share this blog post with your friends if you find it helpful. But don’t forget to subscribe to my mailing list in order to receive free updates like this.

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How to Write a Perfect Business Plan in Nigeria (And a FREE Template)

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Writing a perfect business plan in Nigeria shouldn’t be a difficult task, let talk about this!

Are you starting a new business in Nigeria and you don’t want to fail? Then writing a good business plan should be considered the second great deal after your initial idea before you put in your capital.

In today’s business world, one of the great ingredients for a successful business is proper documentation, one of such documents is your Business Plan; which is why I’ll be showing you how to write a perfect business plan in Nigeria.

Well, not as perfect as an angel. But, I’m sure this blog post will really help you understand the simple secret behind writing a good business plan.

But we need to understand some basic concepts in order to fully understand the proper crafting of a business plan. In business schools, we’ve got different definitions of what a business plan is.

What is a Business Plan?

Basically; a business plan is a comprehensive, yet concise description of a business entity, be it a startup firm or well-known cooperation.

It’s a document that describes several areas of your business as an entrepreneur, these include; financial, executive, operational, marketing, and goals of your business. A business plan may serve one or all of the following purposes, which is; 

  • To present current and potential investors what your business entails in a bid to make them invest, or;
  • To serve as a guide for the company – leading you from where you are present to where you wish to be in the future.

But often, business proposals and business plans are oftentimes, used interchangeably, while in essence, they differ to some extent. So, what are the differences between them?

Difference between Business Plan and Business Proposal

A business proposal is a document showing potential investors your business idea and how you tend to execute such an idea and how viable it is, all these are done with the aim of getting support from investors and clients. You don’t need to have a business up and running before drafting a proposal, just an idea is enough.

Business proposals are for a specified set of audience.

ALSO READ: How to Write a Good Business Proposal 

A good business plan in Nigeria as earlier stated serves as a document to guide a firm into its future or to seek investment from investors. You need to have a business up and running before you could write a business plan.

A business plan is meant for a much wider spectrum of people.

Importance of a Business Plan in Nigeria

Few advantages of crafting a good business plan in Nigeria include;

  • A Business Plan Makes It Easier to Make Future Prediction 

With a well-defined business plan, it’s much easier to predict the future of your business. When you’ve got a clear goal of where you are going, it becomes much easier to plan towards it.

  • It Gives You Better Understanding of Your Market

When crafting a business plan, you get to do quite a lot of research work which would include your target market. Doing this will give an insight into the market, something you probably didn’t have before.

  • You will Know the Business Pros and Cons

As you outline your plans, your strong points become more obvious to you, and that’s what you should focus on moving forward. You’d also see your flaws, with this knowledge, you can work on improving on them – turning them into strong points.

  • Business Plan Improves Decision Making

Irrespective of who your business plan is targeted at, you still get to keep a copy. This informs your decision, leading you to make better choices. If ever you lose track – which is quite certain, you could get right back with the knowledge of your intended plan.

There are many more advantages of why you should have a good business plan in Nigeria, these are just some of the more prominent ones. Therefore, it’s important you take time to carefully craft a business plan, which leads us to the next phase.

Things to Note Before Writing your Business Plan

Before you go-ahead to start writing that business plan, take note of these three points; 

  • Know your Audience: Who would be reading your business plan? Are they well versed in your field of expertise? probably not. This lets you choose your words so as to accommodate almost everyone, you can leave out the technical jargon because not everyone is acquainted with your field. The aim is to use simple grammar while writing, this makes it easier for any investor to comprehend what you’re up to. 
  • Not Too Long, Not Too Short: This is a really sketchy one, but you don’t want to tire out investors. Too long, it seems discouraging to read and most probably won’t be. Too short, you’re seen as not committed to the business. This is what you need to do; your entire document should be between 15 to 25 pages with a very legible font.
  • You don’t have to be an Expert to get started: Many entrepreneurs feel reluctant to start writing a business plan, with the mindset of being an expert with good writing skills to start writing their business plan. There are lots of platforms that could help you create a really good business plan in Nigeria. You could also research available templates to make it a lot easier.

To have a more personalized business plan, you need to craft it yourself, which leads us to the meat of the article.

Proper Structure to Write a Perfect Business Plan in Nigeria

If you want to capture the hearts of your future investors, and probably something to keep you from going on track, then you need this structure in place, in the following order;

N.B. Remember to use legible font while writing, proper paragraphing should be employed and also ensure to use infographics where possible.

  • EXECUTIVE SUMMARY

This is the first part of your business plan, it’s the summary of all other sections of your plans, and as such, it should be concise – not giving off too many details. A good executive summary will determine if the rest of the business plan will be read, especially by a potential investor. 

If this part of your document is nicely written, stating all the relevant information, a client may not need to read the whole plan because you’ve already conveyed the whole message. 

When writing a business plan in Nigeria, you should see this part of the document as your major selling point, so you need to get it right. 

A perfect executive summary should summarize the following; 

  • Value proposition
  • Problem(s) you wish to solve
  • Solution(s) you’re offering
  • Your target market, your competition
  • Overview of your business team
  • Means of funding and milestones reached. 

All these shouldn’t be more than two pages of your document, with you stating the most relevant points, facts, and figures of each.

  • PROBLEM & SOLUTION

As an entrepreneur, your business will definitely be solving a problem, directly or indirectly. You should know what the problem is, making this the second part of your document. If your company isn’t solving any direct or indirect problem, then its relevance is questionable. 

You’ve got problems to solve, how do you go about solving them? 

This is where you’ve got to show your ideas’ credibility. Certainly, you’re not the only one solving the stated problem, there are probably other small business owners like yours, who’re providing similar products or services. 

You’ve got to give reasons why your products and services outperform your rivals, how you intend to make it much better and easier, this is what investors care to know about. Offering a much more efficient product or service which tackles the challenges stated opens the door of investments.

ALSO READ: Top 10 Business Investors in Nigeria

  • TARGET MARKET

Another strong point that would make your business plan stand out is by identifying and targeting a section of the market. Gone are the days of making products or offering services with no intended market, it is critical to the success of any business in the current world.

Take, for instance, you’re into clothes manufacturing, you need to have a specific gender in focus, a specific age group, and probably, people with similar style tastes. In doing this, you’ve got a good chance of succeeding in your field as you already know who you’re targeting, this will surely make investors sign those deals.

  • COMPETITION

If you take a vivid look at the business world we have today, it is obvious that most business entities have direct alternatives, they may be one or more than one alternatives to your business, a perfect example is the Nigerian telecom sector. While this is good for the customers, as they’ve got varieties to pick from in case one option sucks, it’s a challenge you must face as a business entity.

RELATED: How to Start a Recharge Card Printing Business in Nigeria

What you should note therefore in your document are; what your target market entails, what your counterparts are doing currently, and how do you wish to improve on it. Remember, you need to offer better products or services than your competition, or offer these products/services in a much better way.

  • EXECUTION PLAN

After you must have written all the above sections, you then need to come up with an execution plan. Whatever will be written here has to be feasible, without knowing how to go about executing, your plan will remain just a mere plan without life. This is where your plan gets into action.

Execution” in business plan entails how you tend to market your products/services and your brand, and the mediums required to do so. There’s also a need to structure your pricing policy in relation to the current market.

You don’t necessarily need to give out the actual figures, but you could suggest pricing patterns – the same price as the market, or higher/lesser than the actual market figure. When writing your business plan in Nigeria, it’s important you’ve got steps to execute it, investors don’t invest in oral contents – they invest in the actual content. 

  • PUBLICITY

Publicity is one good point to note when writing a perfect business plan in Nigeria. Truth be told, no one is going to come to look for you if you don’t exist. If you’re just an entrepreneur starting out, then you need to make people know you exist.

Your branding, PR, and advertising all come under this part of your business plan. You’re competing against similar brands and you need publicity to grow your business beyond its current level.

  • TEAM & COMPANY OVERVIEW

Now your business plans have been stated out, revealing all the bits and pieces, and how to execute, but who will execute? Your team of experts is the people responsible for bringing this plan to life. You need to have a competent team, who should be able to carry out this plan and you have to include this in your document. 

You don’t need to highlight the titles of the personnel involved here, an apt description of their level of proficiency in their respective field will be enough.

In your team and company overview, you’d have to include the following to give more insights about the plan; 

  • Your intellectual property, 
  • Your mission statement
  • Business structure
  • Business history 
  • Location 
  • Your financial plan 
  • Personnel plan and your profit/loss profile. 

Now, Your FREE Business Plan Template

As you see in the title of this blog post, I promise to give a free business plan template, and here it is. Please enter your best email address and name in the contact form here and write in the message ox that “I need the business plan template“. Click on “SUBMIT” and the template will be sent to you.

CONCLUSION – Writing a Perfect Business Plan in Nigeria

Writing a good business plan could be an arduous task, but with proper research and commitment, you could craft a perfect business plan among your competitors in Nigeria. You don’t want to rush things, take it a step at a time.

If you need a good business plan writer in Nigeria, you can contact me here or use the free template to craft your own plan.

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