According to the Corporate Affairs Commission (CAC) in Nigeria, over ten thousand businesses were registered between October and December 2018.
Nonetheless, how many of these businesses are rightly positioned for success in Nigeria?
We believe here are invaluable steps entrepreneurs can undertake to start a prosperous business in Nigeria.
1. Conduct Market Research: It is advisable that entrepreneurs conduct a market research on the idea that grounds the business. The research must ask and answer the following questions:
What problems will this idea solve?
Who needs the services/products being sold by the business?
Who are the potential competitors?
How can competitors be beaten?
2. Prepare your Business Plan: A business plan is a document that guides your business from the inception till it grows in leaps and bounds. A good business plan should contain what to produce, how to produce, your sources of fund, estimated profit, risk management, etc. You are free to determine the structure as long as it contains necessary details.
3. Choose a Business Structure: The popular business structures are sole proprietorships, partnerships, and incorporated company. An entrepreneur’s choice should be determined by a variety of factors, such as; nature of business idea, number of people involved, etc.
4. Choose a name and Register your Business Name: The choice of name is central to the identity of the business. The name chosen should be acceptable by law. Your business name should not be in use by another business or infringe on another trademark.After choosing the business name, it should be registered with the Corporate Affairs Commission.
5. Set Up and Position Business: When the business is registered and having satisfied all legal requirements, the business is ready for takeoff. This includes identifying the appropriate location, selecting your team members, staffing, etc.
6. Promote your Business: An entrepreneur must embrace getting the necessary attention for his venture. Engaging in strategic promotions can fetch the much needed attention. Promotion can be done offline in newspapers, radio and television stations. It can also be done online through blogs and social media platforms.
This blog post sheds some light on how to start small businesses in Nigeria.
Please share your thoughts in the comment section.