How To Start A Successful Business In Nigeria (2020).
This guide is designed to help business people including Micro, Small and Medium Scale Entrepreneurs navigate the legal and regulatory considerations relevant to starting-up and doing business in Nigeria. Follow the steps below:
DECIDE ON THE BUSINESS STRUCTURE
When deciding on how to participate in the Nigerian market, you will need to choose between establishing a new company or acquiring an existing company. If establishing a new business, a variety of business structures are available. The four main types are: sole proprietorship; partnerships; incorporated trustees; and companies. You need to decide on the company structure that will best suit your business needs. The business structure will determine the cost, tax, legal, regulatory and financial risk implications. Your situation may require advice from a Solicitor.
No matter your job, you need a business to keep your life free from the bills.
As we get older, we notice that the monthly commitments begin to pile up more, and a country like Nigeria has little or no plans for her citizens, and so you have to make the plans for yourself.
Now, the big questions begin to pop up. What kind of business should you venture into? How potential does the business look?
Judging from my current location, will I be able to get immediate customers from my surrounding? Should I go into online or offline businesses?
The interesting things about internet-based businesses is that you can run them from anywhere, not everyone, however, is patient enough to sit in front of their laptops all day, and prefer shops and other businesses.
Some of the businesses you can venture into as a Nigerian include photography, barbing saloon, provision store, computer centre and snail farming business.
No matter how you choose to do your own business in Nigeria, you will have to take it as serious as you’d take your regular 8-2 job to succeed.
There are some tips you shouldn’t mess with to succeed as a business owner in the country, and we’d be seeing them below:
• Develop a business plan
This is probably the first thing you should do after dreaming of the business. You can pay someone online to put down your business plan, and you can do it yourself.
If you want to pay someone online, make a little Google search for that business, for instance, How To Start Rabbit Farming Business In Nigeria, visit the top pages on the search results and you’d see one or two who offer business plan writing services.
It should cost you around ₦10,000 to ₦15,000 depending on the writer, and it is the best since they already have the template for the business and you’d probably not be the first customer.
Some of the things your business plan should include are the executive summary, business description, market demand, competition analysis, design, development, operation and management, resources and financial forecasts and projections.
• Register your business
It is necessary to do the necessary registrations for any business in Nigeria. The Corporate Affairs Commission is responsible for the handing of the business name registrations, and you can apply from their official website.
You have to make an initial payment of ₦800 to search and secure the name for 6 months, then register it with ₦17,000.
It will help you build trust for your business also, and you will take it more serious knowing you have an edge over your competitors.
• Do your Tax registration
To avoid future troubles, it is very advisable to get your tax identification number (TIN). It is also one of the things you have to do before you’d be able to get a corporate account for your business, and there are some instances where you’d be required to prove that you are a tax-paying citizen.
Infact, some top companies in the world like Opera Hub will require you give them your TIN so they can make the tax payments for you.
• Go for a training on the business
No matter the business, from productions of chin-chins to rearing of rabbits, you need to go get trained first of all.
If you can’t afford to pay for the tutorials, you can be good to go with YouTube tutorials and from business blogs.
Don’t just begin your business in Nigeria because others are into it.
• Do your market survey for the business
Check out your current location and know whether your business will be a good choice. If you are a baker, sitting it in a well-populated area will be a very good idea.
If it is a provision store that you are planning to set up, it is best to take it somewhere close to a church, school or any other business areas.
• Get a location
After writing your business plan, registering your business, training and doing market survey, it’s time to get a location for yourself.
A good shop for a provision store will cost you anything starting from ₦36,000 per annum, depending on the location. You can also use it to set up your tailoring shop, barbing saloon and any other business as the case may be.
• Begin the business
After doing the necessary things, it’s time to set up with the business. Paint and furnish your shop to standard, buy the things needed and if it is a store, your first set of products.
Tell your colleagues, family, friends, church members and neighbours about your new business and with time, they will tell others about it also.
Always remember that it might not begin to boom immediately, and so take things easy with yourself.
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