So, have you made up your mind to start your own business in Nigeria but do not know how to go about it?
Well. Generally, we all know that starting a business in Nigeria is something that can be very demanding and stressful.
However, with proper guidance and quality information.
One can easily run his or her own with ease both here in Nigeria and anywhere in the world.
Today, everyone can own a business no matter how small or big they may be.
Owning a business tends to bring financial freedom and independence.
This improves our overall lives.
So, if you would like to start a business here in Nigeria but do not know how to go about it.
Then you are reading the right post.
Here, you will see a step by step guide to creating a business here in Nigeria.
These steps are well researched and can be used by anyone both here in Nigeria and anywhere else in the world.
Now, without blabbing around for too long.
let us get down to the real deal.
How To Start Your Own Business In Nigeria 2021
Here are the step-by-step guides on how to start a business in Nigeria
1. Find a suitable business idea
Trust me, before starting a business anywhere in the world, you have to first of all find a suitable business idea.
Notice my use of suitable in the preceeding texts.
It is not all businesses that are meant for everyone.
There are some businesses that are not even worth your time.
Some that are over-tapped, some that are under-tapped, and some that are yet to become a reality.
To find a perfect business idea for yourself.
You have to observe your surrounding to discover products or services that are scarce but needed.
Then you have to find a solution to provide these products or services and make a profit from them.
In order to get wonderful business ideas.
You must ask people around you and also make deep research on your own to weigh the possibilities.
With a good business idea, one can easily make it big in any industry.
So this is one stage in a business that should be taken seriously.
Check Out: 11 Most Lucrative Business Ideas In Nigeria
2. Conduct Feasibility Study
Once you have a good business idea in place.
The next thing you have to do is to conduct a proper feasibility study on the business you intent to start.
This will give you a better understanding of the business, and how it works.
Making research on any business is as easy as meeting up with people who are already into the business.
You have to do this in other to know more about the cost of products, fees, and other charges for a particular service.
This will enable you to estimate the amount of money you’ll need to start up.
You can also contact some very good consumers of the products or services you’d like to sell or offer.
Use this to know more about their needs so as to develop a business with good customer satisfaction.
Also Read: 20 Untapped Business In Nigeria
3. Evaluate your feedback
After getting a good business idea and conducting a proper study on your idea.
You need to evaluate your results before making a final decision.
By evaluating the results.
You carefully analyze the research and observations from your feasibility study.
This comes up with a decision to either quit or go for a that particular business idea.
Properly evaluating feedback will enable you to understand what you stand to face in terms of both profit, satisfaction, freedom, and more.
It will also strengthen your decision on either to venture into that particular business idea.
No one would be happy to start a business that will crash almost as early as it begins.
So to make sure you are on the right path.
A proper study of the feedback from your feasibility study must be carried out.
4. Create a plan
A business plan is your statement which will contain your business goals, and how you intend to achieve them.
Once you find a business that is suitable for you, the next thing is to create a perfect plan.
This will help you to execute your business as soon as possible.
Every business in the world needs a plan (whether large or small scale).
A business plan gives you a specific focus and it improves your overall productivity.
5. Get you capital
We are all aware that every business requires capital for it to start running.
Possessing all the skills and experience needed to start a particular business is a very good bonus.
However, without the funds to start up, your business could remain an illusion.
Today, there are different ways to generate funds for businesses, but possessing the cash yourself is the most guaranteed option.
If you do not have enough cash for your capital.
You can consider sorting out for grants, bank loans, startup investment companies, and more.
A lot of wonderful business ideas never see the light of the day due to lack of funds.
So to make yours a reality, you have to struggle for proper funding.
6. Registration of business name
If you are lucky enough to start up your own business here in Nigeria.
Your next step is to register your own business name.
According to the law in Nigeria.
Business owners are fully allowed to operate their businesses under an unregistered name for a period of six months.
After which they will be expected to make registration preparations.
Registering a business name in Nigeria is very simple and it can even be done online with a computer.
You can either visit any CAC (Corporate Affairs Commission) office close to you or visit their official website to start the process.
With a registered business name, customers feel safer while dealing with you.
This will definitely build your business and personal profile and credibility.
7. Assemble your team
If your business requires that you employ people, then you have to be very careful.
Assembling the right persons into your business team will promote the general growth of your business.
Building the right team of employees for your business is a very important factor.
Having the wrong people around you can negatively affect your business.
The best way to detect a good team member is through the frequency of positive feedbacks and the good measure of cash flow.
Every business owner should assemble a loyal team as these are the people who can decide the fate of a business.
Publicity is a crucial aspect of every business out there in the world.
To start a successful business you have to advertise your business to potential customers.
However, this will enable create awareness and enable them to know about the products or services you have to offer.
This will expose your business to a wider audience and bring in more customers.
With thanks to the advent of technological advancements.
Publicizing your business is now so easy that even a kid can go through the steps involved.
Today, there are several ways to advertise your business.
But the most promising of them all, is the big marketing tool ‘Social media’.
9. Advertising through social media
Social media is the biggest tool for both promotion and communication today.
There is hardly any grown-up in the world who doesn’t have at least one social media account.
Today, even kids do…
Promoting your business on social media will expose you to a wide range of people ranging from friends to friends of friends, and more.
Social media platforms like Twitter, Facebook, Instagram, WhatsApp, and more, can be used to promote your products and services to people all over the world.
Just like Facebook, Some of these platforms even provide a special Ads feature, which allows a user to place adverts at low rates.
To maximize publicity, you have to make sure you consider these methods of marketing.
Other marketing methods you can try out are direct marketing methods like direct emails, cold calls, direct response space ads, and more.
You can even hire some local marketers or marketing companies to publicize your business, in order for you to maximize your customer base.
Marketing is a very crucial part of starting a business in Nigeria, so extra care should be given whenever it comes to this.
Final Thought on How To Start A Business In Nigeria
Generally, owning a business is an added advantage.
However, It will allow you to enjoy financial freedom no matter how little or big.
In addition to that, it also improves the general economy of both your household, community and your country at large.
If you have been looking for a way to kick-start your own business.
Perhaps you have been finding it hard to put the right steps in place then I believe this article is a perfect bundle for you.
If you properly follow the steps in this wonderful post.
You will find out that successfully running your own business here in Nigeria is just a piece of cake.
Make sure you follow these steps as they are guaranteed to help you succeed.
Thus far, I wish you the best as you venture into any business of your choice with the wonderful guide given in this article.