Nigeria is a fast-growing nation with numerous business opportunities, and many people have made it big from private businesses across the country. However, knowing the right business to start and what you are expected to do at the right time is also very vital.
It is easy to find information online about businesses and how to start them, but usually, you will have some work to do because most of the information may not be exactly what you are looking for; that is why we have taken time to put together some relevant information about starting a business in Nigeria.
Here you’ll get a detailed step-by-step guide to starting your business and ensuring you stay successful, so if you have always wanted to be a successful entrepreneur in Nigeria, this is the right place to start.
Think of a Business Idea
This is the first step to starting a business in Nigeria; not all business ideas are worth the investment, so you need to take your time to find a good one. It would be better to do something you are passionate about and conduct market research to know what is in high demand in your region, then choose the type of business you want to start.
Develop a Business Plan
Now that you know the type of business you want to start, you need to create a business plan. A professional can write this on your behalf, simply fill out this form on our contact page and a representative will get in contact. However, if you want to write one for yourself, here’s how to go about it:
The significant aspects of a business plan include the following:
- Executive summary, which describes the highlight of your business.
- A business summary containing everything your business entails in small details.
- Market demand based on the analysis obtained from your market research.
- Competitive analysis, which states your competitors’ details and how you can stand out.
- Design and development if you intend to go into product development.
- Operation and management plan stating how you will run the business and who will be included in your team.
- Details of available resources that include your start-up capital and everything you are investing into the business.
- Financial forecasts which will give you and your investors an insight into what to expect from the business.
Register Your Business
The next step is to register your business with Nigeria Corporate Affairs Commission (CAC). The body is responsible for registering all businesses in the country, but you must first decide what business entity you’re starting. There are three types:
- Public limited liability company.
- Private limited liability company.
- Sole proprietorship.
Then, a business name will also be needed for the registration. If another company has already registered the name you intend to use, you will have to change it, so try to choose a unique name.
This registration usually takes a few weeks; hence, you have to wait for it to be verified before moving to the next step.
Once the CAC approves your business, you can move on to register your business at the tax office, which is regulated by the Federal Inland Revenue Service (FIRS). When your registration is completed, you will be given a Tax Verification Number (TIN).
Then, as you run your day-to-day business, you will be required to send all value-added taxes, withholding taxes, and company income taxes to the FIRS.
Obtain the Necessary Permits
The permits you need for your business will vary from one industry to another and one state to another because most businesses are regulated by different associations, so you need to make more enquiries about the regulatory body of your business and get the necessary permits and licences you need to run it successfully.
Get an Office for Your Business
Now that your business is fully registered and permitted, you can search for an Office space or a shop where your customers can easily access your products and services. There are many things to consider when getting an office space, and some of them are listed below:
- Layout and design.
- Tenant experience.
- Amenities and perks.
Develop a Brand
A brand is simply the unique identification of your business, and it entails so many things, so you must be careful to project the right image and message to attract the right kind of attention.
The key elements of your brand are your business values, reputation, advertising, customer experience, mission statement, logo and website.
You can get professionals to help you birth the unique idea you may already have in mind or to come up with their own ideas for your brand. The most important thing is to create an intriguing and exclusive identification for your business in the industry.
Implement Your Marketing Strategies
When starting a business in Nigeria, one important thing to consider is the marketing strategy you want to implement. Of course, this will depend on your type of business and your target audience, so after setting up your business, you and your team must devise a marketing strategy that will set you apart from the crowd and make your prospective customers see the unique value you are offering.
Promote Your Business
Once your business starts running smoothly and you have completed all the steps needed to start a business in Nigeria, you shouldn’t just relax like that; you need to seek opportunities in your industry and promote your business to retain and get new customers or potential clients. This will also ensure that your business continues to grow and does not become stagnant.
See also: Content Marketing – Easy Guide for Beginners
Even though you now know all the steps needed to start a business, it still isn’t an easy journey, so you need to prepare yourself for the hurdles of starting a business in Nigeria. You may go through a lot of stress and even think of giving up, but in all, you need to keep in mind that in the end, you will succeed, and your business will become one of the best in the industry with consistent work and excellent marketing strategies.
However, do not forget to seek advice whenever you need help, even from your competitors and other successful entrepreneurs, so you can learn the secret to their success and exceed them in no time.