A business is basically a transaction between two persons with the aim of gaining profit. This could be between two natural persons, one natural person and one artificial person, or two natural persons. In a business transaction, there is an exchange of value which would be money for the seller and services or product for the buyer.
In Nigeria, many people have established different businesses starting from small-scale roadside businesses to shops to large-scale businesses to companies, etc. All these businesses have only one aim, which is the creation of more value.
However, to start and scale a business in Nigeria, there are 7 unique steps you must take. Most business owners and companies do not take cognizance of these steps. Some of them end up struggling to keep up while some of them end up dead at the end.
In this article, I would be giving out 7 steps you should take to start and scale your business in Nigeria.
- Get a Unique Idea: There is nothing as interesting as being the pioneer of a particular type of service or product. To start your own business in Nigeria, you need to think of a unique idea that has not been explored and convert it into a business. You also need to be innovative before picking a business idea. You can do this by looking at your interests, looking at the industries in Nigeria, and look at what is lacking in each industry. You can then find a solution to this lacuna and render it as a service or develop a product around it. You can also get ideas from services rendered in a different country and introduce these services to Nigeria.
- Get required training and experience: Now as soon as you get this unique idea, the next thing to do before you start your business in Nigeria is to learn from the best in whatever industry you want to enter into. You need to get experience to be able to run the business. You can learn this by working for someone in the same industry, get training on this type of service, read books, courses, etc.
- Get good financial standing: This is another important thing you need to take note of if you decide to start a business in Nigeria. You must note that the business might not yield any profit in the first 2 years of its establishment so you need to have a good financial standing elsewhere that you can rely on to help you scale that business until it starts making profits. Good financial standing can be your savings, grants, etc.
- Get a good financial model: It is also very important that you have a good financial model before you decide to start a business in Nigeria. You need to get a source of funds for the business. These sources could be through loans, grants, investors’ funds, etc. You need to also evaluate different sources and pick the best fit for the business.
- Get a good business plan: A business plan is a document that outlines a business or company’s goals, the methods to employ to attain these goals, and the time frame for attaining these goals. You need to have a business plan if you must start a business in Nigeria. This business plan would provide a road map to attaining the goals you have also set for the business. It would also highlight your marketing procedures, operation, etc.
- Get accurate legal knowledge from experts: Legal knowledge about your business simply means knowing the rules guiding the kind of business you want to venture into. Most business owners ignore this step when they want to start their business in Nigeria. In the end, most of these businesses end up with legal issues, especially from the government. You need to seek legal advice about the type of business you want to venture into before you start a business in Nigeria. This is because some business has some rules and regulations guiding them and when they are not complied with, it becomes an issue for the business. Please meet a legal practitioner for expert advice. Google is not a lawyer.
- Get the business registered: I have laid so many emphases on this in my previous articles. Many business owners have completely ignored this part of their business setup and have failed at the end of the day. To start your business successfully in Nigeria, you must get it registered with the Corporate Affairs Commission (CAC). It is important that you meet a legal practitioner to get this done for you. A legal practitioner would be able to advise you on the proper business structure for the kind of business you want to start.
I believe I have been able to pass on very important information.
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