Nigerians are massively driving towards entrepreneurship and no business owner wants to take the back seat in terms of promoting their businesses and ideas.

Day after day, a lot of people venture into business with the mindset of making headways along the line but a greater percentage of the populace fail to follow the right step and take the right business decisions.

Some, out of curiosity, ignorance, and cluelessness venture into the wrong business. Hence, the reasons for so many businesses folding up within a while are not far-fetched.

This guide provides great insights into starting up a business in Nigeria and how the newbie without deep business knowledge can start up a business from scratch.

Always have it in mind that whoever you are, your level of experience or financial strength matters. There is always a business to start in Nigeria. There are a lot of untapped business opportunities in Nigeria and so many others with lesser competition.

Despite the fact that there are so many large scale, medium scale, and small scale businesses in Nigeria, it must be clearly understood that only those with the right instinct and foresight can thrive well and succeed exceedingly.

There are so many factors to put into consideration before starting a business, ranging from having a good mindset, a good and marketable business idea and going about it the right way. Below are the necessary guidelines to follow in starting up a business.


1. Develop a Business Plan
There is a common saying that proper planning warrants proper success; this saying is well applicable to business.

This phase, I must say, is the most important phase of any business but often time people pay little or no attention to it. It is always mandatory and essential to develop the right plan and come up with a certain business idea before venturing into it.


2. Choose a Location
After coming up with a comprehensive and well-detailed business plan, the next thing to do is to determine where your business will be located. It is necessary that your business must be located in close proximity to your target customers, not your competition.


3. Register Your Business with the Government
The next line of action is to take all the necessary steps to register your business with the government. It is easy to register your business with the Corporate Affairs Commission (CAC) so far you can produce the right proof of ownership and proper documentation.


4. Get a Business Bank Account
After successfully registering your business and getting your Tax Identification Number (TIN), get a business bank account. This will be used to make business transactions and to save your business startup capital and revenues. You should also separate your business account from your personal account. This will give you the freedom to manage and monitor your business growth.


5. Get the Right Team and Associates
One of the major problems in business is the choice of business team and associates. No matter how determined the business owner is, if he fails to identify people and team who share the same business ideas and goals with him, then it will be difficult to achieve success.


6. Start Your Business
At this stage, you must have developed a good business plan, choose the right location for your business, register your business with the government, opened a business account and get the perfect team. Then you are ready to launch your business and implement the right strategy.


7. Grow Your Business
Now that your business is up and running, you have made your first sale and you have started interacting with your customers. The next line of action is to expand the tentacles of your business by reaching out to a wider audience.

Source: https://www.lewisraylaw.com/starting-business-nigeria/ ‎

Nice write-up

Moneywirer:
Nice write-up

Thank you, sir.

Fantastic.