₦airaland Forum

Let's go straight to the point.

1. Prepare Yourself

The first step to starting a small business in Nigeria is to adequately prepare yourself. You may think this is not important but it can be the thin line between success and failure. Running a business on Nigerian is tough but highly rewarding; so to survive, you have to be tougher. Nigeria is a harsh terrain to operate in but since we are Nigerians; I believe we are well grounded to tackle the challenges on ground. Now how do you prepare yourself?

You can prepare yourself by attending a seminar on the chosen line of business you wish to venture in and getting all the necessary information about your chosen industry. You can also prepare yourself by accepting the reality that you can fail tomorrow; you prepare yourself by increasing your risk bearing capacity. And ultimately, you prepare yourself by making up your mind to succeed despite the odds and competition.

2. Have a Good Business idea

To successfully start a small business in Nigeria, you must have a good idea. In fact, any idea or business opportunity will do; except you are pioneering a new invention. I emphasized that any business opportunity will do because most Nigerians focus solely on the business idea without knowing that a business idea is just a tip of the iceberg in the entrepreneurial process of building a business.

A business idea is just another idea. But an idea backed by a strong feasibility, a thorough business plan and a smart business team is no longer an idea. It’s now a solid business opportunity worth pursuing.

A good business idea alone does not guarantee success in business; an average business idea with good business fundamentals does. The world is filled with brilliant “million dollar ideas” but the world lack seasoned entrepreneurs.

You don’t need to crack your head to create something new; don’t bother re-inventing the wheel, just find a proven business line and learn the fundamentals. You can even decide to buy a franchise if the capital is on ground. Nigeria has the needed population to absorb any product that is backed by a strong business sense.

3. Do a Feasibility study

The third step to starting a small business in Nigeria is to do a thorough feasibility study before investing a dime in any business opportunity. This is basically where the failure of most Nigerian entrepreneurs begin. I have seen people invest in a business idea or opportunity simply because a friend or relative said the business is profitable.

I have seen people jump into an industry blindly in reaction to unverified information. I know entrepreneurship is all about risk taking but jumping into an industry without an adequate knowledge of its fundamentals is suicidal. I know this because I am talking from experience; my dad made this very mistake and he paid dearly for it.

4. Understand your Market

Before jumping into any business or industry; make sure you have thorough understanding about its fundamental metrics. Every business has an inside secret and if you must succeed; you must find such secret. Understand the market of the industry you are going into and you will increase your chances of success. The best way to begin such is by asking yourself the questions below:
Who are the customers?How do they want to be served?Who are your major competitors?Who is the market leader?Do you have a chance for survival?
Can you grab some market share in that proposed business industry of yours? These are the questions you must answer before starting a small business in any industry.

5. Write a simple Business Plan

This is another point where most Nigerians miss it. It is estimated that over 85 percent of small business owners in Nigeria operate without business plans. While I won’t criticize them because I started my first business without any business plan; I think it’s worthwhile you separate yourself from the pack.

Since majority business owners are operating without business plans; why can’t you capitalize on it and make it a competitive advantage for your business. Banks don’t lend money to businesses that are operated without business plans but what if you have one? Well, I leave that for you to answer.

Please write a business plan for any business venture you want to undertake. Even if it is an informal, one page business plan; write it. Your one page business plan may not get you the bank’s attention but it’s a way forward because it will help you concentrate on fulfilling your business mission.

6. Find a Good Location

So you want to start a small business in Nigeria? If yes; then where are you going to locate your business?
Are you going to site your business within your neighbourhood or are you going to site your business in an industrial area?Are you going to separate yourself from the crowd by building your own brand in a specially selected location?Or you are going to operate from the centre of trade or commercial places in Nigeria?

If you intend dealing on general merchandise; then you can consider locating your business in districts such as Aba, Yaba, Tradefair, Idumota, Lagos Island, Oshodi, Mile 12, etc. But if you are in a service business or you are building a specialized brand; you can situate in areas such as Ikeja, Allen Avenue, Apapa, VGC, Victoria Island, CMS, Ikoyi, etc. But wherever you choose to situate, make sure you are well prepared to face the challenges of that terrain.

7. Obtain the necessary Licenses and Permit

Well, I don’t need to hit much on this. If you don’t want to have the government and its law enforcement agents on your heels; make sure you obtain the necessary licenses and permit needed to operate your line of business. Every industry has regulatory bodies governing it; so be sure to check their operational policy to make sure you are not going against the law. Also remember that you may need licenses and permits from both the local, state and federal government. So make sure you factor their costs in your budget.

8. Register your company

Most businesses operate as sole proprietorships in Nigeria; you can choose to go the same way. But if you are truly out to build a successful business that will stand the test of time; I will advice you register a business name or factor it in your cost projections as a short term plan.
You can choose between the sole proprietorship; limited liability or public liability form of entity. After choosing your business entity, you can get your business name registered at the Corporate Affairs Commission’s office in Abuja, Alausa Lagos or anywhere nearest to you. I will advice you go through a lawyer to avoid unnecessary mistakes.

9. Raise Capital

Before making up your mind to start a small business in Nigeria, I want to assume that you have the necessary capital to at least launch the business.

10. Start the business

After going through all the processes above; this is where you get down to the real deal, this is where you start the business. Most people make wonderful plans, do feasibility research and even raise the needed capital to start a business. But for reasons best known to them; they just fail to start. Maybe it’s because of the fear of failure; but what I do know is that not everybody has the guts to start a business. Most can only dream of it but only few dare to take the risk. Are you willing to take the risk and start your own business here in Nigeria? Only you can answer that.

Actually, this is where your work as an entrepreneur gets tougher because statistics reveal that 75% of all new businesses started fail in their first five years. And of the 25% that survived; 80% of them will fail in the next five years. It means that about 90% of all businesses started will fail in their first ten years. This statistics may be harsh but it’s the truth in its entirety. Are you prepared to lose it all? If your answer is yes, then start.

11. Look for Leverage

The fastest way to grow in business is to leverage on the structure of well established businesses. So if you want to grow; then look for leverage. Leverage can be in the form of getting a bank loan, getting credit line from suppliers; striking strategic alliance with a bigger player or getting a contract. No matter what leverage you decide to pursue; go for it.

12. Survival is the Game

If you can make it to this stage, then it’s congratulations because you've just started your own small business in Nigeria. You have started the game and showed resilience; now is the time to break it through.
At this stage, survival is the name of the game. You might take some pounding from stronger competitors; you might make a business mistake or even face intricate business challenges like a change in government policy but don’t give up. Stay strong and fight it through, I will see you at the top.

For Your Success,

Written and submitted by Sunday I. E.

http://olisasegun..com.ng/2016/01/how-to-start-business-in-nigeria.html

Hello friends,

Have you ever asked yourself these questions?
What are the best small scale business ideas in Nigeria? What is the best business to start in a harsh environment like Nigeria? What are the best small business opportunities for Nigerians (Investment Opportunities) living in Diaspora or oversea?
Think about it!

Are you an entrepreneur or investor looking for where to invest your money with good returns? Do you want to invest in Nigeria but you don’t know where to invest your money?? Do you want to know where to find fast growing business ideas in Nigeria? Then I advice you read on because this article was written specially for you.

For quite sometime now, my email box has been filled with request from fellow Nigerian entrepreneurs asking for the fastest growing business opportunities in Nigeria which they can invest in. Before I proceed with any detailed explanation, I want to state clearly that there are untapped small scale business opportunities in every industry both in Nigeria and all over the world; you just need to dig deeper to find such niches.

Now from my personal experience and interaction with Nigerians both home and abroad, I came to observe that many people are interested in investing in Nigeria by setting up their own companies but fear seems to hold them back. I have met individuals who have been living and working abroad for over ten years; they have made a lot of money over there.

But rather than come back to Nigeria and start a business, taking advantage of the currency exchange difference between the Naira and Dollar, Euro or Pounds; they would rather stay abroad because they are afraid of the uncertainty of doing business in Nigeria.

Over the years of doing business, I have met a lot of Nigerians and some foreigners with a lot of cash; but they just don’t know where to invest their money. Some even tried to invest in the stock market and they lost their money, not because the stock market is bad but because they lack the needed experience and knowledge to invest in the stock market. Well, I still invest in the stock market regardless of its ups and downs; because I have the needed technical know-how.

Well, if you are one of such individuals that is scared of coming back to Nigeria to establish a company, the points below will help quell that fear.

6 Reasons Why You Should Start a Business in Nigeria Today;

1. Now Nigeria still remains a hub for most entrepreneurs and investors despite economic challenges. In fact, Nigeria is now the largest economy in Africa, the number one destination for Foreign Direct Investment in Africa and one of the fastest growing economies in the world. That’s why South African and Chinese companies are scrambling to invest in Nigeria.

Tiger brand acquired Aliko Dangote’s stake in Dangote Flour. MTN South Africa mopped up shares of MTN Nigeria and Wal-Mart has moved heavily into Nigeria through its subsidiary, Shop Rite. GlaxoSmithKline U.K has increased its stake in GlaxoSmithKline Nigeria PLC. General Electric is partnering with power generation companies in Nigeria to boost the nation’s power supply. Chinese companies are partnering with Nigerian companies to setup manufacturing plants right here in Nigeria. An example of such plant is Innoson Vehicle Manufacturing company in Nnewi. Nissan has also established an auto manufacturing plant in Nigeria.

The list goes on and on but the point I want to stress is that this is the right time to invest in Nigeria. Please if you are in doubt of any of the information listed above, Google it. Just do a search.

2. There are over 150 million people resident in Nigeria and the population in Nigeria is been predicted to overtake that of United States by 2050. Now what this means in essence is that the market is big enough to absorb any product, provided enough marketing and awareness is created. Another positive impact of this population statistics is that there is cheap labour. One of the reasons China grew to become an industrial hub is because of her large population, which in turn brought down the cost of labour.

3. Nigeria is fast developing and there is a huge need for innovative products. If you are resident in Nigeria, kindly reflect on the position of Nigeria ten years back and compare it with her present state; you will agree with me that there is a huge change.
Economically, technologically, etc.; Nigeria is growing, whether you admit it or not won’t change the fact. That is why entrepreneurs and institutional investors from countries like South Africa, China, Lebanon, Brazil, India, etc are scrambling to invest in Nigeria because they see the potential that we citizens don’t see.

4. Nigeria is currently riddled with problems and the government is currently battling to tackle these problems. I am talking about challenges such as falling oil prices, security, infrastructural decay, unemployment, power failure, corruption, fall in education standard, accommodation, etc. The average minds believe these problems can never be resolved and if it is to be resolved, it should be done by the government.
However, people with entrepreneurial mindset know that these problems are opportunities; and only those who act will turn these opportunities into profitable businesses.

5. The government is working to improve the economic condition of the country, by implementing several policies aimed at encouraging local content production and small scale enterprises. If you are well positioned to take advantages of such opportunities, you will make something from it.

6. The eye of most entrepreneurs and investors doing business in Nigeria is usually on Lagos, Abuja, and Port Harcourt. However, tremendous opportunities are laying waste in other states cities such as Owerri, Aba, Onitsha, Nnewi, Kano, Akwa Ibom, Ogun, Ibadan, Enugu, etc.
Now to be honest with you, I don’t take heed to what the World bank and IMF statistics say about Nigeria. I am equally not moved by the politically inclined propaganda promoted on the media about Nigeria. I am an entrepreneur on ground, and I have personally assessed the situation on ground and charted out ways to harness it.

I would rather work with my own hard facts and proposed solutions than work with the media statistics. I think I have said enough. So without wasting your time, below are some small scale business ideas and opportunities in Nigeria you can invest in today.

Six Criteria You Must Meet Before Investing in Nigeria

Now for those who are eager to start a business or invest in Nigeria, there are a few criteria you must meet; so as to ensure you are well positioned for success.

1. You must be prepared to be on ground in Nigeria

Yes, I have had so many people call me to talk to me about the possibilities of starting a business in Nigeria while running it from overseas. Now the honest truth is that you can successfully operate a business in Nigeria without being physically present; but not in the start-up phase of the business.

You just don’t start a new business, turn it over to someone and travel out of the country; hoping that the person you handed your business over to will do a good job. This is one of the mistakes most Nigerians in Diaspora make.
If you are really serious about establishing a business in Nigeria, then you must be willing to be on ground to run the business for at least one year. Secondly, forget about doing business with your family members or close friends; it usually doesn't end well. Rather, I will advice you seek professional help, incorporate your company and make sure your back is covered legally.

2. You must have knowledge of the business

To succeed as an entrepreneur in Nigeria, you must have skill and competence. Competence is a product of knowledge mixed with experience while skill is something you can develop over time through training. Please don’t start a business blindly simply because a family member or friend recommended such a business, the result of such a venture is usually devastating. Invest time first to learn everything you can about a business before you invest your money.

3. You must have a short or long term plan to employ people

To keep cost low, you may choose to start as a self employed entrepreneur operating from home, a shop or an office. There is nothing wrong with starting out this way, after all; I started out as a self employed entrepreneur working from home. But as you grow in business, you will need to bring in competent hands. However, you shouldn't wait till then before you plan towards it, start now.

4. You must have capital

There is no much explanation to do here. To successfully set-up a business in Nigeria, you must have capital. This is needed to get things done. Now when I say capital, I want to emphasize that it doesn't have to be a million dollars. You can start with the little you have even if it is just enough money to get a laptop and an internet connection.

5. You must make sure your proposed business has an evergreen demand

Another mistake you must avoid is starting a business whose trend is dying. Take for instance a cyber café business, this business is dying because the trend is shifting towards mobile connectivity. Why go to a cyber café to access the internet when you can do it more cheaply at home?

6. You must always remember that success is not an overnight flight

Yea, this one is especially for those who are looking for a business to start that will provide a steady cash flow or a return of 30% – 50% in approximately one year. The truth is that it doesn't work that way. Success can never be achieved or attained by sudden flight; it is a product of consistent, unyielding effort. So stop looking for the best business to start, instead; look for the best business you are willing to stick to regardless of the surrounding circumstances.


For Your Success

Written and submitted by Sunday I. E.

Source; http://olisasegun..com.ng/2016/01/six-criteria-you-must-meet-before.html

Lollipop247:
This could help

Not bad

wwwkaycom:
firing from all cylinders? o jigbijigbijigbijigbiiiiii

Remember women are not sex machine.
At least 3 times per week should do.

elderdt:
The hospital threatened to crimate the body? So who pays when is crimated? It has only reduce the huspital stance to a mere high handedness, complex, and unnecessary oversealousness.

Please be advised that Hospital don't cremate corpse

Compliment of the season everybody.

I have a great news for everyone and this will go a long way in protecting us, our children and other loved ones from doctors who claimed to be what they are not.

I have read about so many mismanagement in both public and private hospitals in Nigeria.

I believe it is great relief for us as a country to now have a portal to check the authenticity of our doctors' claims/qualifications.

Remember, a consultant family physician claiming to be a surgeon is a quack.

http://health.saharareporters.com

Please click the link above and just type in your doctor's full names and all his/her qualifications will be shown.

Good luck.

http://olisasegun..com.ng/2015/12/how-to-avoid-being-treated-by-quack.html?m=1

Compliment of the season everybody.

I have a great news for everyone and this will go a long way in protecting us, our children and other loved ones from doctors who claimed to be what they are not.

I have read about so many mismanagement in both public and private hospitals in Nigeria.

I believe it is great relief for us as a country to now have a portal to check the authenticity of our doctors' claims/qualifications.

Remember, a consultant family physician claiming to be a surgeon is a quack.

http://health.saharareporters.com

Please click the link above and just type in your doctor's full names and all his/her qualifications will be shown.

Good luck.

http://olisasegun..com.ng/2015/12/how-to-avoid-being-treated-by-quack.html?m=1

cozy7:
Since d laptop is mine and only me operates it, do I still hv to log out?

Yes sir.
with key-logger, plug-in and terrible tool-bar and JavaScript, hackers can hijack or attack your system especially when you are online. Your settings can be changed and your account access remotely.

Thanks

brunofarad:
Nice

During my early days as an investor, I lost $700 and $850 at different times to Hackers from my online accounts.

These ugly incidents forced me to adopt steps to prevent future occurrence and they have never failed me.



Ø Use a Gmail as your ID because it is more difficult to hack than the others.

Ø Avoid fake login page, always check your E wallet or account web address is correct before login. Check Green SSL certificate bar in browser before login.

Ø Phishing emails: Never click on a link in an email to take you to a website, or enter personal details either in the email or website. Copy manually and paste to expose the real site. Real websites never ask for your login or any other confidential details.

Ø Never download or Install software from Unknown or untrusted Publisher.

Ø Ensure you log off properly: It is important to completely log off from your E wallet account, sometimes you do not auto logout by simply closing the windows.


Ø Invite software expert to periodically search and remove terrible plug-in from your browser, if you can’t do it yourself.

Ø Use very strong and up-to-date anti-virus software.


Ø Use very strong and least predictable password.

Ø Never login to your confidential accounts in internet cafes or a computer that is not your own.


Ø Last but not the least; ensure activation of 2-step verification or Authentication security code.

http://olisasegun..com.ng/2015/12/how-to-secure-your-e-wallet-and-other.html

Many forex traders paid a lot of money online to purchase live signals and most of the time there is really nothing to show for it.

The good news is that, you need not waste your hard earned money any longer. With advent of MT5 and MT4 platforms, you can copy trades of performing professional traders for free or with very small amount of money.

All you need to do is to open real account with MT5 platform with any trust worthy broker.

Go to signal/main then scroll down to see different professional traders with their performances viz a viz number of trades, percentage win trade and number of subscriber.

Subscribe to any of them you are comfortable with his performance and copy their live trade.

However, for you to subscribe you need to join MQL5 community of your broker. The MT5 platform will guide you through that.

Some of the live trading are free to subscribe while some collect a small amount for you to copy their trade.


http://olisasegun..com.ng/2015/12/how-to-make-money-in-your-forex-trading.html

SimonPeters2020:
Op, try to go to dubai, south africa etc with your family before reapplying.

Thanks for the advice

Phema:
The tone of the letter is that of entitlement. You are not entitled to a visa to any country. It is a privilege. If you are not given for a reason best known to them, then work on it instead of sending a 'ten paper' email which they obviously didn't bother reading, seeing that they sent you an automated/generic response. What does that tell you? They don't give a damn.

Resident Doctors being at par with level 15, so what? Since when did level 15 civil servants become upper class? A Director's basic salary cannot place him in the Nigerian upper class, except for the bonuses, grants and "back hand money" which you don't get as a Resident.

Here you go talking about a Doctors in the US. Are you in the US? You specifically said you are in the upper class in Nigeria, Mr. You think the consulate don't know what makes one an upper class in Nigeria? You do know they interview all classes of people right?

As per their criteria for first timers. . . Every case is assessed differently. Many first timers have gotten US. In your case, the VO wasn't convinced enough to approve your visa. She wants you to have travelled to other places before applying to the US. If that is her decision, then take it in good fate and work towards it, or re-apply.

Oh, it obviously matters to you if you have been flagged. Or why did you write that epistle to the consulate in the first place?

Really, how do you know the mail was not read? You think that I expected US embassy to manually reply me.

What do you achieve in insulting someone that asked you for advice or opinion about an issue.

I read other people opinions and advices, and they were without sarcasm, insults or any kind of derogatory remarks.

Ordinarily, I wouldn't have sent a complaint mail. This was an advice from the sponsor of the conference.

The mail was vetted by them and I copied them as advised by their contact.

I had seen a worse complaint by a friend who was subsequently advised to reapply and was given.

If you know you can't give advice without bullying people to submission then please stop.

Phema:
I don't like the tone of the email you sent to the Consulate. I would refuse you too (if I were a VO). What's with the sense of entitlement? Do you not know that a visa isn't a right but a privilege?

And since when did Resident Doctors become upper class in Nigeria? Even Surgeons/Consultants are not upper class talk more Residents.

Two cars? Property? Big deal. Let's even assume it's a big deal; what stops you from selling them off while remaining and overstaying your visa in the States?

Travel history is one of the important factors to the US consulate. If they refuse you because of lack of it, then work on it, wait for awhile before going back to them.

People with better portfolio than yours have been refused over and over. He who needs something must be humble to get it.

I do hope you have not been flagged cos of this arrogant action. They won't tell you. They will just keep refusing your applications.

I don't get you. How do you expect the tone of the letter to be? You wanted me to beg and patronise the consulate in my letter of complaint?

The facts as mentioned above are the criteria ( properties, your monthly income, wife, children and previous travelling to preferably a western countries) required for successful visa application.History of travelling is not superior to others.

In fact, it was clearly stated there at embassy that as a first timer you will be given a chance. Besides, if you already made up your mind about a criterion what is the point in asking the group of applicants who failed to meet the criterion to come for the interview.


As for your outburst against resident doctors; must you drag down a group of professionals just to make a point. 'Senior registrar one' is at per with level 15 officer which is the level of a director in the ministry.

The letter was to group of people who valued their doctors and doctors at my level in US definitely belong to the upper class.

Concerning 'visa is not a right but a privilege' so is travelling to Niger or any other country in the world.

It doesn't matter really if I was flagged or not. When the time comes, my application will be successful.

Lastly, just because I wanted to travel to US for an academic conference, (not pleasure or business) doesn't mean I have to beg and roll on the floor to get it.

Femite74:
One cannot deny the fact your not being out the country for once (even if it's to Ghana) is Not a very red flag. Westerners believe that no matter how busy you are, u are supposed to at one time or the other find time to go on holiday and take some rest. Pls visit any other country first, either for academic or leisure before you reapply. This would add to your home tie.

Thanks for the advice. However, I am just wondering if all other countries decide to use the same criteria, what happens then.