HERE’S HOW STARTING A BUSINESS IN NIGERIA AS AN ENTREPRENEUR WORKS
Starting a business is not as easy as it seem. Aspiring Entrepreneurs only see the glamorous lifestyle of successful Entrepreneurs and they don’t know the struggles and sleepless nights they have to go through to get to where they are now. Before starting a business there are certain things you have to consider. Starting a business involves planning and completing legal activities.
- CONDUCT IN-DEPTH MARKET RESEARCH
Conducting a market research helps you know what your potential customers. Market research helps you to understand your potential customers, it helps you to know what is being demanded for and conducting market research will also give you an edge over your competitions in your business field. You can conduct market research directly from potential customers by putting out surveys and questionnaires.
- WRITE A BUSINESS PLAN
A good business plan is supposed to help and guide you through your business . You should not rush into a business without having a good business plan. You can download a business plan format online.
- SELECT YOUR BUSINESS LOCATION
Depending on your business field, you need to find a good location to establish your business. Before starting your business you conduct a research about where your target market is and that is where your business should be located. There are still many things to consider while selecting a business location. You should also consider your expenses, depending on your location, expenses may vary.
- CHOOSE A NAME FOR YOUR BUSINESS NAME
Having a good business name would be impactful in building in building your business. Your business name has to be catchy, the name you pick should relate with what your business is about.
After deciding on your business name, you should conduct a research to find out if the name has been used by any other business.
Make sure you also secure your business name , you can secure your business name as:
- Entity name: This protects your name at state level.
- Trademark: This protects you at a federal level.
- Domain name: This protects your business website address.
It is well known that you need capital to start a business. There are different ways at which you can fund your business:
- From your savings or money gotten has gift: You can fund your business from your own savings and you can also turn to family and friends for support. This also avoids the risk of debt.
- Get capital from investors: You can find investors or angel investors and pitch your business idea to them. If they like your idea, they would invest in your business. Investment is not a loan, the investors get ownership share in your company.
- Get a business loan: You can get a business loan from banks and credit union to start up your business
- Crowdfunding: Crowdfunding is neither an investment nor a loan, crowdfunders don’t expect their money back. This is also a great way to avoid debt.
- REGISTER YOUR BUSINESS
For your business to be recognized, you must register it with the government. You will need to obtain all licenses and permits. You can register your business with any government agencies.
After all this, it is advisable to purchase insurance for your business.
Following above procedures when starting a business in Nigeria will do you no harm than make your business a boomer!