Which is very effective for requiring little money.

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Think about the most effective places to advertise and what time of day, month or year are going to work best to reach your target market.

• You will want to be sure that you are using marketing which is appropriate to the type of people you expect to be interested in your product or services.
• There is little point in using social media to, for example, advertise a 55+ only cruise line.
• If your services are seasonal you will want to consider what the best time of year would be to advertise.
• Also, television advertisements will need to be timed so that the right demographics will be watching when they air.

See also: 5 Tips to Start Eggs Distribution Business in Nigeria

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15. Talk with your bank.

Talk with a bank with whom you already have a positive relationship.

Ask about what kind of business start-up loans they offer and how they can benefit your business.

By using a bank you already know, the bank will have easy access to your financial records and will be more confident in investing with you.

16. Get local investors.

If the bank loans will not be enough, look into local investors.

There may be a local business tycoon or other similarly wealthy person who would have a vested interest in seeing you succeed.

Research people in your area who may have the funds and motivation to help you.

See also: Top 3 Media/Entertainment Business Tips in Nigeria

17. Seek venture capitalists or angel investors.

Angels are high net worth individuals and venture capitalists are companies.

Both fund a promising high risk venture for a stake (partnership).

And often bring experience, management expertise and contacts to the table.

They usually work through a network or association.

18. Approach friends and relatives.

People who know you for a long time are most likely to have faith in your ability and intentions.

These are also the people who are likely to stand by you.

If the going gets tough in the initial stages of your venture or you need to raise more money.

However, make it clear the money is intended as risk capital.

And they might lose it completely or may not be returned in the short term.

Read on: How to start elubo business in Nigeria

19. Use crowd-funding.

If you still can’t drum up enough funding, use websites to raise the money you need to start.

These funding sources have several benefits.

You will not have to pay interest on the money you get.

Since it is money which is used to provide actual product or services.

And it will help you not only gauge interest in what you have to offer.

But also help you build a customer base.

You’ll start business with hundreds or thousands of customers already lined up.

And ready to tell other people about what you have to offer.

See also: Top 10 Ways to Start Farming Business in Nigeria

20. Report.

No matter which source you raise funds from, be sure to provide key operating.

Strategic and accounting information to your financiers periodically, usually twice a year.

It’s a good idea to hold a board meeting if everyone can physically attend. If not, do it via teleconference.

21. Get an office.

You will need a space from which to run your business.

This can be a home office if you require little space and will not have employees.

Or it can require an entire workshop or warehouse.

Look at renting in a low cost neighborhood or business incubators instead of a fancy address.

Some universities make space available at a low rent for new business ventures based on an innovative scientific idea.

It depends on what you will be doing and how big you intend your business to be.

Make sure the space is coded and legal for how you intend to use it and within your budget.

Read on: 11 Tips to Start Export Business in Nigeria

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22. Purchase equipment.

Purchase all of the things you need to start work.

This can mean mechanical equipment, computers, telephone, or craft supplies.

It all depends on what you are doing.

Try to purchase from business supply companies as they will have significant discounts.

If you are short of capital, lease or rent is an attractive option too, so as not to block your funds.

23. Create a records system.

From doing taxes to figuring out why you’re mysteriously missing $2,000 to searching through customer records to find out if Mrs. Jones did in fact pay her bill.

You’re going to want a good records system to help your business run smoothly and efficiently.

Invest in file cabinets, labels and digital records software to keep you organized and on top of things.

See also: Top 14 Jewelry Business Processes In Nigeria

24. Make use of marketing and PR.

You will want to reach out to potential customers in ways that make them want to use your business.

This is especially important when you are first starting before you have an established, regular customer base.

Read on: Top 26 Janitorial Business Tips in Nigeria

25. Running Business with Dangote

Advertise in a way that catches customers attention at a minimum.

And hopefully goes beyond to capture their imagination.

Be creative and appeal to the right aspects of the customers you want to use your business.

26. Running Business with Dangote

Offer free samples of what you do to the right people.

In order to get people saying good things about what you have to offer.

Word of mouth (i.e. good PR) is the best way to attract new customers.

If you get bad reviews or negative feedback, respond positively and fix the problem.

People will be much less judgmental about mistakes if you’re willing to fix them.

Read on: How to Start Keke Napep Business In Nigeria

27. Use a little old fashioned networking.

Go to conferences, charity galas, meetings with complementary businesses and anywhere where your customers are likely to be highly concentrated.

In other words: get out in public and interact with people.

Use your friend’s connections to meet people who may be able to help you.

This kind of interaction is very important for starting a business.

You can’t exist in a vacuum after all.

28. Have great customer service skills.

Be good at interacting with people.

Practice reading between the lines of what people say.

Learn how to meet needs they didn’t know they had.

Figure out how to make people happy.

Be charming. Most importantly, be humble.

The customer may not always be right but you need to be able to let them think they are.

See also: 48 Top Business For Madagascar’s Young Stars

29. Have a website.

The world has moved online. Any business that wants to survive the next ten years is going to have a website.

People will use it to contact you, find your location, learn your operating hours.

Ask you questions, make suggestions, and maybe even buy your products or services.

In having a website and services which are available over the internet.

You will be able to expand your service area out across your region or even the world.

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30. Require payment.

Don’t let people take advantage of you.

Require payment within a specific window of time (whatever is appropriate for what you do).

Invoice people as soon as you possibly can.

If someone is late in a payment, talk to them.

If you ignore these problems hoping that they go away.

You will find yourself working for free and your business in the tank.

See also: Top 13 ways to Start Helicopter Business in Nigeria

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31. Take credit cards.

Very few people consistently pay for products or services with cash any more.

It will be much easier for your business, as well as records keeping and accounting.

If you accept credit and debit cards.

If you want to save yourself ridiculous fees or keep your business more mobile, consider using the Square.

This device plugs into a smartphone or tablet and lets you swipe customer’s card.

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32. Set up an online system.

If you plan to have products for sale online.

You will need to make sure to set up an accord online payment system.

Services like PayPal make this incredibly easy.

Research to find out which method is best for you.

However, make sure that whatever system you use is secure.

You don’t want either your information or your customer’s information to be hacked or taken advantage of.

See also: Top 11 Sources of Getting Funding for Business in Nigeria

33. Running Business with Dangote