BusinessHABBusiness In Nigeria: Thank you for landing on this page.
I congratulate you for your bold step as we will today again practically show you how to start a business inhttp://BusinessHAB.com Nigeria.
Do you know that year in year out.
Many people do take a very bold approach to quit multiple jobs and start a business.
And so many people to want to join the league of entrepreneurs.
Not many know and understand vividly what is involved.
Or neither do they know how to start a business as well.
There are a lot of requirements that must be achieved, and the right steps needed for you to successfully start and grow a business in Nigeria.
Let me be you guide today. Welcome once. Now Have a look below!
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How To Start Business In Nigeria- Ultimate Guide
1. You Need To Have a Business Idea
The no.1 thing for you to do is to have the right business idea.
Carefully define what you really want to do.
Once you get this business idea, let it be such that solve human problem.
Do what you love and can deliver at any time and you will make huge sum of money.
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2. You must have A Business Plan
A business plan will assist to outline major problem your business is going to solve.
Having a business plan next in line after you have gotten the right business idea.
The business plan should states:
- What’s type of value it adds to your target customer
- the business lifespan
- Should states the way you want to generate your income (long term & short term)
- Should be able to state how you want to break in to the market
- Should be able to state how you will raise your startup capital etc.
If you have a good business plan.
You will be able to focus on your goal and will also aid/guide you in archiving them in your business..
3. You Have to Pick a Location
Picking a location is another important thing needed to start a successful business in Nigeria.
This could only work once you have finished writing your business plan.
It’s a good thing to decide where your business will be established.
To be frank, it must be close to your target customers, not necessarily your competitors.
location you choose must be around the people with the highest purchasing power in other to get your products.
NOTE: When you want to choose your location it should be customer friendly. Nice and organize.
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4. It Requires a Startup Capital
If you want to startup your business in Nigeria.
Do you consider the capital and the cost of setting it up.
You will need to advertise your business and brand too.
They all need money to run them successfully..
Various ways to raise startup capital for your business;
- Through angel investors
- to personal finance
- You associates and your family, etc.
5. A Legal Business Structure Should Be Considered
Knowing the various types of legal business structure.
And how they could suit your purpose is important.
Before starting your business you must also decide the legal business structure you want to bring on board.
Do you want o be the only person who owns and control the business.
Then, in this case you are a sole proprietorship.
In case you are going to have more than one partner in the business.
Then the next option is to register a partnership.
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Setting up a firm/corporation will help you In case you want to separate your personal liability from your company’s liability”.
In order words it means that both partners are going to be responsible for the business established.
Once the legal structure is clearly comprehensible register the business with the right government establishment.
Legal structure should be considered first before one goes to register with the government.
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6. Business Name Registration
You need to register your business with government to get the go on and proper licensing.
You want to register your company right!
All that you will need to do is compile documented details about your business.
You will need to hire a lawyer to register a limited liability company like this.
You can decide registering your business as a company or as a business.
In today society (Nigeria) is not really an emphasis to hire a lawyer to register a business name.
But this is not the case in other part of the world.
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7. Federal & State Tax Registration
Another thing you need to do is to register with the necessary tax agencies.
Federal Inland Revenue Service- FIRS, you’d be provided with your Tax Identification number which you will use for many other purposes like opening a bank account and a lot more.
8. Get A Business Bank Account
After successfully registering your business and getting your Tax Identification Number (TIN).
You’d need to setup a business bank account to save your business startup capital and revenues.
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9. Employ the Right Team to work with
Please employ the right people to work with.
As an individual starting a small business in Nigeria.
Pick more hands to assist your business so as to move fast.
Also make sure that you are working with the smart people.
10. Go Ahead and Begin The Business
Once you have fulfill the above requirements and properly validated.
Now all you need to do is to focus on growing your brand and acquiring customers for your business.
Here in this form, ensure that your target customers easily and quickly identify the problem you’re solving for them. Let them see the value your business adds to them.
It will help you to improve your business.
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11. Grow Your Business
The last thing I have on the list is for you to grow your business.
If you have successfully satisfied your first set of customers in your initial test market.
Reaching a wider audience will be the step you must take.
Create more awareness, establish other branches, and the rest of them.
Applied information is power why not get our premium guide of this complete business plan many young entrepreneurs used to setup their business from us.
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If you need a complete business plan, please let us know.
Or, you want us to help you set up this business, kindly contact us. Otherwise,
Please check out these other business ideas you can do
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