Nigeria is blooming when it comes to business networking, and many people are now looking into opening up their own business in the country.
The country has witnessed a huge growth in the business sector lately, which has helped improve its economy. To make sure that you have a successful business as well, you need to follow a few steps and make sure you follow all the rules and regulations to be successful in what you do.
How to Start a Business in Nigeria
Starting a business in Nigeria is almost the same as doing so in another county. There are a few simple steps that you need to keep in mind and follow and once they are successfully complete, everything will start falling into place.
Develop a Business Plan
First and foremost, you need to make the business plan of your company. Whether you have it in softcopy or hardcopy, just make sure you write it down where you can easily see it again when the need arises.
The topics that you must cover in your business plan include:
- Business description
- Market demand
- Competitive analysis
- Design and development
- Management and operation
- Financial projections and forecast
Register Your Business
After picking a name for your business, you will register it with the Nigerian Corporate Affairs Commission. You will be asked a few basic questions regarding the business. Once you have been verified, you will need to fill a form, input some details and pay the required fee.
A very important step, you will need to register yourself with the tax office and make sure you pay all the necessary taxes associated with opening your own business. Once this is done, you will be given your tax identification number (TIN) for future tax purposes.
Obtaining Necessary Permits
Many businesses have a specific body looking at it. You need to make sure that you identify the one under which your business falls and get yourself registered with it.
Acquiring Office Space
If you feel that your business requires some space for operations, like a store, you need to look into the rental real estate and proceed to acquire it.
Creating a Website
Every business needs a website as not having one is considered a bit fishy. Hence, before you start promoting yourself, make sure you create your own website which is easy to find.
Implementing Marketing Strategies
To ensure the promotion of your business and to tell people you exist, you need to think up of some viable marketing strategies and implement them.
Building the Brand
Once you are done with marketing and you think you have your marketing in place, you need to work on your brand so that people can recall it and remember to stop by.
Promoting the Business
Even if you are well established or are new, you need to promote your business in different ways. Think of what is most effective for you and apply them to keep your business rolling. One of the most trendiest ways to promote business is online. There are many websites such as AfricaLinked.com that allow you to connect and promote your business by creating product and company pages.
Business Opportunities in Nigeria
There are many different things that you can start working on. A little research can help you go a long way and help you identify which sector or business opportunity you can look into. Some of the trendiest opportunities currently include:
- Export of agricultural products
- Mini refinery
- TV or radio station
- Construction company