How To Start A Business In Nigeria: 13 Basic Steps To Launch Your Own Startup

How To Start A Business In Nigeria: 13 Basic Steps To Launch Your Own Startup

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How to Start a Business: Key points to becoming a successful business owner in Nigeria

You have been thinking of starting your own business and you think it’s going to be easy? Starting your business involves a lot of hard work, commitment, and dedication. 80% of startup fail after 1-2 years. That is why I will advise you to start a business you are passionate about so that even if it does not become profitable at the early stage, you won’t become weary. The passion will keep you going because it is an idea you believe in.

Trending article: Why your small business needs an online presence.

That is why I will advise you to start a business you are passionate about so that even if it does not become profitable at the early stage, you won’t become weary. The passion will keep you going because it is an idea you believe in:

1. Start an idea brainstorming session

 

2. Be open to constructive criticism

 

3. Develop a business plan

 

4. Know your finances

 

5. Decide your legal business structure- is it a sole proprietorship or NGO or LTD etc

 

6. Create your business documentation

 

7. Register with the government under the CAC and FIRS

 

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8. Select your technology- accounting, invoicing, point-of-sale software, presentations

 

9. You may consider an insurance policy that supports SMEs- to cover against property damage etc

 

10. Leveraging on the right people might develop your business faster, so you may want to ‘Choose your partners’

 

11. Build your team (They do not have to be on a full-time basis for a start, it reduces your overhead cost)

 

12. Brand yourself and advertise (consider organic push)- create a logo, company website, emails

 

13. Grow your business- get your first sales, build partnership, invest your time and energy, reach out to people

 

 

“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb

 

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