We all want to be financially self-sufficient. Starting a profitable small business is one approach to this. This entails more than just having a good company concept or filing with the Corporate Affairs Commission.
Every day, a large number of people quit the corporate sector to pursue their entrepreneurial dreams. The reasons might range from an individual believing it’s time to branch out to a person losing a job or simply wanting to experience the excitement of the entrepreneurial journey.
Although running a small business has numerous advantages and possibilities, anybody considering entering the realm of entrepreneurship should be informed of its possible pitfalls.
What you do need is a decent business idea, a solid execution strategy, and the drive to get up every morning and keep working. In this article, I’ll go through the major procedures and processes required to launch a lucrative small business in Nigeria.
7 things you should know before starting a small business in Nigeria
1) Ensure You Are Solving A Problem: People are most likely to pay for items and services that solve difficulties they are now experiencing. It may be someone’s assistance in caring for children, a medication to ease a severe headache, or an umbrella to keep you dry in the rain. People will pay for your goods or services more quickly if they feel an urgent need. During economic downturns, individuals prioritize what they need over what they want. Discover the issues that people in your community are suffering from, provide a viable solution, and you’re in business!
2. Perform Market Research: It is prudent to undertake market research before starting a small business in Nigeria. Market research is about discovering what people want and how your company might meet that demand. Its purpose is to assist you in finding the greatest consumers. Market research is essential when launching a small-scale business in Nigeria that will eventually become lucrative.
3. Prepare Yourself: Many small business owners take this step for granted. Never believe that you have everything under control. There is always space for improvement, and you can always improve. Preparing for your new business entails acquiring the knowledge necessary to be an authority in that sector. In some circumstances, you’d need more training, and in others, you’d need to consult with someone who has expertise in that field. Exploring websites is another excellent technique to learn more about your new venture.
4. Register your business name: To build a successful small business, you must first register with the relevant authorities. Again, several small businesses in Nigeria do not register with the CAC. It is essential that you do so in order to get the incredible benefits of this approach. Your registration is determined by the size of your company. Learn more about enrolling with the CAC by clicking here.
5. Create an Accounting System: If you are not a numbers person, the accounting and bookkeeping aspects of operating your business must be outsourced to a specialist or have someone experienced in this skill set come over to manage your accounting record keeping. Setting up your accounting system can help you grasp the financial aspects of operating a firm and will improve your financial and business judgment, as well as your managerial abilities.
6. Create a brand strategy and identity for your company: Aside from a unique product or exceptional service, your brand is the driving force behind a customer’s decision to buy from you. Your company’s brand is more than simply its name or logo. It is a set of guiding principles and design specifications that represent your story while also fostering consistency and trust. A branding exercise will provide the framework for your brand’s future creative selections.
7. Start the business: You can launch your business once you have all of these things in place. Don’t try to do everything in one day. One step after another builds a firm foundation; after all, Rome was not constructed in a day. It’s fine to have huge dreams, but why dream if you can’t realize them? Make that move right now!