It’s not easy to succeed in the startup industry. It’s challenging for fledgling companies to compete right away with enormously successful corporations. A company has to have the “X-factor” to stand out in this fiercely competitive sector.
Have you considered creating a startup in Nigeria? The eight steps I’ll be sharing with you in this post are likely the “X-factor” you need to start your startup and thrive well in Nigeria.
Here is how to start a Startup in 8 steps
Develop the concept of the Startup
Have you ever considered the characteristics of a great business idea? You absolutely must, though. A nation like Nigeria has a wide variety of well-liked company models. However, I think you’ll agree that a lot of stuff is terribly saturated, and you might never be able to add anything to it.
What do you do then? There is undoubtedly something out there for you because Nigeria has a lot of issues in several industries. You just need to find the problems you can solve efficiently in Nigeria.
Know your startup goal and focus on it
Concentrate on the basics before moving on to anything else. Gain a thorough grasp of the main goods and services you intend to provide through your startup. Pay attention to how you vary from or outperform competitors in the market.
Make sure you have a differentiator because there is already a lot of competition (USP). Being aware of it is vital so you can plan your marketing while keeping your USP in mind.
Create your Startup’s strategy
The NEXT stage is to organize all the data you have gathered into a concise, well-organized business strategy. It is recognized that certain Nigerians may skip this phase and yet create something worthwhile. However, once more, their firm would have become successful far sooner if it had a business strategy.
A company strategy does more than just ensure a smooth start. Additionally, it might help your company manage success magnificently. Yes, I have witnessed really successful businesses being purchased by rivals or going bankrupt as a result of their owners’ lack of long-term planning.
You shouldn’t consider a business plan to only be a requirement for submitting a loan application. With a business plan, you may launch your company with all the operating and seed money you need in only one month.
Raise capital for your startup
You must have a clear strategy for how to fund your startup’s daily operations, the acquisition of items, the marketing of your brand, and much more before you begin your venture. These chores require money to be completed.
Angel investors, personal loans, friends and family, and many other options are available to you as ways to get money for your starting business. Once you’ve figured out how to gather your first capital and have a portion of it, you may decide what kind of legal business structure you want to establish.
Apply for a license from the applicable regulatory agency
Relevant government organizations, such as the National Agency for Food and Drug Administration and Control (NAFDAC), Nigerian Investment Promotions Commission (NIPC), National Office for Technology Acquisition and Promotion (NOTAP), Nigerian Copyright Commission (NCC), Nigerian Customs Service, Central Bank of Nigeria (CBN), etc., monitor, regulate, and license specific startuos. To prevent penal responsibility, you must get the required license and adhere to all health and safety, environmental, and other regulatory requirements.
Hire the best hands for your Startup
You need to hire the best workers to co-manage your startup. In Nigeria, you often don’t require more than 10–20 staff to launch your business. Make sure they’re the smartest people you can find, however many employees you need to work with. Make sure you spend money on the best hands and intellect available.
Find a location and start your startup
After checking all the points listed above then you need to find a location for your startup and kickstart operations. Location for startups has changed significantly throughout time. In Nigeria, there are a lot of established kitchen offices for successful entrepreneurs. So you could or might not require a physical store. Be sure to weigh the advantages and disadvantages of every potential site before making a decision.
Increase your online visibility
Whether you run a small or large startup, using social media effectively might change the course of your enterprise. The least expensive yet most effective strategy to expand your brand’s reach is through social media marketing. It could provide your company the best possible first impression on potential clients.
Therefore, it makes sense to think about raising your social media advertising budget because it may benefit your company greatly and guarantee a good return on investment (ROI).
One final fact regarding starting a business in 2022 that you should be aware of is that it is now less expensive and simpler to do so.