Uju Okoye
Uju Okoye
Sep 4, 2018 · 4 min read

HOW TO START A PROFITABLE BUSINESS IN NIGERIA.

The major dream of most aspiring entrepreneurs in Nigeria is to be able to have a business of their own someday. The big dream of having a business could be thought-provoking and overwhelming and so many people are also stocked along the way while some keep pushing.

However, the next question may be what exactly do I need to start my own business in Nigeria? No one starts a business with the hope of it being threatened by death or impedes growth. So, you need to start off well and the very first thing you need to do is a good business idea, a concrete execution plan and a passion to wake up every morning and keep grinding. In this post, I will be sharing the key steps and processes of what you need to start a profitable business in Nigeria.

1. Evaluate yourself.

Since you have made up your mind to start a business, you need to carefully evaluate yourself. Carefully do a mind search and evaluate yourself based on skills needed for the business, passion for the business, capital needed for the business etc.

So, be very honest with your answers and if the majority of your answers to the above questions are “YES”, then you are good to go.

2. Look for a business idea.

It is true that you need a business idea but then when it comes to starting a business, not all business ideas are worth starting at all. You don't accept everything that comes to your mind as a good business idea. A business idea must be unique, practical and easy to scale. In the search for a business idea, start by looking at what problems exist in your environment and try to provide a solution to such a problem and monetize it. Always

And if your business idea is completely new, think of what your business can offer and focus on how to create something better and cheaper. You may need to ask questions from people, make your own research and as well seek for advice from entrepreneurs.

3. Conduct market research.

Before starting a business, be sure you have a good understanding of such business. Try conducting market research by asking your potential customers a few questions about the problem you will like to solve for them.

Also research on existing direct and indirect competitions that currently exist in the market. Try to know about their products and services and how you think your business can stand out among them.

4. Feedback.

Feedback is essential for starting a profitable business. Ask questions, talk to people, use the internet, explore every available medium that can give you the right feedback on the business. It is one thing to conduct market research when you want to start a business, it’s another thing to properly utilize the feedbacks gotten from your research. This is to help you know more about the business you want to start and helps to form a strong foundation for the business.

You wouldn’t want to start a business today and it starts crumbling tomorrow or instead of watching your business grow, it starts to fall. That’s why you need to learn how to start a business.

5. Create a business plan.

For every business, whether big or small needs a plan for that business. In starting a business, a business plan helps you to stay focused and organized. Remember organizational skill is one of the skills of a successful entrepreneur. Therefore, in writing your business plan, you check out some business plan samples online to serve as a guide.

6. Capital

Before you even start a business, you should have the required capital for that business. Don't go into business with less capital needed for the business. Every business requires a startup capital which will be used in funding the day-to-day operations of the business.

Just in case you do not have the required capital required to start the business, you can get a bank loan, grant etc. Most businesses die due to lack of funding hence make sure you’ve enough capital that will cater to the financial down times.

7. Business Registration.

Registration of business is very paramount for everyone that wants to start a business. You should register your business with the government of your country or with the body responsible for business registration in your country.

For example, if you are a Nigerian business you can register your business with Cooperate Affairs Commission (CAC) at the federal level and then with Chamber of Commerce at the state level. Registering your business with the required bodies gives validity and authenticity to your business.

8. Build Your Team.

This is a very important point to have in mind. But then, if you are solely going to run your business, then you may not need to start building a team. But if you intend to employ at least one person you need to build a strong team.

This is vital because these people are meant to contribute to the growth of your business but if the team is not well built, they can as well help to bring down your business.

9. Grow Your Business.

The growth of a business is very vital to the survival of a business. Any business that is not growing will surely die no matter how long it takes. Make sure you do everything possible to ensure that nothing impedes the growth of your business at all.

The number metric to measure in measuring the growth of any business is steady positive cash-flow. The more cash-flow a business generates the more ability it has to grow and expand the business. Hence, ensure that you have the right tools to help you keep track of your cash-flow from day one of the business.

Uju Okoye

Written by

Uju Okoye

A Digital marketer/Content Developer, who can manage social media pages and develop engaging contents for blogs. I have enthusiasm for anything DIGITAL.

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