10 Steps To Follow When Starting A Business In Nigeria

Starting a business

Starting a business

To become a successful business man or woman, there are steps you need to strictly follow when starting of your business. Most business do not survive few months after they are being established because of lack of proper planning and preparations. In this article, I will show you steps to follow when starting a business.

Steps to follow when starting a business

1. Have a business idea

Before starting a business, look around the place you want to start the business, it might be in your community or anywhere.

Find out what people need most, or things they cannot do without; then think of ways you can make those things accessible for them.

This will give you an idea on the kind of business to establish in that area.

2. Know the kind of business

When you have an idea of the type business, the next thing is the kind of business.

It could be a particular product you want to sell or a particular service you need to render in the community.

For example; if your targeted people need ‘eggs’ but where to buy eggs is very far from them, then you can consider starting egg distribution business.

SEE ALSO:  How To Start Egg Distribution Business In Nigeria

3. Understand the Nature of the business

Don’t start a business without understanding how the business works. You need to;

  • know where and how to get the resources,
  • Understand your customers taste or preferences,
  • Know the area that requires the product or service, and
  • Know the location where the business will be highly demanded.

4. Conduct a Research (before starting a business)

Carry out a survey in your vicinity before starting a business.

A research will provide answers to all your questions such as demand rate, price, quantity, and so on.

5. Determine your strength or Capacity

Starting a business is one, maintaining the business is another.

You need to evaluate your strength and capacity to determine if you are able to establish the business in terms of capital, resources, passion or skill needed to run this business.

Knowing your strength and weakness will help you reach a conclusion on the business to venture into.

6. Have a Foresight

Foresights has to do with seeing ahead of time or where you want to be.

You need to visualize where you want your business to be.

Know to what extent you want your business to grow. How long you intend running your business.

7. Write a business plan

Forming a business plan will help you set a goal toward achieving your business objectives.

Formulating a plan will provide the strategies that will propel the business forward.

The business plan keeps you organized, focused and determined to achieving your goals.

8. Source of Capital

Capital is important to start a business, and to keep it running.

In a situation where you do not have enough capital to start a business, there are various means to get the require capital.

Such means are through bank loans, grants, equity investments and so on.

9. Register your business with the Appropriate Agencies

If you register your business, you will have absolute right to carry-on any business activity in your country without restrictions.

In Nigeria, the Cooperate Affairs Commission (CAC) is responsible for business registration.

SEE ALSO:  How To Register Your Business Name In Nigeria

10. Business Development

Business development is necessary for your business to survive.

Create awareness about the product you are selling or the services you are rendering.

This can be done through advertising through different platforms such as Facebook, WhatsApp, Instagram, Pinterest, blogging and so one.

When you advertise your products or services, it reaches those who are not aware of your business.

And this increases sales, and leads to business growth.

Lets have a recap of the steps involved in starting a business.

The steps to follow when starting a business

1. Have a business idea

2. Know the kind of business

3. Understand the Nature of the business.

4. Conduct a Research

5. Determine your strength or Capacity

6. Have a Foresight

7. Organize a business plan.

8. Source of Capital

9. Register your business

10. Business Development

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