10 Great Ways to Start A Profitable Business In Nigeria
10 Great Ways to Start A Profitable Business In Nigeria: With the present economic situation in the country and the lack of job opportunities in the country, every individual wants to be an entrepreneur to secure their own future and business. Having your own business is a pleasure and a dream because you can afford to do things at will without your boss looking over your shoulder.
Nigeria is a dynamic market with many prospects, but with factors such as the fluctuating dollar or other unexpected economic, it can also be challenging and demanding. To succeed in business, you have to be well-prepared with a focused plan that provides direction and enables you to get ahead and ride through tougher times.
As good as it sounds, starting a business is not always an easy task because there are challenges and obstacles which you must risk to overcome and it also requires discipline, time, and commitment to start and grow your business.
It is also necessary to know that it is not everyone that starts up a business succeeds in the end because of one reason or the other which could range from poor management or lack of resources to finance the business.
Steps On How To Start A Business:
1.Evaluate and Assess Yourself.
There is a need for critical evaluation of yourself since you have decided to start up a business, you need to be sincere with yourself on the business you want to operate if you have the skills needed for the business, the management skill needed, the capital required for the business and the most importantly the passion and motivation to make the business a success.
2.Generate a business idea.
Every successful business comes with a product idea for it to establish and succeed. Your business idea must be unique for it to stand out and must be needed by the market because not all business ideas are worth starting at all. A business idea must be created to solve a given problem in an environment. This requires that u have to look for a problem and provide a solution through monetizing the problem.
3.Conduct market research.
The market research gives you an idea of how can turn your idea into a successful business. Before you start up a business you need to have a good knowledge of the business, either through people who have experience in the field or get a mentor to direct and instruct you on how to go about the business. It is also important you carry out a market research questionnaire on your potential customers about their problems with the existing product and how you could proffer a solution.
Conducting market research is a fundamental basis when you want to start a business also most importantly it is necessary to utilize feedback gotten from your research. The reason behind this is to get relevant information to know about the business you want to embark on in other to set up a strong foundation for the business.
No one wants to see his investment or business go down the drain after starting a business but instead will want to experience your business progress with time.
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5.Create a business plan foundation
A business plan is a basic foundation required for a successful business, it streamlines the vision and goal of the business or organization and this also helps the business to be the focus and organized. Your business plan should be plain and attainable which could be convincing to people working with you and also investors.
Your business plan is a roadmap to a successful business, you can carry out research on how to write a business or seek someone to guard you.
6.Get business funding.
The ideas and plan you have for your business can not materialize if the resources required are not available to establish it. Your business plan can be critical to figure out how much money is required for your business.
Every business requires startup capital to start the business, in case you do not have the capital required to fund the business’s day-to-day operations, there are ways you can raise funds, either through a bank loan, grants, equity investments, etc.
7.Get a Business Location.
The location of your business is important as determining factor in the success of your business. You need to have a clear picture of your product and what you want to market in the future also bearing in mind who your customers are and your proximity to your customers, Your location needs to be consistent with your operation and style.
Most business that has liquidated or shutdown is mostly due to the location of the business, it is important to consider the location of your business before investing your money or resources into the business. You must have considered the traffic of people the environment or the location of your business before establishing your business.
The importance of registering your business can not be over-emphasized, registration of your business is very important because it gives the business the legal right to commence operation and do business in your country.
It is necessary you register your business with your or company with the government of your country or the regulatory body responsible for the registration of business in your country.
The body responsible for the registration of business in Nigeria at the federal level is the Cooperate Affairs Commission (CAC) with the Chamber of Commerce at the state level.
9.Get tax IDs also license and permit.
For you to fully commence your business, you will use your employer identification number (EIN) for the steps needed to grow your business, like the opening of a bank account and for tax payment. Though, not all states require you to get a tax ID.
Furthermore, the license and permit give your business the legal backing to run a smooth operation in its existing environment. Though license and permits vary by location, industry, and other factors.
10.Build Your Team and Grow Your Business.
If you are setting up a business with a team you must make known your vision and goal to your team and a measurable steps to achieve the vision. This has to be put in place to achieve the flavor of accomplishment and avoid crisis management.
If you are not going to employ a team but to run your business alone you have to develop yourself and be committed and discipline to your set goal.
The reason for setting up a business is to experience growth and expand, No one sets up a business to see it liquidate or crumble after a short time. So there is a need to carry out research to be outstanding and dominate your competitor do anything possible to see an increase in your cash flow and constant growth in your business.
Conclusion and recommendation
Starting a business has to do with setting up a business strategy to ensure that you don’t venture your resources into a failed business by critically evaluating how you can make a profit out of the business because of the dynamic and competitive nature of the economy.
Several businesses that have grown to become multi-million business ventures today started from a small beginning, and all you need is to put your plans right and be courageous to achieve your dream business.