Starting a Business Today in Nigeria: 6 Factors you must consider first

The mention of business to a lot of people connotes varying meaning, to some it means freedom from a stereotype job, some business income and wealth and to others, a means to livelihood and an end to a means.

Whatever it means to you, it underlying meaning is to get BUSY {“engaged in actions whilst actively doing something”} in BUSINESS {“the activity of making, buying and selling goods or providing service in exchange for money”}.

As easy as it sounds, starting a business has been perceived as an enormous task to a large percentage of the world populace as the mere thought of it make some grow cold feet while others give up due to the enormous responsibility and dedication it entails.


Percentage of others are been shunted due to the fear of failing and thus they want to stick with the risk-free course of not even starting at all.

But the greatest percentage can do nothing because they do not know how to go about, they do not know how to start and what avenue to take.

Starting a Business Today in Nigeria: 6 Factors you must consider first

The truth is, starting a business and maintaining it is not as impossible as we all think.

The truth is that it might be easier than we thought hence the essence of this article.

Here we will give a thorough breakdown of all the basic requirement to get you started and maintaining your business till it get to whatever height you have always envisioned no matter your location in the world.

  1. WHICH BUSINESS ARE YOU INTERESTED IN STARTING

Seriously, have you ever thought about this at all? You do not just start a business because the other man is making a livelihood from it already.

There are millions of businesses you can invest in, with different capital and experience requirement.

Before you decide on what business to do, you have to balance the funds at your disposal and also the experience you have garnered overtime.

My secret weapon is “discover a problem and offer solution” it is as simple as that.

Also you must possess a level of experience if you are to survive here, do not start a business due to interest, but be driven by passion so your level of enthusiasm will be high.

This alone means you can give it all it takes including time and resource for it to be a success.

Starting a Business Today in Nigeria: 6 Factors you must consider first

Starting a Business Today in Nigeria: 6 Factors you must consider first

2. WHAT ARE YOUR REASONS

You should have a very sound reason to want to go into or start that particular business, because after deciding on what business to engage in, your reasons are the prime motivation that will keep you going.

It is also important to know why you will engage in that business as this will be the bedrock to whatever you will ever be doing.

Are you in it for a short term basis, or as a part time activity to augment your job and serve as another source of income in the long run?

Will it be full time thus will you be leaving all other engagements and, contracts and jobs to face the business full time?

Do you intend to run the business perpetually or you aim to give it up at a mouth-watering price later on?

This and many more, but it is important to decide on your reason as this will guide you in fund investment, loan seeking, effort dissipated and time functions.

3. BUSINESS PLAN IS GOLDEN

Oh yes, we need a business plan because you do not want to go in with your blind side, it is tantamount to jumping off a ledge without a parachute.

Your business plan should be very flexible and workable giving enough respect to rooms for improvements, changes and modifications with even enough room for expansions in the nearest future.

You should know that no matter how lucrative your business will look, without a good business plan, it will never become what you have always envisioned and wanted.

So if you do not want your case to be like the man who set out into an unknown land without a map and directions, it is important you get a business plan now.

It should be an embodiment of quality and a sitemap to success.

4. THE NAME IS THE BUSINESS

Do you know how you feel when you are called by your name, which is also how it feels for your business to have a name, it gives a sense of originality and personification.

Naming is everything as people can draw a mental picture of what your business entails just from its name alone, which is the more reason why you should choose a name that sends very clear message of positivity and high sense of belonging.

Good business name can be the start block to your business success, so it is important it is not taken lightly.

The name should be able to describe the business in its entirety, giving full definition to what the business is all about, it is the summarized description of your business.

Assuming your name is PRECIOUS IRIAEVHO and you are investing in a clothing business, here are two name choice one can make:

PRECIOUS IRIAEVHO CLOTHING

GOLDEN HUMAN APPARELS AND CLOTHING

So if you are going to buy clothes, which of the aforementioned boutique you will go into, be sincere.

That is the effect a good business name will have on your business so choose wisely.

5. GET A BUSINESS SPACE

Now it’s time to get a business location or space, except you want to go mobile then you will be needing a vehicle or you can operate from your homestead.

Having a space is an important parameter to put in check, and it should be easily accessible, well-furnished and decorated especially when it is to serve as an office outlet.

Though this may depend on the budget you have but endeavor to put it in a very ideal condition.

You do not have to spend a fortune here, just make sure it is modest enough for your customers.

Work within the limits of your budget.

6. REGISTER YOUR BUSINESS

This puts you in the good pages of the government, it is very good to register your business as this show that it really belongs to you and most importantly it is an important requirement in most countries prior to putting machinery in place to start the business.

Make Consultations with your local or state authorities to know the process and procedures involved and the best possible way to go about your registration.

You can register as a Sole Proprietor or a Corporation.

In some countries you need to register for taxation processes while in some other countries, it is a requirement to legally make you operate.

Whatever the case may be, it is very important to register your business, you never can tell what might happen in the future and by the way it will save you the hassles involved in opening a business or corporate bank account.

Consider READING these article

OTHER FACTORS


There so many other factors and we will elaborate on them on the sequel or part to this article. The motivation to write more relies on your comment and engagement.

Comment below and share to your friend.

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