Nigeria being one of the most populated countries in Africa, is a country with a very high unemployment rate. Starting a small business in Nigeria has become the best alternative for young graduates and entrepreneurs alike, to Stаrt a Smаll Business іn Nіgеrіа a few factors should be considered.
Today am going to be explaining in 5 steps Hоw tо ѕtаrt a ѕmаll business іn Nіgеrіа this 2019.
Table of Contents
Hоw tо Stаrt a Smаll Business іn Nіgеrіа
- Get a Business Idea
- Find Source of Startup Capital
- Find a Good Location
- Register your Business
- Start Marketing
Get a Business Idea
The foundation of every small business is a good idea, their are alot of business niches you can focus on in Nigeria, just make sure its something your passionate about and understand well.
You should also consider the location where you would want to start the business and see if your idea fits into the demographics.
Find Source of Startup Capital
This could be anything from personal savings, a loan from a bank, donations from family members etc. Remember the main thing here is starting, even with 5000 Naira you can start a successful business.
You should consider the rent (if any) of the location you choice as well as wages and potential maintenance expenditures.
Find a Good Location
A good location could be the difference between a successful small business in Nigeria & a failed one, its a wise idea to always get a place closer to the kind of audience for your niche i.e Food restaurant near an Office or school, its common sense.
People cherish accessibility more than anything else, no matter how good your business products are, if they are not accessible then you wont make any tangible income.
Register your Business
a Registered Business whether big or small in Nigeria is a trusted one, Just registering our business alone gives people this confidence that you will never dupe or scam them.
You can learn how to register your small business in Nigeria here.
Start Marketing
Last but not least is marketing, if you don’t do any form of marketing then its going to be hard to get customers. Truth is for every small business idea you might come up with there are already a 100 more people running a similar business, your marketing simply announces to the public why yours is different and better.
marketing can include anything from handing fliers to printing and placing banners in strategic places which costs almost nothing compared to the ROI.
So those are the few tips i have for starting a business in Nigeria, if you have any questions don’t hesitate to ask.
Want to Learn More?
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- What Businesses Can I Start With 15,000 Naira – 20,000 Naira
- What Business Can I Start With 10000 Naira / 10K
