Here is a brief break of the processes to starting a business.

Choose a legal name and structure
You will have to choose between a business name and a limited liability company as they are the most suitable for a business idea with a small and medium scale outlook.
While picking a suitable name for your business, it is also very important to do a domain name search to ensure that the domain name is available. Your proposed business name is only available for use if the domain name is available too.

Go ahead and register your business with the Corporate Affairs Commission (CAC). You can do this yourself on the CAC website or engage a company formation professional to help you.

Protect your idea
Register the most valuable part of your business- your Intellectual Property. Be it a patent, trademark or copyright, you should protect them before you go public.

Write a business plan
You can choose between using a regular business plan template available online and engaging a professional to do a tailor-made business plan for your business plan. You may also consider getting a feasibility study and marketing plan, both with at least a three to five year financial projection. These gives your idea some validation and an idea of how much you need to start your business.

Brand your business
Place orders for a full branding package to include a logo, website, personalized emails, letterheads, business cards, company and marketing brochures etc.

Obtain a Tax Identification Number
You can apply for a Tax Identification Number from the Federal Inland Revenue Service closest to you registered business address. Application is free but you would need to have the required documents handy. Get an SME friendly bank. A couple of banks you a corporate account with no hidden charges.

Get an office space(if you are not working virtually)
Nowadays it is safe to say that the future of work is virtual especially with entrepreneurs, creative and innovators. It is easy to work remotely if you do not have need for an office space or if you cannot afford one. However, the advent of co-working spaces made it easier to get an office space for a lot less than a traditional office space.

Obtain licenses and permits
Your business will need a Federal or State License depending on its nature of business. If you are involved in drug manufacturing, importing, exporting, product packaging, broadcasting etc. you would need to be licenses by NAFDAC, SON, NBC, or other relevant Federal agencies. If you are engaged in building, real estate or medical practice, you may need a state government license to operate.

Set up accounting and record keeping system
It is important to keep proper records from the very first day your business commences. Set up an accounting and book keeping system that allows you ‘follow the money’. Our professionals can help you set this up at an affordable cost.

Marketing
Your company is set up for business. You need to set up an offline and online marketing plan for your services (or products). Outsourcing your marketing to professionals may be a cost effective way to keep your team small and target your ideal customers.

If you have any questions don't hesitate to reach out or ask questions here.
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