Year after year, individuals take steps in quitting their 9-5 jobs and set up their business or side hustle as it is popularly called, some even attempt to combine both. Although it seems otherwise, starting a business in Nigeria is rather easy when you are focused and determined.

Many aspire to be entrepreneurs but only a few really understand what it takes to start a business. A lot of requirements and steps must be fulfilled and followed for you to successfully start and grow a business in Nigeria.

Nigeria is a good country to do business, because the population is high, and there is a better chance that your business enterprise will get a decent market.
If you’re ready to take the bold step to become an entrepreneur, this step by step guide is the perfect business plan on how to successfully start a business in Nigeria as they will help you to plan, manage, and prepare your business for success.

Develop A Great or Peculiar Business Idea – The most important step in starting any kind of business is to have the right idea, have a clear idea of what you want to do.

It’s important to note that there are plenty of different business ideas and opportunities, and almost all of them will have competition except you come up with a Peculiar business idea – some new genius invention.

Conduct Feasibility Study –
One needs to do a lot of research to make sure that the business they plan to invest will yield profit and not fold. There are several reasons you must conduct a feasibility study before starting any business in Nigeria. A number of people invest in a business idea simply because a friend or relative said the business was profitable and they end up failing.
Others jump into an industry blindly in reaction to unverified information and end up with bankruptcy. Even though entrepreneurship is all about risk bearing, jumping into an industry without an adequate knowledge of its fundamentals is suicidal.

Create A Good Business Plan –

No one is advised to start their business without a clear picture of what to do and how to operate it. Proper planning is essential for the success of any business.

You should develop a full plan which will include every aspect of your to-be business and commit to it. It provides one with clear and set goals as well as serving as a reference point. It is estimated that over 85 percent of small business owners in Nigeria operate without business plans. You need to separate yourself from the pack if you are to succeed.

Understand The Market –

Before starting a business, one cannot over emphasize the importance of having a full understanding about the market i.e the basic rules, features, and qualities of the market.

Every business has the inside secret behind their success and to succeed one has to become an insider. Several questions need to be asked such as; Who are the potential customers? How can they be served? Who are the main competitors? Who is currently leading the market and why? Is there a chance of survival for me?

These questions help in understanding the business better.

Location –

Ideally, your business must be close to your target customers. Where you choose to locate your business office, customer demographic, and all, must be decided. It is advisable that the location you choose be around the people with the highest chances of paying for your products. Your location is highly important and must be customer-friendly.

Register Your Business –

Currently, in Nigeria a large amount of businesses are sole proprietorships. Depending on the type of the business you want to start, you need to Register your Business in Nigeria with the Corporate Affairs Commission (CAC) to enable you do business in the country legitimately.

Startup Capital –

Financing a business is often the biggest challenge faced by an entrepreneur.
However, it is absolutely possible to find the source that will finance your business.

If you have no start-up capital, the easiest way will be borrowing the funds. One of the best loan apps that I will strongly recommend is Newcredit. They offer loans of up to 300,000 without any collateral.

This is especially an advantage of skipping through the documentation and time consuming process that it takes to get a loan from banks in Nigeria. Their interest rate is also really low and with a good payback time so there’s room to collect yield from your business and then pay back.

You can download the app by clicking on this link now
https://newcredit.onelink.me/obhk/om

Start Your Business –

After following all the steps above; you are all set and ready to begin your business. It is advisable to take your time and start small. You will also need to overcome the common fear of failure. Do not let your efforts and plans go to waste without trying.

Are you willing to take the risk and start your small business in Nigeria?