If you are like me, constantly worrying and projecting into the future, thinking about how to position your business for a mega turnaround in Nigeria, then, you are reading the right article. Starting a business is different from owning one. And I mean, legally owning it.
See Also: How to start a wholesale distribution business.
You see, owning a business in Nigeria is not for the feeble-minded or the timid, neither is it for those who keep procrastinating or are too afraid to start.
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No, it is for the strong-hearted, and the bold and confident. It’s for those who have refused to listen to the negative voice in their heart that is constantly whispering that they cannot do it, even though they lack the experience.
The good news is that by the time you are through reading this, even if you were initially feeble-minded or timid about starting and running your own venture, you will throw away that garb of feebleness. But most importantly, you will know the right steps you should take.
See Also: Creative business ideas for fresh graduates in Nigeria.
Owning a business in Nigeria isn’t a hard thing, but it becomes easier if the necessary steps are taken.
5 Steps To Owning A Business
1) Carefully Choose a Unique Business Line
News Flash: You can succeed easily in any business that is in line with your God given dreams!
I once heard of someone who sells vegetables for a living and built a house and bought a car. Yes, it is a true-life story and not Nollywood.
I also know someone who sells doughnuts, buns and other “fries” at Cele Bus Stop in Lagos, and he makes hundreds of thousands of Naira every month.
See Also: How to choose a business name for your business.
You see, the foremost thing that determines your success in any business venture is discovering your unique selling idea. If your dream is to become a seamstress, then, you are probably going to hit it big if you follow the voice of reason in your head.
Not everybody will manufacture or sell cement like Aliko Dangote. Look for your own unique selling idea and you are ready to hit it big.
That said, let’s move to the next step.
2) Register Your Company Name
Registering your company name with the Corporate Affairs Commission (CAC) is the first necessary step to be taken. You will, first of all, choose a unique business name that the CAC will verify to make sure it has not been already taken. Then you will have to complete some forms which you must submit in sixty days.
Part of our commitment to being everything to the entrepreneur is helping entrepreneurs with this process at ReDahlia. All you need to do is forward the details to us at contact@redahlia.com and we will take care of the rest.
3) Register With the Necessary Regulatory Bodies
Every industry has a regulatory body guarding or protecting its ideals and members. Even pepper sellers have a body/association. This is necessary for success in your business, whether small or big. You have to pay homage, seek advice, and come under the protective shelter of the association governing your trade. If you are opening a drug store or rice importation business, for instance, you know you have to join that association.
4) Business Location
A good location is important for your enterprise to grow in Nigeria. For example, a Coca-Cola franchise outlet will do better if situated in a school environs, motor park or big market.
You need not fret if there are other people already in this line of business in that location already. Chances are that they can’t even cater completely to the teeming crowd that throng that market daily.
For instance, Wuse market in Abuja has many stores selling drinks on a daily basis, yet, demand exceeds supply. This is because Wuse Market is the biggest market in the FCT, and thousands of people come there every day. So, whatever fast moving commodity you sell in this market will rake in a ton of cash daily.
See Also: Business Model Canvas: A tool for designing business models.
5) Know Your Competitors
This will go a long way to determine how far you will go in any venture you want to own. Every smart business owner will pay adequate attention to his competitors, know their strengths and weaknesses and build his base on the positive lessons garnered from such research. Your competitors are your best opportunity to learn market tricks and how to stay afloat. Staying close to them will be a wise thing to do.
As a new CEO, no matter how tough it looks, don’t give up. Even when you make mistakes, know that you have to learn from them and move forward. Nothing good in life comes easy. See you at the top.
If you are thinking of the business to start and exactly how to start it, our 324 page resource will help you make that decision and start the business of your dream. 35 Booming Business Ideas And Step-by-step Guides On How To Start Them (A Strategic And Financial Breakdown Of The Most Lucrative Businesses In Nigeria) answers every question you may have about starting the most lucrative businesses in Nigeria. Learn more here.
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