How do you start a business? What are the steps you need to take to establish your business legally? How do you grow the business? You will learn all of that from this video.
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If you are like me, constantly worrying and projecting into the future, thinking about how to position your business for a mega turnaround in the Nigerian business terrain, then, you are watching the right video.
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. Owning a business in Nigeria isn’t a hard thing, but it becomes easier if the necessary steps are taken.
Steps To Owning A Business In Nigeria
Here are the five steps to owning a business in Nigeria:
1) Carefully Choose a Unique Business Line
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.
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 proceed with the filing process.
Part of our commitment to being everything to the entrepreneur at Entrepreneurs.ng is helping entrepreneurs with this process at ReDahlia. All you need to do is forward the details to us at email@example.com or call 08188122223 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.
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 school environs, motor park, or big market.
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.
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