2019 is here already and a lot of us may be planning towards starting a new business, re-starting an old business, or even turning a passion project or a side hustle into a real business.
If you are a Nigerian or you are looking towards starting a business in Nigeria, here are some tips to help you successfully start your business in this New Year:
P.S: You should definitely bookmark this article because it comes with lots of handy tips for you.
- Find the right idea: Starting a great business requires finding a great idea. Without a great idea, your business can’t stand out. How do you find a great idea? You can find a great idea by deciding to solve a problem or fill a gap in a particular industry. And so, take out some time to find a great idea.
- Research your idea: It is not enough to find a great idea, you also need to research your idea. You need to be sure your idea is something that is feasible and what others are willing to pay for. In addition, you need to research the market to find out the current needs around your idea.
- Create a business plan: A business plan is necessary so that you can effectively analyse the important things surrounding your business. You need to be able to understand your market, financial projections, expected risks, cost requirements, and so on. A business plan will give you the right information you need to start your business.
- Test your idea: Creating a pilot version of your idea can help you solve lots of problems and avoid some risks before you fully launch. You should test your idea and ask questions, ask for feedback, give people free samples, etc. Once you get feedback and suggestions, you should work on them to improve your product or service.
- Register your business: Before you start your business, ensure your business is registered with the Corporate Affairs Commission (CAC). You can either choose to register your business name or register your business as a company. After this is done, then you should get your TIN number from the tax office and also open a business account for your business.
- Develop your brand: Branding is an important aspect of running a business. You need to develop your brand elements such as brand colours, logo, business cards, etc.
- Finance your business: Financing your business is important. You need to decide how your business would be financed. Are you going to raise money from your savings, from friends and families, from the bank, from the public (crowdfunding), etc.? Before you choose any form of business financing, ensure you find out its pros and cons.
- Have a marketing strategy: Every business needs a marketing strategy in place. You need to have a concrete strategy that would help you reach your target audience and would lead them to buy from you or pay for your services.
- Find the right location: Before you find the right location, you need to decide how your business would operate. Are you going to work from home or would you get an office space or a shop? Whichever one you choose, make sure it works for you and your business. If you decide to get an office space or a shop, you should choose this careful and consider proximity to your target audience, proximity to the market, and proximity to your suppliers.
- Have the right structure: One of the ways to build and grow a sustainable business is to have the right business structure. The right structure would help you grow your business better.
- Be consistent: Show and do the work. Starting is not enough, you need to keep showing up and putting in the work.
- Have an online presence: Every Nigerian business cannot afford not to be online. You need to invest in the right platforms and connect with your target audience online. Your target audience is online; find out where they are and create effective content to help you communicate with them.
What Nigerian business are you starting in 2019?
