Starting A Small Business Nigeria - Small Business Startup
Starting a small business in Nigeria requires a few simple steps.
||The very first thing you need to do is register your business name. It is important you do this whether you're ready to start or not because if you don't, someone else may take your choice name by the time you're ready.
Where do you register your business name?
Business name registration in Nigeria is done at the corporate affairs commission.
The corporate affairs commission has its head office in the federal capital territory Abuja. The Lagos office is at Elephant Cement house Alausa, Ikeja.
But wait. What business name do you want to register?
Obviously, the name you decide to register will be related to the kind of business you intend to do.
For example, your business name may be "ZY Web Hosting". That name suggests that you're in the web hosting business. Or it could be "cement Solutions", suggesting that you're in the cement distribution business.
So, before registering that business name, you need to give some thought to the kind of small business you wish to start.
This is where small home business startups miss the point. An idea strikes them and they say, hey, this is divine revelation. Then they rush through the process of registering a business name and jump into starting a small business.
What does it take to run this particular business you're interested in?
Do you have enough knowledge?
Do you have enough experience?
Do you need to serve 6 months internship (or longer) with an already established small business involved in this same business to learn the skills required or to horn your rusty skills?
Do you have enough funds to go the whole hog?
If you don't, do you have enough credit to get a small business loan?
Do you need to partner with someone else with complimentary skills?
Are you mentality and psychologically ready to manage your own business?
Do you know what it takes?
What is your fall back plan if things don't work out as planned?
||Two years down the road, they realize that they are not cut out for cement distribution or whatever the nature of business they hastily dived into.
Starting a small business is easy. But sustaining it and growing the business from scratch to profitability is a major challenge.
So before you rush off to invest your life savings into that groundbreaking idea, think again.
Questions and more questions. And the list above is not exhaustive.
It's great to be independent to run your own small home business. But it's a disaster if, as a small business startup, you start out at the wrong time or on the wrong foot. You may suffer huge financial losses that your family may go hungry.
So plan adequately. And pause to think through your plans. Financial independence is exhilarating. I wish you just that as you journey thorugh the steps of starting a small business of your own.
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