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Steps to Take in Owning a Business in Nigeria

Owning a business in Nigeria is a great idea especially in a world where one stream of income has proved not to be enough. For someone who is concerned about the future, you might have thoughts and projections about the future which is a start point. If you always think of owing a business in Nigeria then you are reading the right article. Starting a business is far from actually owing it. Owing it I mean having a legal ownership of your enterprise.

The truth is that owning a business in Nigeria is not for the weak in mind. So, if you are a procrastinator, then the journey into the business terrain of Nigeria might be more challenging for you. Don’t be afraid to start. Determination is the key to every successful story flying around today. Business success is like the process of cultivating and harvesting. You cannot harvest what you did not cultivate. Therefore, making it in business you must kill all form of procrastination an get to work.

Owning a business in Nigeria is for the strong-hearted, bold and confident. It is for those who have refused to listen to the negative voice in their heart that constantly whispers that you cannot do it. The good news is that by the time you are done reading this, those initial feeble-minded attitude about starting your own business, you will throw them away and put your ideas together and get to work. But most importantly, after reading this article, you will know the right steps you should take.

STEPS TO OWNING A BUSINESS IN NIGERIA

Choosing a unique Business Line

A lot of facts come to play when choosing a business line but the best path to follow is to choose a line of business in the direction of your God’s given gift and dreams. There are people who have built a dream life for themselves just from selling vegetables and fruits. I know a story of someone who sell doughnuts, buns and small chops and makes hundreds of Naira every month.

Choosing a unique selling idea is a strong determinant of business success. If your dream is to become a fashion designer, then, you are likely going to hit it big if you follow the voice of reason in your head. The reality is that not everybody will manufacture foods and sell cements like Aliko Dangote. Discover your own unique selling idea and you are on the road to making it big.

Registration of your company name

In Nigeria the agency that see to the registration of company names is the Corporate Affairs Commission (CAC). Registering your business name with CAC is certainly the first necessary step to be taken. The first step is picking a unique business name that the CAC will verify. Be sure the name hasn’t been taken. Then you are required to complete some form which you are expected to submit in sixty days. Registration of your business name is what actually guarantees that you own a business legally.

Identify with the necessary regulatory bodies

Every industry has a regulatory body that unites and guards its ideas and members. Even bread sellers have a body or association uniting them, I know this because my grand-mother is a bread seller. This actually considered necessary for the success of your business, whether small or big. You have to seek advice, pay homage and have a protective shelter over your business. So what ever business you desire to open today, do well to identify with the association holding that industry together for the protection and wellbeing of your business.

Business location and competitors

Location is a very important factor for your business to grow in Nigeria. For instant, a Coca-Cola franchise outlet will do better if situated around a school or market. A place where the customers will easily connect with them.

You do not need to fret if other competitors are already around the same location. Chances are that they still cannot cater completely to the demand of the crowd.

For instance, in Wuse market in Abuja, there are many stores selling drinks on a daily but statistics proves that demand still exceed supply.

Every smart business owner will pay attention to his competitors. Study their strengths and weaknesses and build your base on the positive lessons gathered from the research. The best opportunity to learn market tricks is your competitors.

The truth is that as a business running in Nigeria is a real struggle, but no matter how tough it gets, do not give up. Nothing good comes easy. See you at the top.

Here in BELT, we can help you create visibility for your brand and put your business on the world map. You can subscribe to our various entrepreneur subscription and watch your business experience a turn around.

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