Business

Steps To Start A Small Business In Nigeria

Steps To Start A Small Business In Nigeria

Starting a business in Nigeria doesn’t have to be sneaky or burdensome. Having your own business can be very interesting, but it requires time and effort because it comes with lots of mind hurdles. It is a ‘mind-full’ thing, it is not for people that cannot be honest with themselves, and it is a dynamic entity that must be raised, groomed and nurtured with unwavering dedication, honesty and faith.

So, if you have been thinking about how you will join the entrepreneur ranks and turn things around for yourself by starting your own business then, this is for you.

Here are three (3) steps that will help you gain confidence ever before you get started:

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Why Start a Business?

There are millions of reasons why people start a business. For some, it is the need for freedom or autonomy. While for some it is about solving a particular problem in their lives and others do it for a social cause to help their community. For whatever reason you want to start a business in Nigeria, you must be passionate about it, it must be sufficient to start that business and grow in it.

You cannot start a business for the wrong reasons, the best you can get for doing such is continuous frustration and nobody wants that. So, why not take your time to identify a true call to purpose for your business life and I bet you it’s going to be happiness ever after, and if you are yet to discover yours, here are few of the signs that often indicate reasons people start a business:

1. Feeling stuck at your job
2. The need to be independent or you have always wanted to your own boss
3. You developed passion about something and can’t seem to stop thinking about it
4. You feel a need to help people
5. You want to make a name for yourself
6. You always see potentials
7. You just hate working for others
8. You want to create jobs
9. You can’t stand the routine nature of an office
10. You like taking risks and etc.

The list is a very long one. If any of these describe how you are feeling in your body that might be the Call-To-Action. But wait, for you to start a business there are certain readiness assessments you need to conduct:

How Prepared Are You?

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While you may be feeling the urgency to quit your job and start a business, hold on still. You will need to assess your life situation to figure out what best way to approach it. There are at least 3 readiness factors you must consider and be certain, anything less than it can be very dangerous.

Pocket – readiness – Before you quit your job (if you have one), ask yourself if you have the financial support to take care of you and perhaps your family too while you work hard on the business to gain momentum. Do your startup estimate, let it be realistic. You may have heard or know few entrepreneurs that get started without any savings well, I must say it is not ideal. It is important for you to save up money to take care of your expenses whether personal or business.

Emotional readiness – This is another important readiness factor you must consider before starting a business. Doing business can be very boring and lonely sometimes and when you don’t have the right attitude, it can be very frustrating. Don’t be deceived, starting your own business may mean extra work-hour even more than your current job the only difference is, you now work for yourself. Ability to keep up with pressures such as this requires emotional stability.

Physical readiness – This factor is also critical, you must be certain about it. Business oftentimes requires lots of energy. There will be times when you will have to keep nights working to meet up with customers demand, wake up early for a business meeting with clients, and the cycle may go on for a while until the business is stable and become predictable. To keep up with all the demands while you grow the business, you need to be sure you are cut out for this and be physically fit to drive it to success.

What is Your Plan?

You may have found a very good reason and be ready to start a business, but without a plan it is mere fantasy.

The major reason many businesses fail is simply because they don’t have a plan. This is the only thing that shows you are serious and really ready to start a business. Any business without a plan is unrealistic, it can’t grow and can never deliver the true purpose for which it is established.

There are two (2) kinds of plan that you must have on ground before you start a business:

Life Plan: Every great business that is successful is the ones that fulfill the life-long plan of its founder. As an entrepreneur your business reflects your life. If you cannot transcribe the sole reason or motivation for starting a business into a plan, project into the future and see that the business you are about to start can make you achieve that life plan, please think again, go back to the drawing board and probe further into your intentions. Ask what do I want in life, what can I do to get there from here? Can this business achieve this goal for me? How long will it take me to attain that level?

Business Plan: Once you are sure that the business idea can give you the kind of life you desire what you need next is strategy and that is what business planning is all about. Write out the objectives and how you intend to achieve them. Your business plan will help you in the following ways:

A business plan helps you see the clearer picture, it makes you more objective, you will see how prepared you really are to start, it helps you to make better decisions at the beginning and during the life of the business, it gives you clear direction, it helps you monitor your progress and evaluate your performance better, it helps you secure business capital from investors or banks, it helps you understand the market and competition.

In my usual way these are the things I specifically want to get answers to when I am in session with a client. If you fall short in any of the three (3) things – Reasons for starting a business, Your Preparedness and Strategic Plan – your business goals may suffer defeat on a long run.

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Final Thought and Game Plan

Before you get started, be sure to provide answers to these questions:

Why are you starting a business?

How prepared are you?

What is your Plan?

Is your idea viable? Are you familiar with the business or have an expertise in it?

Is there demand for what you offer?

Who will mentor you?

Who do you need on your team?

How will you get customers and clients?

And the lists go on….

Your Turn

Now it’s your turn, if I have missed anything please feel free to share in the comment.

 


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