To start a small business you need to have a nerve of steel because the business environment is very challenging. You have to contend with factors that cause many businesses to fail in addition to stiff competition in the Lagos Nigeria business environment. But even at that you still need to arm yourself with the right kind of information that will make it possible for you start a small business and what am I talking about?
1. Get the business idea
Do you have the right business idea already? How sure are you of it? Will your business truly make money and what are the odds against you? Whatever business you wish to pursue be sure of one thing, a wrong idea will be a recipe for disaster but I assume that is not the case.
2. Register the business
After getting the idea, the next step is to register your business. This is necessary so that you can have that unique name for yourself because businesses are started everyday and you never know who might have a similar name to your preferred name. So register the business with the corporate affairs commission and get your certificate which proves that you truly are authorized to transact business.
3. Get a business plan
No serious business succeeds without a plan. Knowing this means ultimately a business plan must be prepared to guide the would-be entrepreneur and also get him/her prepared to face investors or lenders when the time to raise capital to execute the business comes. No business plan means huge losses and ultimately failure in business. Therefore get that business plan in place.
4. Find a suitable location
The best location for doing any business is one in which the business man can easily access raw materials and reach his desired market. In other words place which ensures closeness or proximity between suppliers and customers is an ideal location for a business although this may not always be possible. But we can still aspire to something close to the ideal. Although frankly speaking not all businesses require a fixed location. Some businesses can be done on the go. You can do them anywhere other than in a fixe place.
5. Get equipments and tools for your trade
Once you have a suitable location, now is the time to get the tools, machines and equipment you need to make your business work. If for instance you are into digital photography, after you have situated your business, it will be time for getting your tools (digital camera, computers, photo printers and other relevant gadgets).
6. Start marketing
The last and final stage to starting a business is handling the marketing. That is getting a brand name or trade mark, logo, company slogan and other measures necessary for improving the selling position of the business, its products and services. The marketing aspect also involves meeting and networking with people who are relevant to the business and spreading the word round.
So those are the simple steps to starting a business in Lagos Nigeria. Do you have a comment to leave? Let’s hear it.