It has dawn on many Nigerians, that the way out of financial mess is actually starting their own small business in Nigeria. With the teaming population of hundreds of graduates, graduating out of schools in Nigeria every year couple with lack of employment opportunities, many Nigerians now try to seek refuge out of financial mess by starting their own small business but don’t know “The how to start”. If you are in that category this post is for you.
Nigeria is a virgin territory for any business minded individuals. In Nigeria you can actually start your small business from trash and make good cash out of it. Big thanks to our population; many people see our teaming population as a problem but the business minded individual see it as an opportunity. Regardless of your age, gender, tribe or religion you can start any small business of your choice in Nigeria and make good fortune out of it.
Brief About Nigeria
Nigeria is the most populated country in Africa. According to world atlas, Nigeria is the seventh most populated country in the whole world. Presently as at 2014, Nigeria is the largest growing market in Africa, followed by the Republic of South Africa. This growth is supported by strong consumer base and with population of over 167 million people in 2012 amongst which 62% are under 25 according to Euro monitor it is expected to become the 3rd largest growth in the world by 2050, thus representing a golden opportunity for anyone with their own business.
There are many facts and reasons why you needed to start your own small business in Nigeria from personal to general, some of which are:
- To be financially independent
- To contribute to the positive growth of our great nation
- To reduce the problem of unemployment
- To share in the fortune of our dear nation and so on…..
To not waste most of your time, follow me as I unfold to you steps by steps how to start your own small business in Nigeria.
How to Start Your Small Business in Nigeria
Steps by Steps
- Develop or Pick a Small Business Idea That You Like:
To develop a small business idea means to create a small business that has not been in existence. To pick a business idea means to choose a business idea out of many small business ideas around you. Regardless you pick or develop your own small business idea, make sure that is something you will love to do and be proud of doing.
- Research about Your Chosen Small Business Idea:
I read in one of Bishop David Oyedepo books how it took them more than two years of research, planning and praying before the commissioning of Living Faith Bible Church even after which God has called him. No wonder the ministry is one of the fastest growing ministries in the world with a world record of more than fifty thousand sitting capacity church auditorium called “Faith Tabernacle”. Thou this is a different case from the kind of business idea we are talking about but just for illustration purposes. And am not saying you have to research and plan for two years before you start your own small business in Nigeria. All I want you to know is that” never just jump into any small business without research and good planning”.
- Figure Out What it Will Cost You to Start Your Small Business:
Once you have develop or pick your business idea and you research to know the profitability of the business another thing you have to figure out is how much capital you will need to start your small business.
- Raise Your Start-up Capital:
After finding out how much it will required of you to start your choice of small business in Nigeria, what you need to do next is raise the capital either from your savings, loan from bank or borrow from friends and families.
- Bring All the Required Resources Together and Start Your Business:
Now all you have to do is execute your small business idea by bringing money and other resources together, such as human power and the rest of others.
There is no better time in Nigeria to start your own small business than now! Don’t forget to engage the services of mentor’s I. e those who knows better than you when it comes to the subject of business. The good news is that you don’t have to go to them in person, buy their books and read. Remember iron sharpens iron.