BUSINESS SERVICE: How to start a successful business in Nigeria

Are you interested in starting your own business in
Nigeria ? Then you need to read this article and follow it to
the later. Daily, a lot of people are attracted to the idea of
starting their own business because of all the good things that
comes from being independent i.e, being your own boss. Sadly,
many of the businesses started by these people fail. While there
are a lot of reasons why businesses fail, some of these failures
come as a result of not rightly starting the business. Follow the
steps below to start your own business in Nigeria and grow it.
IDEA DEVELOPMENT
Ideas are the basis of a business. Without business
ideas , there will be no business and as such, the first step to
starting your own business is coming up with a business idea.
This can either be a product you want to manufacture and sell or
probably selling other people’s products. Aside products, rendering
services are also great ideas.
WRITE A BUSINESS PLAN AND GET
FUND
After coming up with a business idea, the next step is planning
how to start, run and profit from the business. This planning is
documented and known as a business plan. Without a plan, the
chances of a business surviving is slim. Don’t cut corners here.
From the plan you develop, you will know if this business will
succeed or not. This is because it is written out of extensive
research. Check online resources on how to write a
business plan .
REGISTRATION
After coming up with a business plan, the next step (you can
skip it now, but it is a must when the business start growing) is
registering the business with Corporate Affairs
Commission (CAC). You can either register a business
as a Sole proprietorship, Private Limited Liability Company or
Public Limited Liability Company.
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TAX REGISTRATION
The legal process of setting up your business isn’t complete until
you have registered with the Federal and State Inland Revenue
services. The Federal Inland Revenue Service (FIRS) is where you
would send all the Value Added Taxes, Company Income Taxes
and Withholding taxes, while the State Inland revenue would be in
charge of collecting all PAYE taxes deducted on your employees
a well as other necessary taxes and levies. Depending on your
location, you may also need to register with some local
government agencies for payment of some taxes and levies.
OBTAIN OTHER NECESSARY LICENSE
Depending on the nature of the business, you might be required to
register and obtain license from some bodies. Example, when
starting a pharmacy, you are required to get a license
from the Pharmaceutical Council of Nigeria (PCN).
GET A LOCATION
there’s hardly any serious business you can start today without
getting a physical address. Even the serious online businesses now
have offices. However, location is more important for offline
businesses.
GET OTHER REQUIREMENTS
Aside your office, you need to get other things like the products
you sell and employees before starting your business.
MANAGEMENT
After you have started the business, the next is management and
you have to be good at it to stop the business from collapsing.
Read management books and if possible, enrol in a training course
that will develop your managerial skills.
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Henry Ijogu at 16:43
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