How to Start a Business in Nigeria – Everything You Need to LaunchAbbakin
This summary review provides the essential steps on how to start a business in Nigeria even on a small budget, including the secrets that will support you in your startup journey. It is a brief about our startup business eBook: Starting a Business 101. This book is the first part in the sequence: “Starting and Operating a Business Learning Path” by Abbakin.
The Series features over 500 business ideas and business management principles and practices from experts worldwide. The total package this learning path includes business planning checklists, operational excellence, tax and legal issues, accounting principles, marketing strategies, revenue growth opportunities and people base management kits.
This startup business eBook provides useful resources and tools that will help you discover your strengths, decide on a business idea and then set you out on your highway to success. It is a self-guided book you can read at your convenient time for deep understanding that will expand and fine-tune your entrepreneurial skills.
The information contained in this book is important and suitable for inspiring entrepreneurs, young startups, busy working executives, and professionals wanting to start their own businesses in any economy across the world. So you can tailor it to suit your business planning needs. At the end of reading this book, you will gain the required skills and knowledge to evaluate your business ideas, develop your brand and launch start your new product or service business.
If you have a brilliant business idea but not sure on how to turn it into a sound business project, then you are about to learn everything you need to start and grow a successful business. Although, setting up a business in a particular trade or industry is not just easy, but this is going to be a rewarding experience. For example, there are several factors that may border your idea about setting up a business. Most new businesses and entrepreneurs usually have many questions as can see below.
Key Questions Most Startup Entrepreneurs Often Ask:
- How can I come up with a viable business idea that will sell?
- What need or problem will my product or service solve?
- How will my business make money now, and/or in the future?
- What are the procedures for opening my type of business?
- Could you give me a rough estimate on how much it will cost?
- How do I get the approvals, permits or business licenses I need?
- I have a limited budget, how will I raise money for my business?
- What are the procedures, equipment or materials I need to startup?
- Do I have to quit my current pay job to start my own business?
- How can I prepare a business plan that will attract key investors?
- How can I avoid the major challenges facing small businesses today?
- What are the support, training and other things that I need?
If you have one or more questions similar to the ones stated above, then you need not worry anything anymore, because this book will show you (step-by-step) how to build your own company from the scratch. It covers everything you need to know to bring your business to life, market and expand your new and existing businesses, so you can make it a success story where others have failed.
TABLE OF CONTENTS: How to Start a Business in Nigeria
If you’re still asking how to start a business in Nigeria or what it takes to start a fast moves yet lucrative business in Nigeria – even with small capital investments? This book is made of thirteen chapters that are packed with the key information you seek. Some of the chapters are listed below.
Chapter 1: Discovering Your Entrepreneurial Potentials.
There are several questions an entrepreneur must answer before starting his/her own business. This is because it is often very easy to perceive a new business opportunity and gain commands over the resources (capital, manpower, and materials) to establish a business. However, these important questions usually analyze strategic factors on ways many startups can discover their entrepreneurial potentials and capabilities. By analyzing these factors such as your Strengths as a business, your Weakness attributes; and those factors beyond your immediate control like Opportunities and Threats, you will understand the main reasons why you should be in business. This strategic management approach used at this stage is called the SWOT Analysis.
Chapter 2: Types of Business Models to Consider.
Every new business needs a business model at the end of a brand strategy process. There are so many proven business models discussed in this book, so it’s just a matter of learning about them and deciding which one bests your business ideas. Choosing the right business idea is still the most crucial decision you will ever make as an entrepreneur. This is because not all businesses have the same chances of success when it comes to doing things right.
Chapter 3: Small Business Ideas You Can Start With
If you have not decided on a business yet, this chapter outlines key types of business ideas new entrepreneurs can decide to start with and continue to grow their businesses, one step at a time. It helps you identify and stimulate new business ideas and investment opportunities in small industries, medium and large scale enterprises even – with little or no money. Are you still dreaming about winning the lottery? Stop waiting and start a business instead! This chapter explains why you have better odds at making a million by starting your own business than trying your luck at the lottery boots.
Chapter 4: How to Evaluate Your Business Ideas.
If you want to start a business or planning to launch a new product line, you’ll need to think carefully about your business idea and find out if it’s a great idea that could turn into a useful product or service. This chapter outlines the key methods entrepreneurs can use to evaluate their business ideas before they can start solving real problems, making more money and adding values to lives. If you have some business ideas but not too sure about the best idea; you can use the methods stipulated in this chapter to evaluate your business ideas. It includes a Business Evaluation Template you can use and finalize your idea.
Chapter 5: How to Create Your Positioning Statements.
A unifying business idea that transcends the company’s profit motive or vision is a vital ingredient to all organizational decision making and most effective corporate cultures. The world’s greatest corporate brands like Apple, Google, and others are more than just profitable enterprises and best selling brands. They know how to inspire enthusiasm in consumers, trust and dedication in the minds of their employees. This chapter provides how to create the set of core business statements (like mission and vision) that drive growth through a business’s internal and external positioning. More customers and employees (specially) will want to do business with companies that stand for something beyond just making money.
Chapter 6: Entrepreneurship & Economic Development.
The Micros, Small and Medium-sized Enterprises (MSMEs) occupy an important position in the economic development of any country. As most Economists assert: “we will never generate a stable recovery from the depths of the “Great Recession” without an energetic response from both Small and Medium-sized Businesses (SMEs)”. This chapter reviews the roles of entrepreneurship in economic development, such as employment creation, poverty reduction, and industrial development among others. It’s a case study that focused on the impacts of Micro Small and Medium size Enterprises, MSMEs in the economic development of popular economies of the world like the USA, UK, Republic of China, and the Nigeria.
Chapter 7: Factors Affecting Entrepreneurs in Nigeria.
Perhaps the Nigeria’s current business climate is unconnected to business failures? The 37 Million MSMEs in Nigeria have contributed; and will continue to contribute to the national economy. However, government agencies, business organizations, institutions and upstanding individuals are urged to stand up for economic empowerment through entrepreneurship in Nigeria, Africa and other emerging markets. As an aspiring entrepreneur who is ready to launch his or her first business enterprise, it’s a good idea to understand the key factors affecting the global business men and women like yourself. This chapter takes a look at the key factors affecting business entrepreneurs in Nigerian and how to remedy them.
Chapter 8: How to Give a Name to Your Business.
Company formation involves all the steps and processes taken towards the establishment of a company. A Company can be structured in different ways, such as: a sole proprietorship, partnerships business, limited liability company, etc. But generally speaking, business name is the first step toward building a strong company identity – one that would last as long as you’re in business. Company name usually has a tremendous impact on how customers, investors and the public view your business. Unique business names come from all kinds of ideas, but often not all that roll through your heads are the best business name. To help you against bad name choice, you will learn the features that make good business names in this chapter.
Chapter 9: Choosing the Best Business Structures.
Choosing the right business structure matters when you are thinking of setting up a company from the scratch! When you set your documents and processes properly from the start, you will save yourself many headaches later by not missing out on investors who might not want to invest because of the bad legal structure. Building your product is the easy part. Building a company to support your product is when the real leadership starts. If you are not familiar with the right choice for your business, then you can be sure to find everything in this chapter.
Chapter 10: How to Register a Company in Nigeria
If you are looking for detailed information on how to register a company in Nigeria, well, new business owners and startup entrepreneurs are also asking the different between business name registration and company incorporation. Regardless of your place of business or jurisdiction, many business owners usually find themselves fixed when it comes to decisions about the business registration processes and how they can get started. They are not just sure which type of business registration would work best for them. This chapter provides important steps on how to register a company in Nigeria with the Corporate Affairs Commission (CAC) and other relevant agencies. Be it how to register a new company or business enterprise, a limited liability company, a public company, or a religious organization and associations.
Chapter 11: Business Financing Opportunities for Startup Entrepreneurs
Regardless of your organizational structure or business size, entrepreneurs have the individual responsibility for providing finance for their business ventures. After selecting the most viable business idea and analyzing the costs of the business during your planning process; the possible sources of business financing have to be established too. Money makes your business grow and most established companies and businesses have a wide variety of options when it comes to funding their businesses. This chapter discussed the easiest yet overlooked sources of business financing available for new entrepreneurs and startup businesses.
Wrapping up: How to Start a Business in Nigeria
Downsizing, also known as workforce reduction is becoming the order in today’s global employment markets. While other professions are faced with cut-backs and lay-offs due to a weak economy, the entrepreneurship sector has continues to remain strong and stable in many nations of the world. For a laid-off worker and those still in the jobs, why not go into business for yourself?
This is the best time to start searching for the right skills, ideas and solutions you need to start small, grow bigger and earn additional income. There are different possibilities of starting a business now, even if you are still working. A common problem is not having much money to start a business, surprisingly; there are lists of businesses that you can start even with little or no money. Find out how you can achieve more success from this book: Starting a business 101.
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