STARTING A SMALL SCALE BUSINESS IN NIGERIA

Starting your own business is a great way to control your financial situation.
It is one of the most powerful ways to take control of your life.
There are so many business opportunities in Nigeria that one can do
successfully. Many people are poor not because there are no opportunities
but because of their inability to recognize the opportunities and utilize them.
The meaning of Poor according to Aghogho Arthur; passing over
opportunities repeatedly and that is the problem of most people. They
pass over opportunities without making use of them.
Contrary to what most people think, capital is not the greatest challenge in
starting a small business. The greatest challenge is getting a very good
business idea.
Examples of small business:

Show room (viewing centers)

Rental services
Outdoor catering
Sales of phones/accessories
Quail bird farming
Buying and selling buying crops that are in season and selling of
when they are cut of season e.g. soybeans, palm oil, dried plantain
chips etc.
Frozen food sales
Poultry farming
Cooking gas sales
Jewelry making
Hairdressing salon
Nail studio (Manicure / Pedicure)
Make-up Artist
Photocopy and computer services
Laundry services
Modelling and Event Ushering services
Cassava production
Used clothes sales

TIPS FOR STARTING YOUR OWN COMPANY

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In starting your own business you must realize it is stressful and it demands
your full and complete focus. It can also be a fulfilling experience
professionally and personally.
SOME TIPS
1. DO A SELF INVENTORY
Before investing any time or resources, evaluate yourself and see if
you have the typical traits to handle launching a company of your own.
a.
b.
c.
d.

Are
Are
Are
Are

you
you
you
you

motivated?
able to adapt?
confident?
resilient?

It is better to be ready and not having an opportunity than for an

opportunity to come and you are not ready.
..able to do exceedingly, abundantly according to the power that
worketh in you. (Ephesians 3:20)
1. DEVELOP AN IDEA
Dont just start a business because something is in vogue or others are
doing it. Develop a business concept that you are passionate about.
From there come up with a product or service that you believe can
enhance the people lives. In summary identify a need and try to
build your business concept around meeting that need.
2. TEST THE PLAUSIBILITY
Once you have settled on an idea, figure out how you can make it to
become a reality. Is the product or service something that people want
or need? Can you make a profit selling it? Does the product work?
3. WRITE A BUSINESS PLAN
A solid business plan will guide you going forward. It is needed for
presenting your idea to potential investors. Your business plan should
include;
a. Mission statement
b. A company summary
c. An executive summary
d. A service or product ofering
e. A description of target market
f. Financial projections
g. The cost of operation
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4. Identify your market; assess the market, targeting the customers most
likely to make a purchase. Perform a competitive assessment.
5. Determine the costs: do additional research and fine out the standard
OTHERS ARE:
6. Establish a budget
7. Find the right investors
8. Listen to investors
10. Set up a great support system
11. Determine the legal structures
12. Select a business name
13. Register your business name
14. Take advantage of free resources ADP etc.
15. Determine task obligations
16. Secure permits and licenses where necessary
17. Buy insurance where necessary
18. Set up the books basic profit/loss account, purchase books etc.
19. Choose a business location
20. Dont worry about an office: you can start from home
21. A patent can wait i.e. exclusivity can wait
22. Be flexible chances are your original ideas may be modified.
23. Share your ideas with friends and family
24. Ignore the naysayers these are impossibilities cryers. Ignore them
25. Dont become angry: if your idea is rejected by customers or
investors, dont just succumb to anger. Find out what they dont like,
make adjustment and go back to them.
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26. Deliver the product or service fast.

27. Ofer new products or services
28. Be patient
29. Over deliver at first
30. Blog all the time: dont be ashamed to share both your triumphs and
struggles, customers will enjoy your honestly
31. Avoid fights with partners
32. Dont worry about dilution
33. Hire a copywriter: unless you are an excellent writer, hire a copywriter
to compose emails for highly targeted customers.
34. Prepare for meetings: when preparing for a meeting with a client, read
up on everything that is available.
35. Dont fear the competition: remember, when completion exist, there is
a market for your businesses, use that knowledge to outperform a rival.
36. Benefit from word of mouth: nothing beats some good old fashioned
word of mouth marketing. Let friends, family members and influencers in
your field spread the word about your products or services.
37. Network.
38. Provide outstanding customer services
39. Be sure your website functions
40. Dont be overly concerned by the economy: some of the best
businesses were launched during a recession.
41. Make sure clients pay their bills
42. Find the right employees
43. Assign responsibilities
44. Know that honesty is the best policy.

45. Remember that opposite attracts: hire people with skills and
personalities that are the opposite of yours.
46. Say goodbye to your social life: you are going to spend a lot of time
devoted to the business.
47. Recognize that you will be the final person to be paid: as the CEO, you
are the last to collect your cheque. That is just how it works until there is
adequate revenue.
48. Arrive at a useful definition of success.
49. Realize when it is time to move on: failure is inevitable, if things are
not working out and you have done all you can, then put aside your pride
and close up shop. Something like this is not easy to accept but it is the
best.
50. Dont just rely on the advice of others; trust God.
Finally, brethren, whatsoever things are true, whatsoever things are just,
whatsoever things are pure, whatsoever things are lovely, whatsoever
things are of good report, if there be any virtue, and if there be any
praise, think on these things Philippians 4:8 (KJV). As a Christian you
must maintain your integrity. You must consult God before ever starting;
because for it is he who gives you power to get wealth Deuteronomy
8:18.
GOD BLESS YOU.

Prepared by
Evang. (Mrs.) Maria. E. Oisamoje
President e- Grace Enough Foundation.