WHAT TO LOOK FOR WHILE SETTING A BUSINESS IN NIGERIA

Be aware that business is not conducted solely in a vacuum.

7/20/2022 2 min read

OUR STORY

Quality, not quantity

We have made quality our habit. It’s not something that we just strive for – we live by this principle every day.

WHAT TO LOOK FOR WHILE SETTING A BUSINESS IN NIGERIA

UNDERSTAND YOUR BUSINESS

The first step in beginning a business in Nigeria is to thoroughly comprehend the business concept you intend to pursue. Be aware that business is not conducted solely in a vacuum. You will talk to individuals about your company and, at the very least, demonstrate to them why they should support it. However, people only believe what you are trying to sell them to the extent that you are willing to believe it. The trick is to thoroughly understand your industry. It enables you to present a confident front to clients and investors.

HAVE A BUSINESS PLAN

In Nigeria, over 85% of small business owners reportedly run their operations without business planning. And because so many companies have downplayed the value of a business plan,success and growth have turned into illusions. Here are just a few of the reasons you require a business plan:

  • A business plan can be used to evaluate your level of seriousness and doggedness to the business.

  • To attract investors

  • A business plan will give you the chance to launch a big company without having to borrow money from a bank or invest any of your own money.

  • A business plan helps you organise and document your ideas

CONSULT A LAWYER

The meaning of this is obvious. It is advised that you get legal counsel on business matters in general and familiarize yourself with the laws that apply to such businesses in order to prevent any future problems with the law enforcement community. Additionally, this will assist you in knowing your rights and preventing fraud. You can reach out to me if you need a lawyer.

BUSINESS REGISTRATION


The next step is to register your business. It is best to register your business if you wish to create a long-lasting business and conduct yourself professionally. It has several benefits, including the following:

● It builds a name for you that no one can recipe

● Clients are not concerned that you might steal their money.

● It attracts investors to your business.

BRANDING

Simply put, branding is giving your company a name and building an experience around it so that everybody who interacts with your business will have an experience that is exclusive to you and will want to return for more.

In addition to being a competitor, a role model, and a solution to some people, you are also a rival to others. Hence, branding is necessary. True brand specialists are not always those who go by the titles of brand consultant and brand strategist.

IMPLEMENT A MARKET STRATEGY

Work with a business strategist to develop the ideal marketing plan for your company that will ensure growth and sales within a specific time frame in order to safeguard the business's future and assure its current success.Again, when starting a business, make sure you have a solid plan, and a key component of that plan should be your marketing approach.

LAUNCH THE BUSINESS

The greatest approach to get started is to just get started and resist the procrastination attitude.This is a common idea, but few have really put it into practice. You decide.

NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com

WRITTEN BY CHAMAN LAW FIRM TEAM

EMAIL: chamanlawfirm@gmail.com

TEL: 08065553671, 08024230080