There is nothing better than owning and managing your own business. It saves you a lot of stress that others undergo while working for somebody else. You will get the independence and freedom you desire.
Although starting your own business may seem attractive, it is time-consuming and energy-demanding. Unserious people have no business starting up a small-scale enterprise.
This article will show how to launch your own small-scale business in Nigeria.
It needs no specialized training nor a lot of technicalities. You don’t even need a bucketload of capital.
Best small scale business ideas in Nigeria
- Quail Bird Farming
- Catering Services(Indoor and Outdoor)
- Mobile food Vending
- Computer Training Centre
- Computer Repair and Accessories Sales.
- Mobile Phone Sales and Repairs
- Rental Services
- Food Processing
- Cement Sales and Distribution
- Frozen food sales
- Pure and Bottled Water Production
- Livestock Farming
- Poultry Farming
- Used Car Sales
- Social Media Marketing
- Blogging
- Freelance Writing
- Mini-Importation
- Exportation
- Cooking Gas Sales
- Recruitment Agency
- Uniform Making factory
- Ready-to-wear clothes making
- Haulage and Logistics
- Transportation
- Online Marketing
- Bulk SMS Services
- Daycare Centre/Crèche
- Small Scale Manufacturing
- Scrap metal sales
- Waste Management Services
- Pet Breeding
- Animal feed production
- Ethanol Production
- Software and games development
- Security gadget sales
- Cleaning Services
- Recharge Card Printing and Sales
- Sports Viewing Centers
- Sports Betting Agency
- Building Blocks Production.
- Art Gallery
- Ice Cream Production
- Jewelry making
- Travel agency
- Natural Fruit Juice Production
- Photography and Videography
- Magazine Publication
- Monogramming and Branding Services
- Weight Loss Consultancy
- Biscuit Production
- Printing and Book Production
- Private Library Services
- Hairdressing Salon
- Day Spa
- Nail Studio( Manicure and Pedicure)
- Selling Fruits
- Selling honey
- Affiliate marketing
- Personal Fitness Instructor
- Business broker
- Car Wash and Detailing Services
- Dating Service
- Make-up Artist
- Video game Center
- Pharmaceutical company
- Stock Photography
- Art brokerage
- Resume writing
- Online Vitamin/Health Food Store
- Virtual assistant
- Pest control
- Car Rentals
- Nanny agency
- Mail-order business
- Ice block production
- Night Clubs and Restaurants
- Solar energy installation and equipment sales
- Antique Furniture Sales
- Laundry Service
- Virtual Call Center
- SEO Consultant
- Gift Baskets
- Disc Jockey (DJ)
- Personal Shopper & Errand Service
- Wine Production
- Sports Collectible Shop
- Funeral Arrangement Company
- Oil Palm Plantation
- Internet Radio Station
- Online Clothing Store
- Modeling and Event Ushering
- Marketer/PR Agent
- Fashion Stylist
- Automobile Repairs and Fleet Management Services
- Facility Management Services
- Appliance Repair Service
- House Painting
- Alternative Power Supply
- Security Gadget Sales and Installations.
Simple Steps to starting a small scale business in Nigeria
Here are some exceptionally easy steps you can take to own your own small scale business in Nigeria:
Self Evaluation
It’s not just enough to have a desire to start a small-scale business. You must involve yourself in a sincere self-evaluation and determine if you are psychologically and mentally prepared to run a business. Asking yourself the questions below will help:
- Do I possess the necessary skills that are required to run this business?
- Do I possess the leadership skills required to direct, manage or lead a team?
- Do I have enough capital to run the business?
- Do I have enough passion? Am I motivated enough to catapult this business to success?
Many people are exceedingly pleased with jumping into the murky water of entrepreneurship that they rarely rationalize or engage in self-evaluation before starting the business. Some business ideas are dead on arrival because they are a complete imitation of another business or lack drive. Their services or products are not in demand by customers.
Find a good business idea.
To succeed as a small-scale business owner, you need a ‘good’ business idea. Good business ideas have the following features:
- Provide solutions to problems within a particular problem.
- Have a route to monetizing the business solutions.
- It must be innovative, novel and unique.
- It must fulfill a particular demand or should be able to create demand in the long run.
Carry out market research
To run the business properly, you will need to understand the market or industry to which the business belongs. Market research can help you achieve this. You can interact with potential customers and find out the viability of your business. Market research also involves engaging in a series of investigations about your competition. This will give you insight into the potential threat they pose to your business, in addition to their strengths and weaknesses. You can also get the counsel of other successful business owners. All the feedback from the market research will be valuable in creating a solid business plan.
Create a business plan
A business plan is an important document in the formation of a business. It contains all your plans for your business future and the steps you will take to attain whatever goals you set for your business. Your business plan should also have all the important details about your business. Ensure you spend time getting a concrete business plan for your business.
Read: How To Register Business on Google
Register your business
Your business needs to be registered with the government or state authorities. It is a way of adding legitimacy and authenticity to your business. In Nigeria, the Corporate Affairs Commission is charged with registering all businesses in Nigeria.
Here’s a solid guide on how to register a business in Nigeria:
After registering with the Corporate Affairs Commission, you must register with the Federal Inland Revenue Service and your state tax agency. This is vital for opening a business or corporate bank account because a tax identification number is required.
Open a business bank account.
A business bank account is a way of enjoying all the financial perks and credit facilities that banks offer to businesses. It is also a stamp of legitimacy and validation on your business.
Read: Top 12 Loan Apps in Nigeria for Both Business and Personal Purpose
Kick start your business operations.
After registering with the government and tax authorities, the next step is kicking off your business. At this stage, apart from maximizing profits, another priority for your business is boosting visibility and awareness. You can easily utilize the internet to engage and market your business.
This stage is where you inform your customers about your business’s value and how much it will improve their lives.
Grow your business
Customer feedback is the fastest way to improve your business growth and boost revenue and sales. It will guide you on your mistakes and help you make the right choices. You also have to increase the reach of your business and expand to bigger audiences, which can be done via the internet.
Take your business online.
This year, the best tool for growing your business is the internet. They are different layers you can use to support your business growth on the internet. They are:
- Social media marketing such as Twitter, Instagram, Facebook, etc.
- Blogs and websites.
- Email marketing.
The Benefits of Owning a Small Business
Being a business owner may be a very delightful experience. The first step to being wealthy is taking risks and starting your own business. Here are some benefits:
Independence
You are your employer as a business owner. You can’t get sacked. More significantly, you have the authority to make the critical decisions that will determine your business growth.
Lifestyle.
Having a small business provides you with some lifestyle benefits. Because you’re the boss, you get to choose when and where you work. You do not need to seek time off if you wish to spend more time on non-work pursuits or with your family. If being with your kids throughout the day is vital to you, you may opt to manage your business from home. It’s quite simple to do with today’s technology. It also saves commuting time.
Financial rewards.
Regardless of the tremendous financial risk, managing your own business provides the opportunity to generate more revenue than if you were hired by someone else. You reap the benefits of your own efforts.
Learning opportunities.
You’ll be involved in every area of your business as an entrepreneur. This situation offers several opportunities to get a comprehensive understanding of various corporate processes.
Personal contentment and creative freedom
You’ll be able to engage in a business you’re passionate about as an entrepreneur. Personal satisfaction will come from working directly with customers… watching your business grow by adopting your creative ideas, and seeing your hard work pay off.
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