How to Start Small Scale Business in Nigeria

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, but 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 specialised training nor a lot of technicalities. You don’t even need a bucketload of capital.

How to Start in Small Scale Business in Nigeria

Best small scale business ideas in Nigeria

  1. Quail Bird Farming
  2. Catering Services(Indoor and Outdoor)
  3. Mobile food Vending
  4. Computer Training Centre
  5. Computer Repair and Accessories Sales.
  6. Mobile Phone Sales and Repairs
  7. Rental Services
  8. Food Processing
  9. Cement Sales and Distribution
  10. Frozen food sales
  11. Pure and Bottled Water Production
  12. Livestock Farming
  13. Poultry Farming
  14. Used Car Sales
  15. Social Media Marketing
  16. Blogging
  17. Freelance Writing
  18. Mini-Importation
  19. Exportation
  20. Cooking Gas Sales
  21. Recruitment Agency
  22. Uniform Making factory
  23. Ready-to-wear clothes making
  24. Haulage and Logistics
  25. Transportation
  26. Online Marketing
  27. Bulk SMS Services
  28. Daycare Centre/Crèche
  29. Small Scale Manufacturing
  30. Scrap metal sales
  31. Waste Management Services
  32. Pet Breeding
  33. Animal feed production
  34. Ethanol Production
  35. Software and games development
  36. Security gadget sales
  37. Cleaning Services
  38. Recharge Card Printing and Sales
  39. Sports Viewing Centers
  40. Sports Betting Agency
  41. Building Blocks Production.
  42. Art Gallery
  43. Ice Cream Production
  44. Jewelry making
  45. Travel agency
  46. Natural Fruit Juice Production
  47. Photography and Videography
  48. Magazine Publication
  49. Monogramming and Branding Services
  50. Weight Loss Consultancy
  51. Biscuit Production
  52. Printing and Book Production
  53. Private Library Services
  54. Hairdressing Salon
  55. Day Spa
  56. Nail Studio( Manicure and Pedicure)
  57. Selling Fruits
  58. Selling honey
  59. Affiliate marketing
  60. Personal Fitness Instructor
  61. Business broker
  62. Car Wash and Detailing Services
  63. Dating Service
  64. Make-up Artist
  65. Video game Center
  66. Pharmaceutical company
  67. Stock Photography
  68. Art brokerage
  69. Resume writing
  70. Online Vitamin/Health Food Store
  71. Virtual assistant
  72. Pest control
  73. Car Rentals
  74. Nanny agency
  75. Mail-order business
  76. Ice block production
  77. Night Clubs and Restaurants
  78. Solar energy installation and equipment sales
  79. Antique Furniture Sales
  80. Laundry Service
  81. Virtual Call Center
  82. SEO Consultant
  83. Gift Baskets
  84. Disc Jockey (DJ)
  85. Personal Shopper & Errand Service
  86. Wine Production
  87. Sports Collectible Shop
  88. Funeral Arrangement Company
  89. Oil Palm Plantation
  90. Internet Radio Station
  91. Online Clothing Store
  92. Modelling and Event Ushering
  93. Marketer/PR Agent
  94. Fashion Stylist
  95. Automobile Repairs and Fleet Management Services
  96. Facility Management Services
  97. Appliance Repair Service
  98. House Painting
  99. Alternative Power Supply
  100. 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 find out if you are indeed prepared psychologically and mentally 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?

A lot of people are exceedingly pleased with jumping into the murky water of entrepreneurship that they rarely rationalise 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 will 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 that the business belongs to. Market research can help you achieve this. You can interact with potential customers and find out the viability of your business. The 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 the responsibility of registering all businesses in Nigeria.

Here’s a solid guide on how to register a business in Nigeria:

Business Registration in Nigeria Guide; how to register

After registering with the Corporate Affairs Commission, you also need to 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 will be 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 utilise 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

The swiftest way of improving your business growth and boosting revenue and sales is through customer feedback. 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, and this 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.

Do you have any questions or contributions on this? Then leave it in the comment section below, and don’t forget to share this post.

 

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