How to Start Lottery Business in Nigeria… This content is a quick guide on how to start a lotto business in Nigeria and earn cool residual income every day.
Considering the economic and unemployment situation of the country, I will Is tell you that you can earn cool cash from the lottery business here in Nigeria.
Unlike other businesses, the lottery business is a very lucrative line of business here in Nigeria despite the fact that it will require a strategy.
I can remember a young man that owns a lottery shop in my arrear, very early in the morning, you will see more than 20 people queuing to bet with him. Can u imagine how much he will make before the day runs off? surely you can’t predict, but he makes more funds daily.
If you are planning to start a business that can skyrocket your income and therefore turning you into a millionaire overnight, I think the lottery business will be the best for you to start with.
One significant part of starting a lottery business in Nigeria is the technology that will power the business. It must be simplistic and reliable. Extensive research and analysis should be carried out on which technological platform is the best and will better your business.
You also have to know that, improper planning for this business may likely lead to you not yielding your expected result from the business. However, It is a business that is not plagued by the lack of customers, as long as there is a great marketing tactic
In this post, you will learn all the intricacies of starting up a lottery business in Nigeria and becoming highly successful. We will also analyze all the startup requirements and marketing tactics to grow your business in a short time.
Why Should You Start a Lottery Business
According to a newspaper report in 2018, It was estimated that Nigerians spent over a hundred billion Naira in 2016, on lotteries. The entire global lottery business is worth more than 50 billion dollars.
About 75% of the Nigerian populace have one time in their lives staked a lottery bet, while 45% are active lottery players (this includes football betting). The Nigerian lottery industry jointly made a profit of 7 billion Naira in 2016, and the number is currently growing.
So just imagine that all 1/3 of this amount is entering your business account, guess how much you will worth.
Steps to Start Lottery Business in Nigeria
After carrying out thorough research on how to start this line of business in Nigeria, we came out with positive results which we are going to outline below.
#STEP 1: Feasibility Studies
A feasibility study will help you to examines the practicability of your proposal. from all indications, it’s very important to be the catastrophe of your plans like doing your own research about the lottery business, by doing this it will help you to get the proper insight of what it will take for you to start up the business plan.
During your feasibility studies, I bet you that you will discover important ideas about what you need and also the type of lottery you will you should invest in.
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#STEP 2: Create a Business Plan
Another important thing is that you must prepare a business plan for your business project. The business plan will help you to see how the business will be like, how you will grow the business, how you will drive sales to the business, also the amount of money to be spent during the startup and lots more.
#STEP 3: Money Sufficiency
Yes, everything requires money and that’s why you need to have enough startup capital for your lottery business.
The reason why you need enough funds is that some of your customers will lucky win an amount of money that may shock you. So you need to get prepared to pay them once they win to keep your business going forward.
NOTE: raising enough fund for your lottery business will really help you in fixing so many things, like some of which we will include here that requires money.
#STEP 4: Business Registration
It is important to register your lottery business in Nigeria with CAC. Registering your business will not only build your business brand, but it will help to promote trust amongst your customers towards your business and makes your business look real
#STEP 5. Get a License
After your business must have been registered, and you have made all your payments, you will be certified as a business entity through the issuance of a license.
It will be your proof that your business is legal, and you can operate your lottery business freely in Nigeria. These licenses are usually renewed else your membership will denounce. Some licenses are renewed once in two years, once in five years and so on.
5. Rent an Office Space
This is necessary because it will serve as point of service to customers. You can also have lots of outlets if you can afford it so that geographical location won’t hinder your business. Just like that of license you need a physical house so that your customers will believe your business is legitimate.
6. Modes of Payment
This is necessary so that your customers can cash in on their winnings. It is necessary to minimize the use of cash as it puts your staff and customers in danger of being attacked. There are lots of good payments which are done online which could make the running of your business smooth.
7. Create a Lottery Software
Running on lottery software is the modern way to operate your business, except you want to operate old. To promote your business, you have to have online shops with this; users play their games at the comfort of their homes and your business will no longer be limited due to geographical location.
8. Implements Rules and Regulations
It is important to make rules and regulations so that your business will not look like a haphazard business. With this, your business will be characterized as a transparent business.
9. Have a Mobile Application
To promote your business, you need to have a mobile application because mobile applications are more optimized than websites, but they are no substitute to a good website.
10. Run Your Business Publicity/Promotion
It is very necessary to promote your business so that it will not fold up. In order to do this, you have to make adverts online, on the radio television and so on. You can also give discounts to the lottery account of customers each time they refer a friend. To promote your business, you can sponsor events, by this you are informing people of your lottery business and increasing the patronization.
Important Tips to Success on This Business
- Lottery businesses in Nigeria target the following demographics: youths, adults, the elderly, university students, and income earners.
- When starting your lottery business, your mission will be to enable customers to place a bet, while aspiring to become rich. There are many types of lottery games that should align with your plan: draw, sports bets, Lotto, keno etc.
- Starting a lottery business in Nigeria needs a lot of hard work and diligence. The competition is cut-throat and adequate research will help your business. Lottery businesses are affordable to establish and require very few pieces of machinery to run. With the help of high odds and the power of the internet, there will be a level playing field for everyone.
- Adequate research must be carried out before your lottery business in Nigeria is established. You should have a great understanding of the dynamics of the Nigerian lottery industry so that you won’t engage in a wasteful venture.
- Consider the present Nigerian economy before kick-starting your lottery business. In a weakened economy, the populace is eager to spend less on entertainment. So in that situation, it is usually a good idea to devise a business cum marketing strategy that will push or attract customers to your business.
- Lottery business is not risk proof, so it is important to ensure your business.
- Choose a catchy name for your lottery business.
- Don’t underestimate the power of internet marketing when starting your lottery business.
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