SETTING UP A BUSINESS IN NIGERIA IN 2024; WHAT YOU NEED TO KNOW.
Kickstarting a business is an exciting journey filled with opportunities and challenges. Whether you’re launching a new venture or expanding an existing one, there are essential factors to consider ensuring your business thrives in today’s competitive marketplace. In this article, we’ll explore the key things you need to know about setting up your business in Nigeria, and let you know how we at Kaoshi Network come in to help you succeed in your new and existing journey by offering your business painless and efficient ways to receive payments swiftly from customers; no matter where they are located. The world at your fingertips, literally!
- Identify a Problem and Create an idea.
This is the very first step you need to take. Every successful business was once an idea that was worked on. The best businesses solve human needs and problems. Take your time and identify an issue that you can solve, brainstorm on how you can methodically put together a business that answers the issues that are most pressing to people. Finding your niche and how best you can offer value is something that will pay off in the long run, so you want to make sure that you don’t rush it. This could be something on the small or medium scale.
While at it, you’ll want to research the market and ensure you’re able to exploit gaps in your competitors’ projects. This could include things like price differences, quality of products and reach.
2. Create a viable and working Business Plan
It is often said that if you fail to plan, you plan to fail. Creating a working business plan transcends just getting a name and idea, it’s the nitty-gritty of the business. Things like goals, objectives, products, service, target market, business structure and hierarchy are present in a business plan. More technical components like market analysis and financial projections are important. Your business plan serves as the blueprint and roadmap your business will operate on.
Your business plan is not just important for simply writing out your goals, it helps you articulate your vision properly and serves as a valuable tool for attracting investors for funding or mentorships as the business grows.
3. Register your Business and Licenses
When you’re done with your business plan, it’s time to get registered. Any official business that isn’t registered can easily be shut down later. Register your business with the Corporate Affairs Commission (CAC) in Nigeria, this is a regulatory body that ensures your business is officially recognized. This is also where you name your business and make sure it complies with CAC naming guidelines. All that is left is to complete the necessary registration forms and pay the registration fees to obtain your Certificate of Incorporation.
It is also important that you get any licenses or permits required to do business in the field you have chosen. Obtain the approvals and necessary permissions from the regulatory bodies that oversee them in the country. Some areas require specific permits to operate, make sure you have them.
4. Set Up your Business Location
When you’re done getting your permits, you’re going to want to site your business. Where will it be located? Where is the office going to be? These are key questions you should ask as you seek to either erect a structure or rent one already that would serve as a store or an office. For those who have interests in creating online businesses, invest in creating a good, secure website where people can visit to purchase your products or services. If you market on a social media platform such as Whatsapp or Instagram, create and build your business page and account. It is important to have a location whether online or offline for two major reasons. One, it shows you are a legitimate businessman/woman as scammers often tend to shy away from physical presence and two, you can easily attend to customers who have complaints or individuals who seek to make enquiries.
5. Set Up Your Financial Systems
Open a business bank account to separate your personal and business finances. Try exploring funding sources such as personal savings, loans, grants, investors, or crowdfunding to finance your business’s startup and operational costs. You will need to track your business financially and if you’re going to be receiving or making payments internationally, this is where Kaoshi Network comes in. At Kaoshi Network, we offer services that can cater to your financial needs for cross-border transactions. So, whether yours is a small online business receiving payment in foreign currency, your customers can pay you via our platform by just signing-up and taking the necessary steps. Medium sized businesses aren’t left out either; say you have a website, you can add our KaoshiPay widget as a payment method for your invaluable customers.
In this instance, your customers are offered the best remittance service to pay with; the payment is initiated and completed right there on your website. If they have an account with any of the displayed remittance services, they can log in to that service through the widget to complete the transaction. Now say they do not have one, through the widget again, they can create an account, set up their profile and make the payment to your bank account all in minutes. All these are possibilities when you sign-up and start receiving your payments through us.
6. Build your brand and implement effective marketing strategies.
Nothing tells the story of your business like your brand. Your brand is the voice of the business; hence, it is vital that you spend time curating ideas and building something that will tell the story of your business the way you want. Invest time and resources in developing a compelling brand story and logo. Your target audience won’t read your mind, bring it to life. It is also important to create an online presence especially for businesses that are more physical; than virtual or online. Create websites and social media pages and build them to speak well of your business.
A business without an effective marketing strategy will never take off. Develop a comprehensive marketing plan to promote your products or services and attract customers. Maybe through billboard awareness, email marketing, networking, SEOs etc. This will help you garner customers and cultivate long-term relationships with clients to drive the growth of your business long term.
7. Develop your product and monitor market dynamics.
No customer wants to pay money for a substandard product or service. You must be empathetic and treat your customers well by delivering high quality products or service. Before you release a new product or service, ensure it meets the reasonable standard of satisfaction and your customers will not frown at it. This will help you keep long term healthy relationships with your customers as opposed to a toxic one because of dissatisfaction. You’ve spent so much time creating the business from scratch, don’t ruin it due to some bad products.
It is necessary that from time to time, you monitor and check for market trends and dynamics, and don’t get left behind. If your competitors start doing something that increases sales, find a way to incorporate it or even get better. This will ensure you stay ahead in a very competitive market place. Don’t forget to also use customer feedback as they tell you exactly how they feel about your product or service.
Starting a business in Nigeria requires careful planning, research, and execution. By following these steps and staying focused on your goals, you can successfully launch and grow your business in Nigeria’s dynamic and vibrant economy and yes, Kaoshi Network is here to help.
