Starting a business in Nigeria: Tips for Entrepreneurs

Even if it might not seem so, starting a business in Nigeria is quite easy when you are a determined person who knows what to do. If you would like to know how to start a business, you should understand the business environment quite well. Here, we have gathered some helpful tips for future entrepreneurs in Nigeria. Check them out!

Profitable business in Nigeria: where to start?

No matter how much financial capacity you have, there is always a possibility for you to start a business in Nigeria. Even if you have a minimal amount of money, you can still invest in a start-up business and eventually make it successful. If you are willing to embrace new knowledge about business ventures, you will soon become quite experienced in this sphere – just enough to try your own start-up.

Nigeria is a good country to do business, because the population is high, and there is a better chance that your business enterprise will get a decent market. Actually, Nigeria is considered to be one of the most profitable countries in Africa to start a business. For instance, some of the telecommunication business companies, like MTN, have grown in the recent years, becoming commercially successful all over Africa. This is all because they were oriented to the Nigerian market, while some other companies turned their back on it and later came to regret it. Another reason to do business in Nigeria is the considerate tax policy. So, starting a potentially successful business in Nigeria is more than possible.

Since there are obviously a lot of competitors that will try as hard as you, you should put a lot of thought into your business, and here we will tell you how to do it.

1. Come up with a great business idea

The idea is the most important step when you want to start any kind of business, no matter where in the world it is. If you want to start a small business in Nigeria and make it successful, you must have a clear idea of what you want to do. There are plenty of different ideas and business opportunities, and almost all of them will have competition unless you come up with some new genius invention. It definitely does not have to be something completely new – if you possess enough capital, you can buy the existing business. However, if you want to start from scratch, your business has to be noticeable and attract the potential clients.

Most often, the business entrepreneurs connect their new ventures with something that they are passionate about and have a good knowledge of. If you have no passion for your business, it is more likely to fail. The good business idea has to be supported by strong level of feasibility, the thought-out business plan, and a qualified business team. The idea itself gives you no guarantees that your business will succeed. However, if it is interesting and attractive, and in addition, you possess enough capital, have a good team you, and a clear business plan, you are very likely to succeed.

2. Start the preparations

Of course, when you want to start a business, you need to prepare yourself for the future goals. This step might be just the factor that influences whether your business will be success or failure. Nigeria is a tough place, but it is not impossible to make your business profitable here, and you need to be prepared to face a lot of challenges.

You can start preparations by attending various kinds of workshops and seminars that concern the business you want to specialize in. They will give you all the needed information about being a business entrepreneur, which you have to absorb and use in the future. Psychological preparations are quite important, too. You have to be a tough person who accepts all the challenges, successes and failures with pride. Your entire way will not be full of only good moments, so you should take this as something that happens to everyone. However, you should develop the success mentality in your head and be ready to fight for your business despite competitions and odds.

3. Carry out feasibility study

Your next step is really important – you need to do a lot of research to make sure that the business you are planning to invest in is really profitable in Nigeria. Lots of Nigerian entrepreneurs make the same common mistake – they jump into some business because their friends or relatives have told them they can make money in it, and in the end, they do not get any profit and become disappointed. Entrepreneurship is closely related to risk, but starting something without a proper knowledge of how it works will not bring you any positive result in most cases.

4. Make a good business plan

Business plan in Nigeria is an essential part of entrepreneurship. Nobody just starts their business without a clear picture what to do and how to operate it. You should develop a full plan which will include all the possible aspects of your future business, and then you need to stick to it.

Many people seem to be overlooking this aspect, when in fact it is crucially important not only in the organizational aspect but also improve your psychological condition. Looking at the business plan and noticing how far in it you are will give you the additional strength and motivation to continue what you have started. It will also help you understand your business vision better and concentrate on the small tasks step-by-step.

The statistical data estimates that over 85% of Nigerian small businesses have no set business plan. However, you should definitely start one, because it will give you a lot of new possibilities. For instance, banks loan money only to the entrepreneurs who have a set business plan. Writing a good one is a whole separate art, so you can research some good articles that will help you with it.

5. Get to know the market

Before you get involved in any industry, it is incredibly important to know the basic rules, features, and qualities of the market. Every single business has the inside secret behind their success. In order to become successful, you need to find your own approach to it. The knowledge of the market of your preferred industry will significantly increase your chances to become a great entrepreneur.

You need to ask yourself some important questions, like: Who are my potential customers? In what way do they want to be served? Who are my main competitors? Who are the market leaders and what are they doing in a different way than everyone else? Is there a chance for me to survive? Is there a possibility to get some market share in my business area? These questions will help you understand the business and your own purposes better.

6. Secure a decent location for your business

Where is your business going to be situated? This question should be an important one when you are familiar with the business market already. There are a lot of commercial districts in Nigeria, and you need to familiarize yourself with all of them before choosing the most appropriate location for your enterprise.

7. Register your business

In Nigeria, a vast amount of businesses are sole proprietorships, and you can start your own in the same way. However, if you are really determined to create a successful business venture which will endure the test of time, you should register your business name. Obtaining all the needed licenses and permissions is also important.

You will need to choose between the following types of business: sole proprietorship, public liability or limited liability. Obviously, do not forget to research info about all of them. After you have chosen the business entity which is the most suitable for your business, you can have its name registered in Abuja, Lagos, or any other Corporate Affairs Commission office which is close to your place. Hiring a lawyer in order to avoid mistakes is strongly recommended. The lawyer will help you with formulating the policy of your business and the legal terms.

8. Source for capital and financing for start-ups

No business is possible without a starting capital, and this challenge is usually the biggest one that entrepreneurs have to face. However, it is absolutely possible to find the source that will finance your business.

If you have no start-up capital, the easiest way will be borrowing from your friends or from the bank. But in this case, you should be especially certain that your business will be successful because if it fails, you will fall deep into debt. Another way is looking for leverage. In most cases, it is getting a bank loan for business, credit from the suppliers, starting a strategic alliance with a bigger company, or signing a contract.

9. Start your business small

Remember that not even the biggest successes in the world were earned in a day. Everyone starts with something small and eventually expands. After successfully completing all the previous steps, you can finally start your business. You need to overcome the common fear of failure – remember that you need guts to start the business, and by starting, you can prove yourself that you are a strong person who always achieves the set goals. Do not let your plans go to waste without even starting.

What are the most profitable businesses to start in Nigeria?

If you have no idea where to start, we will give you the list of the potentially profitable businesses. Some of the most lucrative businesses that you can start are the following:

Agriculture (poultry farming, snail farming, cassava production, rice farming)Selling furnitureMaking fruit juiceWater productionOil and gas businessHaulage servicesHotel businessFast food restaurantInvestments in propertyTokunbo spare parts importDry cleaningProfessional car washBuilding material sellingTransport businessSchool businessRaw material exportOnline advertising agencyFashion businessMedia and show businessInvestments in internet companiesBlogging

The business venture is a risk, but with good planning and hard work, it can result in a huge success. Good luck!

10 Surprising Foods that Kill Your S*x Life

Artificial Sweeteners

Artificial sweeteners contain aspartame, an ingredient that causes trouble for your body’s happy hormone (serotonin), without which your mood and libido tends to suffer. Not only this, aspartame has other side effects as well, such as headaches, irritation, anxiety disorders and insomnia. So, next time when you are out getting your groceries, pick up some natural sweeteners like honey or jaggery, to keep your health and sex life on right track.

Corn flakes

The anti-aphrodisiac qualities of corn flakes might come as a surprise to many. Did you know that Dr. John Harvey Kellogg, made this cereal as a part of a bland diet to lower people’s sex drive? So, whether you are planning a romantic breakfast in bed or a quick snack before your bed-time, it is best to stay away from corn flakes.

Cheese and more

The dairy products that you get in the market these days are not natural, anymore. The high-fat dairy products, such as cheese, can cause a lot of damage to your body. Overconsumption of such products will induce toxins that will interfere with the production of the natural, mood uplifting hormones like oestrogen, progesterone and testosterone. Collection of such harmful toxins in your body, can also cause sexual dysfunction in extreme cases.

Crispy delights

A pack of chips by your bedside is enough to damage the tissues and cells of your body, along with your libido. These potato chips and crispy snacks are prepared in rancid oils and heated at very high temperatures. Hence, the combination of bad fats and high temperature can genuinely interfere with your mood for love.

Coffee

A cup of coffee in the morning can induce a happy mood but too much of it can spike up stress hormones, such as cortisol, in your body. Too much caffeine can cause stress and hormonal imbalances. So, if you are in mood for some romance and love, it is best to decrease the coffee intake from your and your partner’s diet.

Soy

It is healthy and a good replacement for meat. But, soy contains phytoestrogens that competes with the male sex hormone. It is enough to cause fertility issues, male breast growth and body hair loss, it is a strict no-no for men.

Aerated Drinks

Consuming regular sodas and flavoured beverages can cause fluctuations in your weight and your mood. Such drinks can cause a number of health problems like obesity, dental cavities, diabetes, and more. It is quite obvious that if you start suffering from these health issues then it is harmful enough to even dip your libido levels.

Mint

Think before you pop another gum into your mouth! While it benefits the digestive system and gets rid of that bad breath, it can also have adverse effects on your libido. Mint produces menthol that cools down the sex drive. So, stick to brushing your teeth or consuming natural herbs to get rid of that bad breath.

Alcohol

You might feel relaxed after a few drinks but alcohol can actually make you feel drowsy and less sensitive to your surroundings. Now can you feel romantic with a person who is falling all-over the place? It is because alcohol induces a chemical reaction that hampers the production of testosterone. Next time, if you are planning to get cosy with your partner, it is best to steer clear from alcohol.

Fried and junk food

Fried food, like French fries and hamburger, are serious romance killers! The hydrogenated fats lowers your testosterone levels, and can also cause low quality and abnormal sperm production in men. If you are in mood to impress your partner with take-out dinner, stay away from all fast food joints, especially if you are planning something romantic.

So, if you are in the mood to get cosy with your partner then it is best to kick these anti-aphrodisiac foods away from your platter.

History of Valentine

Flowers, candy, red hearts and romance. That's what Valentine's day is all about, right? Well, maybe not.

The origin of this holiday for the expression of love really isn't romantic at all -- at least not in the traditional sense.

St. Valentine.
"He was a Roman Priest at a time when there was an emperor called Claudias who persecuted the church at that particular time, He also had an edict that prohibited the marriage of young people. This was based on the hypothesis that unmarried soldiers fought better than married soldiers because married soldiers might be afraid of what might happen to them or their wives or families if they died.
I think we must bear in mind that it was a very permissive society in which Valentine lived. Polygamy would have been much more popular than just one woman and one man living together. And yet some of them seemed to be attracted to Christian faith. But obviously the church thought that marriage was very sacred between one man and one woman for their life and that it was to be encouraged. And so it immediately presented the problem to the Christian church of what to do about this.
The idea of encouraging them to marry within the Christian church was what Valentine was about. And he secretly married them because of the edict.
Valentine was eventually caught, imprisoned and tortured for performing marriage ceremonies against command of Emperor Claudius the second. There are legends surrounding Valentine's actions while in prison.
One of the men who was to judge him in line with the Roman law at the time was a man called Asterius, who's daughter was blind. He was supposed to have prayed with and healed the young girl with such astonishing effect that Asterius himself became Christian as a result.
In the year 269 AD, Valentine was sentenced to a three part execution of a beating, stoning, and finally decapitation all because of his stand for Christian marriage. The story goes that the last words he wrote were in a note to Asterius' daughter. He inspired today's romantic missives by signing it, "from your Valentine."
What Valentine means to me, is that there comes a time where you have to lay your life upon the line for what you believe. And with the power of the Holy Spirit we can do that -- even to the point of death.
Valentine's martyrdom has not gone unnoticed by the general public. In fact, Whitefriars Street Church is one of three churches that claim to house the remains of Valentine. Today, many people make the pilgrimage to the church to honor the courage and memory of this Christian saint.

Valentine has come to be known as the patron saint of lovers. Before you enter into a Christian marriage you want some sense of God in your life -- some great need of God in your life. And we know, particularly in the modern world, many people are meeting God through his Son, Jesus Christ."

If Valentine were here today, he would say to married couples that there comes a time where you're going to have to suffer. It's not going to be easy to maintain your commitment and your vows in marriage. Don't be surprised if the 'gushing' love that you have for someone changes to something less "gushing" but maybe much more mature. And the question is, is that young person ready for that?"

"So on the day of the marriage they have to take that into context, "Love -- human love and sexuality is wonderful, and blessed by God -- but also the shadow of the cross. That's what Valentine means to me."