How To Start A Business In Nigeria (Profitable business)

Introduction

The majority of investors have a long-held ambition of starting their own company one day. It’s wonderful to have your own company because it allows you to accomplish things when you want without having to worry about your employer looking over your shoulder. However, as exciting as it may seem, establishing a lucrative company is a difficult job that only a small number of companies manage to do successfully.

Business is any activity that is concerned with the creation, purchase, and sale of products or services. There seem to be no restrictions on who may pursue a career as a sole proprietor or entrepreneur. You do not need a large amount of money in your bank account or a college degree in order to start and manage your own company venture. What you do need, though, is a sound business concept, a well-thought-out implementation strategy, and the will to get up every morning and stay at it.

Read also: Small business ideas to start in Nigeria with low capital

Advantages of starting a business

Starting a company in Nigeria has numerous benefits. First, you take control of your fate. No boss can fire you tomorrow! Job security. Another incentive is the chance to develop and create a brand. Owning a company means establishing a brand. Your brand grows as you grow. Consider Dangote. His brand will live on. Owning a company increases your chances of becoming wealthy. Workplace rivalry is excessive.

In your own company, you will discover individuals who have toiled for years without advancement. You can help the economy by generating employment and sustaining other Nigerians. Anyone with a decent heart should be inspired to start a company by the pleasure of providing jobs and a means of survival. Nigerians may engage in profitable enterprises. The reason Nigerians leave the nation to seek better pastures is unclear. As a consequence, foreigners see possibilities we don’t, and they take over.

List of the lucrative businesses in Nigeria

1. Oil and Gas business

The fact is simply, that the globe still relies on oil and gas in Nigeria and to a great extent. This company will continue to dominate as long as this tendency persists. The most profitable companies in Nigeria are undoubtedly oil and gas. However, we rely on gas or kerosene for cooking. Whether we use automobiles, okada or Keke-NAPEP, it is up to us to go around.

We also rely on gasoline for power because of an inadequate energy supply. In Nigeria, all small and large businesses rely on gasoline and diesel. Oil and gas are all too reliant. And the richness of Nigeria is honoured. Everyone who connects in will make enormous money.

2. Agriculture

It’s the next groundbreaking business in Nigeria, and it is presently producing billionaires. Nigerians, both at home and around the world, are starting to see the enormous prospects in farming, a sector that has been neglected for many years as a result of the finding of petroleum. With the dwindling supply of oil, individuals are increasingly looking to other areas of the economy for opportunities to make money.

3. Blogging

Create a blog if you really can write or could try to write. You may earn money blogging in Nigeria. All you need is a pc, internet connection, and a lot of time. Your time is probably your most valuable and costly blogging investment.

4. Food business

There seems to be no way that the food industry would not be one of the most profitable in Nigeria. This is a company that will never go out of style. People will always consume food! Whatever the state of the economy, one item that people can never live without is food. This is a company that, if managed properly, has the potential to make you wealthy. Additionally, it is very simple to acquire loyal consumers. As long as your cuisine is delectable, customers will always return.

5. Sales of Mobile Phone Accessories

Currently, this is a highly profitable company in Nigeria. You may get started with as little as N100,000 saved. While acquiring space is a good option if you already have the funds, the company may also be conducted on a mobile basis, i.e. by transporting your goods to locations where they are required. In this scenario, you must first define your market and provide it with what it requires. What propels this company is Nigeria’s fast increase in mobile phone use. Nigeria has a population of about 180 million people.

Over 160 million people are linked through their mobile phone lines. Batteries, memory cards, battery chargers, earpieces, screen protectors, and pouches are all popular accessories. Supplies are available from Computer Village (Lagos) and internet retailers.

6. Real Estate Business

In Nigeria and throughout the globe, real estate is among the most profitable enterprises. It’s undoubtedly there. People are always going to require a roof over their heads. As the population is growing, the real estate industry is booming. This industry is growing as people migrate to cities. In immobilization, there are many possibilities. As an agent, you may work. Helping individuals to locate an apartment or property for an expense or charge. It is also assisting to locate purchasers or renters for a charge for salesmen and renters.

7. Furniture Business

The mobilizer company is undoubtedly one of Nigeria’s most profitable firms. The industry is enormous and desire is great. People’s furniture is constantly used. Sleep on meubles; people sit on meubles. Kitchen, living room, furnishings, furniture. Furniture is needed by companies. Our furniture is around us. Meubel is a commodity of fundamental importance.

You may establish a carpenter business to produce polished furniture for different uses. Use qualified carpenters. Provide showrooms, enterprises, schools and sell furniture to people.

Read also: Top 10 ways to attract more customers to your business

Steps to start a business in Nigeria

1. Examine yourself

Before you venture into the business, you’ll need to examine yourself by asking the following questions: Do I have the necessary abilities to manage the company? Do I have the ability to manage or lead a team? Have I got the skills for the company to raise capital? Do I have the desire and drive to succeed? · Be thus extremely honest with your responses, and if the bulk of your answers to the preceding questions are ‘YES’.

2. Business plan

Not all company ideas are worth beginning when it comes to establishing a firm. The greatest company ideas are distinctive, convenient, market-based and simple to measure. When searching for a company concept, start by looking at the issues in your surroundings and attempt to find a solution and monetise it.

And if your company concept is fresh, think about what your firm can provide and concentrate on building something better and cheaper. You may need to ask individuals questions, do your own study and ask businessmen for guidance.

3. Feedback.

It’s one thing to do market research before starting a company, but quite another to effectively use the results. This helps you learn more about the company you want to establish and builds a solid basis for it. You don’t want to establish a company now and see it crumble tomorrow. That’s why you need to study business.

4. Get business funding.

Starting up a business needs not just talents and work but also the capital. Every company needs beginning money to support day-to-day operations. If you don’t have enough money to establish your own company, you may get financing via bank loans, sponsorships, or equity investments. Most companies fail due to a lack of financing, so ensure you have adequate funds to weather the storm.

5. Business Registration.

Registration is extremely important for everyone who wishes to establish a business. One should establish your things legally of your nation or the certification in your country. For instance, you may establish your company with the Federal Cooperation Affairs Commission (CAC) and the Chamber of Commerce at the national level if you are a Nigerian business. Licensing your company with the necessary institutions provides your company legitimacy and credibility.

6. Grow your business

Growth is important for a company’s existence. Any company which does not expand will certainly perish regardless of how long it takes. Make sure that you do everything you can to guarantee your company continues to develop. The first criterion to assess a company’s growth is constantly positive cash flow. The more cash flow a company produces, the more it may grow and develop. Therefore, make sure that you have the instruments to monitor your cash flow from day one.

Read also: 15 Business ideas you can start with N50,000 in Nigeria

Conclusion

A profitable business in Nigeria relies largely on the person. Important variables, including company geography and consumer expectations, should be taken into consideration. This thus needs some market research. It is also essential to do something that has high demand and a strong profit margin in which you find enthusiasm.