As a part of the federal government plan to sustain Micro, Small and Medium Enterprises most affected by the Covid-19 pandemic, President Buhari approved N60B for the MSME Survival Fund and N15B for the Guaranteed Offtake Scheme.
These two initiatives are to stabilize and help micro, small and medium businesses pay employees, which will, in return, save existing jobs, and also increase employment opportunities.
In keeping to its promise to support businesses overcome challenges posed by the COVID-19 pandemic, the FG is set to commence nationwide implementation of 2 MSMEs initiatives; the MSMEs Survival Fund (N60b) and Guaranteed Offtake Schemes (N15b). Read the details, register and RT. pic.twitter.com/hSa9llwMKu
This initiative is to provide immediate relief to businesses for three months.
Beneficiaries of the fund:
The focus of the MSME Survival Fund is to help two groups of people: MSMEs and self-employed individuals.
Both the MSME Survival Fund and Guaranteed Offtake Scheme have made provision of a 5% special need and 45% female business owners.
Registration Steps and Requirements
Requirement for Registration
To register, you must be the Founder/Proprietor/Administrator of the MSME that you are trying to register.
Register your personal details to start the payroll support application. Instructions at the top of the form will guide you on the required fields that need to be filled to complete the initial registration.
On registration, an activation code would be sent to your phone and also your email to enable you to activate your account. On successful activation, you would be asked to log in to your account where you would see your registration progress and other profile details.
Step 1 – Personal Registration
Step 2 – Register Your Organization
Note: You must register for your unique SMEDAN Unique Identification Number (SUIN) and you would need to fill in the details of your employees, but unfortunately, that form is not available until October 1, 2020.
Guaranteed Offtake Scheme
While the goal of the MSME Survival Fund is safeguarding employment, the Guaranteed Offtake Scheme is to protect and sustain Micro and Small Enterprises’ income from the adverse effects of the Covid-19 pandemic.
This scheme will birth various initiatives geared towards boosting production capacities of micro and small businesses.
Duration of The Guaranteed Offtake Scheme
This scheme is to last for a period of 3 months.
Beneficiaries of the Fund
MSMEs registered in Nigeria
Features of the MSME Survival Fund and Guaranteed Offtake Scheme
Payroll Support: For a period of 3 months, 500,000 MSMEs affected by the Covid-19 pandemic will be supported with N30, 000 – N50,000 per employees to pay their staff.
General Grant: 100,000 MSMEs affected by Covid-19 are to be granted N50,000 each survival grant.
Operations Grant: 333,000 transport business operators and artisans will be provided with N30,000 each to make up for their income loss during the Covid-19 pandemic.
Guaranteed Offtake Scheme: The federal government will bulk purchase products from over 100,000 businesses to keep these small businesses functioning and save jobs.
Note: Please ensure you register your business at www.smedanregister.ng before applying for the payroll support fund.
What is the Take Off Date of the SME Survival Fund
The take-off dates of the SME Survival funds have been scheduled based on the categories of the intending beneficiaries. They are as listed in the photo attached.
What is the address of the SME Survival funds Portal
The address of the SME Survival funds portal is www.survivalfund.ng. But please ensure that you register your business at www.smedanregister.ng before applying for the payroll support fund.
MTN Nigeria has equipped locally owned small businesses with skills on sales and marketing in a training featuring leading industry experts, as part …Read More
A business proposal is required when pitching your business to investors.
Your aim is to give a detailed presentation of your business, with a breakdown of your financial plans as well as a sales funnel that can guarantee a return on investment.
Your investor wants to know that they are making the right call when they invest in your ideas.
Your business proposal should include the following:
Cover letter
Cover page
Table of contents
Executive summary
Over view of the problem
Strategy to solving the problem
Schedule
Cost
1. Cover letter
In my case, my cover letter was the body of the email I officially sent out to my investor. It gave a short synopsis of my book and expressed my gratitude for his intreast in investing in my work.
For a small business, you might include a short summary about your company. Make it brief. One sentence is enough. Include any background info about how your company came to be, this would explain your why. Like Simon Sinek would say, Start with why.
2. Cover page
Since I was sending a PDF file and not a power point presentation, my cover information was in form of a letter heading.
It had my name, and contact details.
But as a small business, your cover page should include the name of your company, the name of the person to whom you’re submitting your proposal, and the date submitted.
3. Table of Contents
I didn’t need a table of content as my proposal was short and written to an individual and not an investment broker.
So, depending on the details of your business proposal and the format in which your proposal would be submitted.
4. Executive summary
This is where you introduce or propose.
Get right to it and win hearts with your executive summary. Sell your business and the products or services you provide. If you find yourself rambling in any paragraph, go ahead and rewrite.
Since I had little idea about writing a business proposal at the time. I called a few friends together, dressed up and presented my proposal on our TV. My friends played the part of ruthless executive with no time to spare. Their criticism helped me a lot.
Here’s what my Overview looked like:
Overview
Thank you for your interest in my work and for showing a desire to see it published.
I am committed to exploring every available means to tell unique stories that:
1. Are beautiful pieces of art;
2. Give people a chance to dream/Imagine by painting pictures with words;
2. Serve as historical reference points.
3. Contribute to the literary community.
4. Stories that elevate and celebrate true heroes – the ones whose stories were never told.
I believe that the greatest stories are the ones we’ve lived.
In my little interactions with the world, I find that literature/ movies have helped kindle world views.
The cultural wealth portrayed in Gesiye helps to shed light on stories that are true of the southern tribes of Nigeria.
This part holds weight for me because;
Writers and filmmakers who have greatly influenced the world through consistent storytelling mostly sold stories of Igbos and Yorubas thus Limiting the narrative of the south to topics such as Militancy and kidnapping.
Literature has become such a powerful tool in stirring important conversations as portrayed by Chimamanda Ngozie Adiche.
Although Gesiye is largely fiction, I cannot ignore its significance in the world of Literature;
As an Izon native, I hope to paint new pictures in order to repair the damages enabled by the single-sided story.
What this means on the business side is that;
The book Gesiye would become a cultural tool that would speak for Izon communities.
NOTE: I used bold text to emphasize cultural details that my investor could relate with and he probably had a passion for cultural representation.
5. Overview or summary of the problem or need
If you notice, my proposal already hinted at a gap in works of literature and my plans to solve this by creating works that would fill this gap. As a first timer though, I also merged my Executive summary with my overview. It looks okay for my kind of proposal but you should split this when writing your business proposal.
6. Strategy or approach to solving the problem
I mentioned earlier that I had a rough idea on my sales funnel and how to go about marketing my book. A rough idea isn’t enough, get into details.
For me this included a detailed breakdown of the platforms I intend to partner with and why. I went ahead to list other partners and compared their advantages.
I also included my goals and how the desired platform helped meet the specific goal.
Still struggling with your business, here’s some pep talk for you.
7. Schedule
Investors like to see a timeline for achieving set goals.
The timeline must be feasible for it to be convincing.
Here are the mile stones for my book project. For each mile stone I gave a breakdown of its importance to the project.
Most times your investors have little idea on what it takes to achieve your goal sometimes they don’t and it’s up to you to explain the importance.
Milestones
File for ISBN
Proofreading
Cover Art
Promo and Book Party
8. Costs
Break down each segment of your business and put numbers to each task. It helps to pad the budget in the case where the investor makes a counteroffer or cut back on cost. Keep it clean, keep it reasonable.
And I am Speaking from experience.
I was a bit too honest with my figures and when the budget was cut, meeting my goals was a bit difficult.
Here is a sample of my budget.
Budget
Cost (N)
Vendor
Additional Information
ISBN/ Unique ebook Number
RECATED
ISBN International
convenient
Proofreading/ formatting
REDACTED
REDACTED
Offers her Network within Book Community with a chance to feature in a radio show.
Cover art
REDCATED
REDACTED
Initial order on Printed Copies
REDACTED
Note: this amount is for initial order from amazon to resell in Nigeria market. Amazon offers free shipping on orders over $25. Estimated price per copy $4 That is N1,550 X 20 copies
Book promo
REDACTED
Additional information below.
Book party
Not Included
TOTAL
REDACTED
Google display ads campaign
Goal: Create awareness for the title and author
Secondary goal: Conversion and lead generation
KPIs: Number of Impressions
Secondary: Lead generation and conversion
Target: Nigerians (male and female, 18 to 45)
Specific target: readers, book lovers, curious minds (judging by their interest)
Requirements:
Ad banner (containing the book cover, a picture of the author and caption)
Email Marketing (an email opt-in option for those that will click but not be able to buy instantly)
Landing page
Lead magnet for the email Marketing (perhaps 10% of the book)
Strategy (subject to review)
● Jump on the race/rape trend to attract attention
Period: One month
Budget:
Daily ad budget: 3.3 dollars
Overall budget: 100 dollars
Conclusion
A proposal isn’t so difficult after all, you just need a little guide. I hope this helps you draft that business proposal. Best of luck.
Schooling doesn’t guarantee employment, but having a skill does. Having a skill guarantees way more than employment – It guarantees a lifestyle; a decent living. Little wonder many governments worldwide now concentrate their efforts on some form of empowerment to their citizens.
A unique advantage of acquiring a skill is that you do not need to have a genius-level IQ to develop a marketable skill, and you can be the best in almost any skill you put your mind to develop. All it takes is to have the right support and commitment to success.
In Nigeria, the average youth is labelled lazy, and this is something that is far from being true. What is wrong, however, is the lack of youth-friendly policies and the right environment to support youth and their entrepreneurial ventures.
Regardless of the lack of adequate youth-friendly policies, there are many platforms providing individuals with the means to develop their skills – providing a form of Youth Empowerment Program.
You should know that developing new skills take a lot of willpower, practise, and persistence; in the end, you will be a better person having economically viable skills.
When you find an opportunity to enrol in any youth-focused skills acquisition program, you should be at your best and learn. You don’t have your entire life to learn new skills.
Some Youth Empowerment Programs In Nigeria
There are some laudable private and government-funded youth empowerment programs in Nigeria. Some of the most popular are:
Here are some tips to aid your chances of success at the interview stages.
What Interviewers Are Looking For:
Always be at your best during the interview stages. The interviewers are looking for the following in you:
i. Your Eligibility For The Program:
Each empowerment program sponsored by either any government, a private company or individual has specific objectives and eligibility requirements. It is important that you find out and understand these requirements and how they affect you.
ii. Your Suitability For The Program:
Again, your ability to understand what the program’s goals are is key to your success at the interviews. I would normally read why the program was established and how my participation in the program can help meet the organizer’s objectives.
The NPower of the Nigerian government for example intends to fix inadequate skills at the public services and stimulate the larger economy. It, therefore, means that what the interviewers would focus on are candidates with very high chances of filling vacancies that exist in the public service such as teachers, etc.
for example, focuses on rebuilding the Northeast part of the country by developing ICT skills in youths resident in the Northeast. The goal of the program is to build demand-driven skills with the expectation that successful candidates would, in turn, establish businesses in the Northeast, thus meeting the demand for such skills and in turn rejuvenate the economy.
It, therefore, means that to be successful, you must show some willingness and ability to start a business after your training.
iii. Your level of productivity and Program Fit
As a facilitator of some of these skills acquisition programs, I can authoritatively inform you that it helps if you display some level of business enterprise. I have been fortunate to interview well over 5,000 candidates of various skills/ empowerment programs and what strikes me is that most youths have a bias that makes them believe that unless you are gainfully employed either by the government or any other company, that they aren’t productive – I’m just an ordinary farmer, tailor, etc is what you’d hear them say.
I wonder what is ordinary in being a farmer or a tailor.
I’ve met with some youths that engage in farming but believe that they are not “Doing anything”. I’ve seen many skilful tailors that believe they are “Not doing anything”.
Most Nigerian youths want to access government funds, grants and loans even if it would not be put to good use – All they want is their own share of the “National Cake”.
The “Starting small takes too much time.” mentality
I have conversed with a lot of Nigerian youth and the mentality of not wanting to start small is common. Some believe that starting small is time-consuming. These youth see the benefits that starting small can bring, and yearn for the fruits without the growth process. Some will rather dodge meaningful things that take patience to grow.
Here are some tips to help you get the best out of any skills acquisition program.
i. Make sure a lack of talent is not your excuse
It is no doubt that talents help a lot, but you cannot be talented in everything. If you do not have a knack for the skill you are learning, it doesn’t mean that you can not be good at it. When you are determined and committed, you can achieve anything that you put your mind to doing.
Hard work beats talent all the time, and with the hard work you will put into any skills acquisition program, you will develop more persistence, willpower, and stamina.
The good thing about being untalented is that you will know how much it takes to learn new skills and you will always want to get the best out of it.
ii. Get a coach or a mentor
Getting a mentor or coach is one of the most astonishing patterns when it comes to learning a new skill. However, do not just find anybody but someone good at their job and makes sure they possess the skill you are learning at the moment.
You can go through the track records of this individual to ensure that they have been successful with what they are taking another group of people through.
iii. Find a role model
Besides getting yourself a coach, you can get a role model to look up to and analyze their success after achieving the skill you are learning.
Apart from being a motivating factor, learning from a role model will speed up your skill acquisition process.
This also gives you a challenge that if a role model could get it done, then so can you.
One sure way to learn from a role model is to watch their videos, read and listen to their interviews, and examine how their road to success started. Look for similarities with yours and learn how they made it out successfully.
iv. Create realistic expectations when learning a new skill
Acquiring a new skill is possible for everybody, but disappointment can demotivate you so fast. Having unrealistic expectations makes you start falling behind your expectations soon, and eventually, you will quit the program.
Some people will give excuses to miss training without knowing that they are the ones losing.
Other Tip To Help You Stay Focused on a Skills Acquisition Program
Commitment in terms of time and finance
Do not miss any session
Have a coach to help you through the program
Look up to someone who has succeeded using this skill before
Dedicate your time and finance
Be smart
Do a lot of practice
Get someone to coach you at home
Conclusion
To sum up, skill acquisition is a possibility and only requires little of your effort. However, some people will acquire the skill fast while others acquire it slowly. It is important to know the category you are in and decide how to improve yourself. Getting the best out of a skill acquisition program should be the dream of every individual because this will help you build your life early enough.
Remember – Skills Building Takes A Process and That Process Takes Time.
Registering your business name or company in Nigeria is one of the best things you can do to grow your small business. Several benefits come with it, and we will be getting to all of that shortly.
This article will serve as a comprehensive guide on how to register your business name with CAC. In other words, this is a guide on how to do business with CAC. But first of all, why even register?
Why Register a BusinessName With CAC in Nigeria
Several businesses exist on and offline these days. And more are being opened as you are reading this. But the question is, are they all registered? Well, not that we know for sure, but you can guess most are not registered.
This is clearly because most small businesses don’t know the benefits of registering with CAC.
Sometimes, the difference between small businesses that grow and the ones that remain small is registering with CAC. How? Check out some of the benefits of registering your business name.
Reputation
With all the stories of scam out there, it’s understandable for potential clients and customers not to trust these days easily. That’s why most of them may insist on seeing proof of registration before dealing with you.
Registration helps to boost the confidence of customers in you before dealing, mostly if it’s a business deal that involves a massive sum of money (the type that can help you grow).
Corporate Account Opening
This is another significant benefit of registering your business name. For most banks in Nigeria (if not all), an essential requirement for opening a corporate account is a certificate of incorporation from CAC. And having a corporate account further helps with boosting customers’ confidence in you.
Or which would you rather buy from? An IG business whose account details carries the name Oluwaseun Sanni or the one with the name Oluwaseun Enterprise? You be the judge.
Access to Loan Facilities
Just like in opening a corporate account, no serious bank will give you a loan without proof that you’re registered with CAC. And we can not overemphasize the role of loans in growing a business.
Hiring Talents/Employees
Aside from hiring fulltime employees and placing them under a proper salary structure, registering your business with CAC also allows you to get Adhoc staff from NYSC for a lower cost (not free).
Types of Business Registration
There are different types of business registration. However, the two most popular ones are Business Name and Limited Liability Company
Business Name
This is the simplest and most popular type of business registration. It’s what most of this article is about.
Any proprietor or individual can register their business name without involving a lawyer, account or any other professional that helps with business registration.
Limited Liability Company (LTD)
This one requires more legal steps, but ideal for businesses that want to grow big over time.
You can’t do this on your own as you will need the services of a lawyer or chartered accountant.
The other types of business registration in Nigeria are
Limited by Shares
Limited by Guarantee
Public Companies (PLC)
How to Register Your Business Name With CAC
To register a new business name in Nigeria is now easier than ever. Here are the simple steps to take to register your business name with CAC
Step 1 – Gather Required Documents
Yes, this is where it all begins. To register a business name, CAC requires you to submit certain documents. So, before you commence registration, ensure those documents are available first.
The documents usually required are basic ones like the identification of proprietor(s). Also, a partnership deed may be necessary if the business is a partnership.
You most likely have a business name already. Or maybe you don’t. This is the time to get one.
Then go on to check if your chosen name has not been taken already. Well, yeah, you are probably not the first to think of that name.
Checking of name availability will cost you N500.
Up next is filling of all the required columns in the statutory form (FORM BN1) and submit.
You will then be required to make payment of the necessary fees, print the business name form and sign with the date.
Step 4 – Submit More Documents
You remember all the documents we told you to keep aside earlier? This is where you will be uploading them all alone with other documents.
Here is a list of the documents you’d be asked to submit
2 Passports photograph
Approval note or availability printout
Statutory form (FORM BN1)
Proficiency certificate (when required)
Means of identification
Payment receipt
Step 5 – Let CAC do Their Magic
This is the final stage, and all you’re asked to do here is… nothing. Okay, maybe you’d have to do something. Yeah, you’d just have to wait for 48 hours – that’s how long it typically takes for CAC to process your application and give you your certificate.
What you would be getting from the commission include:
CTC of your application for the registration of a business name
An original certificate of business name registration
Why Your Business Name Registration May Not be Successful
Here are some predefined rules you must make sure not to violate to ensure your business name registration is successful
Ensure that the chosen name is 100% unique
The chosen must not contain such terms as Federal, Chamber of Commerce, State, National, Regional, Municipal, Government, Co-operative, Chartered, Group, Building Society, Holding, among others.
The business name must not include terms that the CAC consider capable of misleading the extent or nature of the business activities
It must not be a name that is offensive to the public policy
The name must not contradict the public policy
As far CAC is concerned, the name must not violate any of the existing business name or trademark in Nigeria without consent from the owner.
How to Change a Business Name after registration
Perhaps you have reasons to change your business name later in the future, here is a guide on how to go about it
Again, check for the availability of the new name you intend to use. If the name is available, then reserve it while trying to get the other required documents of change of business name
Next is to write an application to the Corporate Affairs Commission stating the reasons why you want a change of business name with the signature of the director(s)
Go on to state a resolution explaining what you want to change with the signature of the director(s)
Once the CAC approves the application, submit to them the first issued certificate of incorporation of the purpose of cancellation
Make payment for filing fees
Confirm that the annual returns are up to date
Get the signed and stamped article and memorandum carrying the new name
Meanwhile, the required documents for change of business name are
A resolution by the board approving the name change
3 copies of articles and memorandum of association with the new business name
The former certificate of incorporation
The cost of change of business name in Nigeria is estimated to be between N6,600 and N7,000
How much is it to register a business name?
There are several claims of CAC officials charging exorbitant fees for registering businesses. However, the OFFICIAL filing fee for the registration of a business name in Nigeria is N10,000.
Conclusion
You register your business name before even starting your business or after starting. But what matters most is doing it and on time too.
The fact that you can do your registration online now has made the process a lot easier and faster. And with this guide, you can be sure you can successfully register your business name with CAC 100% by yourself. You can start here.
I guess you want to have an idea of profitable businesses in Nigeria. This article gives you a deep dive into not just profitable businesses, it focuses on the fastest growing businesses in Nigeria today and how you may successfully venture into them and become profitable.
As Africa’s largest economy, the Nigerian economy abounds many opportunities for business growth. There are different businesses you can invest in, but there are fast-growing businesses that do not take so long to become profitable.
Notwithstanding their growth rate, there is still the need to work on your marketing efforts alongside other growth strategies to get these businesses to grow. They, however, grow faster than others due to certain peculiarities to Nigeria and Africa as a whole.
If you’re looking for fast-growing businesses that you can invest your time, money, efforts and resources in, this article is for you.
This article is on a collection of fast-growth businesses that is worth your investment. Though there are several fast-growth businesses, the following are amongst the top on the list:
Fast-paced life in the cities has made laundry and dry cleaning business a prosperous one. Little wonder that it claims its spot on this list of the leading fastest growing businesses in Nigeria. People are so busy that they would instead outsource their laundry than to do it themselves.
Even the less active people hate to do their laundry themselves.
If you’re passionate about laundry and dry cleaning, this might be the business for you.
How to Start Laundry/Dry Cleaning Business
The first thing needed to start laundry and dry cleaning business is to be passionate about cleaning to come extent. Usually, laundry is a hated chore, so if you want to build a business empire out of it, you must be passionate about it.
It is also vital you understand the difference between laundry and dry cleaning. Laundry is washing clothes and other materials with soap and water, while dry cleaning is more technical. Dry cleaning involves cleaning without water; mostly with chemicals such as Perchloroethylene, Glycol Ethers, etc.
The above-mentioned difference between the two will require you learning the techniques. The best way to learn is by going to a physical laundry/dry cleaning shop for a few months. It might sound tasking, but there are tricks those professionals dry cleaners know that you might not know.
You can leverage some YouTube videos to learn the techniques needed to run a dry cleaning business successfully.
How to Keep the Business Successful
The best way to successfully run this business is by learning the ropes and going professional. Just because it’s fast-growing doesn’t mean you should jump into it without equipping yourself with the needed skills and knowledge.
Tell people about your business and the value you’re giving to them. You must be ready to bring something new to the table. You should be able to answer prospective customers’ questions on why they should use your services.
People are entirely mindful of their clothes. They may not like doing the laundry themselves, but they’re concerned about who’s doing their laundry.
Use social media to your advantage. You mustn’t have a fat bank account to push your business on social media platforms. You can start with Facebook, where you have friends, relatives, former colleagues and former schoolmates. You can run Facebook promotions on your business page with 1,500 Naira.
You can later extend to Instagram and Twitter. If you can’t create time to manage your business pages yourself, some influencers can help you out for a token.
You can register the business name with the CAC for only 5,000 Naira. People trust registered businesses more than unregistered ones.
Do all that’s needed to put your business out there.
Financial Capital Needed
How you start depends on your capital. The beautiful thing about this business is that you can start from your house with some essential items needed for laundry/dry cleaning. If you intend getting a shop, it will cost you more depending on your location.
Here are some things you’d be needing to start a laundry/dry cleaning business:
Item Needed
Cost Price
Washing machine
50,000
Dryer
98,000
Iron board
30,000
Electronic iron
6,000
Hangers
15,000
Pegs
3,000
Buckets
2,000
Basins
3,000
Laundry soaps and detergent
3,000
Brushes
4,000
Garment conveyor
25,000
Bleach
1,000
Power generator
85,000
Banner
10,000
Stickers
5,000
Business name registration
5,000
Social media promotions
5,000
Other essential tips to effectively run a laundry/dry cleaning business:
If you have a car, you can add “Pick and deliver” to laundry business. Customers prefer a laundry service coming to pick up their clothes and return them.
It’s a competitive advantage if you have a car and employ other hands.
Find out what your competitors are charging and know how to fix your prices.
Poultry Farming
Poultry farming is a very profitable business, and that’s why it is speedily climbing up the fastest growing businesses in Nigeria ladder.
Unlike what many people think, poultry farming isn’t only about breeding chickens or egg production. There are four significant activities and possibilities with Poultry farming:
Layer breeding
Broiler breeding
Poultry feeds production
Poultry equipment production.
Poultry farming, as a business is broader than people think. And that’s the reason it’s essential to understand whichever branch you decide to venture.
Know that every branch is profitable, depending on how you run and manage the business.
Why’s Poultry Farming a Thriving Business?
Considering the profit poultry farming yields, it is only logical to understand why it’s thriving. The increase in the consumption of white meat which includes chicken, turkey, duck and other birds fall into is due to the health implications red meat has. All age groups consume white meat, unlike red meat. Apart from that, it’s affordable and readily available.
How to Start This Business Idea
The first step to take when starting this business is to take time to learn about the business. You might think breeding chicks and layers is all about feeding them, but that’s not the case. Have it in mind that one single mistake can lead to the death of thousands of chicks. There are tricks in every business you have to learn to succeed, know them.
After researching and learning about the different branches of poultry farming, you have to decide if you will be breeding chicks, breeding layers, or both. This decision is a result of the knowledge you’ve acquired from your trainer. Specialize in the area you’re good at.
Set up the poultry farm. This can be done in your house, rented land or acquired property. It depends on your budget. But wherever you choose, make sure it’s conducive for the chicks, layers and eggs.
Another factor to consider when setting up your poultry farm is your access to water, power supply, motorable roads.
Structuring the farm can be done in three ways:
Fencing system: This is a poultry farming system where the birds freely roam around in a fenced area fending for themselves. This structure isn’t advisable for a business.
Sawdust system: This is a poultry farming system that use sawdust as the main cage system. It allows the chickens to move freely. It’s imperative to change the sawdust regularly to prevent the spread of diseases.
Caging system: The is the most common system when structuring a poultry farm. Birds are caged according to their sizes.
Buying of equipment depends on the structure of your poultry farm. We’ll look at the needed equipment and their prices in the starting cost outlay.
When buying the chicks, make sure you’re buying from trusted dealers. This is one of many perks of being trained by a professional. You will be able to different healthy, malnourished and unhealthy chicks.
Already prepared feeds are highly recommended when you’re just starting. As you progress with time, you’ll be able to produce the feeds yourself.
All things being equal, your turnover will depend on your marketing strategy. You are to build a network of retailers before your first harvest. Market to the retailers around your area and let them know when the products will be ready.
How to Keep This Business Idea Successful
The business will be successful if you don’t make crucial decisions from a greedy point of view. Start with a few chicks and see your progress. You don’t test the depth of a river with both feet.
Employ helping hands if you are breeding more than 400 chicks. Poultry farming requires utmost attention, so don’t give the business less attention.
Aggressively market the business to friends, family, colleagues, neighbours, retailers, food vendors, grill vendors, etc.
Financial Capital Needed
You can start with the sum of 100,000 with a well-structured cage. You’ll increase the chicks as time progresses.
Item
Cost
Business name registration
5,000
Banners/stickers
15,000
Social media promotions
5,000
Leased land
100,000
Feeders
12,000
Chicks (N200x40)
80,000
Waterers
30,600
Cages
92,000
Incubators
48,420
Nests
50,000
Coops
50, 000
Waste disposal
25,000
Brooders
55,000
Perches
30,000
Power generator
100,000
bags Feeds (10)
30,000
Other Essential Tips
To breed healthy birds, you must employ the services of a vet. A vet will advise you on what to do to make the birds healthier.
Partner with eateries, beer parlours, cuisines and local kitchens to provide them with fresh eggs, turkeys, and chickens.
CAR WASH
The increase in the number of busy car owners is making car wash business more profitable. Many car owners would prefer to take their vehicles to the car wash for thorough washing instead of washing their cars themselves.
This article writes on all the key essentials that you must consider before you start your car wash business – one of the leading fastest growing businesses in Nigeria.
The most exciting thing about the car wash business is that you can start at any scale, even small.
You don’t necessarily need to have big washing equipment to kick it off. With little capital, determination and hard work, you can scale that business into something big.
How to Start A Car Wash Business
Learn about the business before jumping into it. Many startups fail not because they weren’t profitable, but because the owners didn’t take time to learn about the business.
There are tricks in every business you’ll have to learn in order to excel.
Choosing the right location for the car wash is of utmost importance.
A majority of car washes are situated close to the roads. It would help if you situated your business close to your customers. Seek an open space close to a significant or busy highway.
Get the right equipment. As a starter, you mustn’t have ample equipment, but there is some essential equipment to have. We’ll be looking at some of the equipment in the starting cost outlay.
How to Keep A Car Wash Business Idea Successful
First of all, you need to have the foresight to be able to keep it thriving. Have a well-thought growth map you’re working with.
I’ve also noticed that having a sitting area where your customers (A lounge or something similar where car owners) can sit and chill while you wash their cars will increase your customer base—adding something like a lounge or a minibar to the car wash will improve patronage.
The location alone won’t draw customers. You have to market the business every chance you get, aggressively. Tell friends, family, colleagues, neighbours, cliques, and every car owner you meet about the services you offer.
Collaborating with auto repair shops, barbershops, salons, and other businesses around will help boost your clientele.
Employing experienced car washers is very important. It would help if you had a team of professionals with integrity around your business.
If the cars are thoroughly cleaned, your customers are more likely to come back.
Financial Capital Needed For ACar Wash Business
How much you need to start depends on how big or small a car wash business you’re creating. You can start with small machines in a not so ample space.
Item
Cost
Business name registration
5,000
Rented space
250,000
Social media promotions
5,000
Car wash machine
100,000
Water (Borehole)
400,000
Water tanks
45,000
Water Hose
10,000
Power generator
100,000
Brushes, Buckets, towels
7,000
Robber boots and gloves
6,400
Soaps and detergent
2000
Blowers/dryers
350,000
Vacuums
40,000
Perches
30,000
Prep guns/pressure water
100,000
Other Essential Tips To Aid The Car wash Business
Strategically partner with barbershops, salons, eateries, spare parts dealers to increase your customers. Use social media to create online awareness for your business.
You may also wish to start a membership subscription plan.
Cassava Farming Business
Cassava is the source for most of the food Nigerians eat. Fufu, Garri, Abacha, Amala, Cassava flour, etc. are the products of cassava. And this has made cassava farming a fast growing business in Nigeria. Aside from the products being locally consumed, it also serve as foreign export since Nigeria produce cassava in high quantity. Statistics have it that 24 out of 36 states in Nigeria grow cassava.
Cassava production might sound like a huge task, but it’s one of the easiest things to plant. The quantity you’re planting is where the work lies.
Before choosing a location, it should be perfect for cassava farming. Go for fertile land that is well-drained. You won’t be able to tell the real nature of the soil, and this is why you should take the soil for testing to find out if it will favour cassava farming.
Check for the following:
Adequate rainfall, sunshine or access to water
Landscape topography
Proneness to pest invasion
Proneness to soil erosion
Choose Cassava Stems for Planting
Understand that planting cassava for private use is different from commercial planting. When planting for private use, you may not be so particular about the stems you’re planting, but this doesn’t apply to planting cassava for business. In planting cassava for commercial use, you have to consider the stems to know if they are high yield stems.
Different cassava stems don’t grow well on the same soil. After testing your soil you should have better knowledge of the kind of cassava stems the soil can accommodate.
Check the stems for the following:
The quality of the root they produce.
If the stems are healthy and fast-growing.
Whether the stems have a strong resistance to pests.
Rapid and rich growing stems for commercial cassava planting
NR 8082
NR 8083
TMS (2) 1425
TMS 30572
TMS 81/00110
Prepare the Soil
Well-prepared soil aid the growth of healthy of the cassava.
How do you achieve this?
Adequate use of manure and fertilizer.
Prepare the soil for irrigation because you can’t be too sure about rainfall.
Prepare the ridges to prevent rain from washing away the soil.
Prepare For Cultivation
You’re to prepare for cultivation from the very first day you planted the stems. It is highly recommended that you take good records of your activities to help you know the next step to take.
Before preparing the land, you’re to apply herbicide on the soil. Liming is also another thing to do during land preparation. You’re to apply agricultural lime of 5 (50kg) bags on the stems and land.
Plant the Stems
The Nigerian time for cassava planting is April. It takes 6-7 months to harvest early-maturing cassava, while it takes 12 months after planting the stems to harvest late-maturing cassava. It is advisable to apply fertilizer to the soil 8 weeks after planting the stems.
Weed the soil regularly to make sure the stems aren’t chocked by weed.
Harvest the Cassava
The best way to know that the cassava is ready for harvest is when the leaves turn yellow and fall to the ground, and when the root (cassava) is mature. To harvest faster, cut off the stems and preserve them for another planting season.
You can carefully use hoes to dig out the cassava root from the soil.
Marketing Cassava Products
You can either sell the cassava in its raw form or process and sell it yourself. Whatever you decide to do, make sure you have built a network of buyers for your product. There’s a big market for cassava products in Nigeria, so it won’t be that difficult to sell.
How to Keep The Cassava Farming Business Idea Successful
Your success is dependent on many factors, but you must have adequate knowledge of the business. Cassava makes our list of the leading fastest growing businesses in Nigeria because of many factors, one of which is her success rate amongst Nigerian farmers. Little wonder we are a leading producer of the tuber in the world.
Take time to learn the business by visiting cassava plantations and ask the farmers in charge questions.
Learn about the market for your product and how to sell them.
When you’re applying any chemical on the land or cassava stems, do it rightly. Wrong measurements can cost you a lot.
Have a senior in the business you consult in case anything goes wrong.
Financial Capital Needed
Cassava farming is capital intensive. You have to own or lease a plot of land to do this business.
As a farmer, you’ll be needing all the patience and consistency you can get to make something out of this business. Learn how to store and preserve the products and get ready buyers before harvest.
Conclusion:
These businesses are not on this list of the leading fastest growing businesses in Nigeria by accident; they are easy to venture, highly profitable and with minimal risk.
Do you know any other business that is worthy of this list? Please give your suggestion using the comment section and I will write on them.
Find the contact details of some of the top businesses in Nigeria. Navigate through to find the phone number, address, email address and websites of some of the leading businesses in Nigeria.
Dive in
Contact Details of Banks in Nigeria
Name
Phone Number
Email Address
Central Bank of Nigeria Phone Number and Email Address
07002255226
contactcbn@cbn.gov.ng
Access Bank Phone Number and Email Address
07003000000
contactcenter@accessbankplc.com
Citibank Phone Number and Email Address
012798400
publicaffairs.nigeria@citi.com
Ecobank Phone Number and Email Address
012772904
ecobankenquiries@ecobank.com
Fidelity Bank Phone Number and Email Address
070034335849
true.serve@fidelitybank.ng
FCMB Phone Number and Email Address
07003290000
customerservice@fcmb.com
First Bank Phone Number and Email Address
019052326
firstcontact@firstbanknigeria.com
GT Bank Phone Number and Email Address
012715227
investorsenquiries@gtbank.com
Heritage Bank Phone Number and Email Address
012369000
info@hbng.com
Keystone Bank Phone Number and Email Address
07002003000
contactcenter@keystonebankng.com
Polaris Bank Phone Number and Email Address
07007652747
yescenter@polarisbanklimited.com
Stanbic IBTC Phone Number and Email Address
0700909909909
customercarenigeria@stanbicibtc.com
Standard Chartered Phone Number and Email Address
012368344
straight2bank.ng@sc.com
Sterling Bank Phone Number and Email Address
07008220000
customercare@sterling.ng
Union Bank Phone Number and Email Address
012716816
customerservice@unionbankng.com
UBA Phone Number and Email Address
012808822
cfc@ubagroup.com
Unity Bank Phone Number and Email Address
07080666000
we_care@unitybankng.com
Wema Bank Phone Number and Email Address
07000787753
purpleconnect@wemabank.com
Zenith Bank Phone Number and Email Address
012787000
zenithdirect@zenithbank.com
Contact Details of Transport and Logistic Companies in Nigeria
Name
Phone Number
Email Address
GIG Logistics Phone Number and Email Address
08091899222
info@giglogistics.ng
Red Star Express Phone Number and Email Address
08139862060
enquiries@redstarplc.com
Courier Plus Phone Number and Email Address
07033074129
info@courierplus-ng.com
FedEX Nigeria Phone Number and Email Address
012715670
Shapshap Phone Number and Email Address
08183117206
Info@shapshap.com
Creseada Phone Number and Email Address
017744526
AGSMovers Phone Number and Email Address
017937239
AXPD ResourcesPhone Number and Email Address
08160604431
Airborne International Courier Services Phone Number and Email Address
+9122-2838 7271
Hanana Global LinkPhone Number and Email Address
08100250770
Qship Nigeria Phone Number and Email Address
08031230424
God is Good Motors Phone Number and Email Address
08139851110
contact@gigm.com
ABC Motors Phone Number and Email Address
08139862090
info@abctransport.com
Chisco Transport Phone Number and Email Address
08106517669
customer.care@chiscogroupng.com
Young Shall Grow Phone Number and Email Address
08170765674
info@ysgtransport.ng
GUO Transport Phone Number and Email Address
08144988273
info@guotransport.com
Cross Country Transport Phone Number and Email Address
08055555595
Ifesinachi Transport Phone Number and Email Address
08062081082
Info@ifesinachitransport.com
Peace Mass Transit Phone Number and Email Address
07007322362
contact@peacegroup.ng
Benue Links Nigeria Phone Number and Email Address
08189469755
info@benuelinks.org
Contact Details of Record Labels in Nigeria
Name
Phone Number
Email Address
Mavin Phone Number and Email Address
info@mavinrecords.com
DMW Phone Number and Email Address
vannesa.amadi@va-pr.co.uk
YBNL Phone Number and Email Address
aokeke0@gmail.com
Contact Details of Real Estate Companies in Nigeria
Name
Phone Number
Email Address
Adron Homes Phone Number and Email Address
09058590355
contactcenter@adronhomesproperties.com
Cappa and D’Albert Phone Number and Email Address
012120481
capdal@capdal.com
Landwey Investment Phone Number and Email Address
08187366666
info@landweyinvestment.com
Primrose Development Phone Number and Email Address
017644000
info@primrosedevco.com
Revolution Plus Phone Number and Email Address
08036938554
info@evolutionplusproperty.com
Contact Details of Tech Startups in Nigeria
Name
Phone Number
Email Address
Paystack Email Address
hello@paystack.com
Flutterwave Email Address
hi@flutterwavego.com
Andela Phone Number and Email Address
07040677987
info@andela.com
Cowrywise Phone Number and Email Address
09030000857
support@cowrywise.com
Carbon Loan Phone Number and Email Address
016311215
customer@getcarbon.co
Opay Phone Number and Email Address
support@opay.team
Jobberman Phone Number and Email Address
08139859999
info@jobberman.com
Jumia Phone Number and Email Address
018881100
service@jumia.com.ng
Bambooks Phone Number and Email Address
09087099538
support@bambooks.io
Okadabooks Phone Number and Email Address
services@okadabooks.com
Jiji Phone Number and Email Address
support@jiji.ng
Konga Phone Number and Email Address
07080635700
help@konga.com
Co-Creation HubPhone Number and Email Address
012950555
info@cchubnigeria.com
InterswitchPhone Number and Email Address
07009065000
support@interswitchgroup.com
Tek Experts NigeriaPhone Number and Email Address
23419071000
PiggyvestPhone Number and Email Address
0700933933933
contact@piggyvest.com
Softcom Phone Number and Email Address
hello@softcom.ng
Tekedia Phone Number and Email Address
tekedia@fasmicro.com
Utiva Phone Number and Email Address
08062111308
Tech Cabal Phone Number and Email Address
hello@bigcabal.com
Techpoint Phone Number and Email Address
08186016629
business@techpoint.africa
Contact Details of FMCG Companies in Nigeria
Name
Phone Number
Email Address
Nestle NigeriaPhone Number and Email Address
012790707
Nigerian Breweries Phone Number and Email Address
012717400
info@nbplc.com
Nigerian Bottling Company Phone Number and Email Address
0127154423
info.nbc@cchellenic.com
Unilever Nigeria Phone Number and Email Address
012793000
Guiness Nigeria Phone Number and Email Address
012709100
info.gn@diageo.com
Flour Mills Nigeria Phone Number and Email Address
07056891000
info@fmnplc.com
Cadbury Nigeria Phone Number and Email Address
08002232879
cadbury.nigeria@mdlz.com
Friesland Campina Wamco Phone Number and Email Address
0800 329 2626
Chivita Phone Number and Email Address
09033872113
info@chihollandia.com
DUFIL Prima Foods Phone Number and Email Address
08004636643
info@indomie.ng
Contact Details of Top Hotels in Nigeria
Name
Phone Number
Email Address
Radisson Blu Phone Number and Email Email Address
07080610000
info.lagos@radissonblu.com
Transcorp Hilton Phone Number and Email Address
08039013000
hilton.abuja@hilton.com
Fraser Suites Phone Number and Email Address
08139888888
reservations.abuja@frasershospitality.com
Eko Hotels and Suites Phone Number and Email Address
It’s 2020, and everybody now has an online business. Okay, maybe not precisely but you get the point. So, it makes sense for you to want to start an online business too.
Whether you have a brick and mortar business that you want to take online, or you simply want to start a new online business in Nigeria, this is the guide to put you through on how to get started.
In this post, I will show you practical steps to take when starting your online business in Nigeria.
The truth is, there are different types of businesses you can do online, and that means the approach may be slightly different. As a result, we will be exploring different guides for starting different types of online businesses in Nigeria.
Yeah, you don’t necessarily need all the guides except you are the Jack of all Trades for business. So, simply jump to the part that speaks to you.
How To Start an Online Cupcake Business in Nigeria
Nobody, absolutely nobody says no to a tasty and well-decorated cupcake. And what’s more, cupcakes are easier to transport than regular large cakes. All of these explain why it is a genius idea to start an online cupcake business.
Here are the steps to take to start an online cupcake business in Nigeria.
Total Time:5 minutes
Perfect your cupcake baking skills
The truth is, most people these days (especially ladies) can bake an average cupcake in their homes. So, your goal is to make sure your cupcake is so good they prefer it to the one they make in their house.
To improve your baking skills, you may want to take some quick baking courses. It doesn’t matter whether you had an idea about baking before. It’s advisable to learn to improve whatever you used to know and learn new ways of doing things.
Youtube can also come in handy here as there are several videos that explain some of these baking processes. Watch, carry out experiments, make mistakes, and learn before finally starting your online cake business.
Find ingredients vendors
From flour to icing sugar, you are going to need ingredients to bake your cupcakes. Browse online, go to the market and find vendors who sell the ingredients you need
Choose a location to operate from
It’s okay if this location is your home. Especially if you are just starting and don’t know if the business will be successful; you don’t want to commit so much to it by renting a shop and all that.
However, when you can, it’s best to choose a location where your target market can easily access you.
Yes, it’s an online business, and most orders would be delivered to customers in their homes. However, there are exceptional cases where customers want to come to pick up their orders. It’s for cases like this that you should consider getting a lovely location.
So, if you have the skill and a passion for teaching, there are two ways to go about it.
1. Register as a teacher on any of the following platforms
A. Udemy
B. Coursera
C. Master Class
D. SayAbc
E. Alison
2. This option is for investors and it doesn’t come cheap.
First, you’d need to hire a web developer and another guy to build a mobile app. User experience and user interface are critical for smooth user experience
Next, advertise, tweet, get the word out. Marketing is essential to get the write instructors to register on your platform.
This should probably come in the first or second position; register your business.
How To Start an Online Catering Business
Like cupcakes, no one says no to good food. Hungry or not, people always want to try out a new outlet, new flavours and all.
1. Business plan and marketing
Observe the food businesses in your environment. Your business location will determine the demand rate at which people will demand your services.
Also, some seasons influence sales more than other seasons. If your target is school and work environment, then your target launch and breakfast packs. Alternatively, you can choose to serve dinner only as it alternates the business trends in your environment.
Jumia Food and Habari offer platforms for vendors. But you could start small with friend referrals and even uploading on your WhatsApp status.
The ultimate goal is to grow your brand in due course. If you have a full-time job or you’re a student looking to make extra cash with your passion, consider working evenings and weekends. Offer large quantities instead of single packs. (Example. soups in 1Ltr or 4Ltr servings).
Food trays are official birthday presents and they don’t have to come with trumpets and fanfare.
Use targeted social media. Trust me WhatsApp is a good place to start. Facebook is also nice. Upload tasty meals with little captions to tell your audience exactly what you want them to know. A friend posted her business idea on Facebook and someone offered to buy materials for her and now she sells bole online. With IG, you can grow your business outside your friends and people you may know.
2. Find your special recipe
People don’t want to buy another plate of rice; they want another experience. Smallchops.ng is one brand I love because they took small chops to another level.
3. Equipment inventory
You’re likely starting out from your kitchen. Separate business from your personal kitchen items. Also consider shopping for trays, plates, and nice cutlery. Why cutlery? Because they come handy for pictures. Also, have a clean well propped set for your pictures as much of your marketing relies on the images you post.
How To Start an Online Fashion Business
How To Start an Online Money Lending Business
Plan your Business. How do you intend to find loans? What are your criteria for granting a loan?
Registration Register your business name and fill all necessary tax obligations.
Get Business Insurance. There’s always the risk that you may not get your money back, this is why you need an insurance cover to cushion your loss
How To Start an Online Dropshipping Business
Dropshipping eliminates the need for a physical store for inventory.
All you’d need is:
A computer
An online store. You can build one that includes an integrated payment portal, a blog, and a detailed product page or you could register on stores like Shopify.
And an understanding of how to sell online. This is crucial. You’d need to build traffic to your store and that would involve a lot of marketing.
How dropshipping works.
Source for products and list them in your store at retail price.
When your customer pays for a product, forward all orders to a specific manufacturer at wholesale price, and then the manufacturers can deliver the product directly to the customer.
Sounds cumbersome? I know, but with the right tools, you can monitor goods and track your account quickly.
Go with trusted suppliers to ensure quality products and timely delivery. Also, when picking a niche, go for products that delivery time is less crucial.
Ensure your sales process is transparent and prepare for minor inconveniences like when a manufacturer delivers the wrong item to your customer.
How To Start an Online Advertising Business
when it comes down it, running an advertising business comes down to a few things;
Building landing pages
Designing ads
Constructing messaging and positioning
Learning systems like Marketo, HubSpot, and Salesforce
Properly implementing tracking
Spending hours on a promotion to watch it fail
And lastly, the pressure to produce.
Tips:
When it comes to hours of work and billing, bear in mind that you may have to work overtime. Ensure that your contracts are flexible and allow for changes to payment depending on the needs of the campaign.
The services you provide and how you bill for your work becomes a critical part of how efficiently your business is managed over time.
How to Start an Art Business Online
Art like style is subjective.
Art is sophistication.
This unique value is what makes art timeless. The form of art may evolve over time but each individual will always have the art that best defines them.
That’s it.
You can’t engage in selling all types of art. To begin with, art forces you to find a niche.
It’s irrelevant to dwell on passion because passion is essential to selling art. Without passion, don’t even think about venturing into this business.
It’s suicidal to focus on a niche that won’t sell in your location. Selling fancy Asian wood work to a crowd that is obsessed with Italian style is just suicidal.
You have to . . .
Create like an artist but think like an entrepreneur.
Are Asian wood works cool?
Yes.
In fact, they are super cool.
Is there a market for such art around you?
Well, there you have it.
I know someone that sells the coolest handpainted Polos and one way she markets to her audience is wearing her style.
So Here’s a break down if you intend to start an art business online.
Find your audience. Take advantage of your social media and the algorithms they provide. Wear your art. Be your own ambassador get people to see the beauty of your style.
Find your niche. Make use of feedbacks, observe other art brands, and how they occupy the market. Decide if you’d be the underdog or play above your competition.
Build a website. Start with a free site. Just a place to store your portfolio. Instagram is a great place to sell art. Link your website to your Instagram.
Check out Awele Emili on Instagram for inspiration.
Business plan, sales/marketing channels, and revenue structure. This is where you start thinking like an entrepreneur. Now that you have found your niche, and are ready to go full scale, how do you intend to get your product to your audience? Instagram likes are cool but what you need is sales. Engage with posts on fashion. Suggest a look for this person and refer them to your page.
For example. Open explore on Instagram, let’s say you see a beautiful picture of a person you consider would like your style. Engage them in comments and maybe leave a DM. Suggest a style on your page and tag them if you think they’d be open to the offer.
This is only an example and should not be the only approach.
Treat your homepage like a storefront; make it alluring.
Note: think like an entrepreneur.
How to Start an Online Retail Business With No Money
Find a retail outlet. There are a dozen platforms that offer retail outlets at zero cost. Shopify, Amazon, JUMIA and Habari. All you need are pictures of your product and an email address.
What do these platforms offer.
An email address
Pictures of Products and description
Now you don’t open a store and leave the work to chance. You’d need to advertise to drive traffic to your store.
Ensure you include product description that can influence the buying decision of your customer.
It’s not enough to own a retail store on any of these online platform. Constantly remodel your product to meet up with competitors and appeal to your customer base.
Take online courses on customer relation. This would help you build reputation.
If you have zero experience in marketing online, then WATCH THIS Video on Advertising Strategies.
How to Start an Online Wholesale Business
Source inventory: If you are the producer of your product. It’s best to buy your inventory in large quantities to reduce production cost and ensure profit.
Storage: When working out from your home, storage is a big deal. So put it in your plans. You may need to rent a space to store your inventory.
Production: Wholesale requires large commodities and as a start-up, you may not be able to hire a help. The best advice is to not overwhelm yourself with demands. Create a schedule that works for you and let your customers know your routine if they have to book your product weeks ahead.
Alternatively you can suggest delivering specific quantities at specific times.
Hiring help: No need to feel pressured. if you hit a big contract and can afford to pay staffs, then by all means hire a help.
Be creative with your branding. This would help your product to stand out from other brands within your market.
As a budding entrepreneur, ensure to run Quality Control every time.
Remember the goal is to make profit and deliver quality product.
Do not start out with production without a ready market. Talk to retailers about your product before production.
How to Start an Accessory Business Online
When starting your jewelry business there are tips you need when negotiating with vendors and testing for quality.
From creating branded luxury jewelry, to where to find manufacturers and shop for ready-made designs. Watch this detailed video on starting your online jewelry business.
Conclusion:
Starting an online business is no longer for a chosen few. Today, every brick and mortar store must, in addition to their physical stores open an online version of their businesses to stay relevant and connect with customers’ expectation.
Learn the ropes and you’d be happy that you made the decision to.
Please let me know your thoughts using the comment section below. What would you want me to write on next?
The Secrets to Writing Executable Business Plans That Investors Love
One of the most important things you need to start and grow your business is a business plan. It is so essential that there are over 22,300 monthly searches related to how to write a business plan on Google Nigeria alone.
And if you are reading this, you’re most likely one of the people doing those searches. But guess what? You won’t have to search anymore as I have prepared this easy guide on how to write a business plan step by step, your true guide to writing a business plan that is indeed a plan.
But first of all, definition.
What is a business plan?
Just looking at the two words, you have an idea of what it means. You know what a business is and you can guess what a plan is too. Hence, in its simplest form, a business plan is the type of plan you make for a business – either to start the business or to expand it. In other words, it is a roadmap or guide for your business where you spell out your goals, objectives and further essential details with regard to your business.
You know what people say about failure to plan and how its product is planning to fail? Perfect – the same applies to a business plan.
You are probably wondering how? I mean, it’s your business, and you are passionate about it. So, why bother putting some writings on paper in the name of a business plan?
Is there any reason why a business plan is so important?
Importance of a Business Plan
Whether you want to start a new small business or you’re looking for ways to expand an existing one, a business plan serves as the compass that guides each of your decisions.
Here are five main reasons why a business plan is essential to your business
1. Business Plan Helps You Avoid Big Mistakes
Most businesses don’t last for long – you know why? It’s simple – lack of a plan. Of course, there a thousand and one reasons why businesses fail. With a business plan (that is a plan), you can predict mistakes, dangers or incidents that can negatively affect your business and come up with a potential solution.
2. It Helps to Direct Critical Decisions
From hiring to partnership, you’re going to have to make different decisions at various points as a business owner. Some of the decisions can be confusing, and you need something to go back to to serve as a compass in your decision making.
One wrong decision as a business owner can destroy your business, ask Nokia.
3. It Helps to Test/Prove Your Business Viability
Most businesses are borne out of passion. And yes, passion is important. But there is something as important, and that’s the viability of your business.
The truth is not all those great ideas that you are passionate about in your head make good business sense. And the only way to test and see this yourself is through your business plan.
4. To Set SMART Goals and Objectives
Where will your business be positioned in the next three years? What will the client/customer base look like 1year from now? What are your business goals for the long and short term?
Your business plan allows you to spell on these out and gradually work towards it.
5. To Get Funding
If you are ever going to approach banks or venture capitalists for loan or investments, better go with your business plan if you want any of them to take you seriously. Anyone who would put their money in your business would like to know for sure that you know what you’re doing and that the business will stand the test of time.
Up next;
What are the Different Types of a Business Plan?
There are different types of a business plan, and no, you can’t use all or any of them. It all boils down to your peculiar needs and current stage of your business.
Marketing91 highlighted six types of business plans. Here is a look at them one after the other so you can decide which is best for you.
Start-up Business Plans
As implied by the name, this is the kind of business plan you draw if you are starting. It contains such details as your company description, the products or services you provide, market evaluation, among others.
You may also want to include financial analysis because of potential investors. This covers some crucial economic aspects of your business, including profit, income, projections for cash flow, among others.
Internal Business Plans
This is not for everyone. Internal business plans are usually for a department or section of the business. For instance, this can be a business plan for the accounting section of your business.
Your internal business plan should describe the current state of the business, include profitability and operational costs, among others.
Also, your internal business plan should contain market analysis showing your business target demographics, size of the market and the positive effect of the market on your business income.
Strategic Business Plans
This one is strictly about strategy. In a strategic business plan, you take a high-level view of your business goals and how you can achieve them. Here, you go as far as laying out what would serve as a foundational plan for the whole business.
While different businesses choose varieties of structures for their strategic business plan, most strategic business plans have five main components which include:
Business vision
Mission statement
Definition of critical success factors
Strategies for achieving objectives
Implementation schedule
Feasibility Business Plans
In a feasibility business plan, your goal is to answer two crucial questions about your business:
Will anyone buy this product or service the business wants to sell? If yes, who? And the second which is closely related to the first.
Will this business be profitable?
In this business plan, you describe why anyone would need your products or services, your target demographics and the required capital, among others.
Operations Business Plans
This can be considered a type of internal business plan as it contains elements that are related to how the business operates. It specifies how implementations of different plans will be made and the deadlines for them.
Simply put, the operations plan states the employees’ responsibilities.
Growth Business Plans
Also known as an expansion business plan, this one is an in-depth description of the proposed development and can be written for both external and internal purposes.
How to Write a Business Plan Step by Step
Now that you know why a business plan is important and its different types, it’s time for the real deal – the step by step guide to how you can write your business plan.
You are all set to write your business plan. Get a pen and paper or go to your favourite word processing app/software and follow these steps
Executive Summary
The first page in your business plan is the title page. The executive summary follows the title page.
Here, you briefly tell whoever is going to read your business plan what your business is and why you are convinced it will be successful. Go on to state your products or services, mission statement, and some information about company leadership, location and employees.
If you intend to ask for financing, don’t forget to include high-level growth plans and financial information quickly.
Business Description
This usually starts with a short description of the industry. While doing this, state the current situation of things in the industry and future possibilities.
Follow the above up with a detailed description of your business. Be as straightforward as possible.
Talk about the problems you solve as a business, who your consumers are or would be.
Given the current state of the market and what the future holds, discuss the competitive advantages that would help your business stand out. Do you have experts on your team? This is the time to brag about them? What about your location – perhaps it gives you an edge – state it all under business description.
Market Analysis/Strategies
To include this in your business plan, you must have done your homework by researching the market thoroughly. Market analysis helps you to be familiar with different aspects of the market such that the target market is defined correctly, and the company is well-positioned to get its share of the market.
Competitive Analysis
A competitive analysis aims to determine the weaknesses and strengths in the market and come up with strategies to beat most of your competitors.
Skype has been in the industry since 2003; Zoom was founded in 2011. Skype started about a decade before Zoom, but today Zoom is more popular. Why?
Zoom did its competitive analysis and came up with strategies to beat its potential biggest competitor. The result is out there for everyone to see today. Go ye and do likewise.
Design and Development Plan
This is mostly design for the consumption of investors. Its purpose is to give them (investors) an in-depth description of your product design, chart and development from the perspective of marketing, production and even the company itself. There should also be a development budget that will help the company reach its goals.
Operations and Management
This section of the business plan is designed to describe precisely how the business will function regularly. It will highlight the business logistics, including the various responsibilities of different teams, the tasks before each department under the business as well as the expense and capital requirements for the operations.
Financial Factors
The last but certainly not least is the financial factors. Most other sections of the business plan already have a mention of finances, but this is where you go all in.
If your business is already running, this is where you state your balance sheets, income statements and cash flow statements.
Give a potential financial outlook for, say, the next five years (this is especially important if your business plan goal is to source funding or investment)
You probably still ask questions – how do I ..? How many …? What if…?
Refer to the business plan FAQs for quick answers to some of your questions.
FAQs on Business Plan
Why does an entrepreneur need a business plan?
A business plan will help in diverse ways as an entrepreneur. However, the most reason an entrepreneur needs a business plan is to help guide in making crucial decisions.
How do you write a business plan?
Refer to the 7-step guide above to see how to write your business plan
How to write a competitor analysis for a business plan?
1. List out your competitors
2. Write a brief overview of each of them
3. State their target audience
4. List their price(s)
5. Figure out and state their marketing strategy
6. Know their competitive advantage over you
7. Know their weaknesses and strengths
What is the financial forecast in a business plan?
It is a projection or an estimation of possible future revenue or income and expenses of the business.
What is the difference between a feasibility study and a business plan?
While a feasibility study helps you to determine whether to go ahead with the business or try another idea, a business plan is designed after you have decided to go with the idea (sometimes after you already started).
How long should your business plan be? How many pages should your business plan be?
As you most likely can guess, the answer to this is – it depends. In most cases, though, the standard expectation is between 30 to 50 pages.
Starting a business in Nigeria is a brave fit because the market is volatile.
While every business has an opportunity to make a profit; the key to running a Top selling business in Nigeria is location and demand, among other factors.
Nigeria’s population count guarantees a large market for varying products and services.
Yet not all businesses fare well in Nigeria.
As a budding entrepreneur, you need to take calculated risks.
I saw this meme on WhatsApp and it made me laugh.
With the struggling employment rates in Nigeria and the additional heat from the pandemic, more and more entrepreneurs are on the rise in Nigeria.
Some markets are likely to be overcrowded. It depends on your location and the products and services that stand in high demand.
Whether you plan to venture into product or service, within every market, some sectors are profitable and require less risk.
Now you cannot totally eliminate risk but you can minimize it.
Here are 10 Top-selling Businesses in Nigeria and how to set them up.
Recycling
This is one business in Nigeria that is greatly underrated. I was talking to a friend who at one time worked with Prudential Zenith, and he was explaining how a particular client was always on time with her weekly 20k savings plan then he burst my bubble when he said that the lady was into recycling. He further stated that “I work in a bank and I don’t have that kind of spare cash”.
I can bet that if you had to rate the big shots in your neighborhood you probably won’t imagine that dirty guy that wears the same shirt day in and out as far up the financial ladder than you.
How to set it up?
Large bags, Collection bins at strategic locations with recycling logo, a truck to move your collection, and a ready customer like Akeem Nigeria Limited.
Financial capital needed and starting cost
ITEMS
PRICE RANGE (N)
1KG of pets
65 – 75
1 bale of pet (At N65 per pet)
9,750
Sales forecast
CASE STUDY
QTY IN KG (per Month)
UNIT PRICE
TOTAL PRICE
Get a bale per day
4,500
65.00
292,500
Get a bale per week
600
65.00
39,000
Get a bale per month
150
65.00
9,700
Other essential tips
Pre-sales Considerations
Bottles are sold in bales
Bottles should be clean and clear
Pets don’t have fixed market prices
Pets are sold per the number of KG in a bale
There are averagely 150-200 KG of pets in a bale
1KG consist of about 30-35 pet bottles
An average bale will consist of 4,500 pet bottles
Roadside Food Vending
Too bad I can’t find the link to this inspiring video of a chef who decided to sell small chops by the roadside in Lagos. He quit his job to fry buns at a busy market area. What gives him the edge is his years of experience as a professional chef, so he kept his customers coming back for more. This job may seem embarrassing to some, but he built his house selling small chops. You can’t argue with that level of returns.
How to keep this business successful?
First, find a good location. Keep it simple, keep it neat. Food is very delicate. If words go around that someone got sick after eating your meal, it’s disastrous.
Financial capital needed and starting cost
ITEMS
COST
Tables (2 at most based on space)
N6,000
Frying pans, gas cylinder, bowls and utensils
*
Ingredients
N4000
Bags and serviettes (depends on your choice of package)
N2,000
TOTAL
N12,000
These prices are subject to change based on markets near you.
Other essential tips
Start with samples. Be open to feedback and then increase the quantity. Don’t have the tools needed to function full time, you can prepare the food from a different location. This time you’d need a ready client base, that is the customers anticipating your delivery at a specific time, as small chops like most snacks are best served hot.
Agriculture
Now every aspect of agriculture is profitable. For real. I met a guy who recycles feces—human feces for manure. Yes!
I can’t stomach that bit. But I can’t argue with his money. My mum used to say it’s the eyes that fear work. She says this about jobs that require getting your hands dirty. This statement is especially true when you venture into agriculture. You have to be ready to do the dirty work.
But the most challenging thing with agriculture is space.
A friend of mine leases lands and also assists people in setting up and maintaining their farms. One other way is a good backyard. If you live in a choked up neighborhood finding a land to lease could be your best option. Here’s one method less often spoken of – Crates. If your house is cemented or the land is not good for farming, you could farm vegetables from flower pots and crates.
Or better still a greenhouse. Oh, you’d need space for that.
How to keep this business successful?
You’d need a network of clients and you can do this ahead of your harvest. Restaurants and traders are always in need of good produce and you can be sure to find a ready market when it comes to vegetables.
Materials needed and starting cost
Setting up a greenhouse, would cost about 50k to 100k and can possibly give you 40k to 50k weekly harvest.
Clothing
Like agriculture, clothing is a necessity. People shop for different reasons. Apart from being a basic need people shop for clothes to look good and because clothes fade out there’s a need to quickly replace the old ones especially children’s secondhand clothes.
‘Recession or not, brides must look beautiful’ I heard this line during Skill Acquisition and Entrepreneurship Development (SAED) lectures in NYSC camp. The lady owns a studio and sold beauty products. The fashion industry is one industry that would always thrive even in war. For real though. During the great depression, button making was a thriving industry. Buttons. Can you believe that?
Well, we are past the depression and the fashion and beauty industry is back in business. But one particular sector seems to be thriving because prices aren’t fixed and that’s sewing.
Tailors make their money from the strength of their bargain, their reputation and skill.
How to keep this business successful?
There’s nothing like a tailor that delivers. Timely delivery and fine finishing are the top qualities people look out for when hiring a tailor.
Financial capital needed and starting cost
ITEM
COST
Sewing machine
N35,000
Cutting table
N6,000
Stool
N1,000
Space (You can start at home)
*
Iron
N4,000
TOTAL
N46,000
Tokunbo Cars (Foreign used)
Selling tokunbo cars is very lucrative and requires little or no specialized education to be able to flourish in this business. Tokunbo cars sell daily in the Nigerian market. Salvaged/accident cars are sold very cheaply abroad, so it’s a good place to invest and make a good home run.
Tips on Starting Tokunbo business
Source for a car online at auction sites like Auction Export, copart.com etc Or use an agent abroad to get the car.
There are numerous shipping companies to consider when shipping the car such as Grimaldi, Sallaum etc.
Clear the car at the Nigerian Port.
Fix the damages.
Sell and make your profit.
Other essential tips
Here’s a side note, ‘First body’ cars are in high demand so when buying accidented cars for the first time, avoid cars that would require you have to respray. Also you need a network of quality mechanics that you can trust to fix your car.
Building Materials
Real estate like agriculture is a lucrative business. However, some aspects of the industry would require formal training. The selling of building material requires zero background in architecture.
Sales of building material is a wide market, some deal in sand supply, some in sales of cement, others in nails and roofing material, some sell paints and others sell fittings for bathrooms and toilets. it comes down to your area of interest.
Alternatively, you could branch out into importation. The minimum cost for importation is N10million.
ITEM
COST
20 feet container
5 million
40 feet container (Cost may vary based on product )
10 million – 40 million
Other Essential Tips
Get a contact or supplier.
Get space. Shop rents could range from N250,000 depends on real estate rates in your area.
Advertise your product.
Add your profit margin.
You could start out with as little as N500,000 but it won’t be in imports. At most you buy from importers and resell.
If you opt for import, note that you’d also need a warehouse for storage.
IMPORTANT:Importers opt for 40feet containers instead of 20feet because of the losses incurred.
Pure water
Unlike other businesses listed here, this is not as small scale as setting up a greenhouse. You’d require a property, drilling a borehole, buying machines and materials for packaging. A delivery van and a few staff.
Financial capital needed and starting cost
ITEMS
Automated packaging machine
Drill a borehole
Tanks
Treatment plant
Delivery truck
NAFDAC Approval
Other essential tips
Your location should be conducive and hygienic. With good maintenance and quality delivery, this business will thrive in Nigeria.
Dry Cleaning
This business is very lucrative. People always need help covering the little task that make their lives comfortable. Ironing, washing and dealing with stains.
That’s right.
You’d need an ironing board, backup power supply, Washing machine, provision for dryer and of course basins and cleaning agents.
ITEMS
COST (N)
Space (You can start from your house if it’s convenient)
water supply (A great factor to consider if the water is a challenge in your neighborhood)
Backup Generator (Estimated cost is set for new 5KVA alternatively you could get a second-hand product for less)
192,000
Washing machine
55,000
Pegs, Hangers (2 sets) and ropes
Bags (could be branded)
Iron and ironing table
10,000
shelf (Wood)
7,000-15,000
Other Tips
Consult with your washing machine vendor before concluding on generator capacity. Also, your shelf could have a glass display. The basic thing is to have a sturdy space to store dry-cleaned clothes.
Ushering
This business hardly requires anything to start.
A business plan and a knowledge of ushering etiquette.
Start with small contracts from a friends wedding or family burial and build your reputation upward.
Be creative. Going an extra mile to train and retrain your team members is a bonus for your business. The better your reputation, the better your business referrals.
Since your staffs are on contract, you won’t need to bother about salaries and other employment hassle.
Get active with social media.
Event Catering
Catering is one of the top selling business in Nigeria.
Can’t have gathering without food.
Catering for large events requires a lot of technicalities. It’s not enough to know how to cook, having the capacity to cater to the crowd is just as important.
As much as caterers get a bad rep for stealing food, we still can’t do without them.
To start you need a kitchen.
It’s great if you can handle the cooking, but you don’t have to. You can set up a business and find a master chef to handle the cooking. Most kitchens operate as a restaurant. This provides income sources for your business in and out of season. But adding a restaurant comes with its own challenges.
Some events would provide a space to cook but there’s nothing like an equipped kitchen designed to your taste.
If you can handle large and varied menu but lack the capital to set up a fully equipped kitchen, you’d find that there are local stores that rent out cooking equipment for large events. also consider hiring help every time you have a project. Downside is you’d be losing on profit.
It all boils down to planing. Take a quick market survey in your local market and compare rental prices within your region.
Digital marketing entails marketing product and services across digital space. It could run offline or online.
However, this post is focused on online marketing.
Many business in Nigeria are trying to convert from traditional marketing into the digital space. Most of them don’t get
While you can earn just fine with any of the skill set required in online marketing, corporate businesses are sorting for a digital marketing agency to handle their marketing needs.
A background in marketing helps regardless, you may need to read up on:
Building landing pages
Designing ads
Constructing messaging and positioning
Learn Marketo, HubSpot, and Salesforce
Properly implementing tracking
Spending hours on a promotion just to watch it fail
Substantial pressure to produce
Getting Started
Find your marketing niche: There are varying businesses in Nigeria and each business model has unique requirements. Know the business models that work best with you and stick to it.
One major skill required for Social Media Marketing is Content/Copywriting.
At a small scale, learning this skill would help you save cost.
Content writing involves generating all types of information for blogs, white paper and Social media. It was listed as one of ten jobs that would be in high demand in 2020.
2. Start out as a contractor: You can start by contracting experts for the various roles required per contract. This would afford you a chance to learn on the go.
How to develop your writing and other skills
With online learning, you could find a dozen self-help tutorials on YouTube, Udemy and Coursera.
Another easy way to grow your marketing agency is to join an active group with other content marketers. Don’t know any? It’s easy to find experts on Linkedin and Twitter. Follow these handles, engage their post, send a DM and build a working relationship.
You’d be amazed at how much help is available out there.
Requirements
A laptop, power supply and access to the internet and of course a network of experts.
Product Manager
Although this is a professional role, Product Management counts as a high in-demand skill, and you don’t need a prior background in tech to begin.
Product managers own the business strategy behind a product (both physical and digital products), specify its functional requirements, and generally manage the launch of features. They coordinate work done by many other functions (like software engineers, data scientists, and product designers) and are ultimately responsible for the business success of the product. (Wiki)
What Does a Product Manager Role Entail?
The responsibilities of a product manager varies but may include:
Manage from concept, to design, sample production, testing, forecast, cost, mass production, promotion, support, and finally, product end of life.
Delivers the operating plan: the achievement of growth objectives, including market share, revenue, profit, and return on investment for all the channels/categories of business and/or key customers.
Responsible for managing and implementing marketing activities through research, strategic planning, and implementation.
Where to Begin
An MBA and other higher degree would help you get hired, but like most new professional job roles, you would need a few professional courses in other to excel in this field.
Check out this list of professional courses and their cost. HERE
Online Tutor
You’d be amazed at the number of Nigerians that teach online.
From English tutors for second language learners to tech subjects, business and lots more.
You could create a platform for online learning and grow it like any SME. Just maybe it could be the next biggest business merger in Nigerian tech space.
Shakespeare said if Music is the food of love, play on that sufficing the appetite sickens and dies. But he was wrong, the appetite never dies as long as producers keep introducing new beats and sound dynamics.
Reggae had it’s day, Soul music too. Afro beats and juju music; each sound seem to define an era. As for anyone that can master the sound in its season, that sound would come to define the generation.
What this means is that, people would pay heavily to hear your sound.
I’ve watched my brother play around with music beats and I have to say it’s not that hard if you have the ear for it. Plus, the industry pays better for beats that run 4-6 minutes on an average.
You’d need a really good system with a fast processor and a digital audio work station. Headset and loads of free time to practice. That’s why this skill is best practised while you are young with zero responsibilities.
Recommended Digital Audio Workstation
D.A.W is FL Studio. It has a more flexible interface which enables me to interpret my thoughts exactly how it is in my head. It’s what I started with – CrackerMallo
Logic Pro
Ableton Live
Freelance and Remote Work
That’s the future of work, a friend said to me , shortly after he asks me to let him know of any remote work opportunities.
Many modern work skills can be done remotely. it’s fair to call it a business without the stress of setting up a regular business.
No business name required.
Plus you get to work with unlimited employers.
The dynamics of remote work vary from business to business. Some would require showing up in an office as little as once a week but with others, you only meet your contractor over zoom!
Platforms as Fivre, Upwork and LinkedIn are great options to get hired. It boils down to how well you sell your skill.
Conclusion
Top-Selling/Hot Businesses in Nigeria offers insight into a range of business ideas that are marketable and also advises on business cost and other risks. I hope this post will help you make informed business decisions.
