Five Steps for Starting a Business for Under #100,000 in Nigeria

1. Strategic Plan. All of us have heard of a “back-of-an-envelope” story, how many businesses are formed—and these stories do happen. However, it is typically the concept that happens on a back of an envelope, not the actual plan to bring that concept to the market. The first step is to develop a well-thought-out business plan that addresses key success factors such as:

Name of firm. Descriptive of your service or your name; companies with a description of their service or products generate more web visits than ones using fictitious or personal names.

Owner or owner-to-be. Are you going to be the sole owner or will you have investors or/and partners?

Information on the business. Information about the type, nature, and products of your business.

Market analysis. Consider customers, competition, and barriers to entry and success.

Market strategy. How will you generate sales, promote your product, and what media will you use to promote your product or services?

Management. Can you manage the business and also serve your customers?

Financial. Can you make money?

2. Web Identity. Everyone is on the web. Customers access and search the Internet for services and sellers through searches. Suppliers and banks look at your website for credibility and presence.

But your web identity is more than a website. It starts with an email address with your business name such as Jim@legalconsultants.xxx and a domain name such as legalconsultants.xxx.

A few years ago, creating a website was expensive and required outside technical consultants. Now it is quick and easy to do it yourself. Consider many companies to choose a domain name, email address, web hosting, and website design.

3. Office Space. Even if 52 percent of all small businesses are home-based, that does not mean you need to look like you work from your home. Customers looking at an office address can usually tell the difference between a professional address and a home address. Also, if you’re meeting with clients, you’ll project a more professional image if you meet in an office setting versus a suburban home.

4. Business Cards: Believe me, you will need them. A paper carryover from the past, they are still widely used and critical to a new business. There are many online business card services, but companies such Office Depot and Staples offer quality cards for as low as $10.

5. Social Media: Depending on your type of business, you will want a social media presence. LinkedIn, with more than 380 million members, is regarded as the business site for connecting with other business people and offers excellent posting features for articles and blogs. Facebook is more of a social friends site than a business-focused site, but it’s also an excellent tool for “getting your word out” to your friends and customers. Both Linkedin and Facebook allow you to set up a commercial page for your new business.

To be a successful entrepreneur, you need to provide a service or product that customers want to buy, that you can provide at a profit. And of course, it’s not all about the money—it takes very hard work and long hours. But with a bit of planning and a little bit of money, you can beat the odds and create and grow a successful business.
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