5 Step to Start and Suceed in Business with less Than 200K In Nigeria

Nigeria  has always been the land of opportunity; anyone has the right and “theoretical” opportunity to start a business and be successful. The risks of starting your own business can be high, but the rewards can be well worth it. The most difficult task here is how to choose the right  business and grow it  if you are considering becoming an entrepreneur. Typically, the implementation of that choice proves to be daunting for many would-be entrepreneurs, either from the viewpoint of “where do I get help” or “I can’t afford (finance) to start a business.” Neither needs be a major obstacle.

 





Five Steps for Starting a Business for Under $1,000

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?

StumbleUpon recently published an excellent business plan guide; also consider reviewing startup information provided by the IRS. Help from experienced mentors is free through organizations such as SCORE, an organization of volunteer business mentors who provide specific advice and resources to newly created and growing businesses on a no-cost basis. There are, of course, many other organizations such as your local chamber of commerce, which can also provide mentoring and guidance.
Cost: 0 dollars.

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 companies such as GoDaddy.com to choose a domain name, email address, web hosting, and website design. Companies such as GoDaddy will even do your online billing.
Cost: 300 dollars per year.

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. For this reason, consider signing up with a fractional executive office service.

A very economical service is Regus, with office locations worldwide; office space is readily available for startup entrepreneurs on a just-in-time basis. Regus offers several membership levels: Blue, Gold, Platinum, and Platinum Plus. For example, a Regus Blue membership card is free, while a Regus Gold membership card costs $59 per month (first month free). With a Gold card you get shared space, Internet, and telephone access at Regus locations worldwide, 8 hours a day, 5 days a week.

If you’re a frequent flyer, don’t forget to check out your airline as many airlines provide Regus cards free to more elite members.

An added bonus of executive office space is you will be working near other entrepreneurs. Hanging out at Starbucks between meetings will be a thing of the past.
Cost: Free (Regus Blue card); zero dollars from an airline, or $649 dollars/year (Regus Gold card).

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.
Cost: 20 dollars for 300 cards 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 businesspeople 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.

Credit: allbusiness.com