The population and resources in Nigeria make it the best investment hub for most businesses and a lot of people are looking for how to start a business Nigeria, probably to set up their firm in this part of the world.
So, we designed this post to help you set up your business in the country but first, it is important to understand the country, so let's get to know more about Nigeria.
The country is the most populous African country. It has a population of over 200 million people and is the richest country in Africa. The market size which is the population makes it the right place for business owners to set up their company.
However, you should know that the country is divided into two between the North and South. The Southerners embraced western education at the early stage while the Northerners fail to do the same.
However, the reason why there is a lot of crisis in the region. So, when you are looking for how to start a business Nigeria make sure you avoid some states in the Northern part of the country due to the crisis.
That being said, let's see some of the business cultures in the country. The knowledge of the country's business culture will help you to meet and interact with your business counterpart the right way in the country.
English is the official language in Nigeria, so language won't be a problem if you want to do business in the country except if you don't understand the English language. However, sometimes you might need an interpreter if your business partner does not understand the English language and this is common in the Northern part of the country.
Handshake is the best form of greeting in the country so you need to take note of that. Don't reach out your hand to greet women in the country, instead allow them to extend their hand first, this an important how to start a business Nigeria guide you must remember when you are in the country as this is common in most Northern part of the country where the majority of the people are Muslims.
It is pertinent to establish a personal relationship with your business partner prior to your meeting. Don't skip this part as it will help you to achieve your goal in the country.
Nigerians have trust issues due to some previous experiences they had in the past. So, avoid exaggeration and claims that are too good to be true when presenting your proposal to your business partner in Nigeria.
Although Nigerians follow the African time pattern it still makes sense to arrive on time during any business meeting with your Nigerian business partner.
Here are steps you need to take when starting your business in Nigeria
When you think of how to start a business Nigeria, you probably already had a particular product or service you want to offer to the people. the next thing you need to do is to find out if there is a market for your product in Nigeria. There are several methods you can use to do that and the best and most recommended tool is Google.
It is also important to study your competitor, find out their weakness and strength. With this knowledge, you can create a unique product or service that meets their demand.
The next step will be to register your business in Nigeria. You can do that at the Corporate Affairs Commission CAC in the country. The Corporate Affairs Commission has branches in all the 36 states in the country.
Before the registration, you need to choose a business name and business structure at the CAC office.
The process is a bit simple and you'll get all the information needed at any CAC office that is close to you.
Now you can register your business at the Federal Inland Revenue Service FIRS in the country. On successful completion of this process, you'll get a Tax Identification Number.
Your business needs a website to make it easy for your potential customers to know about it. So, you have to create a site for your business. The process is super easy with the help of Webhosting platforms like Bluehost.
The next part is marketing your product; use all social media platforms to your advantage. You can hire digital, social media, and email marketing managers to handle the online marketing aspect of your business
Scroll down to read our indepth Nigerian Business Ecommerce Platforms guide. What you should know, Nigerian Business Ecommerce Platforms features, price plans and support. Pros and Cons of Nigerian Business Ecommerce Platforms as a ecommerce, everything is explained below.
How To Start A Business Nigeria Table of Contents
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