How to start a business in Nigeria | Gbojom

How to start a business in Nigeria 

Do You have a little capital, so you have to think of a small business investment  . It's better to do a detailed analysis of all the requirements needed, the feasibility of the Nigerian market and other things that can help start your business. We also recommend that you download a set of specific business plan templates.

Starting a business in Nigeria 

cannot be described as a luxury, but it is a real need for anyone who wants to make a big profit and become a millionaire, for example. This is a good motivation to start a business in Nigeria. There are many people who can help you, especially in big cities like Aba,Lagos, Onicha, Abuja and others. Gbojom

In Nigeria, there are several clear advantages: the high taxes that some employers complain about cannot be compared to the numbers in other countries, even in African countries.

There is no specific recipe for business success in Nigeria or any other country, however, there are several lessons that can serve you as a guide. They are based on the experience of several successful companies and include a detailed market research in order to choose the right strategy, demanded product and reliable partners.

It is important to build and maintain good relations with stakeholders. Business should be flexible and open, with a long-term perspective, and, of course, does not contradict the laws regulating entrepreneurial activity in the country.

The problems you may face

However, according to gbojom.com.ng, the business environment in Nigeria is burdened by many problems, such as underdeveloped infrastructure, instability of food security and the notional currency, foreign exchange deficit, high inflation, corruption, high capital and rental costs, Unpredictability of legislation.

In Nigeria, there are the same business risks and problems that are inherent in most African countries. But the main difference is the population size and the complex social structure. It seems that the size of the market, coupled with huge economic potential, makes the country a kind of testing ground for companies seeking to enter the markets of Africa. Successful business in Nigeria is seen as the key to success in other regions of the continent.

More than one hundred South African companies operate in Nigeria, and only a few have failed. The reasons for this were a superficial monitoring of the situation on the market, the choice of an incorrect product or business strategy, damaged relations with stakeholders.

These errors can be avoided, but there are factors such as, for example, a fall in oil prices, which are beyond the control of the firm and can adversely affect the business. Nigeria is an import-dependent country, and foreign exchange earnings are directly related to revenue from oil sales. The recent drop in energy prices has led to a sharp devaluation of the country's national currency, which made it too expensive to pay for imports.

You should know the economic situation in the country very well. It will help you to choose the best time for opening your business and the sphere you are going to work in. However, do not forget how to start export business in Nigeria. It requires much more money. So first, stay away from it for a while.

Here are gbojom 12 ideas for business in Nigeria  Choose the one you like the most and start changing your life!

Raw foodstuff business in Nigeria

This is a very profitable business that can easily give you good money in Nigeria. Nigerians love homemade foods than any fast foods, unlike other foreign counterparts. Rice, garri, beans are amongst other things that are well-sold.

Call card business in Nigeria

This type of business can be also called the recharge card business. In Nigeria, everyone owns a phone. This is the reason why the recharge card business is always doing well. You can dive into the business market too.

Dry cleaning business

This is extremely fast growing businesses in our country. A lot of people have become really wealthy due to this business and they are still doing well. There are people who are too busy to have the time to wash the clothes. Therefore, it is a good idea to start a dry cleaning business.

Restaurant business

In Nigeria, the restaurant business has always been in the leading positions. It means that it is always trendy. If you are a great cook, you can easily start your restaurant business. You will have to do a lot of things in the area of cooking business.

Bakery business in Nigeria

All people all over the world prefer to eat baked things. Our country is no exception. Before you start bakery business it is important to gather all the necessary information that you will certainly use in work. You may go to a school that teaches baking services if it is needed. You should be a professional to start own business.

Graphics design business

There is a growing demand - more and more companies are ordering the development of corporate identity elements (logos, trademarks), packaging, promotional products, and relatively small investments that quickly pay off. So making a studio of graphic design is a very attractive idea for small investors.

Phone repair business

Workshops for the repair of cell phones, smart phones and communicators are everywhere, but as a rule, they are filled with orders, and in a rare workshop you will be offered some urgent repairs. The opening of such a business will cost, according to H & F estimates, about $3,000, monthly costs can be up to $2,000, this amount includes salaries and purchase of spare parts.

Workshops earn on an extra charge for spare parts - as a rule, it exceeds 100%. Money for work usually goes to the salary of the master. With good traffic (up to 10 orders per day), monthly revenue will be up to $6,000.

Gym business in Nigeria

The first thing you need to do is to find a suitable premise, the area of which should be approximately 150 square meters. Such a large area is necessary because, in addition to the gyms, you need to place: locker rooms, showers, cloakroom and administrative premises. Their total dimensions can be up to two-thirds of the total area.

Then you need to determine the optimal price of one hour lesson in your fitness club. Although, frankly speaking, a regular gym is not a fitness club, because it does not provide the volume of services that is usually offered there. So whether you want to open a fitness club, it is a totally different thing.

Mobile car wash business in Nigeria

The mobile car wash is a mobile structure that can be installed in a relatively small area for a couple of days. The positive aspect in this washing is that when choosing an unsuccessful place, it can always be dismantled and transported. In addition, such sinks are not objects of capital construction and do not require a permanent connection to urban communications, as they work on a closed cycle of water treatment.

The profitability of an automotive wash depends primarily on its location. With an average possibility of 30 cars, a car wash consisting of two posts and running for 10 hours a day with an average cost of washing one car $3, can make you an impressive income . And we mean only making standard services, without taking into account dry cleaning, polishing, lox washing, etc.

Pizza delivery business

Starting your pizza delivery business is an extremely profitable business venture that can make a high profit for any person who is serious about this specific business. With pizza, you have to be creative as well as a good cook. You also need to be as creative as your mind can possibly conceive; pizzas come with different options such as cheap Hawaiian pizzas, chicken pizzas, different barbecue pizzas, tasty Italian sausage pizzas, as well as other traditional pizzas.

Fashion business in Nigeria

The art of tailoring has been in existence from time immemorial. It means that it has not just started recently. If you are a fashion-goer, then you can start to work on delving into the tailoring industry. One of the good things about this business is the fact that you will be able to beautify people and get money for that. You have to know how to sew the clothes to follow all the processes of your work.

Cupcake business

There are cake addicts all over the world and Nigeria is no exception. As a matter of fact, it is one of the countries where cakes are consumed very well. Therefore such American idea can easily work out in our country.

You should start the organization of producing and selling cupcakes from the search for a suitable room. At first, you can use your own kitchen to get starting capital as a production room. You may spend several days to determine the possible production volumes. Such a production room is convenient because the owner knows where everything lies, everything is at her or his fingertips. However, with the expansion of production your home cooking will be small, and then you will need to think about renting a room seriously.

Organizing the production of cupcakes in your own kitchen, the staff of the company can be presented by only one person. If production rates increase, you can take several assistants who will perform the necessary auxiliary work.

As a rule, a new small company starts to bear the costs of registering a business, renting a room, buying supplies and supplies, and advertising. If an entrepreneur chooses to dominate a business that he does not live in, he must spend money on training. Try and get rich quick!