• Home
  • Profile
  • Services
  • Blog
  • Shop
  • Community
  • Home
  • Profile
  • Services
  • Blog
  • Shop
  • Community
Work With Me
Work With Me
  • Home
  • Profile
  • Services
  • Blog
  • Shop
  • Community
  • Home
  • Profile
  • Services
  • Blog
  • Shop
  • Community
Menu Close
  • Business Grant
  • Business Plan
  • Executive Summaries
  • Network Marketing
  • Business Grant
  • Business Plan
  • Executive Summaries
  • Network Marketing

10 Things to Consider Before Starting a Business and Investing in Nigeria

  • DayoHub

10 things to consider before staring a business and investing in Nigeria

10 things to consider before starting a business and investing in Nigeria

HOW TO START A BUSINESS AND INVEST IN NIGERIA

Doing business in Nigeria can be challenging, but it is possible to do it successfully. Many seldom succeed because they don’t take time to understand what it takes to do business in Nigeria.

Nigeria is blessed with countless natural and human resources, these things create a lot of business opportunities. And these opportunities can be converted into revenue-generating assets, if you can answer a question correctly, HOW? 

Learning how to start and invest in your business in Nigeria is much more important than having the business idea. Nigeria has a consumer driven economy which makes it easier for companies to enter the market unlike other developed countries.

Many people jump into business without knowing how business works; that is first step on the road to failing in business.  When you are done reading this article you would have a detailed knowledge of what it takes to start a business successfully in Nigeria.

WHY

The most important question to ask before going into business; why am I going into this? Answer that question correctly. 

Why you do want to be an entrepreneur and not to sit down in office working for a corporation. Do you like to be called ‘Boss’, or you believe that having your business would give you more time for yourself and family?

Do you want to make more money, or you have a vision to solve the problem facing millions of people? Let it clear from the beginning why you are going in to business. It will help you to make certain critical decisions and how you run your business.

 

IDEATION

A good begins with an Idea, and it doesn’t have to be complicated; you want to serve a particular set of people, or meet certain need in a group of people. Simple and plain, no need for elaborate theories.

Generally, the Nigeria Market is unique, so as an entrepreneur must have a viable idea with a burning desire to succeed.

Your idea must be offer what people need, but don’t know how to get, at a large scale.

A BUSINESS PLAN

Before you start a building, you would get an architect to come up with a building plan, to give you a picture of the end from the beginning. The same principle applies in business.

A good business plan contains every details about the business; your aim, the process involved, how will market your products or service, capital to start, how you will manage your finances and others.

A business plan contains out a written plan from marketing, financial and operational view point. Its helps you strategize your business, Know your competitors and your business strategies. Through a written business plan you will be able to identify problem you might face and find their solution.

A well-written business plan positions your business for strategic partnership, loans and grants.

10 things to consider before starting a business and investing in Nigeria

SEARCH FOR MARKET RESEARCH

Experts advise that you look for a hungry market, then create a product that solve their problems. It boils down to the market.

You will find out products or service that best suit your target market. Starting by looking at what problem exist in your environment, try to find a solution and monetize it.

Many Entrepreneur employ expert to write out their business plan without their time to search in the market about their business. All planning and strategy would be a waste of time if you end up creating a product that the market doesn’t need.

Ask questions from people who are into that kind of business or entrepreneur as a whole, read business books. Doing research about business in market or generally saves you from failing.

 

Read Also: 10 Reasons Why Businesses Fail in Nigeria

 

REGISTER YOUR COMPANY AND OPEN A BANK ACCOUNT.

When you are starting business in Nigeria you need to register your company. It gives a unique identity. Its protect your from personal liability. It makes you look serious, attract customers and other opportunities.

A registered company with a corporate bank account gives creditability to your company image. It’s easier to get bank credit for investors to invest. It’s also helps with your financial records issues because it’s  different from your personal account.

KEEP FINANCIAL RECORDS

Developing a good accounting system is also essential in starting a business. A day to day financial transactions should be penned down. Recording and analyzing financial transactions and financial status is necessary.

You will have an overview of how finances is being organized and spent. This financial records also tell you if there’s gain or loss in the business.

10 things to consider before starting a business and investing in Nigeria

TEAM WORK

Running a good business goes beyond you, there is a limit to what you can do. Your ability to put together a team that would run with your vision determines if the business would thrive.

Coordinating yourself and team is also necessary in business. Letting your team know their duties and provide an environment to work effectively, this helps you achieve your aim.

Create a team around your weakness, getting people better than you and pay them well.

 

OTHER THINGS TO KNOW

To do business successfully in Nigeria, pay attention to this things closely.

 

CAPITAL

 Capital to start up a business or keep the business going is one of the major hindrances to business in Nigeria. Young Entrepreneur tends to have issues finding their business or even starting up. You can get people to fund your business through family and friends, Government institution, Government Grants, Local Venture, Capital firm etc. You can even reinvest money made from the business back into the business, thereby creating more profit.

 

ACCESS TO MARKET

Nigeria has a large market sizes with a total population of about 180 million but 30 – 32% are into business and prospective market. So, an important question you should ask yourself is, what percent of the market are you going to serve with your products?

 

HUMAN RESOURCE

 This is another challenge of business because the Nigeria Educational System is not up to standard. Most graduates from universities lack relevant skills to succeed in business. Human capital is very important in controlling products value, quality, and quantities and pricing due to associated skills and labour.

Generally, The Nigeria production and system is the “know-how” system. Know what to produce/sell, how to produce/sell and when to produce/sell.

Knowing these methods and putting them into practice as an entrepreneur or an aspiring entrepreneur helps you start a good and well-structured business.

 

Hope you enjoy this article?

Share your thoughts in the comment session.

Contact us today for your business consultancy and business advisory services. We can help you fine tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write business plan and help with fund raising strategies and Grant applications. We can help you start, grow and expand your business.

Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send email to dayohub@gmail.com  and we will solve any of your business problem.

 

Share this:

  • Tweet
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Related

Starting out in Life and Business

Starting Out in Life and Business by Dayo Adetiloye  Chapter One

Grant Winning Workbook

How to Turn Yourself into a Live Breathing Cash Machine

How to Turn Yourself into a Live Breathing Cash Machine

Ecommerce Business

How To Start A Profitable Ecommerce Business in Nigeria
How-to-join-LiveGood-Multi-Million-Dollar-Business-Opportunity-from-Anywhere-in-the-World
unicaf 3

GI Vital Soft Gel

gi vital softgel
Business plan with AI 2
unicaf scholaship

Follow me on Facebook

Enter your name and email and Download our FREE eBook, get the weekly newsletter, Update on Grants, Business Opportunities & Premium Services from DayoAdetiloye.com... Joining is FREE!

Dayo Adetiloye Logo

Author

Dayo Adetiloye Logo

Lets connect

Facebook Twitter Youtube

Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
– Provide bespoke management and business planning consultancy
– To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
– To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

– Engender national prosperity by contributing to the creation of at least 100 new businesses every year
– Become a go-to brand for outstanding business development services for MSMEs
– Strategic partnership with local and international organization to empower start-ups
– Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness

Share this:

Enter your name and email and Download our FREE eBook, get the weekly newsletter, Update on Grants, Business Opportunities & Premium Services from DayoAdetiloye.com... Joining is FREE!

Dayo Adetiloye Logo

Author

Dayo Adetiloye Logo

Lets connect

Facebook Twitter Youtube

Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
– Provide bespoke management and business planning consultancy
– To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
– To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

– Engender national prosperity by contributing to the creation of at least 100 new businesses every year
– Become a go-to brand for outstanding business development services for MSMEs
– Strategic partnership with local and international organization to empower start-ups
– Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness

Share this:

Starting out in Life and Business

Starting Out in Life and Business by Dayo Adetiloye  Chapter One

Grant Winning Workbook

How to Turn Yourself into a Live Breathing Cash Machine

How to Turn Yourself into a Live Breathing Cash Machine

Ecommerce Business

How To Start A Profitable Ecommerce Business in Nigeria
How-to-join-LiveGood-Multi-Million-Dollar-Business-Opportunity-from-Anywhere-in-the-World
unicaf 3

GI Vital Soft Gel

gi vital softgel
Business plan with AI 2
unicaf scholaship

Follow me on Facebook

Share this:

LinkedIn
Facebook
Twitter
Email
PrevPreviousHow to move from Money Collectors (Salary) to becoming Money #Creators (Business) in Nigeria
Next10 Ways to Turn Your Salary to a Profitable Business VentureNext

2 Responses

  1. Pingback: How to move from Money Collectors (Salary) to becoming Money #Creators (Business) in Nigeria
  2. Pingback: Fintech And Financial Development In Nigeria - Youth Entrepreneurship

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Facebook-f Twitter Youtube Instagram Linkedin
  • About
  • Dayo Speaks
  • Disclaimer
  • Shop
  • Privacy Policy
  • Sitemap
  • About
  • Dayo Speaks
  • Disclaimer
  • Shop
  • Privacy Policy
  • Sitemap

About Us

Dayoadetiloye.com is a property of Dayo Adetiloye Business Hub committed to connecting entrepreneurs with resources.

We are one stop Business Resource Center where we help you discover, Develop and Fulfil your business potentials.

On this platform, we help you develop business plans and strategies, connect you with funding opportunities and share with your business opportunities.

Facebook Community: https://www.facebook.com/groups/156197005130352/

Twitter: www.twitter.com/dayoadetiloye

Email: Dayohub@gmail.com

Copyright 2025 All Rights Reserved, Dayo Adetiloye

Privacy policy

Disclaimer

 

Loading Comments...