7 Things to consider before starting a business in Nigeria 2018

Important checklist before starting a business in Nigeria. In other words, what are those critical things a business person needs to consider before venturing into a new business.
Business checklist

Here I have a checklist of 7 things you need to remember before you launch your next business in Nigeria or elsewhere. Let’s call it New Business Checklist

New business checklist

  • Product or service your business will offer
  • Market/target customers
  • Profit potential
  • Capital requirement
  • Legal/formal stuff
  • Business location
  • Required skills
  • Others

Product or service

This is your offer; that is, the product or service your business will offer to your customers.

Market for the business

Here you should ask yourself, who are my potential customers? Where do they live? What’s their spending capacity or income level? Etc. These questions will help you create the right kind of product and also your entire business plan.

Revenue stream

How will your business generate revenue? What is profit potential of the business. That is, what’s the chances of your business making profit and how the profit will be made.

Capital

What amount of money and other resources are needed to set the business in motion. This should also consider the sources of the capital.

Legal & Formal stuff

Formal part you need to check include business registration, tax, government laws for such business, etc.

Business location

Business location is very important for certain types of  businesses. For example, if you want to start a restaurant business, you want to make sure that the location is somewhere that’s exposed and not far from where most of your target customers are.

Required skills

What skills are needed for successful running of the business? Is it a skill you don’t have currently? Do you need to hire someone with certain skills?

Others

Here is a more detailed post at Entrepreneur.com on things to consider before starting a new business: Elements of a business plan

Surely, there should be other critical factors you need to consider as it applies yo your small business. This post just tries to list some of those things you just shouldn’t forget before starting a new business.

 

Arinze

I'm Arinze Anakor, nickname Zest. I'm an entrepreneur, a passionate software developer, mechanical engineering graduate, and "web addict."

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