How to Start a Small Business from Home in Nigeria

Before starting a business, there are certain fundamental steps that should be taken to ensure a smooth running and consistent functioning of the business.

Today, marketing and advertising are the undeniable fundamentals of any business, but there are more hacks to implement before launching fully into a business and settling for a permanent location from where operations will be done.

How about starting a business from home? What steps are involved and how can success be guaranteed in this case? How can you start a small business from home and compete with the competition operating the same business from outside their homes?

Without further ado, here are the necessary steps to take when starting a business from home in Nigeria:

How to Start a Small Business from Home in Nigeria

Identify a Business Opportunity

The first step in starting a business from home in Nigeria is to identify an opportunity. Discover something everyone else isn’t doing around you or something the community you live in crave for that doesn’t yet exist there. Identify a gap between the needs of the people and an obvious lag in supply and delivery. There are different ways to track down business opportunities.

You can ask people questions as to what business would be best to start up in their community or neighbourhood. Unless you’re planning to start an online business, then this step is necessary.

It requires serious thought to sift through business ideas and pinpoint the business that’ll really prove productive over the test of time. Don’t just go on with starting a business you like. There are chances that the business you have in mind or your favourite business to start up will not be in the best interest for your community.

So… get on with asking residents questions. Take a walk around your neighbourhood to see what businesses have found base there, and also to spot business opportunities no one else sees.

Sometimes, the feedback you’ll get from asking residents questions will surprise you. You can also go online in search of business opportunities around you. How? For example, if you live in a riverine area, you could easily carry out an extensive search on Google for the best businesses to start up in riverine areas.

Create a Business Plan

Just like every man needs a woman, every business needs a business plan. The business plan just as it is, contains the entire plan of your business including the startup capital size, the market size, and strategies to execute for business growth.

Having a business plan will guide you towards taking impactful decisions, and prove to clients and investors that you’re not up for gimmicks.

Without a business plan, it’ll be difficult to secure sponsorship from external bodies when the time comes. Overall, the business plan is the heartbeat of any business and whether you’ll be working from home or not, you’ll need to draft it out to showcase seriousness, genuity, and professionalism.

So, after deciding on the business to start, the business plan comes into play. Don’t beat yourself up if you can’t write a business plan. There are countless resources online to guide you on how to get this done without spending a lot of money and wasting so much time guessing for what should go into the document next.

Register Your Business

No matter how small you intend to start a business, register it to secure the name and face of the business for the future. It’s really a risk to think up a business name and operate without having to first register the business name.

Without a doubt, a registered business will always outwit an unregistered business. This means that there are lots of benefits that goes with registering your business. With the exception of securing business name for the future and for security reasons, registering your business gives you an edge over the competition.

Clients are prone to trust their dealings with registered businesses more versus unregistered businesses. Personally, there’s a certain amount of money I can’t send to a company if it isn’t unregistered and doesn’t flag a verified CAC number.

So, before I start sending funds, especially when I’m dealing online, I make some funny but necessary thorough research about a company, and then check up the registration status. This is the story for many other clients who have been defrauded several times.

A registered business gets all the good deals. And more than just having a registered name, registering your business mirrors your genuity and competency to clients. They’ll trust you more, and you need that trust to keep them under your spell of patronage.

Map Out a Strategy

A strategy refers to a well-planned set of sequential activities executed in a bid to achieve desired goals. They’re a set of intelligent steps to take towards achieving success. You definitely can’t leave this out. Your strategy should be flexible and subject to constant change to suit the situation of things and match off any existing competition.

“If you do what everyone else does, you will get what everyone else gets. Stephen Richards”

You’re not everybody else. You want your business to be different, your strategy should be different. Your approach should be different. Your mode of operation should be different. And lastly, your packaging should be more than different, it should be unique.

What makes a business successful isn’t the size alone. Branding plays a gigantic role. As a part of your strategy, brand your business. There are factors that contribute to brilliant branding, and they include having a name that’s easy to remember and spell out, having uniqueness in the mode of operation and delivery, and then having a special recipe no one knows (if your business falls in the food category).

What are your competitors doing? What can you do to beat them at the business? What’s the most successful player in the business doing and how can you replicate the same strategy as a sub-strategy? How can you modify their uniqueness and fine-tune it to level up your business? How can you steal their clients in one heavy blow? There are countless ways. You’ll need to commit time and effort to cook up flexible winning strategies for success.

Build Your Online Presence

Today, roughly 4.7 billion people surf the internet. https://datareportal.com/global-digital-overview Now imagine if you could reach about 0.1% of that figure. You’d be a billionaire overnight. Most businesses are going online now as more and more clients spend time on the internet. If you want to catch a fish, you go to the river.

If you want to sell your product and make massive gains off your business, then go hit up on your clients where they spend the most time. In the 21st century and with the advent of the internet, top companies tend to get more customers online than offline.

We currently have more than 50 million Nigerians surfing the web every single day. And if you can get your business in front of your potential customers online, then your home business would be on it’s way to massive success.

Start building up your social media presence. Run social media adverts, and be sure you’re using a particular name and a variety of relevant social media hashtags the right way https://blog.hootsuite.com/how-to-use-hashtags/. Get to know about softwares suitable to manage your online progress and marketing.

Market Your Business

Every business thrives on marketing. You can’t start a business and relax afterwards while you expect the business to boom. This could work some 50 years ago. But today, with the fast pace of development and civilization, your business could starve of patronage and eventually die out without promotion. You need to get the word out.

Marketing is very fundamental to growing a business. If you don’t tell the world about your business, who’s going to know about it? Go online and offline with your marketing strategies.

Start by printing fliers about your home-based business. Distribute them across your community. From your community, reach out to other communities, cities, and then let the entire State get to know about your business. This isn’t something you can do within a day apparently. It’ll take time, but let the process flow.

Preach your business to the world, and never stop doing it. Mega Fortune 500 companies still spend millions of dollars every year on both research, and marketing https://www.ideatovalue.com/inno/nickskillicorn/2019/08/top-1000-companies-that-spend-the-most-on-research-development-charts-and-analysis/. Business marketing/promotion is the lifeblood of any successful business.

Build Relevant Relationships

Build relationships that will push your business to next levels. Reach out to influencial people, make huge moves. You can’t grow just by yourself, you need hands to pull you up.

Regardless of the business you start, there’s a competition. While you strive to beat the competition, create lasting relationships with them. Get to know who’s in charge of the businesses you admire, hook up with them and share meaningful ideas. You won’t grow speedily in isolation, and you never know where your next mega contract will come from.

To wrap this up, here are the top 10 businesses you can start from home in Nigeria and make massive profits off them in the long run:

Poultry Business
Mini Importation Business
Blogging
Cryptocurrency Trading
Affiliate Marketing
Zobo Production and Distribution
T-shirt Design & Customization
Baking Business
Okrika Business
POS Business

Poultry Business

Poultry farming business is one of the businesses you can start from home in Nigeria today. It’s lucrative and has a huge market. The best part is that the business doesn’t require millions of naira in capital before you can launch into it.

The competition in the poultry business isn’t thorough. Your clients live almost in every corner, which means you have to tell the world about your business, starting from your neighbourhood and then moving online. Treating your poultry stock with great care and infiltrating a tinge of branding into your poultry business will take you far.

Mini Importation Business

Justin, a good friend of mine started with mini importation business from home and today, he’s a millions. When he initially started out, he barely had 50k in his account.

In the span of 365 days, he was able to build his business from home and now has staff under his payroll working remotely for him. The mini importation business is a profitable business you can start from home today in Nigeria without any hassle.

You need to learn how it’s done, create a brand for your business, don’t just take it as a conventional business unless you want to have conventional results.

Mini importation is all about importing goods on a small scale for a cheap price, and then selling the goods at a higher price in Nigeria and doesn’t require much capital. When it comes to profitablity, you can make twice the money you invested into the business within weeks.

Blogging

Blogging remains of the most profitable businesses to start from home in Nigeria today. With about 28k, you can launch a good blog, load it up with quality pieces of information and monetize it. It’s not as easy as it sounds but it’s a reality. It’s purely home-based and you don’t need an office.

You just need commitment and consistency to really create a blog that will generate some really profitable returns in cash. To start a blog, you need to pick a niche, focus on your niche, and then get into research to know who your competitors are.

Afterwards, develop a working strategy to beat off the competition in your niche. It has to do with being smart and being consistent. It takes time to build a successful blog, but it doesn’t take forever.

see also:How to Become An Air Hostess in Nigeria

Cryptocurrency Trading

Trading cryptocurrencies require that you learn a lot about it. It’s not really for the internet novices unless you’re willing to dedicate hours daily learning how the Crypto market works. Now if you’re an internet savvy, this should be easy.

If you’re not the internet type, then you’ll either have to start learning about crypto currencies from scratch or just look to start other businesses off the intent. Cryptocurrency trading is 100% internet based. You can start from your bedroom and trade your way into building a full-fledged office without electrical power interruption and having a registered business name.

Trading cryptocurrencies can make you a billionaire in Nigeria if you do it the right way. On the other hand, you could lose your entire capital if you delve ignorantly into the business.

Affiliate Marketing

Affiliate marketing is another business based over the internet. How it works is pretty simple; you convince people to purchase a reliable product and afterwards you get a commission, a percentage of the worth product sold.

You can decide to take this fulltime and earn a living off it. Affiliate marketing has become a top channel of revenue for YouTubers, bloggers, and webmasters today.

You can start this business sitting on your couch and all it truly requires is your knowledge capital, an internet data and browsing device to access the internet.

Zobo Production and Distribution

Zobo drink is nutritious and very tasty (depending on the measure of flavour put into it). It’s easy to prepare, and if you take it for a business, there’s every chance you could make a fortune off it. The market for this business is really huge and a vast majority of every class of people love it.

What does this tell you? You can run at a loss if you don’t take the business seriously, and you could make serious money from branding your products and reaching out to clients around and afar.

T-shirt Design & Customization

Another business you can start from him and build into becoming an empire is the clothes design business. It’s not just the kind of business anyone can start up. You’ll need to learn about the business, how it’s done, and how to get started with it.

There are procedures involved in designing clothes, and if you get it wrong, it could be quite challenging if not impossible to undo your wrong. This calls for dedication and commitment to learning the business first before starting off from your home.

Baking Business

If you’re into baking, it’s one of the things that bores me out. But I love the output nonetheless. Baking is a lucrative business. Today, cakes sell for a lot of money, so do other snacks and fries. If you’re good at baking, you could start your baking firm from the centre of your kitchen. If you’re not already good at this, then learn it.

It won’t take long before you’re an orginator of a recipe even McDonald’s doesn’t have in stock. Baking is one of the small businesses you can start from home in Nigeria, and eventually grow the business into a mega venture.

Okrika Business

Okrika is simply means used or secondhand clothes, bags, electronics, shoes and more. The term Okrika is Igbo-based. It’s a term for cheap items as the ones I mentioned already.

see also:How to become an Ambassador in Nigeria

You get start this business from the space outside your house and slowly grow into renting a store for your goods. Interestingly, Okrika products don’t cost much.

They’re not brand new clothes, so you don’t have to worry about spending hundreds of thousands to start the business. With as little as 10k in hand, you can start this business home-based and start generating income.

POS Business

All you really need is a capital of about N100k, a space outside your house to sit and then the POS machine. POS business is as rampant as mini grocery shops scattered across the streets. It wasn’t the case until the unemployment toll took a massive run-up. To tell the truth, this business is lucrative if you have a good location.

Starting from the location of your home, you’ll be able to quickly and easily garner clients if the competition of POS centres is minimal. But in a situation where POS centres are all over your neighbourhood, it’ll be a huge struggle for profits.

How to Start a Small Business from Home in Nigeria (Summary)

Right here’s a quick list of the steps to take to start a small business from home in Nigeria:

Identify a Business Opportunity
Create a Business Plan
Register Your Business
Map Out a Strategy
Build Your Online Presence
Market Your Business
Build Relevant Relationships

Verdict

To start a business from home is unlike starting with a huge capital in hand afar from residential comfort. You’ll need to plan more, think more, and do more as there will be a lot of constraints. Nowadays, it takes almost forever for small businesses to have a boon in business and eventually level up. But to take away the pain and start a business that will generate massive returns in a short time from your home, planning, marketing, and packaging at intense levels must all be executed in synergy.

So, how are you planning to start your small business from home in Nigeria?

Let me know through the comments below. Share your thoughts and I’d be glad to contribute. Don’t forget to become a subscriber so you don’t miss out on more than 60% the best part of this blog.

Authors Bio

Moses Ukanna is a content creator and blogger. He currently blogs at Potentstack.com and loves to learn anything pertaining the web.

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