Tuesday, 16 October 2018

How To Start A Hot Lucrative Small Scale Business In Nigeria


What is small scale business? How do I start a small scale business in Nigeria? 

A small scale business is a business you start with a low capital and grow it into a very lucrative business.
They are over 100 small scale business ideas that you can start with a capital as low as #20000.

Most of these small scale business ideas can even be effectively run from the comfort of your home. 
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However you have to plan effectively to avoid some problems associated with small scale business in nigeria.

This article contains quick guard on how to start A hot lucrative small scale business In Nigeria.

How To Start A Hot Lucrative Small Scale Business In Nigeria

Before you set out to start your business you need to quickly consider some factors like proper planning,execution, financial planning,management, marketing Etc.

A whole lot of small scale business in Nigeria fail because they fail to properly analyze these factors before setting up their businesses.

Check out some of the important checklist you need to consider before setting up a small scale business in Nigeria.

Feasible Business Idea

You have to come up with a unique idea or maybe a business idea that is lucrative and not too saturated. 

You can consider some of these business ideas like:
  • Poultry farming- which includes Quail Bird, Chicken, Turkey, Ostrich Farming etc.
  • Rentals i.e.renting out of canopies, chairs, drums and other party supplies.
  • Fish farming
  • Livestock Farming- Cow, Goats. Sheep etc.
  • Meat Selling 
  • Dog Breeding

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  • Food Processing
  • Equipment leasing services
  • Seminar Planning and Organization
  • Cake making
  • Food Vending
  • Plantain Chips Making
  • Used Clothes and Shoes Selling.
  • Used Book Selling
  • Office Supply Services i.e. selling different items around offices to busy workers who barely have time to shop.
  • Hairdressing 
  • Barbing Etc
These above are some of the lucrative small scale business ideas in Nigeria currently,there are also other lucrative ideas.

Define A Goal

You should know what you aim to accomplish by setting up your business.

Check Out: Easy Steps To Register Your Business In Nigeria 

Write A Business Plan

If you are planning to succeed then,you should have a business plan.
All businesses should have a definite business plan,even the small scale ones.
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Business BluePrint

How do you want to run your small scale business? Are you going to run your small business on a sole-proprietorship basis or do you have plans of involving your friends or employing someone.

You should have a definite business blueprint.

See Also: 100 Small Scale Business Ideas

Register your Business

Ensure that you register your business to to protect yourself from unnecessary harassment 
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from trade unions, law enforcement officers and several other bodies in the state that you plan to run your business.

Open A Bank Account For Your Business

You need to open a bank account in your business name that way you would also be able to source for business loans using your business name.

Source for Capital

Without capital you can’t do anything.You can look for business loans for your small scale business in Nigeria through Cooperative societies, NGO’s,crowd funding websites  Micro-finance banks, religious bodies,and several other Government bodies that support small scale businesses in Nigeria.

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