Tips To Start Your Own Business In Nigeria After Graduation

 

(By Sade Adebayo)

You need to generate profit from your business, not just cover your expenses, so plan ahead and keep your costs low. Keep in mind you will also have to pay taxes for your business, so make sure to plan strategically.

If you have just spent four or five years in university, you might be thinking to yourself “no problem! I’ve been studying for years, I must have all the skills I need to land an awesome and successful job utilizing all of my talents!”, so you start looking for jobs everywhere, like specific companies’ careers tab or the job vacancies section on your local free-classifieds site. However, with the financial crisis, it is not easy to find the job of our dreams and starting your own business may be the only way to build a happy and successful career. Follow these easy steps to plan and manage your business!

  • Do what you really love: don’t start a business because you don’t have any other options, be committed and ready to face a lot of challenges that will finally bring you to success.

  • Write a business plan: determine what type of business you want to open, analyze your competitors to differentiate from them and offer new and different services to your customers.

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  • Determine who your customers are going to be: every decision you are going to take for your business will depend on them. The more you can identify your targeted customers, the more specific and successful your marketing strategy will be.

  • Find money: before you can start gaining from your business, you will need to invest money to start. Use your savings, approach potential investors or ask friends and family to contribute through crowdfunding.

  • Manage your money: you need to generate profit from your business, not just cover your expenses, so plan ahead and keep your costs low. Keep in mind you will also have to pay taxes for your business, so make sure to plan strategically.

  • Attract customers: Have a smart marketing plan to attract customers and let them know about your business. Invest in advertising or to keep the costs low, you can use social media to engage with your target market.

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  • Be professional: Let your customers know from the very beginning that you are a serious professional running a serious business. Let them trust you and come back to you!

  • Do not forget the legal aspects: determine which form of ownership is best for you, register your business name and obtain the licenses and permits to start working.

By Sade Adebayo.

“Opinion pieces of this sort published on RISE Networks are those of the original authors and do not in anyway represent the thoughts, beliefs and ideas of RISE Networks.”

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