How To Start A Small Scale Business In Nigeria Posted by Admin on 5:48 PM 2 comments

How To Start A Small Scale Business In Nigeria

 

What are the best small scale business ideas in Nigeria? What is the best business to start in a harsh environment like Nigeria? What are the best small business opportunities for Nigerians living in Diaspora or oversea? Are you resident in Nigeria or abroad, and you want to invest your money in Nigeria but you don’t know where to start from? Then I advice you read on because this article was written specially for you
For quite sometime now, my email box has been filled with request from fellow Nigerian entrepreneurs asking for the fastest growing business opportunities in Nigeria which they can invest in. Before I proceed with any detailed explanation, I want to state clearly that there are untapped small scale business opportunities in every industry both in Nigeria and all over the world; you just need to dig deeper to find such niches.

Step 1Write a business plan. Describe the way your business will run in writing. List the services you will provide, including specialized ones such as wash-and-fold, pickup and delivery. Determine your target market — college students, apartment building residents, busy professionals — and research how well other laundry businesses in your area are meeting this population’s needs. Brainstorm ways that you can distinguish your business from competitors, such as offering lower prices, specialized services or a more inviting area for customers. Describe your marketing plans, pricing and supplies you’ll need, such as detergent vending machines, washers, dryers and folding tables.

Step 2Find an appropriate location. Choose an area that is accessible to or populated by your target market. Rent a space near apartment buildings to attract customers who do not have laundry machines at home. Avoid opening a store with nearby competition. Select a location with off-street parking, if possible, for customer convenience. Buy an existing laundry business to save time and money locating equipment.   How To Start A Small Scale Business In Nigeria

Step 3Purchase necessary equipment. Order washers, dryers, coin machines, laundry carts and detergent vending machines. Search online auction sites for deals on used equipment. Buy top-load washers to save money. According to Entrepreneur, these cost $500 to $700 apiece, while front-load washers can cost $3,500 to $20,000 each. Consider purchasing a card system rather than a change machine, as cards will track the number of loads a customer has done and allow you to change your prices more easily.

Step 4Secure permits and registration. Visit your city clerk to apply for a business license. Ask if your municipality requires you to have a health department license, fire department permit or air and water pollution control permit. Pay any sewer connection and waste water fees required by your city clerk.

Step 5Market your laundry business. Advertise locally by placing door hangers on apartment building doors. Include a list of your services and offer coupons to new customers. Differentiate your laundry business from your competition by emphasizing any specialized services or perks, such as televisions, free wireless Internet and couches. Hang fliers on local bulletin boards and place ads in print or online newspapers.
How To Start A Small Scale Business In Nigeria