Fully Supported By:
The Federal Ministry of
Industry, Trade & Investment.

Nigeria Entrepreneurs Forum Blogspot

Welcome to the Nigeria Entrepreneurs Forum Blogspot. Here, we strive to provide the insight and knowledge necessary for entrepreneurs and business owners to make their entrepreneurial dreams a reality. This blog is powered by professionals within the network of the Nigeria Entrepreneurs Forum bringing to you a practical life experience in their various fields. Feel free to become a member of the Nigeria Entrepreneurs Forum to contribute.

How to Start a Small Business

How to Start a Small Business

To start a small scale business the planning stage plays a significant role. If you did not plan your business well it will fair. Therefore, planning is very important. Good knowledge of the business and its environment in terms of product, service, market, competitor, location, how to produce it, where to sell it and the consumers must be carefully looked at before venturing into business. Many people believe one can not engage in business except there is sufficient capital. While this may be true, it is not necessarily true for most small scale businesses which one can embark on in the comfort of his home. Many think about the money before the business and this never allowed the actualisation of doing any business. It is somehow difficult to identify viable businesses as there are a lot of business opportunities which can be grown to large scale businesses. It is better to think of the business before the capital.

Choose the Business. It is very important to choose the type of business before you start, there are a lot of business opportunities out there but you have to look at it critically before you venture into it so that you don't choose the wrong business. It is very easy to start a small business because it does not require a large budget and skill. But it is the most difficult and frustrating business because of the profit margin. Therefore, choosing the right business is very key. It is very important to consider the demand for the type of business you want to start, the location and the customer. Make your product unique, be innovative and fix the problem in that business cycle, distinguish your business from others.

Choose Your Business Location. Choose a location that can be easily accessed by your customers as it will serve as a good-will. Your business location is very key to your business operations and growth. When choosing your business location, you must consider company needs, customers, employees and equipment needed to complete the services you want to render. The location of a business can affect many aspects of your business operations.

Prepare a Business Plan. The business plan helps you to properly shape you business. If you cannot prepare a business plan, get an expert in that field to prepare it for you as it will guide you on all areas of your business. It will also help you if you want to secure a loan as the bank or lender will need it to evaluate your business.

Get the Capital. Capital is among the most important things that contribute to the success of a business. Capital is very key when starting a small business because it will serve as the lifeblood of the business. When you are planning to start your business, make plans to cover all your expenses and make plans for up front expenses in case the profit did not start coming as you start. Take proper accounting record of income and expenses.

Choose Your Employees. This is a crucial component to be considered when starting a business. It is very important that you hire the right employee when starting a small business as it will help your business to grow. Hiring the right employee will also influence your business to grow.

Advertise Your Business. Advertising provides basic information of your business; it increases sales as potential customers get to know your product and services. Advertising both offline and online bring the needed traffic to your business. It helps to inform customers of your offer; it changes people's perception of your business and makes you stand out from your competitor. Advertising creates awareness for your business and makes it a first choice for your customers.



Nigeria Entrepreneurs Forum concludes canton fair ...
The mindset of an entrepreneur

Related Posts

Comments 4

 
Aroviah Hilary on Monday, 07 November 2016 22:48

woh

Osadume Chuks Chukwuyem on Thursday, 10 November 2016 12:20

I want to become a member so as to learn and know more about small and medium enterprise or entrepreneurship in Nigerian environment.

I want to become a member so as to learn and know more about small and medium enterprise or entrepreneurship in Nigerian environment.
Kanu Chris Chijioke on Thursday, 10 November 2016 14:57

Hello Chuks,
I suggest you subscribe to the post if you want to learn through the blogs.
However, a NEF administrative officer will email you once they verify your account.

Hello Chuks, I suggest you subscribe to the post if you want to learn through the blogs. However, a NEF administrative officer will email you once they verify your account.
Richard Olu Akinyemi on Sunday, 01 January 2017 09:23

I am yet to complete my registration form for sometime now please assist in this direction

I am yet to complete my registration form for sometime now please assist in this direction
Already Registered? Login Here
Guest
Thursday, 19 January 2017
If you'd like to register, please fill in the username, password and name fields.
Capacity Development
Nigeria Entrepreneurs Forum (NEF) provides capacity development programmes for members through seminars, workshop and trainings.
Global Networking
The Nigeria Entrepreneurs Forum provides a forum for members to support each other in business, professional and personal growth.
Community Engagement
The Nigeria Entrepreneurs Forum(NEF) is passionate about Nigeria’s development process. Therefore we participate in community programmes.
Government Engagement
Goverment Engagement
NEF have established cooperative relationship with local, state, federal and international Agencies whose interest and Assistance may facilitate the growth and economic well-being of members.
Business Funding
Business Funding
The Nigeria Entrepreneurs Forum provides strategic access to business funding through her NEFAID global fund for entrepreneurs and through collaboration with business funding bodies
Technical Education
Technical Education
Nigeria Entrepreneurs Forum Institute of Technical Training is one of the foremost vocational training centers in Nigeria which prepares individuals for a dynamic entrepreneurship foundation.
Menbership Registration
Register
Go to the "Membership" page and click on "Join Membership" at the end of the page.You do not need to be a member before you can participate in NEF free public programs like the NEFAID.
Membership verification
verification
Once you complete the registration process, the administrator verifies and validates your application then and notifies you through email , phone call or other means which redirects you to the 3rd stage.
Menbership Payment
Payment
Once the administrator validates your applications with notification, you can then proceed to pay for your annual membership fee through our online payment platform, bank deposit or transfer.
Menbership Registration
Network
After your payment, you should be able to receive a professinal guide from the administrator on how to create your online account to start enjoying endless benefits of NEF membership through our network.
Live visitor conversion tracking, Counter, Anti-spam, Heat map, SEO

With our National Youth Empowerment program, the NEFAID will train and fund thousands of business with the help of our training partners, donors, sponsors and various organisations devoting their resources to ending extreme poverty in Africa

Apply for nefaid
Back to Top