In this post, I will describe how to start a business with minimal cash, as well as some of the criteria for a small business in Nigeria, including both mandatory and optional needs. Before I go any further, I’d like to recommend Grant Cardone’s 10x rules (The only difference between success and failure). This will expand your understanding of how to achieve more with less and will teach you the 10x principles for both business and daily activities.

If you want to establish a business without having adequate funds, don’t only read books online for leisure; instead, read articles/posts online for the aim of business growth; there are many articles available online. Learn from folks who have more experience than you; this will open your eyes to how to invest intelligently on business strategy.

Setting up a business, especially in Nigeria, is a herculean task if you don’t have enough capital; however, you can still get some things done. The first thing that should come to mind is the niche that you wish to venture into; you must have a broad knowledge of this niche in order to achieve your goal. Develop your brand logo and make it easy to grasp. Since we live in the computer era, create a website for your business. This will allow you to accomplish more with less. People may contact you through this website, as well as purchase your products and services.

Create a social media presence for your business; Facebook, WhatsApp, Twitter, Instagram, and Linkedin are some of the greatest social media sites to use. People will be able to easily grasp your products and services if you have social media profiles. Social media pages are free; however, if you want to advertise your products and services on these social media pages in order to attract a wide audience, there will be an additional payment.

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Register your company with the Corporate Affairs Commission. The Corporations and Allied Matters Act, which was passed in 1990, established the Corporate Affairs Commission (CAC) to govern the formation and administration of companies in Nigeria. To register a business or company name with the corporate affairs commission, you must first reserve your business/company name on the corporate affairs commission official website. Name reservations usually take 24 hours and cost money. The corporate affairs commission team will review the reserved name for approval. After 24 hours, the status of your name reservation will be forwarded to your email address, indicating whether it has been accepted or denied with reasons.

Following a successful name reservation, you will be asked to do post registrations on the official website of CAC, where you will be asked to fill out some details such as personal information, business information, and the category to which your business/company belongs, such as Information and Communication Technology, as well as upload some required documents. CAC has the authority to question your application; if this occurs, you must respond to the enquiry and mark it as resolved when you are through. You will pay an amount of 10,000 Naira. Only during registration will your application be reviewed for a period of time, generally 10 days. If your application is successful without any queries, you will be able to print off your certificate together with other business papers.

Conclusion

There are several steps involved in establishing a firm after you have decided on a business strategy, however in the lack of substantial funds, one must trim his/her fabric to fit. You must build your business on the premise that there is always opportunity for improvement, and you must ensure that you accomplish more with less, pay attention to details, and provide the best to your valued clients.

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