Starting a small business

[Joseph212]

Starting a small business in Nigeria has never been easy considering what you’d have to go through to raise business capital towards setting up and running a profitable business. Basically, it’s all about money money money! No Bank in Nigeria is willing to help small scale businesses, and Government seems to have no plan whatsoever for the citizens who needs business start up capital.

If you are contemplating any business, you are on your own if you don’t have enough money to finance it. The worst part of it all is that most potential profitable small businesses in Nigeria needs much amount of money to get it started — most times, far much beyond what average Nigerian small business aspirants can afford.

Starting a small business takes consistency's and Time for it not for someone to run for you cos starting small needs no employee

 

[Tislad]

You are so right and correct and yet they call us lazy youth forgetting that they are killing our dreams as youth in this country, I have a friend that is a boxing coach in nigeria and he has this girl he is training and said so many competitions and tournaments she has won but no adequate facility for her to train with. Nigeria is a dream killing country.

Starting a small business in Nigeria has never been easy considering what you’d have to go through to raise business capital towards setting up and running a profitable business. Basically, it’s all about money money money! No Bank in Nigeria is willing to help small scale businesses, and Government seems to have no plan whatsoever for the citizens who needs business start up capital.

If you are contemplating any business, you are on your own if you don’t have enough money to finance it. The worst part of it all is that most potential profitable small businesses in Nigeria needs much amount of money to get it started — most times, far much beyond what average Nigerian small business aspirants can afford.

 

[Yhubee]

A business whether small or large demands good planning,knowledge and expertise and enough capital depending on the kind of business .

 

[Michael 202]

Starting up a business in this current economy is not good because government and bank to give help to small scale business they believe there is no much profit but if you have your money the best way is to:
1. Raise your capital
2. Get a good location for the goods you want to sell
3. Advertise your goods
4. Cheap goods at the beginning always help too
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Starting up a business in this current economy is not good because government and bank to give help to small scale business they believe there is no much profit but if you have your money the best way is to:
1. Raise your capital
2. Get a good location for the goods you want to sell
3. Advertise your goods
4. Cheap goods at the beginning always help too

 

[Setho]

The economic situation of the country has been very bad for a long time now and there is no sign of it recovering anytime soon so it is a very hostile place for somebody to start a small business.

 

[Ghost1]

There is nothing wrong with starting a small business especially if you have the capital, just that small business gives you small income, would that be enough to manage your life

 

[Skysaint]

You can say that again, starting any lucrative business here in Nigeria no matter how small will demand a whole sum of money for it. And still yet you will have to deal with the many competitors that's already in the system

 

[Kubiat-Abasi]

Starting a small business is not easy in Nigeria because you'll have to raise capital, source for materials and the desired location and also get mentorship on the type of business.

 

[eLdavis]

Starting a small business is not easy in Nigeria because you'll have to raise capital, source for materials and the desired location and also get mentorship on the type of business.

Do you think it's a must to get mentorship for every business startup when it's a small scale business? Most small business owners in my location do not take any from of training, they just start the business. What is your opinion on this?

 

[Josan]

Alhaji Dangote will say that it took him 30 years to get to where he is presently, that is to say he started somewhere little before growing to become big conglomerate. So starting a small business is a good idea then accompanied with determination, focus and consistency can deliver such establishment.

 

[kayode10]

Starting a small scale business is a good move. a small scale business can become bigger one if it is well managed. You can even start it on the part-time basis while you are still holding your normal job.

 

[Adebayonle7]

You are very right, these are some of the difficulties faced by small businesses or by those who have no capitals to do business. My advice for such person is to do some jobs to enable him save from his salaries to start small instead of depending on the Government, if you also have generous family members who can gift you some cash, that will also be better. Taking loans from banks to start doesn't sound fine to prevent you using your profits to service such loans instead of reinvesting the loans into the business.

 

[Ub40]

Starting a business has never been easy as one need to put a very strong plan on ground for the smooth running of the business. So I don't think it is only peculiar to Nigeria.. It is just my opinion. Thanks for sharing.

 

[jay]

Alhaji Dangote will say that it took him 30 years to get to where he is presently, that is to say he started somewhere little before growing to become big conglomerate. So starting a small business is a good idea then accompanied with determination, focus and consistency can deliver such establishment.

Those guys are never really good at telling people all the truth behind their business success. They sit on the main information and tell you the irrelevant ones.

 

[Toyoabasi]

Starting a small business in Nigeria has never been easy considering what you’d have to go through to raise business capital towards setting up and running a profitable business. Basically, it’s all about money money money! No Bank in Nigeria is willing to help small scale businesses, and Government seems to have no plan whatsoever for the citizens who needs business start up capital.

If you are contemplating any business, you are on your own if you don’t have enough money to finance it. The worst part of it all is that most potential profitable small businesses in Nigeria needs much amount of money to get it started — most times, far much beyond what average Nigerian small business aspirants can afford.

There are banks that can help with loans, but are businesses willing to repay as at when due? Can they even afford the collateral needed in some cases?.
If you have personal savings, you can start your small business without thinking of the government or banks.

 

[Heatman]

Starting a small business is one of the easiest thing for you to do because it is not going to require a huge capital for you to successfully set it up.

 

[Ezekiel]

Truely in Nigeria it is no really easy to be an enterpreneur, especially when you do not have anybody to fund your account for you,no financial assistance it takes time, perseverance and focus to begin a small scale business

 

[Heatman]

A secondary school friend of mine was actually able to start up his small data business with only 20,000 Naira and today the business is worth over 200,000 Naira.

 

[Skysaint]

You're right about that. It's really not an easy task, you will have to be financially prepared for it especially in recent times that inflation has gone to its peak. And even after startup, you will have so many competitors to compete with

 

[Godspower]

Starting Small and medium scale enterprises in Nigeria has never been easy. It's difficult to raise capital because of the stringent conditions of most financial institutions and the Government's lack of support.