Entrepreneurship is the wave in Nigeria, due to the dearth of jobs in the nation. It is especially so in Lagos due to the large population in the state. Lagos is doing its best to catch up to the population in terms of job creation, but most people still fall back on entrepreneurship to take care of their families. Some people who have salaried jobs also have a business on the side, often referred to by Lagosians as a side hustle.
Most people start small, especially if they don’t have a lot of money to begin with, and that is why they go into business. The fact that you are starting small doesn’t mean you shouldn’t do the needful though. If you want your business to be legitimate and to go far in Lagos, here are some things that you have to take into consideration:
- You need to be registered with the CAC
You have to go to the Corporate Affairs Commission to register your company and business name to legitimize things. If you are going to have any dealings with the banks such as applying for loans targeted at SMEs, you need to be registered with the CAC. The Lagos state government is currently running a low-interest loan program for SMEs called the Lagos State Employment Trust Fund, but you have to be registered with the CAC to apply.
- You need to pay before you can put up any sign boards
Advertisement is of the utmost importance for any business that wants to grow. But you cannot just put up signs advertising your business willy-nilly; there is an order to these things. The agency that regulates signs in Lagos is called LASAA.(Lagos state signage and advertisement agency.) You need to apply for a signage permit and then pay a fee before you can begin advertising.
- Choose your vendors carefully
This is a city of smart people who are constantly trying to outsmart each other. You need to choose your vendors and suppliers carefully so that you do not get cheated out of your hard-earned money. Follow due process and confirm that your raw materials and goods are actually in good condition before you pay. You also need to select delivery men properly.
- Prepare for power outages
The country is not quite at the stage of 24-hour electricity supply yet. Even though the light situation has improved significantly in Lagos since PHCN was privatized, ( I can’t speak to the situation in other states as I don’t live there.) there are still occasional power outages that could impact the flow of business. It Is thus important to arrange an alternative source of power for your business such as a generator or an inverter.
- Know your market
You have to know your target market and plan your marketing strategies accordingly. If you plan to sell to the high brow population of Lagos, you’ll market differently than if you plan to sell to the average Lagosians who are still hustling.
- Be internet savvy
The average Lagosian is now very technology and social media savvy, and you can use that to your advantage by advertising your goods and services on Facebook, Twitter, Instagram, and all the other channels now available for us to connect to each other at the click of a button.
- Pay your taxes
It is important that you pay your taxes so that your company holds up if you are audited for any purpose. It is also important because taxes are essential to the growth and development of the state.
Are you a business owner in Lagos? You can advertise your business here on Everydaylagos. send a mail to firstname.lastname@example.org to make inquiries.
Be sure to share your essentials for doing business in Lagos with us in the comments.
*featured image from Lagoschamber