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 How To Prepare To Start A Business In 2021.

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Starting a business demands a lot from an entrepreneur: the documentation, the legal requirements and the growth plan to guide the business to success. Starting a business is not easy but it is very much possible to start and succeed in a business. You only need the right information and mindset to get to work. That is what this guide will give you. Yes, the right information on how to prepare to start a business in 2021.

Preparing To Start A Business in 2021: The Steps to Follow for Success.

Step 1: Specify Your Business Interest

Delving into the entrepreneurial world is always accompanied by series of uncertainties. You are not aware of what exactly to do, where to start from, how to find the path that works best for you and your potential customers. It is usually an overwhelming phase with heart palpitations. In the midst of these uncertainties, answering the following questions will establish clarity and help you start a business properly:

Is this it?

You’re probably out of job, or just need a side business to start, it’s really important to take an inventory of your current situation. Ask yourself these sub-questions;

  1. What is the real reason you are starting a business? Is it because you are passionate about providing solutions to people’s problems? Or, is it because you really need the extra money or time freedom?
  2. What are your current skills? What industries are you most knowledgeable about?
  3. Is it what you really love to do?
  4. Are you doing this part-time or full-time? How much money do you have for the initial investment?

Step 2: Define Your Business Idea

In clear terms spell out what your business sets out to do. Clearly define the specific problems your business will be solving in the society. Determine clearly who your prospective business will cater to and the product(s) your business will deal in. Establish the value and mission of your business as well as your business structure or model. Take your time to carefully define your business idea before you launch out.

start a business in 2021

Step 3: Do Careful Feasibility Study:

Conduct a market research to determine the target market of your product, and your competitors. This will help you to clarify your business opportunity, define your unique selling proposition you’re your target market. You can conduct feasibility studies by:

  1. Interviewing people in your target market
  2. Researching online
  3. Observing trends and patterns
  4. Researching your competitors
  5. Studying key people

Tips For Defining Your Target Market:

It is important that you define who your ideal customers are. You need to know the volume of customers available the products or services you are bringing to the market. You have to determine your prospective customers’ demographic information like their income, level of education, age, gender, residence, networks, and experience. Also, try and find out your prospective customers’ psychological disposition to buying as well as their purchasing behavior. These will greatly aid you in your product or service design, launch, and marketing to get the best returns on your investment.

Defining your target market also helps you determine the priority your audience will place in subscribing to the solutions your business offers. Ascertain the cost of getting one customer, the investment you must commit to, and the relevance of your business in the long run.

SWOT Analysis & Business Idea Testing

Feasibility study also includes studying your competition. Research similar products offered by your competition. Conduct a SWOT analysis on your competition, finding out their strengths and weaknesses and devising means to leverage their weaknesses to your business’ strengths. Studying your competition will help you create a compelling unique selling proposition (USP).

Also, research our consumer’s needs which haven’t been met in your industry, think of how to meet these needs in order to buy more market portions from your competition.

Testing your idea is part of feasibility studies. This determines if your business is worth pursuing or not. You have to talk to potential customers, hand them free samples of your products and get reviews from them. This reinforces your confidence and gives you bull-dog tenacity to run your business. Testing your idea also involves ascertaining the financial implications of your ideas; how much funding do you need to turn your ideas into tangible products? How much is your target consumer willing to pay for your product or service?

4) Develop a Business Plan.

A business plan serves as a map that guides a business into achieving set goals. Having a business plan helps you take the right decisions, measure results, and have a growth plan for your business. Without an excellent business plan you cannot get funding like loans from investors or financial bodies. Having a business plan minimizes your risk.

Once you have your business plan done, the next step is to get the necessary capital, tools, equipment, and manpower for your business (if it’s a business that needs additional labour). Once everything is set and the product is ready, you may go ahead and launch the business and keep studying it as you make gains and losses in the process.

Conclusion

Starting a business especially in 2021 is a serious phase of an entrepreneur’s life that demands careful attention to details. From fleshing out the business idea, finding a ready market, determining appropriate and effective marketing and sales strategies, developing a business plan to attract investors, being committed to building the business into success despite the obstacles abound.

As interesting and lucrative as business is, please, do not start a business in 2021 if you do not have the mental muscle to accommodate the stress it brings. But if you do have the capacity, please go ahead. I wish you the very best.

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Ekemini Ekpo is a professional Blogger, Research Analyst, Internet Marketer, and Tutor. He is passionate about Business, Investment, Entrepreneurship, Finance, and Personal development.

Business Ideas

Steps to Build Private School Business in Nigeria

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In the past, the government and missionaries owned schools in Nigeria. These schools catered to the education need of each community. Also, communities contributed resources and built schools to meet the increasing education needs at the time. Till date, government-owned schools as well as those owned by missionaries and communities still exist and function. There were no private schools at the time, hence there was no need for private school business.

However, with increased human population came the need for even more schools and that is how privately-owned schools came about to make up for what the government, the missionaries and the communities could not handle. Today, there is a massive sprouting of several preschool, primary, secondary and tertiary educational institutions in Nigeria and these have helped to enhance education in the country.

private school business

It is the general perception that the quality of education in privately owned schools is higher compared to the ill-equipped and badly maintained government owned schools. Hence, it is observed and expected that private schools have better facilities, staff and teaching techniques hence their wide patronage by the society.

Enrolling child(ren) in public schools is generally considered an evidence of poverty on the part of parents. Therefore, many parents struggle to enroll their children and wards in a private school that suits their budget. As long as the school is a “Private school” many parents are eager to enroll their children and wards there irrespective of whether the so-called private school is worse than a general public school.

Thus, the general perception of private schools being better or superior to public schools informs that investment in private school business is a worthwhile investment because parents and guardians are always eager to enroll their children in this kind of school. This is not a new trend; it has been this way for years and there is no sign of the trend changing soon or in the future.

How To Start/Build A Private School Business In Nigeria

Below are the steps to start a private school business in Nigeria:

1. Determine Your Budget

It is imperative that you state the budget of your business before you begin anything. This applies to all businesses including private school business. In planning to private school business, you must determine if you want to have a low-budget school or you want to have a high-budget school which attracts high-ticket parents and guardians. Having a well-prepared budget ensures that you will always have enough money for the things you need and the things that are important to the business. In whatever you do, follow a budget or spending plan that will also keep you out of debt.

2. Make a perfect start-up plan:

Now that you have made your budget! What next?

Try to come up with an idea on how you plan to commence the school business following your stated budget. Your private school business plan should things like location, the sections available (like crèche, nursery, primary, and secondary), cost of facilities to be built in the school, the estimated number of pupils/students per class, salary, electricity bills, tax, etc. This plan will function as a guide towards ensuring that the specified goal is achieved.

3. Design Your School Structure

The choice of a location is a big decision that affects the kind of parents and guardians that can patronize your school. It is important to secure land in a good and accessible area. No parent will want to enroll his/her child in an isolated area with sparse human population.

However, siting the school in an overpopulated, overcrowded, uncomfortable and polluted environment is not advised. For instance, is not advisable to build a school around a market area as noises around it will distract the pupils/students. So, go for an optimal population with viable features that can attract and keep your target customers.

A minimum of one plot of 120 by 60 is enough to accommodate school buildings, playgrounds and other relevant infrastructure. In cases where you intend to erect a boarding facility, a much larger expanse of land, preferably three times the aforementioned size, will be required.

4. Erect Your Nursery And Primary School Building.

The cost of building depends on the size and quality of the building you intend to construct based on your budget. To build, employ the services of exerts in the building sector – Architects, Engineers, Decorators, Electricians, Plumbers, etc. These experts will be able to put you through the necessary things to do because it is obviously their area of specialization. So, plan the school building with the experts to avoid loss and wastages.

Your marketing starts from the quality of your school buildings. Hence, you should focus on a erecting good buildings and structures in your school. Make the classrooms spacious. The adequate space needed for a class is at least 3.5m square per child under the age of two, at least 2.5m square per child aged two or at least 2.3m square per child aged three to seven.

A typical Nigerian nursery section class is small and jam-packed because they are small kids. Yours should be different. Water is very essential and you need plenty of it in your school. So, get a borehole that will supply you water at all time.

5. Equip Your Classrooms With Advanced Learning Materials

Desks and chairs are a must have in every school. You must provide enough of them for your students. Besides this, you have to equip your classrooms with computers, modern learning aids, and other ICT gadgets. Parents and guardians will be happier to pay when they see that your classes are properly equipped.

For the preschool and crèche, you need plenty of toys and other gadgets that is used for children’s education and Montessori. You need video and large screen TVs in all the classrooms, not to play movies but for playing educational videos.

6. Buy A School Bus

If you intend to offer pick and drop pupils/students which is the in-thing nowadays, you should get a nice Tokunbo bus which goes for about N1,200,000. Get decent school bus that will speak well of your school and avoid filing children in a bus to more than its capacity.

If one bus is not enough, buy additional buses. Parents are paying you for the service. So, give them the best service they deserve for their money. Besides, it is irritating to see children jam-packed in a bus that is not fit for transporting animals let alone a human being.

7. Hire Qualified Principal, Teachers:

If you only want to be the proprietor of the private school, you do not need any formal qualifications. However, you are going to need a school manager, principal or head teacher. Thus, the person for this position should have minimum of NCE and experience in educational administration.

Also, your teachers should have minimum of NCE and experience in childcare education or play-work (optional for secondary schools and tertiary institution). Teachers who are passionate about children are preferred. Teacher- student relationships have proven to groom dull students into brighter students and this is not something that is taught but acquired by experience. Hence, there is the need to high qualified and experienced teachers in your school.

8. Register Your Private School Business:

Like every other businesses both small and large, you need to register your private school business as a sole proprietorship or depending on what you want if there are investors.

Approach the Corporate Affair commission of Nigeria (CAC) to register your business as a company. You may need the service of a Lawyer in this regard. You will also need to register with the Ministry of Education to get your school inspected and approved.

Once you’ve put all these in place, the next thing is to advertise your private school business and get down to real business.

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Agriculture

How To Start Lucrative Chia Business in 2021

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Chia seeds which is the bedrock of Chia Business are edible seeds grown as food in many countries of the world. Slowly gaining momentum in Africa, chia seeds consumption is presently valued at about 400 million Naira and is projected to be valued at 600 million Naira before the year 2025. Chia seeds are becoming more popular as many people have begun to massively use it as a substitute for meat-based protein.

Meet Chia Seed: The Bedrock of Chia Business

Chia Business centres on the cultivation and marketing of Chia seeds. Chia seeds are of the mint family of lamiusee with dark green, thick and wrangled leaves. Each plant has flowers with two lips containing 13 seeds. Chia seed is mostly consumed by vegetarians who opt for plant-based proteins.

Chia seeds grow in tropical environments requiring a minimum temperature of 11 degrees Celsius and maximum of 36 degrees Celsius to be fully matured. Chia Seed Farming is a lucrative business. If you have the wherewithal to cultivate and market it, you can make tons of money for you within the stipulated business cycle.

Start Lucrative Chia Business

The Market value of Chia Business

Chia business is lucrative to do because it avails the investor the following business opportunities:

1) Can Be Eaten as Food:

Chia seeds can be sold to consumers for food. Chia seeds have a wide range of applications in meals: they can be added to smoothies, yoghurts, parfaits, salads, milkshakes and even cereals.

2) It Can Be Sold For Money:

Chia seeds are very expensive and could go as high as N6000 per bag. Chia seeds can be cultivated and sold for profit.

The Health Benefits of Chia Seeds

Chia seeds sell well because of its health and nutritional benefits. Hence, people buy Chia seeds irrespective of the cost because:

  • Chia seeds help relieve constipation.
  • Contain calcium and manganese which improve bone and oral health.
  • Fights osteoporosis.
  • Chia seeds are excellent sources of protein.
  • They are super healthy proteins as they do not contain cholesterol.
  • Fights insulin and stabilizes blood sugar.
  • They contain anti-oxidants which prevent the production of free radicals – cancer causing agents.
  • They’re gluten free and can be eaten raw.

Steps to start a Lucrative Chia Business in 2021

To proceed to cultivate and market Chia seeds on a commercial scale, please consider the following:

1) Get enough funds:

Chia seeds are expensive to buy. Setting aside an investment for it will pay hugely in the long run. It is important to have a business plan that will enable you access funds from financial institutions. If you don’t want corporate funding for the business, you may consider getting funds from family, friends, and acquaintances. However you source funds, endure that the capital you have is enough to start and run this business successfully.

2) Choose the right soil:

Chia seeds thrive on fertile soils. Hence the land you buy or rent for plating this crop should have sufficient clay and loamy. Avoid malnourished and sandy soils. Instead, choose a soil that can retain a good amount of moisture. Plant your chia seeds in well drained soils.

3) Cultivate the Crops:

Chia seeds require soil preparation by disruption and loosening. After properly tilling the soil, create trenches in a row of 2cm, broadcast the seeds and cover the soil. When you notice weeds, remove them immediately.

4) Harvest:

Chia seeds are harvested after the flowers have fallen off. You have to hand pick and spread them to dry.

Conclusion

Starting lucrative chia business specifically Chia seed business in 2021 has attendant challenges such as high cost of seeds, seemingly complicated nurturing process, crop management, and the challenge of the harvesting of chia seeds by hand.

However, with the right capital and viable farm management practices the business can be done with much success and less stress. Employing excellent marketing strategies can help the business grow into a highly lucrative and profitable enterprise or company.

Chia seed already has a wide market demand, employ the best strategies, sell off your seeds, and make your profits.

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Agriculture

How to Start a Lucrative Cabbage Business in Nigeria.

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Cabbage business is fast becoming one of the most lucrative vegetable businesses in Nigeria because of its popularity as a major ingredient for preparing salads. Salads are majorly served in ceremonies and festive seasons. If you start and effectively manage a lucrative Cabbage business in Nigeria, you could be reaping returns in millions of naira weekly.

In starting a lucrative cabbage business in Nigeria, you must have a farm to cultivate cabbages. Cabbages thrive in a cool and moist environment. The crop is not resistant to drought. This means that you should plant your Cabbage seeds during its favourable season which is the rainy season when the weather is till cool enough for it to sprout and grow to maturity.

In getting your Cabbage seeds to plant, please go for high quality seeds which are resistant to pests and diseases. The hybrid variant cabbage seed is of a high quality and can resist pests and diseases. This is the breed of Cabbage seed you should plant if you desire good returns on your investment.

Steps to Start Cabbage Business in Nigeria and Profit From It

Stage 1: The Pre Planting Stage

It is advisable to plant cabbage seeds in a nursery 4 to 6 weeks before transferring the crop to the main farm. While the seeds are being raised in the nursery, use this time to prepare the farm for planting the crops. This involves weeding, tillage, making of ridges or molds where the Cabbage seedlings will be planted. This is all about the pre-planting stage.

Stage 2: The Planting Stage

To ensure bountiful harvest, it is important to note the following while planting your Cabbage:

1) Dig a hole of about three centimeters deep, insert two seeds and cover the hole.

2) Give a space of 45 centimeters between each plant. The spacing should be done depending on the variety of seedling you are planting.

3) Ensure that the P.H of the soil is between 6.5 and 7.5.

4) Always ensure that your cabbage farm is well-irrigated. Avoid areas prone to drought as much as possible. If there will be drought, make arrangement for alterative water sources with which you will irrigate the farm like a borehole or well. Regularly irrigate (practice drip irrigation) and mulch your farm to provide enough water in the farm for the crop and prevent excessive loss of soil water due to evaporation of water from the soil.

Cabbage Business in Nigeria.

5) During the development stages of your cabbage plant, apply manure regularly to provide your crops with the nutrients needed for their healthy growth. When preparing the soil for planting, it is advisable to be heavy-handed with manure. That is to say you apply sufficient manure to the farmland while preparing it for planting the crop.

6) It’s important to control pests such as maggots, cabbage, and worms n your cabbage farm. For this reason, only use the hybrid variant of the seed which is resistant to plant pests.

Stage 3: The Harvesting Stage

Harvest your cabbage only when they have fully matured to ensure a longer storage (or shelf) life. Depending on when you plant, your cabbage should be fully matured in about 3 to 5 months.

After harvesting your cabbage, you are set to sell the product. Go to the market and sell to the vendors there. You can also sell off to the Hausa stores in your community. Get contacts of restaurants and caterers, healthy juice entrepreneurs and offer to be their vendor.

Conclusion

Cabbage farming is highly lucrative in Nigeria; not many people have ventured into the business when compared to the market demand of the product. Cabbage farming is encouraged because aside it being lucrative, it doesn’t require heavy capital. So, if you want to go into Cabbage business in Nigeria, I really encourage you to do so.

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