Having a business company in Nigeria is one of the beliefs that every Nigerian has, because the situation in the country is unbearable that the citizens depend on themselves for livelihood, the government is undependable and unreliable due to corruption in the system of government. So, every citizens irrespective of their family backgrounds believes there is no solution to the current situation.
However, many Nigerians now invent into all kinds of lucrative businesses to maintain and sustain their needs and to cater for their families. In this article, you will be learning the process of building a company and it cannot be accomplished without explanation of the ways of starting a business because it’s a roadmap to starting a multi million naira company.
- Solve problems/ solutions: This is the fastest way to build your multi million naira company because everyone has problem one way or the other and we all need rapid solutions to the problem. As business guru, you need to search for the problems facing majority of people and think deeply to find solutions to them because people are willing to pay huge for problem solver. For instance, Covid-19 has taken over the universe, countries’ health systems are at work in search to be the first to get the cure and any country who happens to find cure will definitely rule the world in cash and authority.
- Value of goods and services: this is the quality that make your products desirable to the customers. One of the ways to build a multi million naira company is that the customers believe in your products and they think it can solve their current problems. So, your products must worth it because if they could not find their solutions in your products, it will render it unworthy and they will share their bitter experiences with other customers. The value of goods and services make customers to comeback for more.
- Innovation: this is the situation whereby one thinks outside the box, in the sense that you create something new which is contrary to what people have done. You will make a lot of profit when you are the founder of something rather than follow what has been done by competitors and others follow. To build a multi million naira company, you need to invent rather than re- invent.
- Affordable price: one of the ways to build a multi million naira company is to make the price of your goods and services affordable and bearable for all. Let your customers feel the advantage of affordable price that makes you different from others.
- Employ team of experts: to build a multi million naira company, you have to surround yourself with bunch of experts who know the rudiments of the business. These experts team give your company a special brand that the customers will not be able to find elsewhere and you must understand that how you treat them matters because they make or mar the company in the face of the customers. Carry them along and let them understand that they are parts of the company, without them, there’s no company.
Make research: building a multi million naira company in Nigeria isn’t something that can be built in a day, you have to go through a lots of researches and Enquiries from reading different financial books and consulting the consultants who have deeper knowledge in business. Multi million naira business men and women in Nigeria today like Dangote, Otedola didn’t just get to the top, they make research and also have some business consultants who can unlock the safe bank.
Meanwhile, a lot of multi million naira companies today making their way to the top isn’t just one-day job, they faced challenges and hindrances but what kept them at the top is their patience, passion, resilient, focus and determination, if you have these, then to achieve your own goal of building a multi million naira company in Nigeria will be easy and fast rising.
MULTIMILLION NAIRA BUSINESS IDEAS
There are lots of multimillion naira business ideas in Nigeria that one can invest to multiply the cash, Nigeria’s population of over 200 million citizens has helped in the growth of a multimillion naira business ideas and with this population, a lot of companies have earned millions of naira. Some of these business ideas and fast growing business are as follows:
- Agribusiness: since the days of memorial, agriculture has been the major source of livelihood in the world because it produces human daily consumption and it’s compulsory to feed. This is a multi million naira business that makes way in Nigeria because of the population of food consumption.
- Education: this is a fast multimillion naira ideas it’s no doubt Nigeria’s education is thwarted which led to the private schools taking over what government could not handle. Nigerian parents make it compulsory for every child to go to school irrespective of his or her age.
- Startup loan: this is one of the fast rising multi-million naira business ideas in 2020 in Nigeria. You get a loan and pay back within a given period of time. Every month, the borrower pays 5% of the money borrowed to the loaner aside the money he or she borrowed.
The above are just few of many examples of multi million naira business ideas in Nigeria in which one can invest and will never regret it. Among them are e-commerce business, real estate, importation of fairly used clothes (okirika), transportation business and many more.
BUILD A MILLION NAIRA BUSINESS IN 12 MONTHS
To build a million naira business 12 months isn’t a piece of cake because it takes a lot of sacrifices and determination which is not for lazy people because if it’s that easy and smooth, everyone would have been like Dangote or Bill Gate at a blink of eye.
Meanwhile, it’s what makes some people special because they strive never to relent because they have what it takes to build a million naira business within 12 months.
According to Ryan Moran in his book “12 Months To 1million“, he stated ways to build a multi million business in 12 months into three stages, these are:
- First stage is the grind which starts from zero to four months. This is the stage where you have not yet decide what to sell or the products and services you want to render to the customers, what can make the customers comeback for more. It’s a stage of decision making, you are making researches on what can actually move the market, what product can build a multi million naira business. So, at this stage, you need to think and rethink because what you decide now determines if you can actually build a multi million naira business. You must have decided what products or services can actually fetch you a million naira in 12 months before you move on to the next stage.
- Second stage is the growth stage from five to eight months. At this stage, you must strive to be consistent on your sale and increase your sales per day. This is a difficult stage where you have to build up your customers to increase your sale because if you can sell your products at an average price point of about 5000 naira per day, that’s a million naira business
- Final stage is the repetition of the process through products. From nine to twelve months. Repeating process has to follow the same trend you did in the second stage of growth but in an advance method and you must be innovative by introducing new goods and services to the costumers.
BUILD A MILLION NAIRA BUSINESS IN 90 DAYS
To build a million naira business in 90 days is not easy as it seems but it happens if you have the courage and determination. There are several ways you can build such million naira business within the period, some of these ways are Business consulting firm, marketing e-commerce etc. These firms can easily build a million naira business because they stand as an intermediary between between two different entities. As an intermediary, you bring the buyer to meet the seller, there you earn your commission from both sides, there are lots of companies that want to sell their goods and services and they need buyers from different parts of the world likewise buyers need sellers. Bringing these two together can build a million naira business in 90 days.
RUNNING A MILLION NAIRA BUSINESS
Having a business company in Nigeria is one thing but running a million naira business is a major thing because a lot of multi million naira businesses have been liquidated due to improper management of the business. There are steps you can follow to run a million naira businesses. These steps are suggestions if you want to run a million naira business.
- Upgrade your customer service: it has been discovered that customers services give customers good experience about the business and it takes a long time to regain customers if they had bad experiences about your product and service. Make customers services your priority, with your present customers because they are the one that will bring new ones to you.
- Grow your marketing skills: Marketing is the market weapon to run a million naira business because it promotes your business whenever you are not there. Promoting your business online and offline gives the face of your business a beautiful one.
- Employ the right employees: the right employees are the tools in running a million naira business because they scout and keep customers. As a business man, you must train them. To run a million naira business, you must hire and train quality staff and keep them for a long period of time.
- Update your online stock: To run a million naira business, you products and services must be up to date, source for new product or idea that will attract customers to come for it and as well get new customers. It shows that you still on track because customers get tired of old products and services.
These are just few among many suggestions on how to run a million naira business. If you can abide by these suggestions, then you are ready to rule the market.
HOW TO BUILD A 100 MILLION NAIRA BUSINESS
To build a hundred million naira business is not an easy task but to make the business worth the value then you have to increase your customers’ number. According to the formula below, you can build a hundred million naira business
(TC × GSP) = TI
T C= Total Customer.
GSP= Goods/Services Price
TI= Total Income
To build a hundred million naira business depends on the number of your active customers and the prices of your goods and services.
Example: if you have Total customers=TC 1000,000 × Prices of goods and services(100) = Total Income 100,000000
According to the example above, if 1 million active consumers pay 100 naira per year through your products and services, that’s a hundred million naira business. This is more reason why countries with high population of over 200million like China, USA, Nigeria etc are places to sell goods and make money because population helps in business.
TEN MILLION NAIRA BUSINESS
To invest a sum of ten million naira into a business is a huge capital and it depends on the business you are investing it on. These are some of the ideas.
Transportation business is one of the profitable businesses trending in Nigeria especially in Lagos where the population is over ten percent of Nigeria’s population. Transportation is so profitable to invest ten million naira, the thing is you have to buy 3 buses and give it to trustworthy people who will pay at when due.These 3 buses can generate average of sixty thousand naira (60,000)per day , they can easily generate average of three hundred thousand naira (300,000)in a week and a million naira in a month. It is believe that the business is not an easy one but if the buses are managed by genuine drivers who pay as at when due, it worth a ten million naira business.
MULTI MILLION NAIRA BUSINESS FOR SALE
To own a company in Nigeria is everybody’s dreams and nobody wish to sell his or her company even if it brings little income, as long as it is owned by you or you are among the group directors. it’s something sad to see a multi million naira business for sale, a lot has happened and there are several reasons that might have led to that, some of the reasons might be partnership conflict, liquidate, not profitable, death of the owner, family inheritance etc.
Meanwhile, if a multi million naira business company in Nigeria is put for sale must attracts buyers because the qualities of this business make buyers come for it with huge capital. Some of these qualities are,
- It must be a profitable business.
- The customer base must be huge
- No debt
When you are selling the businesses, there are documents you need to put together because these documents are what the buyer wants to see and that can convince him to buy.
- Cooperate affair commission certificate.
- Financial statements.
- List of what have been sold.
- Summary of how the business is being operate.
Multi million naira business company in Nigeria for sale must follow the aforementioned list to make profit after sale, business is the only way that can change someone’s life forever and it can only happen when you have business because business owners who pay salary invest in people and products.