See below how you can start a small business with N5000:
- Your motivation
- Start as a jobber
- Start as a hawker
- Buy a Truck
- Rent a store
- Buy a sales van
- Register a business name
- Build a small factory
- Incorporate a limited liability company
Starting a small business may be a good bet for you, especially if you have no:
- financial support from your family and friends
- personal finance
- good education
However, starting, building, managing and growing a small business is not the faint of heart. But you can do it. Others have done it before. Many more will do it.
1. Your motivation
You need enough motivation to start a small business, especially if you have little or no startup capital.
In other words, you need to have:
- foresight and lots more.
2. Start business: Start As A jobber
If you have nobody to help you with funds to start a small business, you can start to do casual or menial jobs.
In this case you should be ready and willing to do any manner of job, provided money changes hand.
For example, you can do gardening, messenger, daily jobs and so on provided money changes hand.
It is not possible to list here all the possible legitimate jobs you can do to raise capital. But you can start from somewhere.
3. Start business: Be A Hawker
The idea of hawking or doing direct selling from street to street may not appeal to you initially.
However, if your focus is to start a small business, your aim should be to raise capital to go into the business of dream.
When the Nigerian civil war ended in January 1970 this was how the Ibos in the South Eastern States of Nigeria started to rebuild their lives. In particular, that was how Onitsha, the commercial hub of marketing in Nigeria grew to its present status.
4. Sell rat killers and mosquito insecticide
You can start your marketing campaign by selling rat killers and insecticides to local communities in your area.
Please note that you can sell any product or service that you can provide.
To enable you to succeed in this venture, you need to:
- identify your target audience
- know where they hang out,
- ascertain which time of the day they can be found at home.
This stage is necessary because you will be selling to people in your local area. They are usually at home as from 5.00 pm
To kick start the business you need to buy:
- a basket,
- some bottles of insect and rat killers
- and a whistle
You can move from street to street blowing your whistle.
When the locals hear your whistle they will come to you to buy.
Buy a wooden Truck
If your wares become too heavy for you, then you can buy a Truck fitted with two Tyres.
This will make it easier for you to move from place to place with a lot more products.
Thus, you will be able to sell more products, make more profits and grow your small business.
5. Rent A Store
When your business begins to grow you can rent a store.
Then you can sell to those who may need to buy from your store.
Furthermore, you can hire a salesman to sell your products in the store.
Do not forget to give the salesman all relevant instructions on how to attend to customers.
6. Start business: Buy A Sales Van
Still another method you can buy a sales van to market your products.
You can fit a loudspeaker to the van so that you can play recorded cassette and reach more people instead of blowing whistle.
7. Register A Business Name
If your business begins to grow you can register a business name that best describes your business.
The corporate Affairs Commission is the government agency responsible for registering and regulating the activities of companies and small businesses
Going forward, you can try to undergo training for the manufacture of rat killers and mosquitoes.
8. Build A Small Factory
As your business begins to grow you can then build a small factory where you can produce your products yourself.
Your production costs will be lower than what you used to pay to whole sellers and middle men.
Consequently, you will be able to sell to your customers at cheap prices.
You will, therefore, be able to sell more and make more profits.
9. Start business: Incorporate A Company
When your business becomes full blown, you can incorporate your business into a private liability company.
In conclusion, if you are able to work your way from the scratch to the success, you will have realized your dream of becoming an entrepreneur.
Most importantly, you have achieved your goals of:
- owning your own business
- being your own boss
- creating jobs for school leavers
- giving back to society
- and enjoying financial security.
By Samuel Ijenhi
B. Sc. Accounting [University of Benin]
Benin City, Nigeria.