Summary Of How To Plan & Start A Business With A Million Naira, By Veracity Desk

Starting a business with 1 million naira requires careful planning and research. Here are some business ideas and steps to consider:

Business Ideas:

1. Online Services:
   • Digital marketing agency
   • Social media management
   • Content creation
2. Retail Business:
   • Small grocery store
   • Fashion boutique
   • Beauty supply store
3. Food Business:
   • Small restaurant or café
   • Food truck
   • Catering services
4. Service-Based Business:
   • Event planning
   • Photography
   • Laundry services
5. Agriculture:
   • Small-scale farming
   • Livestock breeding
   • Aquaculture

Setup Costs:

1. Registration: 50,000 – 100,000 naira
2. Rent/Space: 200,000 – 500,000 naira (depending on location)
3. Equipment/Inventory: 300,000 – 500,000 naira
4. Marketing: 50,000 – 100,000 naira
5. Working Capital: 100,000 – 200,000 naira

Steps to Setup:

1. Conduct market research and feasibility studies.
2. Register your business with CAC (Corporate Affairs Commission).
3. Obtain necessary licenses and permits.
4. Rent a suitable location or setup an online presence.
5. Purchase equipment and inventory.
6. Develop a marketing strategy.
7. Hire staff (if necessary).
8. Launch your business.

Tips:

1. Start small and scale up.
2. Focus on a specific niche or target market.
3. Develop a unique value proposition.
4. Monitor finances closely.
5. Seek mentorship and guidance.

Additional Resources:

1. Nigerian Small and Medium Enterprises Development Agency (SMEDAN)
2. National Association of Small and Medium Enterprises (NASME)
3. Nigerian Ministry of Trade and Investment
4. Online business communities and forums

Remember, starting a business requires dedication, hard work, and resilience. With careful planning and execution, 1 million naira can be a great starting point.

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