There are many reasons why you would want to start an online business. You already know the reasons and I don’t need to remind you. However, I want to show you some of the major requirements for starting an online business in Nigeria. A lot of people start online business without having these requirements and they struggle along the way.
Starting an online business is easy, cheap and very convenient. Most of the processes can be automated, depending on the nature of online business you want to do. I believe you have sorted all that out. So, let’s look at the major Requirements For Starting Online Business. Are you ready?
Requirements For Starting Online Business
Below are what you need to get started immediately.
1. A Website
A website is your address online. Every business done offline has a location. When you do online business, your office address is your website. Since you are online, your website is your store. That is where people come to see what you do. So, you must get a good website that can serve the purpose of your business.
2. Payment Integration on your website.
Online business requires that you collect money online. So, you need to have a payment integration on your website. The payment gateway you will choose will depend on the location you are targetting per se. If you target Nigerians, you will not have to use Paypal as your payment processor. Paystack is one of the most commonly used in Nigeria.
3. Small Office Space
Relax. One of the reasons for an online business is because of convenience. However, you still need an office. This office could just be your working space at home. Again, if you offer products, you will need a store for products storage. If your home can carry that, there is nothing to worry about.
4. Business Name Registration
If you are really serious about doing business online, then, you will need to register your business with the Corporate Affairs Commission. It isn’t compulsory to have this from the beginning. If you really want to stay in business for long, then, this should be part of your requirements.
5. Phone/Laptop & Data Subscription
You can’t do online business without a good phone or laptop. It is advisable and more convenient to use a laptop. But, this again depends on the type of service you render online. A phone can always serve for a start. As you grow, you can always expand and get yourself a strong laptop.
What can you do without data subscription? You will be spending heavily on data. So, it’s advisable you budget yourself to have sufficient data to attend to your business online.
6. Advert Budget
You see, no one will know that you exist without your informing them This is where your advertisement budget comes in. You need to budget money for advertisement. Also, you can invest in social media adverts, Google ads and also sponsored ads. If done well, you can easily recoup the expenditure on ads.
This is very optional depending on your location. As you know, constant electric power supply isn’t part of Nigeria for now. So, you may have to purchase a generator to support your online business. However, you can always find an alternative to reduce the cost for yourself.
Other Important Requirements You Can Easily Outsource
We have listed the core requirements to starting an online business. However, below are some other vital requirements that you can outsource to other businesses to handle for you.
- Courier & Logistics Services: This is important if you have an online store. They will help you make deliveries withing and without your business location.
- Contract Staff: Depending on the scale if your business and the resources you have at hand, you can always employ one or two persons for a start.
- Delivery Bike/Van: This is also optional.
Got questions? Ask!