FOREWORD

I have seen many people finding it difficult to move their ideas to realities because they seem lost on how to go about it.

I have also seen a lot of entrepreneur struggle with how to manage their businesses as they lack the information and capacity to manage their businesses with the resultant effect being that over 80% of businesses fail to live up-to 5 years.

In the same vein, many persons including foreign investors have lost money using middlemen to get the licenses, certifications and data needed for their business.

All these plus the prevalent challenges of doing business in Nigeria have contributed to lots of people being frustrated with the system.

In my career, entrepreneurship journey and as a consultant, I have also encountered lots of these setbacks and was forced to grind it out the hard way in order to become successful but I accept the fact that if there is a resource that can help people to navigate professionally, they stand a higher chance of succeeding and the economy would be much better for it.

Now I am happy because there is a resource that will guide businesses in Nigeria and foreign investors who are interested in investing in Nigeria on how to be on the right path; there is a resource that covers

•      building the right entrepreneurial mindset,
•     step by step approach in legalizing your business in Nigeria,
•     understanding the Nigerian tax system,
•     valuation of businesses,
•     how to write your business plan,
•     diagnostic tools for business owners and consultants,
•     standardization of processes for improved productivity,
•     practical steps of building to scale of businesses,
•     Importance, roles of HR And how to set up HR Department in your Organization.
•     What Nigerian businesses and government needs to do to position themselves and take advantage of AfCFTA,
•     Do it yourself approach to regulatory compliance where the procedures and requirements to register with the following agencies were comprehensively given

ü  NAFDAC

ü  SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING (SCUML)

ü  NATIONAL PENSION COMMISSION

ü  INDUSTRIAL TRAINING FUND

ü  THE NIGERIA SOCIAL INSURANCE TRUST FUND (NSITF) 

ü  NIGERIAN EXPORT PROMOTION COUNCIL (NEPC)

ü  NIGERIAN INVESTMENT PROMOTION COUNCIL (NIPC)STANDARD ORGANIZATION OF NIGERIA (MANCAP, NIS Mark of Quality, NQA, SONCAP)

ü  NIGERIAN COPYRIGHT COMMISSION

ü  TRADEMARK, PATENTS AND DESIGNS.

ü  NIGERIA COMMUNICATIONS COMMISSION (NCC)

ü  PHARMACISTS COUNCIL OF NIGERIA

ü  NATIONAL INFORMATION TECHNOLOGY DEVELOPMENT AGENCY (NITDA)

ü  NIGERIAN MIDSTREAM AND DOWNSTREAM PETROLEUM REGULATORY AUTHORITY (NPRA).

ü  NIGERIAN UPSTREAM REGULATORY COMMISSION, NURC

This book is not just theory but realistic synopsis of doing business in Nigeria and succeeding, hence I recommend that you read it for the guidance, and tools needed to help you smartly start, grow and scale your business in Nigeria.

Ibrahim Hussaini Doko

DG/CEO Raw Materials Research and Development Council (RMRDC) 

MENU CONTENT

 CHAPTER 1: A FOCUSED APPROACH TOWARDS BUSINESS STARTUP AND GROWTH

•         Five business startup determinants

•         Classification of Business By Characteristics

•         Classification of Business By Challenges

•         Classification of Business By Funding Opportunities

CHAPTER 2: HOW TO STARTUP WITH LITTLE OR NO FUNDING

·         17 ways you can start business with little or even without money

CHAPTER 3: CHOOSING THE BEST STRUCTURE FOR YOUR BUSINESS IN NIGERIA.

•       Business name (sole proprietorship, general partnership, limited partners, Limited liability partnership)

•        Private limited company (ltd)

•        Company limited by guarantee

•        Public limited company

•        Incorporated trustees

CHAPTER 4: UNDERSTANDING THE NIGERIAN TAX SYSTEM

•        Withholding Taxes (WHT)

•         Companies Income Taxes (CIT)

•         Value Added Taxes (VAT)

•         Personal Income Taxes (PIT)

•         Petroleum Profits Taxes (PPT)

•         Stamp Duties (SD)

•         Capital Gains Taxes (CGT)

•         National Information Technology Development Levy (NITDL)

•         Tertiary Education Tax

•         Employee Compensation Deductions

•         Industrial Training Fund Deductions

•         Custom and Excise Duty

•         Nigerian Content Development Fund (NCDF)

CHAPTER 5: BUSINESS VALUATION FOR SMEs

·         What is business valuation?

·         What are the various methods of business valuation?

1.   ROI-Based / Income Based Business Valuation Method

§  Capitalization of Cash Flow Method:

§  Discounted Cash Flow Method:

2.   Asset-Based Business Valuation Method

3.   Market-Based Business Valuation Method

§  Guideline Transaction Method

§  Guideline Public Company Method

CHAPTER 6: WRITING YOUR BUSINESS PLAN

•        Definition of a Business Plan

•        Use of a Business Plan

•        Business Plan Fallacies in today's world

•        Business Plan Outline

1. Executive Summary
2. Business Description
3.  Products and Services
4. Market Overview (TAM,SAM,SOM)
5. Marketing and Sales Strategies
6. Competitive Analysis

•     SWOT Analysis
•     Competitor Matrix

   7. Business Model Canvas

  8. Operations and Management Plan

  9. PESTEL Analysis

  10. Growth Plans and Milestones

  11. Financial Plan

  12. Appendix

CHAPTER 7: BUSINESS DIAGNOSTIC TOOLS

·         What is Business Diagnosis?

·         Benefits of Business Diagnosis

·         Business Diagnostic Tools

1.   SOAR MATRIX

2.   SWOT MATRIX

·         Difference and Similarities between the SOAR and the SWOT Diagnostic Tools

3.   ANSOFF MATRIX

4.   THE BUSINESS MODEL CANVAS (BMC).

CHAPTER 8: STANDARDIZATION OF PROCESSES

•       What is Standardization of Processes (SOP) and why is it important?

•        Benefits Of Standardizing Your Processes

•        Some Concerns about Standardizing Processes

•        How to Standardize Your Processes

•        SOP Menu

•        Continuous Process Improvement

1.   Japanese continuous process improvement model – Kaizen

2.   American continuous process improvement model – PDCA cycle

CHAPTER 9: BUILDING TO SCALE

•        What is scaling in business?

•         How is scaling different from growth in business?

•         Characteristics of a scalable business?

•         9 Tips to Scale Your Business?

•         Key documents needed in Fund Raising

•         Benefits Of Scaling Your Business

CHAPTER 10: IMPORTANCE, ROLES OF HR AND HOW TO SET UP HR DEPARTMENT IN YOUR ORGANIZATION

•         Definition of HR

•         10 importance of HR

•         8 roles of the HR department

•         7 steps to set up your HR department

CHAPTER 11: POSITIONING TO TAKE ADVANTAGE OF THE OPPORTUNITIES IN AfCFTA.

•         Defining FTA and Examples of FTA

•         The AfCFTA

•         Objectives Of AfCFTA

•         Challenges That Could Affect The Success Of AfCFTA

•         Benefits Of AfCFTA

•         11 Things that the Nigerian Government Must Do To Position Nigerian Businesses for AfCFTA?

•         How Nigerian Businesses Can Benefit From AfCFTA.

CHAPTER 12: DO IT YOURSELF APPROACH TO REGULATORY COMPLIANCE

(Registration and Licensing, Regulations, Fees and All you need to know)

•         Special Control Unit Against Money Laundering (SCUML)

•         National Pension Commission

•         Industrial Training Fund

•         The Nigeria Social Insurance Trust Fund (NSITF) 

•         Nigerian Export Promotion Council (NEPC)

•         Nigerian Investment Promotion Council (NIPC)

•         Standards Organization Of Nigeria (SONCAP, MANCAP, NIS mark of Quality,  NQA)

•         Nigerian Copyright Commission

•         Trademark, Patents and Designs.

•          Nigeria Communications Commission (NCC)

•          Pharmacists Council of Nigeria

•          National Information Technology Development Agency (NITDA)

•          Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA).

•          Nigerian Upstream Regulatory Commission (NURC)

•          NAFDAC

•          The national environmental standards and regulations enforcement agency (NESREA)

•          Manufacturers association of Nigeria

•          Registering your business with the corporate affairs commission (CAC)