Creating Your Own Job

How Can I Create my Own Job?

Becoming your own boss has both pros and cons. Some of the positive factors can include feeling passionate about your work, being in charge of your own time, and creating your own work environment. Some of the challenges can include working long hours to get set up, feeling pressure to perform, and no paid holidays. However, working for oneself and creating your own job is an exciting proposition.

Because of high rates of youth unemployment, the Nigerian government is currently encouraging entrepreneurship by setting aside empowerment funds, creating skills acquisition centres, making soft loans and more.

How Do I Develop My Own Business?

You will need to:

1.  Develop a Business Idea:  A  good business idea involves identifying business opportunities and brainstorming around the solution you can offer that will match  needs and yearnings in society. What is it that people want or need? How can you provide this?

2.  Write a Business Plan: This is the blueprint that will guide the business.  It outlines the route you intend to take to grow revenue. Potential investors  will want to see your business plan before investing.,Banks and other funding organizations will require it too.

3.  Register  the Business: This involves registering the business with the Corporate Affairs Commission (CAC), and it entails the following steps:

You will need to:

a. Decide on an ownership structure of the business.

b. Choose three preferred names.

c. Visit the nearest CAC office to check availability of the chosen names.

d. Provide details such as a business address, a memorandum of association, articles of association, details of Directors, share capital and allotment etc.

e. Pay the necessary fee.

Having fufilled these, the business will be registered and a certificate will be released.

What about Taxes and Levies?

It is necessary  to register with the Federal and State Inland Revenue Services. The Federal Inland Revenue collects Value Added Tax, Company Income Taxes and Withholding Taxes, while the State Inland Revenue collects taxes deducted from employees and other necessary taxes.

What about a Licence and Permit?

This depends on the nature of business. Almost all businesses have their regulatory bodies and agencies governing them and the regulations vary by industry. For example, If you are in the food service business, you will need a license from the National Agency for Food and Drug Administration and Control (NAFDAC).  A chemical solvent-related has the Environmental Protection Agency's compliance to meet. For Daycare/Nurseries, a license from the Board of Education is required and so on. So, you should find out the applicable regulation for your type of business.

Where should I set up my business?

It is suggested to site your business in a good location, taking  into consideration factors such as the road network, access to public transport and/or parking for customers and clients, closeness to raw material if necessary, and such like.

Do I need a website?

Your business definitely needs a user-friendly website that will give your business solid global exposure. Nowadays, internet marketing contributes to a good percentage of overall business sales.

What about a marketing plan?

A good marketing plan will enable your business to acquire a reasonable market share. Whatever the product, it needs a strategy to get to prospective customers. This plan must also assess the market in order to know how to penetrate effectively, and ultimately make sales.

Do I need branding?

Yes! Create a unique identity for your business. Design a logo, business cards, brochures and any other promotional items. These should tie in with your website and web marketing strategies.

What about funds to get started?

Raising funds to run your business is essential to operate a successful business. The Nigerian government has designed and introduced a variety of measures to promote small and medium scale enterprise development. With a brilliant business proposal, a loan can be accessed from the following organizations:

1. SMEDAN. -  Small and Medium Enterprises Development Agency of Nigeria.

ADDRESS: No. 35, Port Harcout Crescent, Area II, Garki, Abuja.

TEL.:  +234-9-7804708

WEBSITE: www.smedan.gov.ng

2. BOI - Bank of Industry

ADDRESS: 23, Broad Street, Lagos

WEBSITE:  www.boi.ng

3. ETF - Employment Trust Fund

WEBSITE: www.lsetf.ng

4.  YouWin

www.youwin.org.ng

5. Microfinance banks

Setting up your own job makes you your own boss, changes your status from an Employee to an employer and encourages personal satisfaction and self reliance.

Find out more about Salaries and Wages

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