Yaay! You have registered your business, now what next? Registering your business is just the first step towards building your dream – now, it’s time to lay the groundwork for success.
In this article, you will learn other things you need to do right away to set you apart from your competitors and help you win in the marketplace.
Table of Contents
Register your Trademarks
Registering your business is important to commence business operations. A trademark, albeit, not compulsory, protects your business and brand from competitors who might want to piggyback on the reputation you have already built.
Imagine you own a brand called Navaro vegetable oil. You have spent money to test and deliver a superior product, spent money on advertising and branding. 3 years later, your brand is well known and you are enjoying the result of your hard work.
A new vegetable oil company pops up, they see the reputation you have built in the marketplace and they know it won’t be easy to introduce another product without spending much. This new company decides to conduct a trademark search and they find out that you did not trademark “Navaro”.
They go on to register “Navaro” as a trademark. Unfortunately for you, they can sue you and force you to rebrand (stop using the name) since they own the marks. All this could be avoided if you registered the trademark before anyone else did.
To prevent this from happening to you, read our article on how to register a trademark in Nigeria.
Grab social media pages
It’s good to try to maintain the same username across all social media channels in order to build a consistent brand identity.
You do not want your Facebook username to be facebook.com/ewagoyin, while twitter is @ewagoyin_ng, then Instagram @ewagoyin_lovers. As you might already know, two people cannot have the same username on social media platforms.
Once you have registered your business, also register your username across all the social media platforms you will be using to promote your business. For platforms you won’t be using at the moment, it’s still smart to claim your username to prevent others from claiming it.
Get a business bank account
Keeping your personal and business finances separate is crucial for tax purposes and professionalism. Separating your finances makes it easy to calculate your profit, tax and other key financial metrics. It also presents a polished image to partners.
Apart from this, a business account comes with its benefits; multiple users can have access to the account while keeping a trail of every transaction they do while logged in.
For example, your accountant or finance manager can login to your business account with their own login credentials and release funds to pay vendors or cover operational expenses. At the end of the week, the business owner (you) can also login and see who carried out different transactions in the account. So, if one of the staff members who has access to the business account misuses funds or makes unauthorized transactions, you can easily track and identify the individual responsible. This is not possible with a personal account.
Also, if you plan to sell your business in the future, the buyers will want to see the business financial statement. You cannot present your personal account statement as it will not accurately reflect the business financial performance.
Create a Google Business Profile
Google is still the biggest search engine till date. People go to Google to search for businesses close to them that they can patronize, research for products and services.
One way to get customers from Google for free is by listing your business on Google. When you list your business on Google, potential customers can find you when they search, they can read reviews from other customers or even get important information like your address, phone number or services you offer.
If your Google business profile is optimized properly, it can rank higher in local search results, increasing your visibility and making it easier for nearby customers to choose you over your competitors.
Register your business on Online Business Directories
Apart from Google business, there are business directories where you can register your business.
An online business directory is a searchable online listing of companies and the services they offer.
Some customers are more sceptical and like to check listings and reviews on multiple websites before deciding to buy from you or visit your store. As a business owner, you shouldn’t just list your business on a Google business profile, you should list on as many reputable business directories as possible.
Also, listing your business on business directories and maintaining the same information (Name, address and phone number) signals credibility to search engines and AI tools. This will help boost your rankings when people search. It will also help you get recommendations from AI tools like Chatgpt, Gemini and Grok.
Some popular business directories in Nigeria are Finelib, Connect Nigeria and Business List.
Learn to sell on WhatsApp
If you are selling to Nigerians and Africans in general, you should learn how to sell on WhatsApp.
WhatsApp, which started as a messaging app, has evolved into a powerful business tool across the continent, where millions of people use it daily not just for communication, but also for discovering products, negotiating deals and making purchases through chats, status and channel updates.
It is estimated that there are over 90 million Nigerians on WhatsApp who spend an average of 16 minutes on the platform daily.
Positioning your business to sell on WhatsApp will increase your revenue while you explore other sales channels like your website, other social media platforms and online marketplaces.
Also, when your customers follow your business on WhatsApp either through your status updates or channel, you can turn them to repeat buyers by posting engaging updates about your products or services and providing quick customer support. This helps in reducing your customer acquisition and retention cost.
Our guide on how to Sell on WhatsApp teaches you strategies that work with bringing in new customers into your WhatsApp funnel wand turning them into repeat buyers.
>>Get how to sell on WhatsApp<<
Get a Bookkeeping Software
A bookkeeping app helps you to track income, expenses, inventory, generate reports, organise financial records and stay on top of tax obligations.
Let’s see how a bookkeeping software will help a businessman who sells electronics across three states in Nigeria.
Mr Gabriel has an electronic appliance store at Alaba market (Lagos), another store at 41 Iweka road Onitsha (Anambra State) and the last store at Banex plaza (Abuja).
At each of his store locations, he has a staff that keeps records of every sale, expense and inventory using a Bookkeeping software.
With the help of this software, Mr Gabriel will be able to;
Track which product is selling fast at each store He can also track how many sales each store is making in a day.
Manage inventory: The software will also let him know when his LG 300W Soundbar with Subwoofer, his best selling product, remains only two at his Banex plaza store. Even if his boys forget to remind him to restock, his Bookkeeping software won’t forget.
Manage Expenses: When his goods arrive at Apapa Wharf, he needs to first transport them to his warehouse in Alaba. Then, from the warehouse, his boys waybill 20 Skyrun Fridge and 17 TCL televisions to his store in Onitsha.
His accountant at the warehouse, takes record of how much it cost to transport the goods from Apapa to their warehouse in Alaba and also the cost of waybill from Alaba to Onitsha.
At the end of the month, Mr Gabriel knows how much he is spending to Transport his goods to his different outlets. If he thinks he is spending too much to transport his goods, he may invest in cheaper alternatives.
Through his bookkeeping software, he also keeps track of how much he’s spending for market levies, his business website, digital marketing, shop rent etc. The software can compare this to his total revenue, giving him a clear picture of his cash flow and helping him to decide where to cut costs, increase price or invest more to grow his business.
Simplify Tax Compliance: When agencies like the FIRS, LIRS and all other “IRSes” come knocking, his accountants can simply generate a clear financial report to file taxes accurately and avoid penalties.
Access Loans: With a financial report generated from a bookkeeping app, Mr Gabriel can visit his bank or an investor, present this report and request for loans. If the investor or bank is convinced with the profitability of the business as reflected in the report, they are more likely to invest in his business.
You can check out Zoho Books to get started.
Secure your Domain Name(s)
A domain name is the word people type into a web browser or click to visit your website. An example of a domain name is Growthpal.com.ng, Facebook.com, Jumia.com.ng etc.
If you plan to build a website for your business or own a business email address e.g [email protected], then you need to buy your business domain names.
Delaying to do this could make a competitor or an individual who sees potential in your brand to buy it and hold or resale to you at a higher fee.
In 2013, there was a legal battle between Konga and Rocket internet, the owners of Jumia.
Jumia had launched as an E-commerce platform in Nigeria in 2012. They had a headstart which gave them an edge as they were able to build customer base and brand recognition before Konga launched months later.
When Jumia got wind that a competitor, Konga was gearing up to challenge it’s dominance in Nigeria, they took action by buying the potential domains of Konga in other African countries in case Konga wanted to expand in the future.
The domains Jumia bought were;
- Konga.co.za (South Africa)
- Konga.ly (Libya)
- Konga.sc (Seychelles)
- Konga.co.ke (Kenya)
- Konga.cd (cote d’Ivoire)
- Conga.cm (Cameroon)
- Konga.sh (Saint Helena)
- Konga.mw (Malawi)
- Konga.ma (Morocco)
- Konga.mu (Mauritius)
Konga sued Rocket Internet (Jumia) to court and the case lingered for a long time.
As a growing business, it is best to buy a .com domain extension for your business/brand name if its available or purchase the country level domain for the country where you operate e.g .ng and .com.ng for Nigeria
Budget for Paid Advertising
“You can have the best product in the world but if nobody knows about it, it’s not going to sell. That’s where advertising comes in”
The fastest way to grow and increase sales as a new business is to run paid advertising. Posting on social media and praying to the algorithm gods for your post to go viral is a gamble that often wastes time, whereas paid ads let’s you target your audience precisely and get measurable results from day one.
Before now, when TV, Radio, Newspapers and Bill boards were the popular ways to advertise, only big brands could afford it. At that time, you’ll need to hire a media team to create high budget visuals and negotiate ad-slots. The cost of entry was out of reach to growing businesses.
Online advertising has leveled the playing field. Businesses with small budgets can now advertise and reach their audience faster without breaking the bank.
You can factor in the cost of advertising into the selling price of the product. At the end of the month, you can deduct those expenses from your revenue and reinvest it into advertising for the next month.
If you need help with advertising so that you can focus on what you know how to do best, you can outsource your advertising to GrowthPal.
Get Necessary Licence and Permit
Depending on the kind of business you operate, you will need one or more licences to operate.
If you are into food, drinks, drugs or cosmetics, you will need a NAFDAC number for each of your products. For Jewelries and Car dealers, Real estate agents, developers or brokers, you will need an SCUML licence from the EFCC and a host of other licences.
Do you want to own a Fintech company? You need a Fintech licence, A Television or Radio station, you need a licence before you can even start.
Registering your business is the starting line. The true race lies in building a robust foundation that supports growth, attracts customers and withstand any challenges that may occur. By proactively addressing the 10 crucial steps highlighted in this article, you are setting your business up for success.
We hope that after reading our article on the 10 essential steps to take after registering your business, you will take action immediately. You can also read our article on how to file annual returns on CAC portal and How to register a business in Nigeria.
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