Why Every Nigerian Should Register a Business

Wake Up, Tonye! It’s time to register that hustle

You’ve got the hustling spirit running through your veins, don’t you? From selling MTN recharge cards under the hot sun to supporting yourself through university by selling grilled fish near the hostel, you know how to spot an opportunity to make some cool cash and capitalize on it.

Ok, maybe that’s not you. But the point is, every Nigerian has an enterprising spirit. Yet not every Nigerian is able to actualize their potential because not everyone has the information needed to get them from point A to point “successful”. 

With crazy fuel scarcity one week and price hikes the next, how’s a guy supposed to catch a break? Before diving into your next side hustle, have you considered registering a business?

Sit back, relax, and let’s give you information that will take your hustle to the next level

A registered business gives you the credibility you deserve

When you register your business, that’s when the real magic begins! It not only provides you with legal recognition and protection but also offers numerous benefits that contribute to the credibility and reputation of your enterprise.

One significant advantage of registering your business is the ability to secure a unique and distinctive business name. By registering, you gain the exclusive right to use that name and can even consider trademarking it. This ensures that no other business can operate under the same name within your jurisdiction, thereby protecting your brand identity and preventing confusion among customers.

Credibility plays a vital role in attracting customers, partners, and investors. When people know they are dealing with a registered business, it instills confidence and trust in your brand. Registration demonstrates your commitment to professionalism, accountability, and compliance with legal requirements. It signifies that you are a legitimate entity operating within the bounds of the law, which can significantly enhance your reputation in the marketplace.

Get a Business Bank Account

You need to provide proof that your business is properly registered before you can open a corporate bank account. If your business is named Starlight Fashion House and a customer has to make a transfer to “Dapo Daniel”, it sends the wrong signal. Especially when you’re dealing with first time customers online. 

If you’re used to hearing “I will get back to you” from customers who never return after sharing your bank account details, it’s likely because your business name and account details don’t match. Everyone is wary of scams.

Register your business on Norebase today and get a bank account that you can proudly present to your customers.

Get Access to Loans, Grants, and Investments

When you apply for small business loans, you’re going to have to prove that you’re actually a business. Lenders and investors will ask to see your business registration along with other application requirements before approving you for a loan.

No one invests in an unregistered business. Be it grants or investments from institutions, you need a registered entity to benefit from external funding.

Navigate the Unstable Economy

A registered business provides you with greater flexibility and control over your earnings, especially in the face of an unstable economy. When the Naira floats, you can float with it. Having a registered business allows you to navigate the challenges posed by inflationary pressures more effectively.

As prices rise due to economic factors, such as currency devaluation or increased costs of raw materials, you have the flexibility to adapt your pricing strategy to maintain profitability. 

Unlike a fixed salary, which may not keep pace with inflationary pressures, having a registered business enables you to monitor market conditions and adjust your pricing structure accordingly. This ensures that your earnings are not eroded by rising costs and helps you maintain a sustainable income.

Final Thoughts

I’m surprised you made it to the end of the article. If I were you, I would be filling out a business registration form on Norebase already. 

Leave a Reply

%d bloggers like this: