A simple step on how to venture into micro lending business in Nigeria



The gospel truth is that a lot business men and women need money for the purpose of making more money. The way blood is to mankind that is how money is to any business. There is actually no business that can survive without money. A lot of business men and women face challenge of lack of fund in their business, this is where they actually need the assistance of micro lenders. Starting a micro lending business in Nigeria can be very profitable if it is done in a proper way. On this article we are going to discuss everything you need to known about starting a micro lending business in Nigeria. The following are the requirements that you need in other to start a micro lending business in Nigeria;

     1.  Secure a name for the business and register it: You need to get a unique name for the business and register it with CAC (Corporate Affairs Commission). If you can’t do it yourself you can meet a lawyer to do it for you. Choose a name that look like the micro lending business.

     2. Securing a good office location for the business: One of the best location you can setup your micro lending business is a place close to the market. With this you can get customers that can grow your micro lending business. There are a lot of market places in Nigeria where you can locate your micro lending business, just get an office around the environment. Market men and women are the real customers to micro lenders.

      3. Securing capital for the business: The truth about micro lending business is that it requires capital start. Is not actually possible to venture into micro lending business in Nigeria without capital. You can apply for a loan from any commercial bank in Nigeria with a good business proposal. You can also seek for assistance from any of your relatives or close friends whom you feel that is financially buoyant. Getting a capital is very important in micro lending business.

     4. Employment of staff: You need to employ some people that will assist you to run the business. You need to employ a qualify marketer that will be on the field. Also you need an operational staff. You can start by employing few staffs, and then later increase it as the business grows.

    5. Promoting the micro lending business: Promoting the micro lending business is very important. There are different methods you can use to promote the micro lending business. You can design a T-shirt and face cap with the micro lending business name on it. These T-shirt and face cap will be put on by the marketers anytime they are on the field. You can also print out flyers and business cards.

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