Everything you need to Know starting a business Support Service in Nigeria

Biz Start-up

February 2, 2021

Everything you need to Know starting a business Support Service in Nigeria

This is everything you need to know starting a business Support Service in Nigeria. This is often also the way to start a Business Support Service in Nigeria. Therefore, before discussing the way to start a business support service let’s brush up the basics.

Contents

1 What Are Business Support Services?

What Are Business Support Services?

Business support services are ancillary services required for the graceful conduct of business. Consider them like secretarial or low-key technical services.

Hiring full-time employees for such business support services are often costly. Therefore, companies tend to outsource these to business support firms.

Setting up a business support service requires low capital investment & therefore is barren of any substantial risk. As you want to remember, business support may be a huge industry in itself. As per a statistics, this industry staffs on the brink of around 1,000,000 people.

To sum up, starting a business support service are often a sensible startup decision.

Types Of Business Support Services

Business support services can of varied types like:
Secretarial services
Administrative support services
Office support services
Business incorporation services
Accounting and Auditing Services
Business auxiliary services – business planning
Business ancillary services – Supportive services

Truth be told, there are not any clear “types” of business support services. Generally, business support services are mentioned by the aforesaid alternative names. In crux, all of them mean an equivalent.

List & samples of Business Support Services:

There are numerous sorts of business support services like:

Data entry
Basic book-keeping (recording transactions)
Generating & sending invoices
Attending phone calls & routing
Office routine work like photocopying, lamination, fax & letters.
Legal support work like notary & contracts
Presentation & spreadsheet designs
Scheduling & managing meetings

Therefore, with the ever-expanding scope of business support, you never know what’s subsequent big thing which will get added to the present list.

Support Services for little Businesses:

But, let’s me first clear this myth first. Business support services aren’t solely for giant organizations. In fact, small businesses need them more. Why? Because they’re ones that don’t have the posh of your time & resource to rent full-time employees. Yes, they rightly so focus mainly on their core operations.

Therefore, as a start-up business support firm, you ought to primarily be that specialize in small businesses. Of course, once your business scales up, you’ll target the large ones.

Now, let’s dive in & explore the steps required to start out up a business support service.

HOW TO START A BUSINESS SUPPORT SERVICE (A COMPLETE GUIDE)

Register Your Business

At the outset, you would like to register your business as per the wants of your country or state laws. In Nigeria, if you are doing business in your own legal name then you don’t got to register in the least. Therefore, except for various legal & tax benefits, it’s highly recommended that you simply register your business separately.

For example: If your name is Smith then register your business as ‘JS & Co.’ or ‘John Smith & Co.’

Now, you’ll register a business in Nigeria in various ways like:

Forming a indebtedness company
Registering business name
Trademarking your business name

Registering a business requires professional help & assistance. I prefer & recommend CFMC Ltd to all or any clients. They have helped hundreds of companies to start out up in a legal & hassle-free way.

Get A Business checking account

Once you’ve got aforesaid legal formalities done, you’ll proceed to use for a business bank account.

To apply for a business bank account , you’ll need:

Business registration document
Your personal details.

A business checking/bank account is preferred over a private checking account due to various advantages like:

Legal requirements to separate business transactions from personal ones.
Ability to draw credit as & when required
Legal requirements on risk and liabilities.
Professional outlook

You need to assess & select the simplest bank supportive factors like:

Customer-friendly features
Interest rates for credit/loan/overdrafts
Transaction fees
Minimum balance requirements
Technology support etc.

Once your business checking account is approved, you’re able to receive your client money.

Set up Your Website

Gone are the times of cold calling. Now, you’ll get clients just by having an internet presence. Therefore, you would like a business website. And, must be ready with the following;

Name (like xyz.com). Preferably your business name should be your name.
A designed Logo
Privacy policy of your site

Rent An Office Space & Buy Office Equipment

Frankly speaking, during the initial days, you don’t need an office. If you’re short on budget, then start from your garage itself. Or else, you’ll always choose a co-working space.

As far as office equipment are concerned, you don’t have an option. Business support services require a minimum of a couple of office devices like:

Computer
Printer & photocopy machine
Router
Phone
Spiral binding machine

Market Your Services & Get Your First Client:

This is the foremost important step. Nothing works until unless you’ve got your first client. Having your first paying client will boost your confidence & open a door of opportunity for your new business. Hence, put aside all the large goals you’ll have & specialize in just one achievable target: Your First Client. Trust me, everything else will find its place on its own.

Now, to urge your first customer, you would like to plug your services. The way to do that?. Let me explain.

Following are some easy & cost-effective marketing hacks to urge started:

Referrals

You may use an easy Google form to invite referrals from your contacts like friends or relatives. Send mass email to them with the shape attached thereto. If needed, personally follow up with all of them. In the email body, write on your business support services & your authority. Don’t forget to supply a referral incentive to the referrer (mention an equivalent clearly within the body).

To make your pitch more attractive, offer a huge discount for your first customer. Also, don’t forget to feature a link to your website.

A word of caution: but don’t sound too excited.

Listings

Now, go through the yellow page listings & cold call a number of them. The likelihood is that there that a couple of these local businesses are going to be trying to find business support services.

Alternatively, you’ll attempt to find a couple of local businesses & contact them using Google search. And, then, go to each of these companies websites & contact them using the contact form.

A word of caution: The aforesaid list is simply an example. As already explained, you ought to ideally be targeting only small businesses during the initial phase.

Forums

This is one among my favorite modes to get leads. Online forums like Quora can assist you generate plenty of quality leads. All you would like to try here is answer questions associated with business support & link your website within the answers.

To succeed at forums, it’s important to feature immense value through your answers. Hence, the answers should be such they assist you to determine as an authority within the business support industry. Such authority will help build trust within the minds of the readers. And, that trust will drive clicks to your website.

Once on your website, the readers will anticipate to contacting you. Therefore, get your contact page designed as a landing page.

Business Networking Events

Business events are emerging as a reliable medium to network & nurture relationship with prospects. All you would like attempt to here is to attend as many such events as possible & try to reach bent business owners.

While reaching bent prospects, confirm to:

your business card must be handy.
Talk confidently & sort of a subject expert
Showcase your experience
invite the prospect’s card

It’s important to remain in-tuned with the prospects you met during the events. You may explore BNI (Business Network International), the world’s largest business networking organization.

Brand Partnerships

This strategy is all about reaching bent other relevant businesses & getting into a partnership for mutual benefit.

Example: Reach bent an internet site design agency & traffic jam for client referral. If a business needs an internet site meaning either they’re starting out or expanding. Either way, they might need business support services. In return, you’ll refer your clients to the web site design agency if they inquire for website design. Yes, it’s that straightforward & works great.

Everything you need to Know starting a business Support Service in Nigeria

Online Ads Everything you need to Know starting a business Support Service in Nigeria

No, you don’t need an enormous allow this. With Facebook Ads, you’ll start with as little as $5 each day .

Make sure that your website landing is meant effectively for conversion.

A word of caution here too – As per my experience, direct ads don’t work that well. Instead, offer a lead magnet, collect email addresses & then target your prospects using an email campaign.

Alternatively, you’ll try Google Ad words. This is often all about buying a keyword relevant to business support.

Example: If you purchase the keyword “business support in Chicago” & if someone searches for that term then your website should show up at the highest of the search result.

Generally, Google ads are relatively costlier than Facebook ads.

Get More Clients & Turn Profitable

As you serve the primary client, start trying to find more customers by using the aforesaid marketing mediums. Simultaneously, you ought to even be that specialize in making your service business profitable. And, yes, that’s what’s the last word aim of any for-profit business.Here is that the formula to see if your business is profitable:

Sales per month – (Fixed +Variable expenses per month) > 0 = Profitable

Sales per month – (Fixed + Variable expenses per month) < 0 = Not profitable

Fixed expenses are expenses that are fixed regardless of the extent of sales. Example: Office rent. Whereas, variable expenses are the expenses that fluctuate base the sales or operation activities. Example: Printer ink

Hire Employees & proportion

It won’t be possible for you to serve an increasing number of clients on your own. Therefore, at now, you ought to be looking to rent an employee. Once through with hiring, you ought to anticipate to scaling up.

There are a spread of the way to proportion like:

More service offerings
fixing a replacement branch or location
Increase within the quality of clients etc.

Scaling up may be a tricky a part of a business. I say that because if you are trying to proportion too fast, you’ll risk losing money. Whereas, if you are trying to proportion slowly, you’ll risk losing a couple of business opportunities.

Everything you need to Know starting a business Support Service in Nigeria

Conclusion

Once you’ve got your dream business support service running successfully, the sky is that the limit. There are limitless possibilities during this field. you’ll raise funds, add partners, found out international offices, build a worldwide brand etc. But, it all starts with the primary client. So, specialize in an equivalent & start lean.

With the aforesaid steps, I even have tried my bit to assist you with starting a business support service. Still, if you would like help then reach bent me through our contacts below.

Our Contacts – Everything you need to Know starting a business Support Service in Nigeria

Did you enjoy this content? Then, do something for us. contact us right away.

For everything you need to Know starting a business Support Service in Nigeria, contact us on +234 9053130518 or email [email protected]. The comprehensive BP will include detailed financial analysis.

Finally, CESSUMIT run a complete Entrepreneurship Seminar to help individual entrepreneurs and organizations learn how to succeed in business. Call us also for this. There are online soft copy documents for you

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Everything you need to Know starting a business Support Service in Nigeria