Nigeria is a developing country that continues to witness immense infrastructural development. Individuals and companies constantly embark on construction of residential buildings and offices. These buildings will need electrical fittings and furniture. However, our focus is on electrical fittings for such structures. Hence our topic; how to start a chandelier business in Nigeria. But what are chandeliers? For those who don’t know what they are, chandeliers are beautifully decorated branched ornamental lights which are mounted on either walls or ceilings or both. They are used for two main purposes. These are; for decoration as well as lighting. There is an increasing acceptance among Nigerians of this house fitting. This means that there is an increasing market for persons interested in joining this line of business. This article will show you how to take advantage of this business opportunity.
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The Market Potential
This is a a crucial part of the business. You’ll need to provide answers to a question. This question is, how big is a market? The Nigerian market is a huge one which presents boundless opportunities to anyone who will take the initiative of venturing into the the building materials industry. This is not the only industrial potentials as there are several others. Nigeria has a severe housing shortage. This has seen successive governments implementing housing policies to bridge the shortage gap. However, the several intervention by successive governments have not solve the problem of housing. On a daily basis, there are a lot of constructions springing up in every state of the country. These are government and private sector driven.
Every new building will require electrical fittings installed. This is where the opportunity lies for you to take advantage. This is because as long as people continue to build, there will always be a need for building materials. Chandeliers are part of the building materials which need to be supplied. Because Nigeria is africa’s most populous country, the sheer population size makes it the right place to start this type of business.
Basic Requirements for Starting a Chandelier Business
Your business must meet some basic requirements. One of the most vital requirements is capital. Capital is very important because you need to get your first supply. After having met the capital requirements, you need to register your business with the corporate affairs commission. This is one of the first steps to starting your chandelier business. The CAC will require you to complete some documentation; such include the memorandum and article of association, proficiency certificate where applicable as as well as scanned copies of passport and other documents required by the CAC.
Another important requirement for your business is the business plan. Your business plan is a roadmap for your business. This document is very crucial to the success of your business as your business can not do without it. Your business plan should cover all your financial plans. A shabbily prepared business plan will most likely result in an unproductive business. Therefore it is important to give your business plan all the attention it deserves if you want to achieve meaningful progress with your business. When writing your business plan you should seek the help of an expert as he or she will help you avoid common mistakes made by many business owners.
Make all Necessary Inquiries
It is not good to have the zeal to start a business but lack basic knowledge on how to go about it. Therefore you should make every enquiry especially with your suppliers. It is necessary to establish contact with such manufacturers before commencing business. Importing your goods will require orders to be made. However, in situations where you are not interested in importing or starting on a large scale, you can become a sub dealer by placing your orders with major dealers. There are major online directories where you can access this major dealers.
Whateveryour interests are, there is something for everyone. It is important to note that to be successful in this business, you need to have the patience and drive to realise your objectives. We are not promising you instant success however, with the right attitude and dedication, you will certainly achieve your desire of starting a successful chandelier business.