How To Scan Business Opportunities In Nigeria

Scanning business opportunities means quick check on business opportunities for their legality, legitimacy and viability.

Check Legality

The first step to take in scanning business opportunities in Nigeria is to check the legality of such business opportunities. This means if the business opportunity is allowed by Nigerian laws. Find out if the business is outlawed in Nigeria or Not. If such business requires licensing, check on the websites of the government agencies with the responsibility of licensing or approving such business to know the requirements and procedure to acquire such licensing and approvals.. Some of these agencies are: SON for standard regulation of manufactured good; NAFDAC for regulation and control of food and drug products; NNPC;  DPR;  NIMASA, NCS, federal Ministry of Environment etc. There are also regulatory bodies for some professions.

Check Legitimacy 

This is to ascertain if the business opportunity is real, if it does exist. It’s important to verify legitimacy of any business opportunity to avoid the risk of being scammed. Many unsuspecting investors have fallen victim of swindling because they failed to scan the business opportunity properly by verifying the legitimacy of such business investment opportunities before committing their resources.. It is therefore better to avoid falling victim than trying to get a recourse after becoming one. 

To scan a business opportunity for its legitimacy, you have to carry out verification on the business organization that is offering the opportunity or a background check on the individual promoting the business opportunity. Carry out a background check on the company. Verify if the said company is registered and licensed to operate in Nigeria. Visit CAC website and search for the company name. Log on to click on public search or log on to ,type in the company name and search. If the company is incorporated in Nigeria, its name, registration number, date of registration, office address will appear. If registration is still in progress, the system will also tell you. But if nothing shows, it then means the business is not registered or doesn’t exist in Nigeria. If the company claims to have gotten necessary licensing and approvals, verify the claims on the sites or at the offices of appropriate agencies and bodies. 

Carry Out Feasibility Studies 

To scan a business opportunity for its viability, you have to carry out feasibility studies. Feasibility study indicates whether the business idea or opportunity is  viable or not. It helps investor to sharpen his judgement. It’s often a precursor to business plan. That a business was feasible yesterday at a given location is not a guarantee that it would still be today at the same or different location owing to erratic changes that occur very now and then in the character of national and global economies. Read Investors Invest In Business Opportunity, Not In Business Idea for more insight. 

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