Many start-ups are coming up in Nigeria, today, and because of the constraint of lack of capital, many entrepreneurs prefer to run an unregistered business as it helps save cost.
However, a visionary entrepreneur would look beyond the required cost involved and consider the prospects of making sacrifices for the future of his business.
There are many benefits of registering a business out of which are giving your business a good reputation before potential clients; for use when creating a bank account for the business; getting loans; and even for employing loyal staffs.
Anyways, what I think should interest you more is how you can seize the opportunity offered by the present political administration in Nigeria to foster the growth of your business by registering with the Corporate Affairs Commission (CAC).
Here is giving you 10 reasons you should register your company with CAC now:
1. You can make your 20 years salary in few transactions
Instead of having to stick to that job with a deceptive salary, it would better you kicked your high-potential business running by registering it. Depending on the contracts you get through your business, and on the kind of business you are running, you could earn your life-time salary in a very short time.
2. Take advantage of President Buhari’s Government upcoming Intervention Funds to establish or expand your business
Don’t expect your business to benefit from these funds if it isn’t registered. So, hurry! Get your business registered.
3. Take advantage of Central Bank of Nigeria’s intervention funds
Don’t also expect your business to benefit from these funds if it isn’t registered. So, hurry! Get your business registered and CAC is the route to follow.
4. Take advantage of other government Intervention Fund e.g. BOI, BOA etc
Whether your business is agriculture-related or otherwise, the Bank of Industry (BOI) or Bank of Agriculture (BOA) funds would only be available to you when your business is registered.
5. Take advantage of donor funds from local and international donors
Same applies here. To get funds from international bodies, your business has to be registered.
6. Take advantage of advances by financial and non-financial institutions
You should have heard about Angel Investors who seek to invest in businesses with a stake. You can’t expect a deal with deal from such if you don’t make your business an entity by registering it.
7. Change from seekers to employer of labour
Even job seekers look out for the more credible businesses. Hence, they want to apply to a registered business than an unregistered one as they also consider the prestige attached. For instance, when friends ask ‘where do you work?’ You want respond mentioning a recognized name.
8. Become your own boss
I think you feel more like a boss when your business is registered than otherwise. Don’t you think so?
9. Enjoy multiple streams of income
Yeah! You could make income both from your job salary and from your business income. But your business income is more guaranteed when you decide to make it credible by registering it.
10. Take advantage of every viable business
Note that you can register your business to accommodate different lines of businesses depending on what package you choose. Hence, you can take advantage of every viable business when your business is registered.
Check out an article on further details about registering your business in Nigeria here.