Steps Involved In Launching A Software Company In Nigeria

Steps Involved In Launching A Software Company In Nigeria
Many brands are now grabbing the trends by taking their businesses online and creating various business software and applications.
Different brands across various niches like education, banking, commerce and healthy now rely on software services for operating effectively. One good advantage of using software services is that it saves the companies a lot of money that should have spent on hiring employees. A software can do the work of hundreds of employees with just a few people on the operational end.
Also, relying on software programs saves you from the stress of having to store documents manually. For example, a doctor can easily store his/her patient's details in a computer instead of using paper files. When the patient comes, the nurses will just have to fill in his/her name and every medical history will show up. This will not only save a lot of time, but also the money used in purchasing the files and papers.

What If A Software Company?

A software company is any company that creates, sells, repairs or maintains software programs. The software may be used for entertaining, instructing, analysing or accomplishing a variety of tasks.
Software companies make profit from business and commercial activities like contract services, license fees, charging per transactions, sales of products, subscription services, repairing of system errors and more.
Companies that patronise software companies range from schools to banks, churches, mosques, eCommerce platforms, hospitals and more.

How Lucrative Is Software Programming In Nigeria?

Nigeria is still developing and many businesses are still in the verge of grabbing ICT. As a software developer, you can easily make good money from churches, mosques, schools, hospitals, NGOs, and other organisations.
The demand for software developers is high and the number of developers in Nigeria is still small. If you can launch your business in any of the Nigerian cities, with proper advertisement, you'd b making a good sum of money in a little period of time.

Steps Involved In Starting A Software Company In Nigeria

If you're interested in starting your own software company in Nigeria, the steps below will guide you through the processes:

• Choose a niche

The first step involved in launching a successful software company is choosing the type of software company you intend running. Avoid rushing into the business without first garnering the proper training that are required.
Your choice of software company lies between launching a service or a product software company. Factors you should consider while making your decision include your area and the potential market size for your business idea.
Be conscious of the fact that the software industry is a very competitive one and to succeed, you need to present something good to your clients.

• Register your business name

You need to register your business name with the with Corporate Affairs Commission (CAC). Before you proceed to the CAC office, you need to determine the legal structure of your business. The common legal business structures include corporations, partnerships, or sole proprietorship and your choice will determine your business tax fee and filing.
Another very important step to take involves legally safeguarding your company’s products. This involves legal agreements that prevent others from using your product's unique features and names. It includes trademarking and patenting. It might also involve your colleagues or anyone involved in the building process signing a non-disclosure or confidentiality agreement.
Hiring a lawyer would be prudent as he or she will provide you with the necessary information as regards to patenting of your products.

• Source for funds

Just like every other business, launching a software company requires both time and financial resources. There are a number of channels you can explore for your business funding including commercial banks and other financial institutions.
Other easy ways of raising capital for your business include personal savings, grants, borrowing from friends/families and more. You can also decide to accept funds from venture capital firms but it'll also mean giving up equity in your company.

• Purchase the necessary equipment

Launching a software company involves purchasing different equipment, tools and devices. You'll also need to purchase various software for your business.
Your budget should include the purchase of the necessary equipment for both you and your team. Some things you'd be needing include computers, data storage devices, servers and programming applications.

• Get an office

You can either decide to hire an office or work from your home while your team work remotely. Having to work from home is affordable but might also have some disadvantages as some clients will want to meet you personally before patronising you.
In choosing an office, consider factors like your business location and size of space. You'd be needing a good space that will accommodate for your team and equipment.

• Hire employees

No matter the scale of your software company you'd still need to hire a team with the right mindset. A good employee should care more about growing the company than enriching himself. Also, try your best to compensate them properly. This will make your employees work without grumbling or murmuring.
Hire employees with expertise in different fields like programming, project management, hardware engineering, office assistant, computer security and more.

• Market your brand

No customer will discover that your awesome product without marketing. In advertising your products or services, you'd be needing the services of already established brands. For example, advertising in popular websites or media brands will help you reach more customers at affordable rates.
You can also make use of the offline advert media like the newspapers, radios, televisions, posters and more. All that really matters is getting your business in the eyes of potential customers while making profit for yourself and your team.

Thanks for reading along,don't forget to drop us a comment and share with your friends. Also check out our previous article on 12 best engineering courses in Nigeria that actually pay more than medicine.
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