People of God, wonders shall never end; plenty is happening to many business owners out there and having their businesses registered saved them no jokes.
In the last few months, we have been pushing for many small businesses like yourself to get their businesses certified and registered—a few of you listened, and a few did not. And after speaking to a whole lot of people, we concluded that many don’t know the benefits of having their businesses registered.
Hence, we took to the streets of Lagos to talk to some businesses that would have seen pepper if they hadn’t done their business registrations in time. Anyways me, I’m just the messenger here to relay their ordeals back to you. These were their experiences as follows.
Partnerships, partnerships—never trust anybody and suspect everybody
“I launched my business fully in 2018, and when I started, my mom kept pushing me to get my business registered. So sha, to get her off my neck, I did. But it wasn’t until 2020 that I reaped the benefits.
So around mid-2019, I was short on funds to keep my business going, so I figured it might be time to get a business partner to run things with me; you know, split costs and operations equally and whatnot.
Skip to the first quarter of 2020 when we were doing our accounting and finances, I saw that many of the math were not mathing. Expenses were not accountable for; this was where I drew the line and broke off the partnership. Irreconcilable differences, we called it at the time.
About a month or two later, I started cleaning our office space to move to a bigger place. I came across documents signed by my business partner trying to re-register the business in his name after his failed attempt because I had already registered my business in the past. It dawned on me that I could have lost everything to this person if I hadn’t listened and registered my business. I could have been back to square one trying to build my business again.”
Carlton Uche, car dealer
Benefit: Having your business registered protects your business identity from being stolen
Free grant, free money—but see finish!
“I used to run a tie and dye business before the pandemic hit; business was doing well back then—I had big customers asking to buy from me because of my unique style; essentially, business was good. Then the pandemic hit, and I was back to square one; I barely made any sales. Then in May of 2021, I heard of a business grant thing that the Lagos state government was doing for businesses called the “Lagos CARES” initiative. I had come across it but ignored it. So when I came around to finally apply, it was 2 days to the deadline. God, I was so pained when I saw the eligibility requirements, and I needed a CAC certificate to verify that my business was registered. I was so sad and heartbroken because I missed out on such a great opportunity to grow my business.”
Benefit: Having your business registered gives you access to abundant resources to grow and upscale your business, such as government grants
Take loans with your full chest, but avoid loan sharks.
“Hmm, just this year in January, I went to the bank to request a loan to buy a large shipment of goods coming from America to sell. My business is a combination of everything. Lol 😂 think of me as an importer-exporter. I had everything to use to do my collateral and everything else except a CAC registration—I got to the bank with my shoulder up because I was so sure that no how—them no go give me this loan. I thought it was a done deal.
It reached my turn, and if you see the way the woman that was attending to me looked at me from head to toe with a resting bitch face and goes,
’Sir, Unfortunately, your business is not recognized as a legal entity without registration and cannot enter into a contract with any financial institution. If you have any plans to boost your business growth with a loan facility, getting registered is one of the first steps to take. Therefore, you are not eligible for a loan with us.’
It pained me die because of one small thing I should have done since—I had to go back and forth to the bank”.
James, Importer of Spare Parts
Benefit: Having your business registered increases your chances of being considered for loans as your business is seen as a legitimate entity
Them don thief your business name—wetin you go do?
“So I have been running my small restaurant business for 4 years now, and trust me, the business has been steady and really good, so I figured I should launch another branch somewhere else. Isha finally went to go and register my business, ‘Lon ba sope’ (I was told) that somebody used this your business name just 2 years ago. I was like, wow, what do I do with this information? All my hard work to build my brand and name has gone like that. Those years of grinding and hard work ti lo ni yen? (Is gone like that?)”.
Hadijat, Restaurant Owner
Benefit: Having your business registered patents your brand name or identity to just you and your business alone
If the experiences of these business owners don’t somewhat move you to consider registering your business entity now, then I don’t know what else can; maybe God himself sha.
Start By Kippa
If you don’t know this, you can register your business on the Kippa App or on the Start by Kippa website . For just 15,000 NGN, you get your CAC certificate in 7 days.
UPDATE- We have reviewed our pricing for Kippa Start. From the 12th of October, 2022, business registration on Kippa Start will now cost 20,000 NGN. Our value, speed and efficiency remain the same