In this guide, I will show you How to Start Lottery Business in Nigeria. See the right steps to how to register a lottery company to become one of the registered lottery companies in Nigeria.
The lottery industry in Nigeria is booming and this indicate high profitability in this line of business. This business is guided by the lottery laws in Nigeria and its activities are highly regulated by the national lottery commission Nigeria.
The need for taking risk is as old as the need for survival, the act leaving your house to go I search of food was a risk in itself back then, as you may not actually come back. Lottery dates back to as far as civilization itself.
People from time immemorial have always tried their tryst with luck. Modern day has seen lottery been revolutionized.
Unlike before when lottery when a “try your luck” affair, lottery these days uses various algorithms to make the game more strategic as against the use of luck.
Today, there are a lot of lottery companies as individuals have taken interest in this new trend. However, lottery companies like some Ponzi schemes last year are folding up as fast as they are being established.
Starting a lottery business is not the most difficult of things and this article aims at shedding more light on the procedures of doing so.
Never make the mistake of delving into a business without conducting feasibility study as regards what the business entails as you will be digging your grave.
The saying “he who fails to plan plans to fail” is very much fulfilled in this kind of business. You should conduct research on the cost of starting the business, the licenses needed for that business, any regular levy and how much, how much you are likely to make as return and so much more. The need to do your homework before venturing into lottery business cannot be overemphasized.
Raise Sufficient Funds
Lottery is a capital-intensive business and it is very important to have enough capital else you risk closing your company sooner rather than later.
This is because, in lottery business customers can win money that are beyond even their wildest imagination how much more yours.
The moment you begin to give stories to customers after winnings then people will begin to doubt the transparency of your business. When this happen, you will begin to loose customers as your business may most likely close.
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Register Your Business
This is a very important step to make towards developing your business into a brand. This could be particularly hectic and stressful for private lottery companies owing to the fact that Nigeria has its own lottery as a nation and these private lottery owners are mostly seen as rivals.
Notwithstanding, it is very important to register your business as it helps to promote your developing brand, saves you the stress of having to be scared of legal action, helps to promote trust amongst your customers towards your business and makes your business look legitimate.
After registering your business and paying all the payments, you’ll be certified as a business entity through the issuance of a license.
This license will carry a number unique to you, it will be your proof that your business is legal, is a brand, and you can operate your lottery business in Nigeria.
It is also important to note that some of these licenses are usually renewed else your membership will be revoked. Some will be renewed annually, once in two years, once in five years and so on.
Get a Physical Office and/or Outlets
After doing the needful, you will need a physical office as it will serve as a point of service for your customers. If you can afford it, you can also have a series of outlets so that geographical location is not an hindrance to your business.
The need of a physical shop is similar to that of a license. As the license gives you confidence that your business is legitimate, your physical shop also gives your customers assurance that your business is legitimate.
It is important to have a platform by which your customers can cash in on their winnings. It is very important to minimize the use of cash as it put your customers and staffs in danger of been robbed.
There are a number of good online payment platforms out there that you could make use of to facilitate the smooth running of your business.
In as much as it is good to work with an established platform it is advisable to work with a platform that provides good services at a fair price. If you have actually done your research well then you should have solved this problem before you even got to it.
Your business will run on a software unless you want to operate on the old, “try your luck” pattern. These days most lottery platforms have online shops that users can use to play from the comfort of their various houses.
This is one means of promoting your lottery business, as your business is no longer limited due to its geographical location.
Set Up Rules and Regulations
Unless you want your lottery business to look like a haphazard business, then you must have a set of laid down dos and don’ts.
You must state down the rights of your customers as well as the limitations of those rights. You must also state the method of payment, time frame of payment and other things you consider relevant.
This is very important as it help characterizes your business as a transparent one and promotes trust amongst your customers in your business.
This is as important as has having an online betting shop. The world is going mobile and most people now do things on the go.
To promote your business and brand, a mobile application will go a long way. This is because mobile application are more optimized than websites. It is also important to note that these applications are no substitutes to a good website.
Promote Your Business
This is in its own right one of the most important steps towards establishing a business. Not promoting your business is similar to walking about with your goods displayed on a tray on your head without saying anything to draw th attention of potential buyers. It will not promote sales and your business will fold up.
Instead, you can make nice and catchy adverts on the internet, on the television, radio and so on. You can also do promotional shows so as to make people recognise that there is a new brand in town.
You can also promote your brand by giving discount or proposing to credit the lottery accounts of customers whenever they refer a friend and so on.
Another way this is likely to help promote your business is sponsorship. By sponsoring events, you’re informing people of your lottery business and increasing the likelihood of ‘patronization’.Click here to see the latest Study Abroad Scholarships and Guides
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