How to Start Lottery Business in Nigeria is explained herein. We also provide guides on how to be successful in the business.
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Have you ever wondered how Kunle Soname emerged as one of the richest men in Nigeria? He neither owns any oil well nor is he into politics, he just sat down one day and decided to start up something that he can just cross his fingers and watch his phone switch off because of the numerous alerts from his idea.
This article will be showing you the ladder he climbed and how you can climb that ladder which will ultimately lead you to stupendous wealth.
The lottery business has been around in Nigeria for decades. Though it started on a small scale and younger people were uninterested, today, 7 out of every young guy you see in the neighborhood plays the lottery.
As an entrepreneur, the lottery business could be very challenging yet highly lucrative. For your business to succeed, you need a lot of money and by that we mean a lot of it, you either need to be technologically inclined or get someone who is up to date with the trends. You also need to be smart.
Also, because of the fact lottery has to do with people trying their luck out of greed with their hard-earned monies, there are a lot of government regulations and taxes at the state and federal levels.
Now, how can you open a tap in this well of wealth called the lottery? The answer is simple. To start the business, you need the money as earlier mentioned, insurance policies put in place, a certificate of incorporation with the Corporate Affairs Commission and authority to operate or an operational permit, a good and workable business plan, a Non-disclosure agreement, and lottery software.
How to Start a Lottery Business in Nigeria
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Here are guides on How to Start a Lottery Business in Nigeria:
1. Your location
You need to site your business exactly where your clients are. It needs to be accessible to the class of people who will be playing your lottery.
Apart from the physical shop, you need to have a website and also affiliate with network providers to have a USSD code that people can use to access your business.
2. Register your business
Your business will not be taken seriously if it is not registered with the National Regulatory Commission. It’s in the course of registering the type is lottery will be determined as to how you intend to pay out and some other things too. After you duly register the business with the commission, you are good to go.
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3. How to get clients
The lottery business is already too crowded but still viable if you decide to venture into it. You just have to know what to do to attract your potential clients to your business whether virtually or physically.
Reduce your ticket price and Increase your payout. People naturally want too much money without investing or risking a lot of their own resources. What you have to do is simple. Reduce the cost of your ticket and reduce the chances of winning yet make it look as though it is possible to win.
You don’t payout? NO! Payout when people win but make sure that the payout amount is less than the total amount of tickets bought.
4. Market your business
You need to advertise your business to make people get involved in it. Of course, there can be no lottery business if you do not have people come in to stake their funds.
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A lottery is often played by the middle class and low-class people so you just have to go out to where you can find them and at whatever means of advertising.
You don’t have to pay too much for the advertising, you just have to know the right form of advertising to use and you’ll get them trooping into your business. But remember that there are other bugger guns there, you’ll just need to get it right at first.