Once upon a time, there was a young woman named Amaka who had a passion for fashion. She loved designing clothes and accessories and dreamed of starting her own business someday.
However, Amaka was hesitant to register her business. She thought it was too much of a hassle and didn’t see the point in doing it. She figured she could just sell her products informally and make some money on the side.
For a while, things went well for Amaka. She made some sales and even got a few repeat customers. But as time went on, she started to face some challenges. Her sales began to decline, and she found it increasingly difficult to reach new customers.
Then, one day, Amaka’s landlord informed her that she needed to pay her rent in full, or she would be evicted. Amaka was desperate for a solution and decided to apply for a loan to cover her rent. However, she soon discovered that because she had not registered her business, she was not eligible for a loan from any of the banks she applied to for assistance.
Amaka was devastated. She had put so much time and effort into her business, and now it seemed like it was all for nothing. She realized too late that registering her business was not just a hassle, but a necessary step to access certain benefits and opportunities.
In the end, Amaka was forced to close her business to find a job to pay her bills. She learned a valuable lesson about the importance of following the proper procedures and not cutting corners. From then on, she made sure to register any future business ventures and advised others to do the same.
Don’t be like Amaka!
Goddey Nwachugasim is a compliant regulator.