In Nigeria , there are so many business ideas on can start. Most of them are lucrative while others aren’t profitable but more relaxed than the others. Finding the Right business to start in Nigeria is a welcome development considering the resources and skills you posses.
Everyone doesn’t have the same abilities to do things differently and succeed in different ways. What works for Mr A may not work for Mr B but may work excellently for Mr C. One really needs to understand what businesses are worth venturing into. So, today am going to share a few tips on how to find the right business to start in Nigeria and how you can utilize available opportunities.
How to Find the Right Business to Start in Nigeria
1. KNOW WHAT BUSINESSES ARE AVAILABLE AROUND YOU
The first thing you need to do is to take a survey of businesses around your chosen location. the demographic of the potential customers that can buy your product or service. You need to take your time and see what businesses people engage more in within your arena.
The survey would help you see to notice those businesses that are profitable and the ones that are not. And if you want to try out what others are doing , then you just see and ask how they do it. But if you want to try out something new, you have to devise the new platform and plan on how to go about it. For instance, a lucrative business idea should be able to be profitable even if it will take you two years to get your return on investment.
If you want to try other businesses that most people are not doing, then you are likely to achieve more success if you do it very well. Yes, the popular businesses are the lucrative ones and it’s quite difficult to join the queue and succeed with them unless you have excellent and quantified strategies, so it’s much better to build your brand and try new things, why because they are less competitive at the start because only few people may have been into it and by the time people around you could give attention to it, you’re already established!
Granted such very lucrative businesses are nearly unrealistic as they are almost impossible to find. So the said survey is actually to open your mind to what things are available around you to do. Take note that it’s percentage of turnover isn’t the major thing to determine if it is best for you as there are still so many other factors to consider on this search!
2. CHECK YOUR AVAILABILITY
Availability is one other constant factor that affects most businesses of today. A couple of businesses demand your time and attention really more often than others while a couple of other businesses demands capital investments more than your time and availability. In a nutshell all businesses demand time, capital investment and attention…I’d explain how in a few seconds. Wait I forgot to mention strategizing…. Yes, you need business strategies to succeed as well. This is the time where you’ll need more essential tips on business success such as the ones we will introduce to you here.
For instance let’s draw this comparison. A practical dealer on car and motor cycle spare parts in Nigeria needs to be at his shop always through the working hours of as early as 6:30am to perhaps 7pm at night why, because there’s every likelihood that customers would come around during these periods to purchase either an injector or fuel pump or even lubrication oils or brake fluids and if he’s not available to offer these sales services at this very moment, prospective buyers are up to the next vendor. On the other hand. a commercial farmer could only visit his farming site twice a day, In the morning and evening to water his garden and perhaps weed through by weekend and still have plenty of time for other things.
In these two scenarios you see that one man has to be at a confined position all day long and gets his income daily while the other man has to supervise his job a few hours daily and get his income perhaps after 4 to 5 months and calculatedly, they still have the same net income or one is slightly above the other. So we see here that the key factors rightfully to every business are time, capital investment and availability!
If you’re the multi-business type, you’d need businesses that are less time consuming so that you can comfortably have time for your other businesses. But if you’re looking out for just one good business to kick-start, focus and make a good-living from, certainly you should try one of these time consuming businesses and give it a worthy investment. Maybe later after you’ve made your money, you can withdraw and reinvest into smaller businesses.
3. HOW MUCH CAPITAL DO YOU HAVE READY TO INVEST?
Business is all about investment.. Yes, not just investments but worthy investments. If you understand this, you’re a good business man. Every business, capital investment has a large bearing on what profit you’d get in return. The more you invest, the more you profit. For example, Dangote still keeps investing in other avenues and reinvesting in his businesses why? because he understands the principle of investment.
How much you are ready to invest in a business should be known to you before choosing up a business to finally invest. For instance, if your available capital for investment is 1 million Naira. It’s a professional advise that you go and invest in a business whose starting capital is 500,000naira than going for one whose starting capital is 1 million Naira. Because the business of 500,000naira would give you room for double investment while that of 1 million Naira would give you room for just a single investment. Since it’s a new business and you aren’t sure what to expect yet. With the double investment you have a 50% chance of survival cause should in case one flops, the other should succeed but with the single investment, you are likely to be in “One chance” Lol… if you lose, you lose everything. So its better to choose the option of double-investing.
Let me have your comments below!