While many choose to see the impossibilities in the Nigerian labor market, others choose to see the various abundance and endless possibilities that are present within the Nigerian labor market.
While we cannot deny the fact that there are limited job opportunities in Nigeria, as most Nigerian young graduates are faced with the challenge of what to do after their service year or sojourn in any of the Nigerian tertiary institutions as the once glorified white-collar jobs are not readily available for the thousands of graduates that are yearly churned out from our tertiary institution.
The Nigerian government over the years have continually stressed the need for young school leavers to engage themselves with profitable ventures in the wake of lack of job opportunities in Nigeria, the recent outbreak of the novel virus Covid-19 which to a very large extent has reduced the economic wit of the Nation Nigeria, as the effect of the virus has left many people jobless, however despite all these there are various gaps within the Nigerian system which you as an individual can leverage on to create wealth for yourself.
Humans apart from the basic and primary need which are food, clothing and shelter do have other various arrays of needs that they want to meet or satisfy. The desire to satisfy these needs and wants will make them spend the money to acquire whatever they want or need.
For a country with over Two-Hundred million, there are various business ideas that can be transformed upon careful planning into a stable and profitable business outfit.
However business ideas do not just come in a vacuum or pop out from the blues, you have to be intentional about them, it is a product of a deep and strategic awareness of one’s environment especially the market behavior of people or simply put consumers.
In getting the right business idea that can be transformed into a viable business plan, the following factors listed below are to be noted.
Factors to Consider Before Starting A Business
- Define Your Audience
It is quite important for you to note that your business ideas must be focused on a specific kind of people. You must define who your basic customers or clients are. If your business idea is to sell children’s clothing, then you should know that the location of your business venture must not be in a school area or area where there are plenty of singles or unmarried people.
Instead, you go to an area which has in its location, little children whose parents can afford these dresses or wears. When you’re Even if your idea is really great, it might not correspond to the needs of the market. That’s why the first thing you should do is define your target audience people who will be buying and using your product.
Once you define this specific group, it’s time to listen and observe. If your product is aimed at resolving a particular problem the industry faces, make sure to have this issue mapped out – follow industry-specific authority sources of information, keep up with the latest trends in your sector, look at blogs ran by key influencers of the industry and listen to the conversations happening in your niche.
- Research and Analyze Your Idea
Before you make any move, you should scrutinize your idea from various perspectives. First, think about your prospective customers. Consider not only the people who will be purchasing your product or those who will directly interact with it but also the influencers who might play a role in how your product is situated on the market.
Take a moment to examine your idea for a company. What will be its personality? What will be its key messages? What kind of promises you’ll be making to your customers?
How will your customer benefit from your product? Define what you want to be known for. The third layer is your competition even if you expect your idea to be really unique, there are always alternatives. Have a look at the industry you’re aiming for and define who your primary and secondary competitors are, how often you’ll compete with them directly and what kind of messages you’ll fashion when competing with each of these groups.
- Perform a SWOT Analysis
Now it’s time to focus on your product. A SWOT analysis is basically an analysis of the strengths (of your service, product, or industry), the weaknesses of your product or service (high price, faulty design), the opportunities involved in your project, and, finally, the potential threats to realizing your idea (like the bad economy).
The basic benefit of SWOT analysis is that it allows you to see the internal and external aspects of your product that might be either helpful or harmful to your operation. Consequently, you’ll be able to spot any holes and patch them up before you release the product to the market.
List of the Top 17 Profitable Business Ideas in Nigeria
- Mobile Phones
Retail or online mobile phones store owners millions from just selling mobile phones to the ever-growing Nigerian market. Companies like SLOT have the goodwill, the largest customer base, and the money from just selling phones. With a popular and lucrative small business like this, you can try out various marketing strategies like offering mobile phone deals to entice many more individuals to patronize your smartphone business.
- Real Estate
With several real estate companies in Nigeria now focusing on either residential or commercial real estate, the opportunities in the industry are simply growing. In Nigeria, real estate businesses are typically done through offline sales channels, but you can set up an online channel and offer thousands of properties for sale. Examples of some successful online real estate companies in Nigeria are ToLet and Private Property,. What more, you could act as a real estate agent and get a commission on every sale you bring to a real estate company. What more, you could act as a real estate agent and get a commission on every sale you bring to a real estate company.
- Home/Office Cleaning
Cleanliness is one of the most beautiful habits that sustain the environment. But not everyone has the habit, and more and more people are becoming too busy to keep their homes and offices clean. Employing a cleaner has become the next viable option for maintaining a clean environment. Most companies and homes outsource cleaning to the cleaning agent.
Setting up a cleaning services business is a sure bet to attract qualified to pay customers on a consistent basis. It is a business that has 98 percent chances for survival and growth.
- Writing Business Plans and Resumes
A good number of people out there who desire to go into business or look for jobs simply don’t know how to go about writing a good business plan and job resumes. They prefer to hire experts to do the writing for them. Are you good at writing business plans, this could just be your business. You can set up a business consulting firm that will specialize in writing business plans and resumes, as well as render other consulting services.
- Dog/Pet Business
The Pet industry is a billion dollars industry and many businesses are already thriving in that sector. Dog business stands shoulder high above every other pets business. Think of what you can offer and go for it. It is a business of passion, especially for pet and animal lovers.
- Fast Food Restaurant
This is one of my choice top business ideas and it’s just a matter of time before I invest in the fast-food restaurant business. It works in any country and location as long as there is human traffic and people do eat foods around there.
- Computer Game Center
First of all, get a good location. It should also be located in a domestic area; this is because your prospective clients are located within the domestic axis
- Private School/Tutors
Private school is a big business in countries where it is legal to run. Teaching is a skill and it is better learned with time and experience. Depending on your experience level, you can set up a tutoring center to teach beginners for a modest rate such as $30 per head. With time, you can grow it into a well-equipped private school and charge up to $1,500 per child per term.
If you can write or have the capacity to learn how to write, start a blog. Blogging is a good way to make money online in Nigeria. All you need is internet access, good research skill, an interest, and a laptop, and a lot of time. You’re most important and perhaps expensive investment in a blogging career is your time. Set up a free blog with WordPress or Wix or if you have some money, set up your blog on a self-hosted server; populate your blog with quality content, get people to read your content (drive traffic), get their confidence, and monetize your blog with Google AdSense, display advert, affiliate marketing or sell information products such as ebooks, etc.
- Mini Importation
The internet has redefined trade and commerce. Many people have struck gold by importing items online through eCommerce sites like Alibaba, Aliexpress DHgate, global sources, etc. With about N100,000 or even less, you’re open for business. Many people are now turning to importation business from China to start their own business ventures
You have to identify people’s demands. Search all the eCommerce websites; get a procurement agent to purchase these items. The agent will then send them to you to sell and make your cash. Even with the falling value of the Naira, people who are engaged in this business still smile to the bank. Items you can import and many varied and may include: mobile phone accessories, cosmetics, fashion items, etc. This post is a very helpful resource on all you need to know about mini importation business in Nigeria.
- Okrika Bale Business
This business is thriving very well in Nigeria as a result of the poor economy of the country. An average income earner in Nigeria hardly enters the boutique in the name to buy first-grade clothing. So, Okrika bale business is a good business to start anywhere in Nigeria but most especially in sub-urban and rural localities. Lagos, Aba, Kano, and Onitsha have good markets to buy bales of clothes for sale. Startup capital for this business may vary; it depends on you but you can start with a small capital of N100000 to N200000.
- Alternative Energy for Homes
According to the reports provided by the Electricity Generating Companies, the average power supply in Nigeria is 3, 851 MW which is nothing near the required power supply required by Nigerians. Since 2005, the whole sector was privatized, and now it’s the sole responsibility of those private organizations to make sure that power is supplied to over 180million Nigerians which they have obviously failed to achieve.
Alternative sources of energy that can be used in homes come in various forms like Solar Power, Biofuels, Wind Energy, Biomass Energy and many more. For great entrepreneurs that have got what it takes to execute this, this is the best time for you to make some money off the bad governance and leadership in this country because the Nigerian energy supply crisis does not seem to be ending anytime soon. Even though this idea is far capital intensive compared to others, the potential and readily available market is more than what you can imagine
- Web Design Agencies
These days, nearly all businesses are jumping on the online scene. This means one thing – they all need websites and that is where you can come in. This gap in the web design space poses an opportunity for several web design agencies or aspiring entrepreneurs looking to go into web development.
As a web designer in Nigeria, you can promote your agency through SME events, blogging, social networks like LinkedIn, and several other channels. Helping the millions of small businesses springing up to create great web designs and set up blogs on WordPress or Blogger can be real money-spinners.
- Freelance Content Development / Ghost Writer
Do you consider yourself a wordsmith? Setting yourself up as a freelance content development could prove to be a side-hustle or maybe even a full-time job. This is one way to make money online as a student. Companies such as media agencies, blogs, and startups will pay big time for someone who can write a clean copy of contents, whether it’s for advertisements, websites, or blogs. Some will even pay you for your editing services.
- Cake and Cupcake Bakery
Making, decorating, and selling one-of-a-kind cakes and cupcakes for occasions ranging from birthdays to weddings to anniversaries is a great business idea for the hobby baker to pursue, and one that is potentially very profitable. You can get started on a shoestring budget by baking and decorating right in your kitchen. An effective marketing idea is to send samples of your cakes to interested parties to make sure they send business your way or showcase pictures of the cakes on Instagram using appropriate hashtags
- Waste & Sanitation Management
All over the world, around 11 billion tons of waste is being collected, which is currently making a whopping revenue of $410 billion. If you are from a less developed country like Nigeria, the opportunity to become one of the richest entrepreneurs in Nigeria just by collecting and recycling waste that you collect from people’s houses is limitless. Due to awareness of hygiene, everyone wants a clean environment, but nobody wants to clean the dirt.
There are tons of products that can be generated from recycled waste materials few of which include Plastic & Broken Bottles, Wine Cork Panels, Roofing Sheets, Slippers, and many more. As a small scale business owner, you don’t have to be the one in charge of the recycling all you need to do is look for means to get the waste products to the organizations that have a recycling plant and you will be paid for it. So if you are ready to make your hands dirty, then this untapped business idea is only waiting for you.,
Food Truck/Container Business
Another greatly untapped business idea in Nigeria is a food container business that caters solely to the working class. People are now too busy and very few take the time out to cook their own food or patronize a restaurant. Your food container business solves the problem for most people, as it brings the food to them. You would need to stock up on food that most people are likely to eat, and stay in locations that have a high amount of traffic.
For this business idea to be unique and different from the regular restaurant vendors, I suggest you focus mainly on providing light breakfast such as tea, coffee, and snacks that workers can grab on their way to the office. And when the time for lunch is approaching, you can prepare normal meals such as white and jollof rice, yam, indomie, etc. Remember that you need to set up a container that is more like your office. You can place your container in parking areas or roadside of any crowded location. The best part about this business idea is that you can reduce your rent by 70% because you will require less space as sitting arrangements are less required.
By Marcus Amudipe