HOW TO GENERATE GOOD BUSINESS IDEAS IN NIGERIA

How
to generate good business ideas in Nigeria
is neither a
rocket science nor an exclusive right of the rich. In fact, generating
profitable business idea is the God given right of all human beings but regrettably
harnessed by only a handful of people who have been dominating the circle of
the rich for ages.

This article is written to
serve as a pointer that will provoke you into productive and constructive thinking.

RECYCLING METALS AS A BUSINESS IN NIGERIA | HOW TO START A WASTE RECYCLE BUSINESS AND MAKE PROFIT

Recycling of metals in Nigeria and other waste products that litters streets of many Nigerian cities is a goldmine that is yet to be tapped into.  Nigeria as a nation is rich but the citizens have been reduced to object of mockery due to poverty and hardship in the highest place.

Although the government will always bear the blame but, has anyone stopped criticising the government and take a critical look at the amount of business opportunities that are wasting in this great nation of ours? Nobody wants to ask him or herself what he she can do to help reduce the abject poverty that is destroying our country Nigeria. Nigeria is so great that you do not need to think of how to generate a good business idea as they are around you. All you need to do is to strategically position your thinking on how to start a business in Nigeria and start reaping big. This article is written to draw your attention to one of the most overlooked business ideas in Nigeria – metal recycling business!

CONSULTING BUSINESS | HOW TO BECOME AN INDEPENDENT CONSULTANT IN NIGERIA

Consulting
business in Nigeria
is still a green field with the capacity
of accommodating more promising and bright youths in Nigeria. Nigeria as a
country needs more consultants to help fight the inefficiencies and wastages
that have become the order of the day. Businesses and corporate bodies that
really wish to stand out in from the competition crowd rely on independent
consultants for professional tips and suggestions. Like every other business,
you need to learn how to start the
business
then launch your business from there.

WHAT
IS CONSULTING?

Consulting is a knowledge
based business that involves the selling of expertise, experience and
professionalism. Consultants are outsiders that know the house more than the
owners of the house. This might sound strange but that is the fact. How else do
you explain what happens in consulting?

STEPS
TO BECOMING AN INDEPENDENT CONSULTANT

The steps discussed in
this section of this article is a generic steps that may need little tweaking
in order to fit into the legal requirements of your jurisdiction.

HAVE A CLEAR VISION

The first thing that you
need to figure out as an aspiring consultant is to decide which aspect of
consulting you want to venture into. You might for example be looking at financial management services
consulting or systems integration consulting- depending on what your background
is.

ASSESSMENT AND ANALYSIS OF
THE COMPLETION

You will probably not make
much if you venture into the arm of consulting that has peaked. There are
aspects of consulting that you as a starter might not want to venture into if
you don’t want to get your desire and motivation to become an independent
consultant burnt. Start with the less crowded area of your niche and then progress
into the more crowded parts as you develop courage and muscles needed for
beating the competition.

ASK YOURSELF IMPORTANT
QUESTIONS

You need to ask yourself
some probing questions to help figure out if consulting as a career is actually
meant for you. Are you the type that so much value regular and constant pay
cheque? If yes is you answer to this question, you may then think of changing
your mind as independent consultants are people that are willing to adjust
their financial needs and requirements to suit the prevailing circumstance. Other
question that require sincere answers from you before throwing your weight
behind your pursuit for a slot in the highly competitive consulting world are

  • Am I a goal getter?
  • Do I need to be reminded of what to do?
  • Am I willing to work extra hours without
    the guarantee of pay?
  • Are you willing to perform menial jobs
    like; dusting your work area, photocopying, typing, etc?
  • Can you withstand criticism?

REGISTER YOUR BUSINESS
NAME AND GET A LICENCE

Regardless of what you
intend to do as a consultant, you need an identity. This identity is in the
form of a business name. You may also need to be certified depending on what
you want to do- for those in accounting and finance definitely need
certification and licence to go into consulting.

GET THE BASIC EQUIPMENT

There are basic equipment
that you need as a consultant irrespective of where you operate from (hope or
office). At the minimum, you need a printer, a dedicated phone line, a
computer, a scanner, letter headed paper, and seal or stamp. You may think of
getting a website if you want to add some flavour to what you are doing, not
something you cannot do without, but very necessary!

MARKET YOUR EXPERTISE

This is probably the
hardest part of the journey to joining the prestigious club of independent
consultants. You leverage on both online and offline marketing to sell your
services to the right consumers. Marketing of consulting services is the
subject of another article as this is already long.

QUALITIES
OF A CONSULTANT

CONSULTANTS ARE FULL OF
BUSINESS IDEAS

Remember that what you
sell is ideas that are marketable. You need to be full of business ideas to be
able to see light where others are seeing darkness.

CONSULTANTS ARE NOT
BAFFLED BY CHALLENGES

Consulting is a
challenging game that needs people that are immune to challenges. If you are the
type of person that is easily baffled by upsets, your chances of surviving the
downtime of challenges are low.

CONSULTANTS ARE GREAT
MARKETING STRATEGISTS

For you to be a
consultant, you really need to be a great marketing strategist in order to sell
what you have to the public out there.

CONSULTANTS ARE GOOD
MANAGERS OF PEOPLE AND OTHER RESOURCES

You need to be a good
manager of people and resources to be a competent consultant. After all, you
will be dealing with people all through your career as a custodian of
knowledge.

CONSULTANTS ARE HONEST
PEOPLE

Honesty and transparency
are the building block of consulting business. Though this is hard to establish
but people somehow gets to know when a consultant is shady and avoid the
consultant like a plague.

CONSULTANTS POSSES
REASONABLE PROBLEM SOLVING SKILLS

If you don’t have a problem
solving skill, what then do you have to offer as clients only seek the service
of a consultant when they have a problem that is outside their expertise?

CONSULTANTS ARE SMART
PEOPLE

Smartness is what consulting
is all about. You have to be smart in everything that you do if you are really
serious about consulting as a career option. Your dressing, the way you speak,
in fact everything you do must portray you as a smart person.

CONSULTANTS ARE DETERMINED
AND FOCUSED PEOPLE

There are many trivial
things that distract you from concentrating on the main objective of what you
are doing. Getting focused and remaining focused is a quality and virtue that
makes great and highly sought after consultants.

CONSULTANTS ARE ORGANISED
PEOPLE

You need to be organised
at all time as a consultant. People can tell if you organised or not. Nobody in
his or her right senses would want to entrust his or her business operations to
someone who is not organised.

INDEPENDENT CONSULTANTS
HAVE THE ABILITY OF NOT PANICKING WHEN THINGS SEEMS TO GOING WRONG

Consulting is not a plain
sailing. There are times when it will seem as if the whole world is against
you, it is your ability to remain calm and not panicking under this pressure that
will make your business stand out.

CONSULTANTS NEVER RELENT

Independent consultants
understand the implication of feeling complacent in business. You will quickly
lose your competitive advantage in business the moment you allow complacency to
set in.

You may have to reconsider
your stance if you are struggling with any of the qualities mentioned above. Hey!
Come on! There is a good news for you are found wanting in the above qualities.
They are all learnable; nobody is born with any of those traits and characters.
We all learn them so you too can.

CHALLENGES OF CONSULTING
BUSINESS

Before enticing you with
the benefits of going into consulting business in Nigeria, let me first of all
draw your attention to the obstacles and challenges that you need to overcome
on your way to the promise and veritable land of independent consultant.

  • Getting your first client
  • Getting a base to operate from
  • Overcoming the high cost of doing business
    in Nigeria
  • Beating the challenges posed by the big
    consulting firms i.e. competition
  • Acclimatising with the consulting culture
  • Retaining your clients
  • Managing your time

BENEFITS OF BECOMING A
CONSULTANT

Consulting is one of the
few services provision businesses that magnify your greatest leverage – time. The
benefits of becoming a consultant are listed below

  • Financial freedom
  • Time freedom
  • Feeling accomplished
  • Giving back to the society
  • Commanding respect

Now that you have known
how to start a consulting business and what it entails, it is now time for you
to turn that your business idea into
concrete money making venture. To your success as an independent consultant!!

HOW TO START A BUSINESS IN NIGERIA AND MAKE PROFITS

How to start a business in Nigeria is one question that has been on the lips of many young Nigerian entrepreneurs who have given their best shot on the idea of starting up their own business but without much or anything to show for it. Starting a business of your own in Nigeria is not a rocket science that is meant for the bright and fortunate once. Anybody can turn good business idea into a flourishing business that will perpetually put money into the pocket of the creator and also create job for others.

I always feel bad and embittered whenever I hear people say that there are no business opportunities in Nigeria. This is a fallacious statement that has quenched the zeal and desire to establish and run competitive businesses in Nigeria which has been harboured by many in the past. The world is not in short supply of ideas but, in short supply of determined mind that is needed to turn ideas into cash. This article is written in a clear simple manner to serve as a concise guide to becoming that business owner that you have been dreaming about.

It will be beneficial at this point to stress the fact that the right psychological state of mind must be obtained before taking the steps that are stated in this how to start a business manual. The importance of preparing your mind for the enormous business reality challenge is that it will help position you for the unexpected.

SIX (6) STEPS APPROACH TO STARTING A PROFITABLE BUSINESS IN NIGERIA

GET A BUSINESS IDEA

Generating a sustainable business idea is the first necessary step that must be taken by any aspiring entrepreneur that is serious about surviving the fierce competition in this our new business world. In as much as there are numerous business ideas, not all are fit for every particular situation and individual. Very many people make the mistake of copying a business idea that worked in a different environment without taking time to see if it will actually work in the environment that they find themselves. This will now take us to the next point.

CARRYOUT MARKET RESEARCH

A sparkling idea in some ones head might not have commercial value without taking much resource. Market research being a concerted effort to gather information about the potential commercial value of a venture before committing to it is a key strategic building block in any business strategy. Through market research, an insight into the needs of customers and the level of competition in a given industry or sector is obtained. You may not posses the statistical skills and expertise that is required to perform a market research. So, it is a good practice to engage the service of professional researchers for optimum result.

REGISTER YOUR BUSINESS NAME

It is funny to see many people that call themselves business entrepreneur operating under a name that is not recognised by law. Look, your business name is your legal identity that differentiates you from your products or services from the park of thousands or even billion of competitors. The other day, a lady walked into my office seriously complaining that the business brand that she has worked hard to build has been registered by another person who is now reaping from the vineyard of another.

She was disappointed when I told her that nothing much could be done other than try negotiating with the smart guy who spotted the loophole in her overall business plan and tapped into it. Secure your business name at the very least. A lot of people think it is difficult to register a business name, it is not, what gives a little problem is incorporation which you may not need at the beginning of your business.

It is not enough to get a business name; you also need to get the necessary licences and permits to operate if your business needs one. Countless of Nigerian businesses that require licensing operate without one and rely on the corrupt nature of the system to beat the statutory requirement of obtaining licence for their business. Well, this might seem to be working for them now but it will definitely not last. It’s just like building a house with straw. That house obviously cannot stand the slightest storm.

DEVELOP A BUSINESS MODEL

Business model is the phrase that is used to describe all that managers and business owners do in the bid to creating awareness about their product(s) or service(s). You need a good business model that is based on reality and not the one that is hyped. For a business model to be good, it must:

  • Contain a clearly defined business goals and objectives
  • Contain the product creation process that is essential to meet the objectives of the business
  • Contain the market penetration scheme and strategy
  • Have mechanism that will support customers
  • Have a medium of feedback

Have it in mind that the idea behind the whole process of business modelling is to get the customers to pay for products and services that we offer. Ensuring that we do so in an ethical and satisfactory manner that the customer will have the urge to call again and refer us to others. This is where very many people have failed it. It is very easy to take the wrong approach in getting and sustaining customers – especially the ever demanding Nigerian customers.

GET THE REQUIRED FUNDING

There are many ways of getting capital to start up your business but in the Nigerian context, the primary source of fund is your friends and relations. Try raising money from people that can trust you.

The next form of financing that you might want to consider is the bank. The problem here however is that you will need to provide acceptable collateral. How to raise money to implement your business idea is the subject of another article in this site. Just search for it using the search button.

EXECUTE AND IMPLEMENT YOUR PLANS OF ACTION

This is the time to bring together factors in an efficient, economic and effective manner for the desired result as contained in your initial objective.

You will need to appreciate the fact that starting up a business from the scratch is not for the feeble minded. You need a lion heart with loads of shock absorber in order to overcome the numerous challenges that seem like obstacles at first for you to make it to the club of business owner. I am sure that after reading this article that the question of how to start a business in Nigeria will no longer be bothering your mind as six powerful steps that you must take to be successful in your business have been discussed here.

SMALL AND MEDIUM SCALE BUSINESS IDEAS IN NIGERIA

Business ideas in Nigeria is not in short supply but the ability of the people of Nigeria to identify and harness the abundant business opportunities in the country is the main issue. I feel overwhelmed each time I walk down the streets of Lagos state and see enormous business ideas that are capable of making anybody super rich without much trouble. The main reason why these business ideas will flourish beyond our wildest imagination is the fact that Nigeria is full of people hunger for products and services.

The main reason of writing this article is to give entrepreneurs that are willing to venture into business for themselves that spark that is needed to motivate them into taken action in order to realise their hitherto hidden talents.

TWENTY-FIVE (25) BUSINESSES THAT YOU CAN START IN NIGERIA AND MAKE GOOD PROFITS

CINEMA

The passion for going to see movies has been rekindled in Nigeria. The people of Nigeria are beginning to appreciate going to the movies once again. Adequate value is being attached to bonding together through outing. And the place that readily comes to mind now in Nigeria is going to the cinema.

CLEANING SERVICES

Cleaning services providers make cool and easy money from both corporate and individual clients. Nobody likes to live in a dirty and un-kept environment. You don’t need to do much in this business, all you need to do is get the necessary equipment, put up a proposal and that is it. I know of a lady who manufactures rat-killer and is making millions from it today simply by supplying the product to banks. Packaging is the key to marketing of cleaning services. You can package window cleaning services and sell it to companies. Another form of cleaning service that you can provide is club and restaurant cleaning. Many clubs and restaurants do not which to employ fulltime cleaners and would be more than happy to have a cleaning company do that for them.

CONSULTING

Getting into consulting in Nigeria is easy and rewarding if you can understand the rule of consulting. For you to register a consulting business, you need a minimum of Masters Degree or a professional qualification. Your area of specialization does not matter; people need guidance in your area of specialty.

EVENT MANAGEMENT

Managing events like wedding, naming ceremonies, house warming, funeral, etc is not an easy task. Hence, many Nigerians now outsource the hectic parts of these occasions to someone they feel is an expert in these fields. If you can pull resources together, you will make fortune out of events management.

EXPORTATION

There are very few people in the business of exportation in Nigeria. This is surprising as there is great chance of success in exporting raw materials to other countries of the world. Cassava for instance is a raw material that is in high demand outside the shores of this country as the increased interest in ethanol amongst industrialised states keep increasing.

FISH FARMING

Fish is no doubt a healthy option when it comes to eating. Except for those that are allergic to fish or those that don’t like fish naturally, fish is eaten by almost all and sundry. If you tap into this business, the odds that you will make it big time is high considering the huge human potential in Nigeria.

FOOD PROCESSING

More and more people spend most of their time outside their home these days and rely on food processors to supply them with on the go food. Even at home, semi prepared food has become the first choice of many busy and professional mums. This is why noodle businesses in Nigeria is raking in billions in pure profit.

FRANCHISE | FRANCHISING

Very few people have yet realised the hidden treasure in franchising business. Franchising is a win-win game in the sense that both the franchisee and the franchisor both smile to the bank. However, it is better to be a franchisor as it gives you more freedom to do the things that you enjoy most.

HAIR DRESSING

Looking good is always good business. As a company that is hair dressing business, you will never lack customers as even those that cannot afford a three square meal still spend money in looking good.

INFORMATION TECHNOLOGY RELATED

Nigerians have this flare for technology and information technologies. Starting up a business that will meet the needs of people in this area is not a bad business idea that you can go into depending on your expertise, experience, and qualification.

ONLINE BUSINESS

Millions of Nigerians are joining the web every day. This makes having a credible online business a goldmine that will put cool cash into your pocket. Web hosting and domain name resell for example can ensure that you always visit your bank on a regular basis. Chuckle when I see people trying to make money online with a poor business model. Online business must not necessarily be an information selling venture where amateurs copy and paste contents from others. What applies in the mortar and bricks business still apply in internet business.

You need a tested and vigorously evaluated business model. Let me for example share one of my online business models that have yielded me millions of dollars (in as much as I welcome competition, this business model will quickly fail as soon as the supply outstrips the demand, so do not copy it). I set up an e-ticket website where I sell tickets for organizations. All I did was pay a computer programmer who wrote the script for me and I consulted yellow book for the list and addresses of all businesses in my area. Bingo! A money making machine is born.

PURE WATER BUSINESS

Processing of drinkable water is a business idea that has been transform into billions of Naira industry by the stakeholders. Though this industry is relatively saturated, but, what facet of human life is not?

REAL ESTATE BUSINESS

Real estate business in Nigeria is a goldmine waiting to be tapped. When I talk of real estate, I am not talking about the touts that call them-selves ‘agents’. Real estate is a respectable business that has consistently produced people in the top 10 world’s richest people in the world.

RECHARGE CARDS

We Nigerians love making phone calls, starting a recharge card business at any level is sure of putting cool money in your pocket. Though this is a somewhat risky business, but, life itself is risky.

RECRUITMENT AGENCY

I wonder what is still holding this business back from boosting and taking the centre stage in Nigeria. Companies constantly look for ways of cutting cost. And the first place they look into in their cost cutting quest is to down size. Based on this fact, companies will readily appreciate any business proposal promising to supply their human capital need on a pay as you go basis.

RENTAL SERVICES

Renting of bridal materials is a good business that one can go into without much stress. Though this kind of business requires some capital to start up, it is still worth giving a try.

RESTAURANT

Restaurant business is one of those few businesses that cannot be seriously affected by economic recession and financial crisis.

SCHOOL

As long as baby boomers in Nigeria continue to grow, start up a school will never be a bad small and medium scale business idea.

SECURITY BUSINESS

There is no doubt that Nigerians need security more than most nations of the world. The government has failed in this aspect and any business that can fill the gap created by the lack of quality governance will surely be glad he or she did.

TAILORING

Just like hair dressing, if you can follow up with the trend, you will really benefit from this business.

TRADING

Buying and selling is one of the easiest ways of making money in Nigeria. Traders in Nigeria trade virtually everything that you can think of. In as much as this form of business does not really create much jobs in a country, it stimulates the economy to an extent and put money in your pocket.

TRAINING

There is huge market for training in Nigeria as people constantly crave for knowledge. If you can really deliver quality training, you will really smile at the end of the day.

TRANSPORTATION, HAULAGE AND LOGISTICS SERVICES

Movement of people and equipment in Nigeria is a great business to go into and make huge profits. This business is very easy to start up and run, as the cost of operation is not so high.

VIEWING CENTRES

The fan base of football supporters in Nigeria continue to grow with over 80 million people watching football every week. A good portion of these people do not like watching the football match at home for various reasons. You can start up this business and rake in thousands of Naira every week if you play your card very well.

WASTE MANAGEMENT

The list of businesses that one can do in Nigeria is inexhaustible. All you need to do is look around your environment to see what it is that people always complain about; then provide solution to it. You do not need to attend a business school for you to be able to scan your environment for business ideas.

These business ideas no matter how good they are cannot see the light of the day if they are not nurtured into becoming cash generating machines. You need to learn how to start a business in Nigeria. The exploding population of Nigeria is a strong leverage that helps boost the chance of making it in business.

You can also generate great business ideas by doing those things that you enjoy doing. I have been able to spot some great business ideas by simply watching the news. You too can become a genius in spotting fail proof business ideas if only you get the right kind of motivation and take actions that will transform your small and medium scale business ideas into money spinning machine.