How to choose a good Business Idea in Nigeria – Profitable Business Ideas
I want to start a new business, but I don’t know which business to start?
This is a question I have gotten a number of times, and here is my answer to it.
These are what you should know:
1st, you have to realize that EVERY business is lucrative (profitable) and they all come with their own unique challenges and requirements for success.
2nd, no matter how lucrative (profitable) a business may be, it takes consistent and diligent efforts, ‘over time’ before any business can really grow to become something meaningful.
3rd, jumping into any business because someone says it has good potential is not always a good idea. You need to find a business that you personally fit into, a business that works for you.
These are what you should look out for:
- Do you currently have a business that you can expand or diversify, rather than starting a totally new business?
- Is there any business you already know about? Is there a business that u have a good idea of how to manage it? This is a factor you could consider. In this case you would capitalize on your existing experience/knowledge.
- Is there any business around your locality that you could easily learn about? Or do you have a friend or relative that is a professional in a particular business and willing to put you through? This is especially helpful when you have a small budget, you do not want to spend a large part of your entire capital learning about a particular business idea, then after learning you find out that you do not have enough money to execute the business venture itself.
- You can also look for a way of starting a business around any skill you already have, or starting a business around any personal passion or interest of yours. Is there any problem in your life or in the society – you are passionate about? Is there a possibility of you solving this problem and making money in the process?
- How much capital do you have for the business. Look for a business that you would spend nothing more that 60% of your available capital.
The above points are what you should consider in determining what business to start.
Yeah, I know you still do not know which business to start exactly. So now, based on the points I have given above, go through them again and again, then begin to search for a business you can start in the light of those points, till u find the one you feel you can handle/manage effectively. The long-term success of any business is determined more by how it is being managed, than how profitable it is.
For you to find a business that you would succeed in, you have to do a business that you love something about it. You don’t have to love everything about the business, but there should be certain aspects of the business that you are very cool about, and you would rather keep on doing it than anything else.
Also bear in mind that when planning on how to execute a business idea, one of the first things you should put into consideration is how you would go about getting clients/customers/patronage. This is something that is usually assumed to be easier than it actually is by most people, as such very little preparation and planning is made for it. But in reality, this is usually the most challenging aspect of a business, and most times more challenging than raising capital for the business.
In summary, for you to find the most suitable business for you to start, a business that you love for one reason or the other, you really need to be a key-player in searching for the business. My job is just to make sure you are considering the right factors as you search, and that you are searching towards the right direction.
I hope this has been helpful.
HERE ARE 3 HELPFUL VIDEOS ON THE TOPIC:
How to Start a Business – Choosing An Idea
20 Specific Small Business Ideas for Beginners
How to Find Business Ideas – The Ultimate Guide