Hello friends,
Have you ever asked yourself these questions?
What
are the best small scale business ideas in Nigeria? What is the best
business to start in a harsh environment like Nigeria? What are the best
small business opportunities for Nigerians (Investment Opportunities)
living in Diaspora or oversea?
Think about it!
Are you an
entrepreneur or investor looking for where to invest your money with
good returns? Do you want to invest in Nigeria but you don’t know where
to invest your money?? Do you want to know where to find fast growing
business ideas in Nigeria? Then I advice you read on because this
article was written specially for you.
For quite sometime now, my
email box has been filled with request from fellow Nigerian
entrepreneurs asking for the fastest growing business opportunities in
Nigeria which they can invest in. Before I proceed with any detailed
explanation, I want to state clearly that there are untapped small scale
business opportunities in every industry both in Nigeria and all over
the world; you just need to dig deeper to find such niches.
Now
from my personal experience and interaction with Nigerians both home and
abroad, I came to observe that many people are interested in investing
in Nigeria by setting up their own companies but fear seems to hold them
back. I have met individuals who have been living and working abroad
for over ten years; they have made a lot of money over there.
But
rather than come back to Nigeria and start a business, taking advantage
of the currency exchange difference between the Naira and Dollar, Euro
or Pounds; they would rather stay abroad because they are afraid of the
uncertainty of doing business in Nigeria.
Over the years of doing
business, I have met a lot of Nigerians and some foreigners with a lot
of cash; but they just don’t know where to invest their money. Some even
tried to invest in the stock market and they lost their money, not
because the stock market is bad but because they lack the needed
experience and knowledge to invest in the stock market. Well, I still
invest in the stock market regardless of its ups and downs; because I
have the needed technical know-how.
Well, if you are one of such
individuals that is scared of coming back to Nigeria to establish a
company, the points below will help quell that fear.
6 Reasons Why You Should Start a Business in Nigeria Today;
1.
Now Nigeria still remains a hub for most entrepreneurs and investors
despite economic challenges. In fact, Nigeria is now the largest economy
in Africa, the number one destination for Foreign Direct Investment in
Africa and one of the fastest growing economies in the world. That’s why
South African and Chinese companies are scrambling to invest in
Nigeria.
Tiger brand acquired Aliko Dangote’s stake in Dangote
Flour. MTN South Africa mopped up shares of MTN Nigeria and Wal-Mart has
moved heavily into Nigeria through its subsidiary, Shop Rite.
GlaxoSmithKline U.K has increased its stake in GlaxoSmithKline Nigeria
PLC. General Electric is partnering with power generation companies in
Nigeria to boost the nation’s power supply. Chinese companies are
partnering with Nigerian companies to setup manufacturing plants right
here in Nigeria. An example of such plant is Innoson Vehicle
Manufacturing company in Nnewi. Nissan has also established an auto
manufacturing plant in Nigeria.
The list goes on and on but the
point I want to stress is that this is the right time to invest in
Nigeria. Please if you are in doubt of any of the information listed
above, Google it. Just do a search.
2. There are over 150 million
people resident in Nigeria and the population in Nigeria is been
predicted to overtake that of United States by 2050. Now what this means
in essence is that the market is big enough to absorb any product,
provided enough marketing and awareness is created. Another positive
impact of this population statistics is that there is cheap labour. One
of the reasons China grew to become an industrial hub is because of her
large population, which in turn brought down the cost of labour.
3.
Nigeria is fast developing and there is a huge need for innovative
products. If you are resident in Nigeria, kindly reflect on the position
of Nigeria ten years back and compare it with her present state; you
will agree with me that there is a huge change.
Economically,
technologically, etc.; Nigeria is growing, whether you admit it or not
won’t change the fact. That is why entrepreneurs and institutional
investors from countries like South Africa, China, Lebanon, Brazil,
India, etc are scrambling to invest in Nigeria because they see the
potential that we citizens don’t see.
4. Nigeria is currently
riddled with problems and the government is currently battling to tackle
these problems. I am talking about challenges such as falling oil
prices, security, infrastructural decay, unemployment, power failure,
corruption, fall in education standard, accommodation, etc. The average
minds believe these problems can never be resolved and if it is to be
resolved, it should be done by the government.
However, people with
entrepreneurial mindset know that these problems are opportunities; and
only those who act will turn these opportunities into profitable
businesses.
5. The government is working to improve the economic
condition of the country, by implementing several policies aimed at
encouraging local content production and small scale enterprises. If you
are well positioned to take advantages of such opportunities, you will
make something from it.
6. The eye of most entrepreneurs and
investors doing business in Nigeria is usually on Lagos, Abuja, and Port
Harcourt. However, tremendous opportunities are laying waste in other
states cities such as Owerri, Aba, Onitsha, Nnewi, Kano, Akwa Ibom,
Ogun, Ibadan, Enugu, etc.
Now to be honest with you, I don’t take
heed to what the World bank and IMF statistics say about Nigeria. I am
equally not moved by the politically inclined propaganda promoted on the
media about Nigeria. I am an entrepreneur on ground, and I have
personally assessed the situation on ground and charted out ways to
harness it.
I would rather work with my own hard facts and
proposed solutions than work with the media statistics. I think I have
said enough. So without wasting your time, below are some small scale
business ideas and opportunities in Nigeria you can invest in today.
Six Criteria You Must Meet Before Investing in Nigeria
Now
for those who are eager to start a business or invest in Nigeria, there
are a few criteria you must meet; so as to ensure you are well
positioned for success.
1. You must be prepared to be on ground in Nigeria
Yes,
I have had so many people call me to talk to me about the possibilities
of starting a business in Nigeria while running it from overseas. Now
the honest truth is that you can successfully operate a business in
Nigeria without being physically present; but not in the start-up phase
of the business.
You just don’t start a new business, turn it
over to someone and travel out of the country; hoping that the person
you handed your business over to will do a good job. This is one of the
mistakes most Nigerians in Diaspora make.
If you are really serious
about establishing a business in Nigeria, then you must be willing to be
on ground to run the business for at least one year. Secondly, forget
about doing business with your family members or close friends; it
usually doesn't end well. Rather, I will advice you seek professional
help, incorporate your company and make sure your back is covered
legally.
2. You must have knowledge of the business
To
succeed as an entrepreneur in Nigeria, you must have skill and
competence. Competence is a product of knowledge mixed with experience
while skill is something you can develop over time through training.
Please don’t start a business blindly simply because a family member or
friend recommended such a business, the result of such a venture is
usually devastating. Invest time first to learn everything you can about
a business before you invest your money.
3. You must have a short or long term plan to employ people
To
keep cost low, you may choose to start as a self employed entrepreneur
operating from home, a shop or an office. There is nothing wrong with
starting out this way, after all; I started out as a self employed
entrepreneur working from home. But as you grow in business, you will
need to bring in competent hands. However, you shouldn't wait till then
before you plan towards it, start now.
4. You must have capital
There
is no much explanation to do here. To successfully set-up a business in
Nigeria, you must have capital. This is needed to get things done. Now
when I say capital, I want to emphasize that it doesn't have to be a
million dollars. You can start with the little you have even if it is
just enough money to get a laptop and an internet connection.
5. You must make sure your proposed business has an evergreen demand
Another
mistake you must avoid is starting a business whose trend is dying.
Take for instance a cyber café business, this business is dying because
the trend is shifting towards mobile connectivity. Why go to a cyber
café to access the internet when you can do it more cheaply at home?
6. You must always remember that success is not an overnight flight
Yea,
this one is especially for those who are looking for a business to
start that will provide a steady cash flow or a return of 30% – 50% in
approximately one year. The truth is that it doesn't work that way.
Success can never be achieved or attained by sudden flight; it is a
product of consistent, unyielding effort. So stop looking for the best
business to start, instead; look for the best business you are willing
to stick to regardless of the surrounding circumstances.
For Your Success
Written and submitted by Sunday I. E.
Source; http://olisasegun.blogspot.com.ng/2016/01/six-criteria-you-must-meet-before.html
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