12 DIFFERENT KINDS OF
BUSINESS OPPORTUNITIES WITH LITTLE OR NO CAPITAL IN NIGERIA
In my quest to help individuals
most especially young people who are undergraduates, Nigerian Youth Corpers, fresh graduates, I came up with these few
ideas that you might want to venture into so you can add value to your life
instead of waiting for a white collard job.
Nigeria produces over
5 Million graduates annually who are out there looking for job opportunities or
hoping that one will come their way.
On the other hand, are you already
working and you wish you could start something along the time? Do you want to
explore some business opportunities while you are still in paid employment? Are
you ready to try out your business skills? Then, now is the time to explore.
You can run your
business alongside while you keep your current employment It just takes a
decision and a personal commitment from you to learn and apply the necessary
skills.
Starting
and running a small business is not just about working for yourself, it’s also
about having the necessary management skills, industry expertise, technical
skills, finance and of course a long-term vision to grow and succeed. With the
economy still on track and the number of entrepreneurs on the rise, you won’t
be alone if you decide to take the plunge this year.
Although
thousands of employees dream of escaping the nine to five grind and become
their own boss, many are still unsure of what sort of business they want to
start and how they can ensure their new venture is a success.
So, I
have come up with a list of different types of business you may want to start
up in the next few weeks, with comprehensive advice on how to run your new
firm. If you fancy being anything from an estate agent to a personal trainer,
you can actually make your business profitable.
1.
Web Hosting: This is indeed one of the easiest businesses to start
right now. With little or no capital, you can pick up a reseller plan from a
reliable web hosting provider from within your location.
2.
Web designer: This is one niche where there is high demand right
now. You only need to have the basic skills and should be able to work with PHP
and MySQL. You will also be able to get many clients if you can design custom
wordpress themes. The starting point is for you to create a blog for yourself
to show what you can do. You may also need to join forums where you can easily
market your skills to others.
3.
Consultancy: Helping other people run their business may seem daunting
at first, but many budding entrepreneurs have the skills and experience to
become first class consultants.
4.
Clothes shop: With such a wide range of
clothes shops out there, you have a several options when trying to tap into
this huge market.
5.
Outside catering: Whether its catering for a
major sporting event or a low-key wedding, the need for food and drink at
gatherings does not go out of fashion. Find out how to set up your own catering
company.
6.
Gift shop: Boosted by the tourist trade, gift shops can be a very popular
business to own. Why not get wrapped up in the idea and start up your own?
Remember Valentine is around the corner. You may be able to make some money…
7.
Driving school: Whether it took you two
attempts or 20 to pass your driving test, you wouldn’t have got there without a
driving instructor. If you can put up with the exams and novice drivers, this
line of work can be rewarding.
8.
Photography business: When your school photo
was being taken, you probably gave little thought to the fact that the photographer
would soon be off to another job, maybe a wedding, to make ends meet. If you
have a passion for photography, get a clear picture of what is involved in
setting up your own firm. I was involved at one time or the other in this
business.
9.
Day nursery: With both parents increasingly keen to return to work
after having children, day nurseries are also vital to many families who can’t
afford to give up a regular income to stay at home. You really need to network
and let people know that you are available for this. You are definitely going
to make some money from this if you manage it well.
10.
Restaurant: Whether you are celebrating a special occasion or just
don’t fancy cooking, eating out does big business with a huge variety of
restaurants now inhabit Lagos streets. This is one business you should consider
starting if you have the required capital.
11.
Make – up – so many ladies are already into this business and are
really making a “hell” of money from it. You need to keep improving yourself on
this if you want to be a sought after, secondly, you will have to keep up with
this trend in this business because it has become a big industry here in
Nigeria.
12.
Shoe Design – This is another good venture and also a very big industry
in Nigeria. You need to learn the art of designing various kinds of shoes
either for male or female.
Five different ways for startups to get through the first year
If your idea and plan of execution aren’t well thought out from the beginning, no amount of money can turn it into a winner. Have a great idea but very little money? Don’t let that stop you! Yes, there will be ridiculously long days with little to no sleep. Yes, you are going to be stressed. But those that want it bad enough will make it.
Here are eight tips that can help you get your idea off the ground with limited funds.
1. Build your business around what you know. Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance.
Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.
2. Tell everyone you know what you are doing. Inform your family, friends, business contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.
3. Avoid unnecessary expenses. You are going to have plenty of expenses, and there are some that just can’t be avoided. What you can avoid though is overspending. Take something as simple as business cards. You could drop $1,000 on 500 metal business cards that give off the “cool” factor, or you could spend $10 on 500 traditional business cards. Being frugal in the beginning can be the difference between success and a failed business.
4. Don’t get buried in credit card debt. There is a smart way and a suicidal way to use credit when starting a business. New computers, office furniture, phones and supplies can all quickly add up. Instead of purchasing everything at once and throwing it all on a credit card, use your company’s revenue to finance your expenses. Eliminating the stress and burden of debt will greatly increase the chances of creating a successful business.
5. Make sure your receivables policy won’t sink you. If your business is a retail operation then this isn’t going to apply, but if you are providing services such as consulting or products to retailers you need to make sure that your payment policy is well thought out. Can you remain above water with net-15 or net-30 terms? Don’t base your receivables on what you think your customers will want. Base them on what is going to make your business operate successfully.
6. Build up sweat equity. When I first started my business I worked around the clock, handling every aspect of the business as well as the marketing and growth. All of the hard work and long days that you put in isn’t for nothing. You are building a brand and your hard work is essentially increasing the value of your business. Your sweat equity will come into play if you ever decide to sell off a piece of your company or take on a partner.
7. Take advantage of free advertising and marketing. There are several ways to generate a buzz for your business without breaking the bank. Social media is a great way to gain exposure and interact with potential customers. You can also reach out to local media and offer your expertise.
Make as many local media contacts as you can and be extremely responsive with their requests. This can lead to them to branding you as the local authority, generating plenty of free press for your business.
8. Get ready to hustle. Hard work is an absolute necessity, but when you are starting a business with little to no capital then you must be prepared to dedicate everything you have into making the business a success. This might mean cold calling, handling customer support, dealing with billing and accounting, and every other working part of your business. You will wear many hats and it will require the majority of your time and energy if you are to make it.
Don’t let limited capital prevent you from taking a great idea and running with it. Will it be difficult and will you have some stressful situations? Of course, but that is part of entrepreneurship.
If you need more help, contact me.
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