Starting out a business in with 50k In Nigeria? If you are reading this article, chances are you do not want to startup a local business and yield little profits monthly, you want to start up a comfortable business and make large profits monthly and consistently with a capital not greater than 50k.
In this article we would be taking you through what a business really is, the 7 steps to starting out a business, and the trending business Opportunities in Nigeria now with a high profit outcome with the required initial capital less than 50,000 Naira.
What a business really is
Every business begins with an idea, usually called a business concept, then extensive market research is done on the business to know if it is actually worth investing into. This is called the Feasibility study of the business.
I define business as the organized effort of an entrepreneur or group of entrepreneurs to offer goods and services for profit.
If you noticed I use the word entrepreneur not individual because an entrepreneur always invests in a problem-oriented business, creating a solution and with a proper business strategy, causing an explosive demand for those products or services.
7 steps to starting out a business
1. Find the right business
I have seen a lot of people struggling really hard to find the right business, skill or brand. They keep searching very hard to find essence, and a true meaning. If you are, then you are searching in the wrong direction. Make one!! Finding the right business is not just something you have to do because of the money, you need to have a certain desire or passion for it, you need to love doing it, because you are going to be spending a lot of your time doing it consistently.
2. Getting a Business name
I really don’t think that there is a right or wrong name for a business, I mean if this wasn’t the case, Google would be and eye glass manufacturing company, and amazon would be a wild life preservation company. But finding the unique name for your business is very essential but shouldn’t take much time. You need to ensure that your business domain is available on the web and also on all social media platforms.
3. Business Registration
If you want to avoid spending a lot of time in court, then you should register your business, it might seem irrelevant in Africa, but you should for security purposes, register your business name, obtain a copyright, trademark or even a patent if your business solution is a unique invention. Pay your taxes and make your business as legitimate as possible.
4. Proper business management and strategizing
Just before running to start out your business you need to analyze your market, know your competitor, their advantages and disadvantages, exploit them, create a plan and dwell on that plan.
You could read books and watch videos on business management, or work for your mentor for a while to understand how a real business plan works
5. Investment and Risk management
For your business to grow you have to invest in it, either by paying to reach out to more people, or purchasing better resources. Quite some businesses fail because of over confidence at the initial concept, they think that their business idea would earn them millions in the first few weeks or months, Here Is a tip, IT TAKES TIME. You don’t need to focus on the shorter term rather focus on the longer term and the overall goal of your business.
6. Partnership and Employing the right staff
Mark Zuckerberg(Facebook) didn’t do it alone! Jeff Bezos Amazon didn’t do it alone, why should you do it alone? Employing the right staff and partnering with other business professionals makes it easier for you to achieve your business goals easier and faster, if you can’t employ people full-time there are freelance sites where you can employ business professionals.
7. Customer relationship Management
Building a customer base and creating a relationship and sense of trust between you and the customers is very essential in business. Your modifications and improvements in business should be solely based on improving customer’s ease of your product or service usability.
Trending Business Opportunities in Nigeria right now
In this section I would be sharing with you some business opportunities in Nigeria with a high demand.
This business would require one to three of the following.
- Access to the internet
- Mobile device or personal computer
- #1,000 to #50,000 as initial capital
- 2-5 hours for work daily
If you are reading this article then chances are you have two or more of the following so let us proceed.
1. Video Editing/Cinematography
This is the top trending business in Nigeria right now, with over 5 million movies every year, the high demand for movie editing, background editing, cinematography, animations vlogs, etc. cannot be filled up so easily, hence leads to the production of poor movies with low profits, if you are looking to start out in this niche you could take courses on blender, light works, premier pro, power point and viva video here at Ventacademy and you could start making more than 50 thousand Naira monthly.
2. Website and Graphic design
This is the second leading Online business in Nigeria right now, although lots and lots of people are flying into this niche every day, but over 90% of people do not do it properly and they end up having just 2-15 customers in a year, this is because they do not get in touch with the right people and most business in Nigeria do not actually think that they do not need websites or graphic designs which would change soon. Using the right strategies to starting out a business that we give here at Ventacademy you could just find yourself earning a full-time income from this niche in a few months.
3. Jumia Reseller
As the third-tier countries in Africa like Nigeria, Kenya and South Africa are beginning to move into the second and first tier worlds you would need to explore the opportunities that are trending in the first-tier countries right now and one of them is Ecommerce. Probably in the next 5 years people would rather buy things online than in a super market or store. And one of the potential online stores here is Jumia.
Currently Jumia sells more than 100,000 products worldwide daily and this number would drastically increase as time continues. Jumia reseller gives you the ability to connect with buyers online and sell more products without even getting to see or touch the product.
With the high rate of new blogs and businesses in Nigeria, there would be a high demand for content writers, copywriters and even publishers and book writers soon. Starting out a business in a writing niche requires consistency and a lot of initial effort, including some sacrifices like doing some free work.
More trending businesses would be added to this article soon!!! if you have any questions about starting out a business please comment below.
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