Which Small Business Opportunity is right for me?
You know quite well that a small business opportunity discovered and well executed is actually the only thing you need to turn your fortune around! Afterall, several successful entrepreneurs have testified that the first one million dollar is the hardest to make. So we know that we need just the right business opportunity which if well executed has the potential to launch us into wealth. Unfortunately, even though there are several small business opportunities around, you can’t get involve in all. Yes that is the dilemma. Lack of time, money and other resources will make it impossible for you to try out all the beautiful money making ideas that you fantasize with in your imagination 😉
Due to the present global economic crash, those who were satisfied with working for salary before now are beginning to reconsider their stance on starting a small business. Several of my friend who used to make fun of me when I tell them that it is possible to run an internet based business alongside a paid job are now getting interested. Instead of browsing and spending time on social network sites chatting with strangers, they have now made the search engines their best friend. They spend hours searching online for an internet business opportunity that will be suitable for them. Unfortunately, such effort produces poor results.
The singular reason why many are yet to start their own business is because they have no clue where to start from. Some on the other hand do have a clue, because they have bought and read books on small business ideas or home business ideas. You must have come across such books. The title usually goes thus, 101 Small Business Opportunities (since this title is not yet in existence, I guess I should write an e-book and give it that title). They were all excited while reading the book, and one will naturally expect them to start a small business once they finished. Well that is not usually the result. Many actually become paralysed after reading such books. The fear of failure keeps them back from taking action. If you have been considering starting your own business for more than 3months, you can be assured that it is either you are afraid of failure or you are suffering from information overload. Information overload is the second major hindrance to starting a small business.
How Successful Entrepreneurs select business opportunities
Since there are several businesses one could venture into that do not require much capital and investment. The best small business startup strategy is Take Action Now!
1. Make a List – Make a list of at least ten of the common small business ideas you know of. There are business ideas and opportunities all around. If you are determined a little creativity is all it takes to succeed. When writing your list, don’t discard any business opportunity as being too small, because what you consider insignificant may end up as the best business opportunity. Some folks have become extremely wealthy by starting businesses that people considered stupid or unprofitable! Also, it is okay to include the idea of purchasing a small business franchise. It is not compulsory that you must invent your own small business from scratch.
2. Use Your Passion As Criteria For Small Business Idea Selection – Study the list carefully and strike out those you are least passionate about. You cannot be successful if you choose to run with a business idea that you hate. Successful entrepreneurs become successful running businesses they are passionate about. When you are passionate about a business vision, work suddenly becomes pleasure. The joy of seeing the progress being made by the business gives you the motivation you need to succeed. It is not all about money! Remember, if you provide services passionately, profit will follow you naturally and you will become wealthy! So your list must be founded on your passion, not what you consider as being the most lucrative business ideas!
3. Select 3 Small Business Idea For Further Research – Next select the best three ideas you feel you are most passionate about. Use your imagination to look into the future, at least 12months from the present. Will you still be enthusiastic working on any of these business ideas? Are you so passionate about any of them that you will continue working to see it succeed even when nobody is there to encourage you? This is the way to sieve the ideas.
4. Get Advice From Experienced Entrepreneurs – Visit successful entrepreneurs who are already implementing those ideas. (It is wise to go out of your locality so that the entrepreneur will not be afraid of you becoming his next competitor). If possible, chat with at least two entrepreneur for each business ideas you have selected. You will be surprise at the amount of information you will gather from such interviews. This singular step will save you a lot of pain in terms of fund, time and energy that would have been wasted due to your lack of business experience.
5.Pick Your First Small Business Risky Adventure! – Life is all about risk. So face it. Tell yourself the truth, I wan to take a risk because refusal to deliberately and wisely take a risk at succeeding is itself a bad risk! Select a business opportunity to start with based on the tips garnered from your discussion with those entrepreneurs. You are not just taking a risk by so doing, instead you are doing what every successful entrepreneur does all the time. We take intelligent business risk based on quality information and experience gained from the past.
6. Get An Initial Capital – Get an amount you know you can afford to loose without going bankrupt. Don’t go for small business loan or empty your life savings. That will be a foolish thing to do. Taking business risk is not the same thing as gambling or playing lottery. Invest that into the idea you have selected and kick-off.
7.Get a business mentor – It will be nice if you can ask one of the entrepreneurs you interviewed to act as your business mentor. If you can’t get one of them, then get someone online to act as your business mentor. The fellow must be a successful entrepreneur, but not necessarily one that is in the same kind of business that you have ventured into.
8. Document Your Business Adventure – In conclusion I will suggest that you keep a personal journal where you will keep details of your business adventure for the first six months. Write down your experiences during this period. Record things that helped along the way and things that brought frustrations. Take note of business and personal decisions that work and those that got you into trouble. That journal will serve as a very useful business reference material (more valuable than books written by others on business strategies) in your future business adventures.
Start Your Own Small Business Now!
Ok, enough of the theory, get up NOW and take action! That is the only way to succeed. As you make progress with your small business opportunity, kindly return here (Nigerian Entrepreneur) to share your experience with us in the comment section. You can get future updates to this post and other Small business tips by subscribing to my RSS feed. See you at the top!
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Tags: Business, Business Ideas, internet based business, internet business opportunity, money making ideas, small business franchise, small business ideas, small business opportunities, small business opportunity, starting a small business, starting your own business
A very insightful post indeed. I believe that the most important part of starting your online business and being successful with it is not as much WHAT you choose to do but rather HOW you choose to do it. Taking consistent actions towards your goal will eventually get you there where as spending all your time LEARNING but without taking any action will be worthless. And there is where I see that most people fail.
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i really need some skills aquistion right now and i need guildlines to places i can obtain these skills.i studied chemical engineering.though i love writing.thanks
@Uzo James
Good to hear! i suggest you painstakingly develop your skills and put it online by getting a website. (I could help you for free) then going for freelancing jobs. there are lots of them out there.
I wish you all the very best!
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your advice is quite motivating. want to start a training session for some group of businessmen and women in church and also the youth which i hope to transform into a consulting firm. hav HND in health information magt and a prof cert in marketing from CIM (UK). pls need ur advice quickly. u are doing a good job
Hello, I love this post very much because it is inspiring. Thanks for sharing your insight on small business opportunities. I sure will try out some of the business tips you mentioned.
It is so great that i have found what i have been looking for on the net. Please keep it up.
The best business opportunity in Nigeria I can think of is The selling, installing and support of Point Sale Systems. It’s a no brainer really. All you need is a good Point Of Sale software suitable for all retail outlets. Integrate a barcode scanner, cash drawer, receipt printer to a decent PC and Walla!! you have a powerful, reliable computerised till capable of providing the shop owner with more than 300 different reports about all aspects of his business
The best business opportunity in Nigeria I can think of is The selling, installing and support of Point Sale Systems. It’s a no brainer really. All you need is a good Point Of Sale software suitable for all retail outlets. Integrate a barcode scanner, cash drawer, receipt printer to a decent PC and Walla!! you have a powerful, reliable computerised till capable of providing the shop owner with more than 300 different reports about all aspects of his business. I have all the knowledge you need to start a successful Retail Point Of Sale Systems business. Contact me: bashmor@gmail.com
@bashmor
I never thought of that! I’ve been seeing those POS in stores around me. I’ll sure look a bit closer to see what I can learn about them. Thanks for visiting.
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@Richard
I’m sorry I have no idea where you can get those stuff from. Maybe you should try computer village at Ikeja, Lagos. By the way what kind of small business are you using those for? I’m just curious 😉
My wife need to start up a small business, but the confusion now is that we don’t know the kind of business she can run with 150,000. She is a graduate of business Admin. and we are based in Port Harcourt. Pls i will need your suggestions. Thanks
Regards
@Joshua
Thanks for visiting and dropping a comment. As per your request, here is my view.
Irrespective of what others may say, 150,000naira is still a lot of money in Nigeria. Definitely, you can’t pick it on the street. So, I consider it hard earned money that must be invested wisely. I had to say that first because too many people will want to tell you that that is too small to start any meaningful small business. But it is not true. There are more than 100 small business opportunities in Nigeria. PortHarcourt city being a commercial city has ample opportunity for one to start one of such small scale businesses. However, there are some important points to consider first.
1. The fact that you have enough capital to start a small scale business is not sufficient reason to jump into it.
2. That a business is lucrative (maybe you’ve seen others making good profit from it) is not sufficient reason to start one.
3. Whether you believe it or not, every business whether small or great requires knowledge. You need to learn the trade and also the tricks of that particular business. There is a learning process. You are bound to make mistakes. I am yet to see a successful entrepreneur who has no story of prior failures to tell.
So what is the way forward?
1. Ask yourself if you are ready to loose the entire 150,000 without having a heart attack. That is the reality. The probability of you failing with the first business you invest in is 50:50. So, prepare your mind for the worst scenario so that FEAR of FAILURE won’t keep you from achieving your goal. If it is only half of the money you are willing to risk, then reduce your starting capital to 75,000. Trust me someone gave me a business idea with a starting capital of 1,000naira.
2. Since your wife is the one to run the business (even though I guess it is a kind of partnership thing), you two need to seat down and ask yourself what is she passionate about? Irrespective of the kind of business you choose to start, your passion is the most important factor. When things begin to go haywire, and it seems that nothing is working, you will keep forging ahead, if the business is built on what you are passionate about.
Well, I have to stop here before this become a full post. You can read more on how to choose a business idea in my post 10 tips for creating business ideas
If you need further help, don’t hesitate to contact me. You can also, post your request in the forum, that way, you will get response from me or other community members. Cheers.
joshua,pls how comes a graduate of business Admin CAN NOT fish by her self just a business to start with,what A bookish and theoritical certificate is she holding.?
I need more information about small business opportunities
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You make some excellent points. A franchise can be a great way to start up in business but its so important to have done all your homework properly so that you really know what you are taking on. In this way you can ensure you pick the most ideal opportunity.
Joe
I have see your article, very interesting and I follow your point of few on that matter. If you have more information on the same subject please inform me per email about that. Further more I like to inform you that we are a Business Directory to guide the starter or existing business man on Internet to get the best deals about Online Business and also about domain, hosting, web-design and marketing strategies!
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i want to start something that can add to my take-home pay, my brain is saturated, i think, think and think nothing tangible and realistic is coming up…….pls give me some eyes-opening tips
What is your passion? That will help guide you in the kind of small business opportunity you can go into. If you don’t know. Then I suggest you start a blog. You can even start with a free blog on blogspot.com or wordpress.com. From there you will be able to understand what you’re truly passionate about as you interact with other bloggers. Cheers..
Please could you give me some advice on how to go about creating blog, and how I can use it to make cash.
Kind regards.
James
Thank you for this opportunity to read this rich content. I think it will be good if we can share ideas and information that will benefit all Nigerians interested in owning their businesses.
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hi,i am a student and my course leaves me with little time for business.the greatest challenge am facing is knowing what biz. to venture into considering the little time i’ve got.if you may give any suggestion(s),i’ll be glad.
You will need to identify what you are passionate about. Also, look around you and identify the challenges facing people around you. What are the obvious needs of the people around the area you are residing? How can you meet those need? Can you provide information on how those needs can be met? Can you link those in need with solution providers for a fee. These are the kind of questions you need to ask yourself. You need to do some brainstorming to get started. Also, I suggest you start a blog. It will help you record your entrepreneur journey and also, help you form relationship with people of like minds. Cheers.
I first of all thank God Almighty for ur life in bringing young nigerian to this laudable program. This is my 1st time of perusing dis site. pls keep it up, God bless ur home & endow u wt more knowledge.
God bless you too. Thanks for visiting and your generous compliments. Cheers 🙂
am lookig for a small biz,av try my best to think of one biz but i couldn’t.i’ll be very appreciate if u can list 20 difference small biz with 200k, i base in abuja.cheers
kind of business i can start with #50,000
I want to start up a business of selling kitchen wares,do i need to register it,willone million naira be enough to start the biz in ikorodu,lagos state,pls i need an urgent answer,and addresses of shops where i cn make my purchases from and other relevant information i need to know.
A great post i must say. If before starting out a business these listed here should be noted. It’s a shame many of us can’t seem to carry through all these, Life and its many circumstances.
If you are looking for a small business opportunity, you can see smallbusiness.com.ng for free resources to get you started. Adios.
the site is educative and motivational but would appreciate if you list out examples of some small scale business and its steps invoved to strive in such bussines.
hi mr jerry,can u send list of 20 profitable business in raining season to my mail?
Hello,
Please can you tell me 10 different bussiness which someone can start with a capital of 500-1M , i will really appreciate it if you can help me out.
regard
Prince
Hi , i can suggest options in IT , ICT & Paper industry if you’re interested.
have successfully implmented ICT Projects n Makelle, ICT SUdan,durfur.
There is a huge potential on training & development industry of IT there …want to explore for reliable & long standing profit connect with me.
I read your comment. Please contact me by email for further discussions.
am interested into security gadgets, pls i need someone to assist me and partner with me in the business
I based in the USA, Contemplating on establishing a Medium Scale Poultry processing plant in Nigeria. I have the capital to embark on this business/ I studied Poultry Technology in the University then worked for 4 Major Poultry processing plants in the USA for 10yrs. The ban on importation of processing chicken and demand for high quality fresh chicken in Nigeria I strongly believe it would be a driving force to success in the poultry processing industry. Please advise
Thank you.
H.kpan
Your write up was really educative and i must confess that i have learnt so much, I currently work with a security firm with a wealth of security management knowledge of over six years. with the current security challenge in Nigeria i have decided to go into installation and marketing of security gadgets but my limitations is cash, so in your opinion what do you consider i do thanks??
Hi,
A very educative article. Kudos! I am currently based in the UK and thinking of returning back home to venture a business. However, it is difficult to conclude, having been out of naija for too long. Meanwhile, if I want to risk coming home now, I could by Gods grace raise 5 million naira and while I am thinking of investing in small scale poultry farming or haulage, i understand that I could actually remain in my field, healthcare (nursing, with passion for High blood pressure and Diabetes management). But, as I mentioned earlier, not very conversant with the business atmosphere in naija makes such decision very difficult. Honestly, am bent on coming home and all I need is some trendy business ideas which I could research myself. Your support will be grandly appreciated. Take care and God bless.
Thanks for visiting and commenting. Presently, I do not write business proposal or conduct feasibility study for would be entrepreneurs. Maybe in the near future, I will consider it a venture worth going into. What I can tell you for now is that Nigeria has great opportunities for entrepreneurs. However, the risk is quite high too. For me, I will suggest you take the following steps:
1. Choose the line of business you really are passionate about. Maximum should be two, so that if Plan A seems not feasible, you can now go for plan B.
2. Place an advert requesting for someone to write you a FEASIBILITY STUDY on the proposed businesses OR take time to start researching online about the business.
3. Contact a minimum of 10 Nigerian based entrepreneurs who are engaged in the business for over 5years. ( I can assure you that successful entrepreneurs don’t get scared to share their story of success, it is those that are struggling that hoard information, so don’t get discourage, ask as many as possible)
4. Make a business plan to start SMALL! Don’t start big because irrespective of how careful you are, you will eventually make mistakes. Successful entrepreneurs are those that have learnt from several FAILURES! When you record a failure, you should have sufficient fund to continue and put the lesson of the failure to use. If you start big, and you make a mistake, you may not have sufficient fund to continue in business.
I hope this will give you a head start in the right direction. I wish you success. Cheers.
Thanks…….it is reassuring. God bless
If you make your research very well, you will agree with me that the best business opportunity in the ICT sector of the Nigerian economy that anyone can start with little investment and quickly grow it is BULK SMS RESSELLING. There is no doubt about it.
The rate at which Nigerian businesses, churches, schools and individuals rush to pay for bulk sms credits now is very high and the market keeps growing on a daily basis. If you are interested in starting a business or looking for a product/service to your ICT product line, I advice you concider reselling BULK SMS. With Bulk SMS business, earning millions of naira is guaranteed.
If you desire to resell bulk sms, visit nigerianbulksms.com/index.php/resellers.html or call 234(0)809-858-1357 for help.
I need to choose a small business that 500k can run
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THANK GOD FOR THE LIKES OF YOU, I HAVE BEEN GREATLY INSPIRED.
Please, i will like to setup a business to support my present income, i av presently raised closed to 1 million naira. but presently ideas seem to be distant from me. i will like suggestions frm everyone. I’m looking for constructive and realisable ideas please. thanx
@ Harbbey, You have more than enough to start your business, there is oppotunity in printing, you can send me an e-mail so i can brakedown the detail with you. the email address is ferdinandumaduka@yahoo.com
i have passion for manufacturing. but there r several items that can sell in neigbohood without too much advert. table water, sachet water, packaged sugar, juices, etc. dont know what to produce
Thank you and well done. This is an inspirational article, i have gained a lot from it. Am a first timer on the site. I intend owing a business of my own and like u said it is all about ones passion. I think i need to really think deep before deciding what to do. Thanks once again.
Hi Queen, thanks for visiting my blog. I am glad the article has blessed you. I wish you all the best in your ventures. Cheers 😉
Good and apt
Hello, I admired your insightful thought on area of entrepreneurship, but can you give me detail guard on how I can produce and distribute my book that is under editing now. Thank you
Fantastic article and great post. Each and every title is very interesting. thanks for sharing the information.
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Thank you and well done. This is an inspirational article, i have gained a lot from it. I’m a first timer on the site. Just came across this article in an attempt on getting ideas on how to start a small business. I intend owning a business of my own and like you said it is all about one’s passion. i want to go into vegetable farming but i don’t know how to start and i also want to do supply of consumables(what is used most of the time) either of two..Can you please give me a guide..Thanks
Thanks for visiting. I wish I have a clue about the business you want to go into. Since I don’t know anything about it, I am not in a position to give any advice. Let’s hope someone that do have experience in the business will come around and respond to your comment. Cheers.
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