Financial Business Ideas In Nigeria – Starting your own business is a great way to take control of your finances. This is one of the most effective ways to take control of your life. There are many business opportunities in Nigeria that one can succeed in. Many people are poor not because they lack opportunities, but because they fail to recognize them and take advantage of them. Poor according to Ghogho Arthur! “
#This is the problem of most people. They miss opportunities and don’t take advantage of them. % Contrary to what many people think, funding is not the biggest challenge of starting a small business. The biggest challenge is getting a really good business idea. ‘ (very small commerce)
Financial Business Ideas In Nigeria
0 buying and selling 1 buying seasonal crops and selling o2 soybeans and palm oil and dried plantain chips etc.
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When starting your own business, you must realize that it is stressful and requires your full attention. It can be a complete professional and personal experience as well.
0 Invest anytime or go out and assess yourself to see what it takes to start your own company. Are you motivated to: b. Are you adaptable: c. You believe: d. Are you flexible: “It’s better to have an opportunity and you’re not prepared than to be prepared and not have an opportunity #.
;on<t = to trade because something is in $ogue or someone else is doing it. ; Adopt a business concept that you are passionate about. 3 From there, come up with products or services that you think will improve the quality of your employees. In short
– Once you’ve settled on an idea and figured out how to make it a reality. Is the product or service something people want or need?
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A solid business plan will guide you forward. Need to present your idea to potential investors. @Our business plan should include! a Mission Statement B. Company Profile c. e (Executive Summary d. Service or Product Offering e. Description of Target Market. 3 Financial Projections g. Operating Costs
A. Identify your market! Assess the market and target customers who are likely to buy. Conduct competitive assessment. B.; (costing) conduct additional research and determine standards
C. ‘Make a budget D. 3 in$tors E. 7 in$tors Listen to 9F. Build a strong support system 99. Determine the legal structure 9>. Choose a business name 9? , register your business name 9A. Using Free Resources 1; P et al. 9B. ; Determine mission responsibilities 9C. Obtain necessary permits and licenses 9D. 0uy insurance where necsary 9E. Account 1 Set up basic profit and loss account and purchase account etc. 9G. %Who has a business location>f.;9. Patents can wait, i.e. e(clusi$ity can wait >>.0ee(perhaps 1 your initial ideas can be modified. Reflect and don’t <t = just get angry. 3 Find out what they don't like and ad Make = invest and return to them. You are in the middle of a busy time, ready to start your business. Travel or start new ventures. But lack of capital may hold you back. Many Nigerians believe that starting a business requires a lot of money and businesses. are generally at high risk.
What if I told you this assumption is not entirely true? Most of the time the problem is not lack of capital, but lack of business ideas that can be ventured with a small amount of money. In fact, there are many profitable businesses you can start with as little as N20, 000 or less.
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Today, having only one source of income is not enough. Have you seen the situation in China? In that case, you know you need multiple sources of income to survive. With a volatile economy, everyone needs a safety net to survive. So here are some reasons you can start a business:
You may discover a problem or see a gap in meeting a specific product or service need. Then, decide to become a hero by solving a problem with your product or service. The great deeds of man!
Often times, your business may be your only means of earning a living, or it may be one of several ways you earn a living. After all, as the saying goes “one cannot live by bread alone”, you can use it to fulfill your business.
The 9-to-5 lifestyle just might not be for you. You probably don’t want to get up and go to work to spend hours in traffic. Plus, you like owning your own business and the flexibility of being your own boss.
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Whether you’re a 9-5 person, a student looking to start a side hustle, or a new low-risk business, it doesn’t matter which category you fall into. You can save some money and start any of these 5 business ideas:
The thrift, okrika or stoop pick business is attractive, especially to students and young adults. People love thrifted clothes because they are affordable and durable, and many gems can be found when thrifting costs less.
With N20,000, you can start a savings business. All you need to do is research the best markets to buy affordable, quality clothing for resale. Popular markets to buy clothes in Lagos are Yaba Market, Balogun Market, Oshodi Market, Aswani Market, Katanga Market etc.
Also, some of these markets have special days where you can get cheap deals. Generally, the main days to buy quality clothes in Lagos markets are Monday, Wednesday and Friday. There is also the Yaba Night Market, although sales days are usually Tuesdays.
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After purchasing a garment bag, invest in branded materials, open an online store, and start selling. In all these places, you can start to call yourself a business owner. Well, it’s not easy.
Point of sale (POS) provides services that help us easily withdraw and send money. Becoming a POS agent is quickly gaining traction in Nigeria, especially in areas where commercial banks or ATMs are not easily accessible. It is also profitable. Normally, the agent earns N100 for every N5,000 Naira withdrawn. What a great way to make money!
First you need to get a POS machine usually for N15,000, then you can start transacting with any amount you like. If this interests you, you can become an agent at Kippa Correspondent Bank. Click here to become an agent now.
This is another low capital, high return business. I’m not talking about selling real gold or diamonds, like matte steel items. There is already a market for it; People love to use good, fitting, quality accessories that don’t cost them a fortune. In general, it looks good on a budget.
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In Lagos, there are wholesalers in Balogun market, Chinatown or any other market. You can buy or ship goods directly from online retail services such as Aliexpress. This may not be appropriate in case of rising exchange rate. It’s usually best to stick with suppliers to ensure the quality of what you get. You can also get discounts for being loyal to your suppliers.
For people who cannot afford high-end fragrances, perfume oils can be used as an alternative or to complement other fragrances they use.
Generally, you don’t need a lot of money to start this business. In fact, you will not spend N20,000 to start. You can buy from a supplier, or make your own. Find out how to make perfume oil here.
Do you want to spread the joy with your love of cooking or baking? Then you can turn this passion of yours into a profitable business.
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You can start this business from your home. Whether it’s short ribs, joes, smoothies, jobos, cupcakes, breads, cocktails and more. You will always have an audience ready to patronize you. With great service, appropriate branding and promotions, you’ll be delighted.
While you may have decided on the business you want to start, the next issue may be how you will manage and track all your business transactions. With Kippa you can check your business finances with all the amazing features we provide such as cash book, ledger, invoice, debt reminder and more.
Also, after starting your business, you want to unleash the full potential of your business by signing up. With Kippa Start you can register your company for just N15,000 and get your CAC certificate within 5 days.
Update – We have reviewed Kippa Start’s pricing. From 12 October 2022, Kippa Start Business will be registered
