Are you wondering why you should start a business today in Nigeria when many businesses are crumbling? That’s quite understandable considering the dwindling economy. Prices are running high and the cost of living is getting higher as well.
Well, you might choose not to invest but keep your money in the bank. Guess what? That won’t make things any better either, as your money could lose its value.
This obviously means that banking is not the best way to invest your money. And don’t dare place all your investment eggs in the stock market basket, as it is also a risky deal. Yes, you may end up parting with all your resources.
Already, the crippling economic situation is creating great opportunities which you can seize if you really want to be an entrepreneur. Moreover, there are so many businesses you can start with very little funds. So you really have no excuse.
That said, below are 7 startup business ideas that are bound to do well in Nigeria today, no matter how bad things seems to have gotten:
7 Startup Ideas in Nigeria that can thrive in the economy
1. Start Repairing and Maintenance Business
Have you thought about it? To create a business out of that thing people will always need? If you have a special set of skills, don’t allow it ti stay dormant, you should start a business with it.
Presently, not everybody can afford to buy new stuff like phones, computers, or even cars, mainly because of the naira dollar exchange rate. I remember going to the market to buy some electronics some months ago, and I noticed that almost everything I had in my list had doubled in price. I was flabbergasted.
Guess what? Everybody experiences the same thing. I wanted to buy a generator for a particular students’ organization I belonged to while I was on campus. When I saw the price of the generator, I advised the President to use the money and buy something else and then do his best to repair the generator. It was too damn expensive.
That is common sense. Many people these days will rather repair what they had than buy a new one. That means you will never be out of business if you start a business in repairs.
2. Start A Recruitment Agency
Job seekers may not like the idea of passing through an employment agency. Notwithstanding, this avenue is growing and gaining grounds for many reasons.
One is that some companies, especially corporate organizations don’t want to deal directly with job applicants any more. This is mostly because of the sheer number of applications and the fear of nepotism.
Also, the huge amount of time needed to sift through all the files of the applicants can be nerve racking. I know how daunting it was for me when I wanted to hire some staff in my organization. It was very hectic and I really wished someone would do it for me. Thankfully, I had to learn about the guidelines on hiring your first staff and everything became easier.
So if you can, start an employment recruitment agency. Get a good website and start advertising the positions you come across. I remember getting a job back in 2013 through hot Nigerian jobs, and they seemed to be doing very well. So it works.
3. Become A Social Media Consultant
Many tech savvy entrepreneurs are already exploring this opportunity to market their products. So if you have a knack for online communication, you may find it a great idea to help a growing number of companies who want to integrate online marketing. You could even consider developing your website or blog to start your own niche marketing and become a medium for e-commerce.
4. Sell Liquor and Sweet Drinks
Of course, people still want to have fun and forget their woes. Times may be tough but it doesn’t seem to affect drinks. You can target the drinks that are most sought after and find out the best places to set up your startup.
Personally, I don’t drink alcohol. But a lot of people do, and they don’t seem to care how much they spend drinking. Moreover your business will always do well during every festive period (and we have lots of them here in Nigeria) as people will consume even more.
If you can’t afford to start your own brand because you can’t raise enough capital, you can at least, become a marketer/distributor.
5. Start A Home Daycare
Okay, this particular business is gender sensitive. I mean, I don’t think I will be comfortable sending my kids to your day care center if all the people there are guys.
But even if you are a guy, you can still employ women and get the job done.
This business allows you work from home and be with your kids. With most parents needing to work, it could be a needed service in your community. You can start by posting small ads in the streets. You may be surprised at the response you will get.
If you’ve got kids on your own that may go a long way to convince others to entrust you with theirs.
6. Organize Extra Mural Lessons for Students
So far as there is still WAEC and JAMB to write, people will always attend extra lessons. I attended one when I was about to write my junior WAEC, SSCE, and JAMB.
No matter how bad things seem to be in the country, young students will always find a way to attend these lessons. Why not start yours especially if you have any experience teaching. We can all thank the NYSC scheme for the experience by the way.
You don’t need to teach all the subjects. Get credible hands to help you out, and you will be in business.
7. Become An Event Planner
Do you love organizing events? Those skills are sometimes said to be inborn. Ask me, I know. But apart from that, they are always in demand. Yes, no matter how bad the economy seems to have gotten, people will always get buried. Same applies to wedding, birthdays, and political rallies.
Personally I have made some extra bucks organizing events. And presently (second weekend in May) I am about to organize a national convention. It can be stressful, but if you are passionate about it, you won’t really feel it. And did I mention that it really pays.
Moreover, as a novice your skills may be appreciated because your services will be far more affordable than those of well-established event coordinators.
In conclusion, starting a business in Nigeria comes with certain challenges, but you can always surmount them. Moreover, be willing to market yourself very well and avoid scaring others with high prices. Sometimes, you can consider moving to places where a particular service is in high demand.
So don’t sit there and expect the economic woes to disappear. Do something to weather the situation.
Cheers. Just a moment, please share.
