BUSINESS IDEAS FOR SMEs

Top businesses of today were once business ideas

Business ideas are the seeds for business startups. To start a viable business, you need a viable business idea. A viable business idea is one that solves a problem, meets a need or fulfills people’s dreams. There are numerous business ideas and opportunities in Nigeria just as in most developing countries.

Identifying viable business ideas can be challenging to prospective entrepreneurs, but the truth is that in any area people feel a need or a challenge there is a business opportunity, hence there are many business opportunities.

BUSINESS IDEA TIPS

  • Good business ideas must offer some value to customers.
  • Business ideas must not be complex, (some top businesses deal on basic things like water, sweet, pencil etc.)
  • Look beyond today, look into the future, will it still be relevant tomorrow?
  • Identify existing businesses in your proposed business area.
  • Identify pain points you can address or gaps you can fill in the business area.
  • Don’t enter business without the basic relevant knowledge of the business.
  • Do market survey, don’t be carried away by stories/promises of high returns.
  • A business in an area of passion is an advantage.
  • Determine your unique selling proposition

SOME BUSINESS IDEAS AND OPPORTUNITIES

There is no business idea that guarantees business success. The success of your business will depend on the value you provide your customers and how you manage and drive your business.  There are thousands of business ideas you can build your business on; the ones below are just a guide.

Hospitality Business

Hospitality Business

Start a business providing accommodation services, event planning and related services.

Real Estate Business

Real Estate Business

Provide services related to property purchase, development, lease and managemnt.

 

Agric Business

Agric Business

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Online Business

Online Business

Build a business providing services or selling products on the internet.

Business ideas

School

Provide educational services like creche, primary/secondary schools, tertiary institutions etc

Fashion Business

Fashion Business

Provide services related to clothing people, like fashion designing, selling of clothing and accessories. 

MORE BUSINESS IDEAS AND OPPORTUNITIES

  • Start a Catering/fast food business
  • Start an Event planning business
  • Start a Health-care business
  • Start an Affiliate marketing business
  • Start a Fashion Business
  • Start an Outsourcing service
  • Start Local Food Supplies
  • Start Security Services
  • Start a Barbing Salon
  • Start a restaurant (for healthy eating)
  • Start a Printing business
  • Start a School for Special needs
  • Start a Microfinance business
  • Start a Child-Care/coaching Service
  • Start a Children’s Party Service
  • Consultancy business.
  • Start a Car wash business.
  • Start a Laundry Business.
  •  Start a Home-tutoring Service
  • Start a car hire Service

steps to start your own business

Starting your own business can be a herculean task but when you breakdown the process into simple steps, achieving it becomes easier.

A journey of a thousand mile begins with one step, take the first step TODAY.

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BUSINESSES YOU CAN START WITH ZERO CAPITAL

In the emerging digital economy, there are businesses you can start with little or no capital.

MORE BUSINESS IDEAS FOR STARTERS

Get more business ideas for starters from this video.

Raising business capital

Funding for business is not scarce, it is the know-how to access available funding that is scarce.
X-rayed here are some viable options for raising business capital and the secret for success.

DRIVING YOUR BUSINESS IDEA WITH DIGITAL TECHNOLOGY

That most businesses in Nigeria and other parts of the world are facing challenges is not news. A number of businesses are experiencing declining revenue. Increasing cost of doing business, lack of access to funding, stiff competition amongst others seem to be at the core of these challenges. What is not in the public domain is the way out of these challenges, but certainly there is a way forward and that is digital transformation. Digital transformation is the process of integrating digital technologies like mobile, social, cloud, analytics, big data etc. into how businesses work and provide value to customers. It involves adopting a culture of creativity and calculated risk taking where an organisation continuously seeks for new frontiers of competitive advantage leveraging advances in technology. It requires business leaders who can proactively apply new technologies to their business model before their businesses are disrupted by these new technologies. According to John Chambers, Cisco’s CEO “By the time it’s obvious you need to change, it’s usually too late,” hence business executives need to understand the digital trend especially as it affects the industry where the play.
Digital transformation

The Imperatives of Digital Transformation

Obviously the future of business is digital, and digital transformation holds the key to surviving and succeeding in today’s rapidly changing and challenging business environment. Advances in technology have changed the way business is conducted, it has impacted various aspects of business from production to operations to marketing to customer services and the chances are that new technologies will further disrupt how business is done in the near future. In today’s world of business which is technologically driven, business owners and executives must transform their businesses in line with the digital realities, those who do so successfully will gain business advantage and become victors, those who fail to do so will have their businesses suffer and become victims of digital disruption. “To win in this new world, e-Business leaders must reinvent their businesses as fundamentally digital. Do this, and you can become a digital predator; fail, and your business will become digital prey” Says Forester’s Martin Gill

Digital Disruption of Business

This happens when a technological innovation affects the value proposition of exiting products or businesses e.g. advent of digital photography eroded the value offering of photographic films, computers/word processing eroded the value of typewriting, e-mail services disrupted the value proposition of postal services. Digital disruption provides both opportunities and threats. Its effect on a business can be positive or negative depending on how the business owners/executives respond to it. In the digital economy, there is no king of the jungle. A start-up can become a giant and a giant can suddenly become a dwarf. Yahoo the pioneer Internet giant that was once worth over 120 billion dollars is being acquired for 4.8 billion dollars after struggling unsuccessful for many years to regain her earlier relevance. The company failed to innovate and transform in line with new technologies. It remained largely the same way it was a decade ago when it was at it’s peak. Kodak, an American company founded in 1888 made its fortunes in imaging products and had a dominance in the photographic film industry. It was a very success company and a house hold name up till the late 1990s. If you owned a camera in the 70s, 8s or early 90s it would very likely be a Kodak camera or you would have used a Kodak film. In the late 90s digital photography entered the market and started taking away Kodak’s customers. Kodak fought back by investing aggressively in marketing but the more they did, the more their sales declined as more customers embraced digital photography. Kodak’s business was simply disrupted by a new technology with better value proposition to the customers. The market is value driven so when advances in technology introduces a product with better offerings customers don’t hesitate to abandon their previous love. Understanding the Digital Business Landscape. In this digital era, customers are highly empowered. They are quite informed and they embrace new value propositions speedily. To be a leader in the digital landscape you must enhance your customers’ digital experience while driving efficiency through digital operational excellence. The economy is evolving from flow of commodity to flow of service and information, some years back the economy was based on flow of commodity, in today’s digital economy it is about the flow of information/service. In the pre-digital age, people or nations that had commodities like gold, diamond, crude oil etc. had strong economies, in the digital age people/nations that control the information control the economy. A number of countries that their economies depend on trading of commodities are presently facing economic challenges especially those who have not developed their information system. This is because the global economy is transiting to a digital economy which is based on flow of information instead of flow of commodity. The digital business landscape is global. If you want your business to thrive in the digital age, you must think global. You can start locally but you must think globally. It offers you the opportunity to reach out across geographical boundaries, however as the market is global, the completion is also global. The digital business environment is very dynamic and competitive; changes happen in quick succession, entry barriers to most industries have been lowered by technology and new products and services enter the market regularly. The resources to create new things is more readily available and people are exploiting this hence maintaining a leadership position in any industry requires continuous reinvention.
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