BUSINESS IDEAS FOR SMEs
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
Start a business providing accommodation services, event planning and related services.
Real Estate Business
Provide services related to property purchase, development, lease and managemnt.
Agric Business
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Online Business
Build a business providing services or selling products on the internet.
School
Provide educational services like creche, primary/secondary schools, tertiary institutions etc
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 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.
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.
PRACTICAL 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.
Below are seven simple steps to start your own business.
1. Identify a business idea
Every business starts with an idea, to start a viable business, you need a viable business idea. A viable business idea comes from identifying a problem you can solve, or a gap you can fill, or people’s dreams you can fulfill. You can make a list of them, match these with your passion and your skills. Then you can narrow the list to one or two. Check out other businesses doing the same or similar things, profile them, and think of how you can improve on what they are offering.
A viable business idea can also come from identifying customers’ pain points in an existing business offering and finding ways to improve or eliminate those pain points.
In today’s digital world a key strategy is to access how available digital technologies can simplify complex processes, or remove these pain points.
2. Develop your business plan
- Executive summary
- The description of the business.
- The market strategies
- The competitive analysis,
- The design and development plan;
- The Operation and management plan
- And the financials.
Your business Plan should answer the following questions
- What is your business goal?
- Who are your target market?
- What technology will you apply?
- What is your business goal?
- What differentiates your business?
- Is there a large enough market segment that will value this difference
- Is the thing that differentiates your product defensible.
- What is your business model?
- How will you raise start-up funds.
- How will you raise start-up funds.
- Access start-up funding
You need a start-up capital. It is great if you have the funds needed, but even if you don’t, that should not stop you, there are many viable options to raise funding for your business. X-ray the different options and activate the one that is most feasible for you and raise the needed capital. Read more …
- Decide on your business legal structure
Sole Proprietorship – This is a type of business entity that is run and owned by one person. There is no distinction between the owner and the business.
Partnership – this is where two or more people share the liability and profit of a business venture.
Private Limited Company – is a separate legal entity from the owners. Below are some conditions for registering a private limited company in Nigeria, this may vary slightly from one country to another.
- Must have a registered office in Nigeria
- The company name must not be identical to any other company already registered with the Corporate Affairs Commission (CAC)
- There must be at least two shareholders who are above 18 years
- The company must have at least 10,000 authorized share capital
Public Limited Company… differs from private limited company in that it may be quoted in the stock exchange
It is better suited for large organizations; it must have at least 500,000 authorized share capital.
- Register your business accordingly
Register in line with the laws of the land. It may be best to get a lawyer to guide you especially if it is a limited liability company. This conditions and procedure varies from one country to another. In Nigeria, you need to register with the Corporate affairs commission (CAC).
- Build your team:
You need a team to build a successful business. This is very critical to your success. So review your needs and mobilize team that will drive your business.
Tips to building a great team
- Facilitate communication
- Use consensus to reaching major decisions
- Encourage listening and brainstorming.
- Skill is important and character is key
- Have a corporate culture. Set ground rules
- Act as a harmonizing factor.
- Right responsibility to right people
- Define responsibilities
- Give your team members sense of responsibility
· Lead by example
- Drive your business
After all the above have been done, get to work and execute your plans, nothing good comes easy. You need to work the talk. Set milestones, monitor and measure progress. Review strategies and adjust where necessary.
You have planned, now the plan must be followed with pursuit to achieve the desired goal.