The year is already running at a fast pace. Yet, many people have not come to terms with the financial roadmap that will shape their finances within the remaining parts of the year and beyond. Now, the psyche of many individuals is taking a leap at self-employment. The era of the traditional 8-5pm work routine is about to change, as more persons are keen on establishing self-propelled businesses. If you belong to this latter school of thought, we say congrats on the bold step.
Nevertheless, your journey to self-employment tends to have a cog in the wheels when a feasible roadmap or clear direction is not in view. It is a good idea to build an empire. However, there are many business opportunities out there. Which of these are you settling for? That is the first poser you have to solve, while we continue with realistic approaches to floating a business that will be feasible this year (2019) and stand the test of time.
Before you make a Choice, Think!
Before you make a choice from the list of business prospects we’ll present shortly, it is pertinent to consider these factors. They will not only influence your decision in a positive way but will enhance your stake at the chosen venture in the years to come.
- The Passion
If you must make a bold impression with your business, it is pertinent that you are attracted to it. The passion/innate happiness you derive in the business should hold the first spot above the financial benefits. This is among the secrets many entrepreneurs use to remain relevant in their fields of endeavors. When the going gets tough, you will not have second thoughts about the business, because that is what you love doing.
- Identify the Market
It will amount to shooting yourself on the foot by choosing a business that has zero market potentials. Always identify the current needs of the given population/set of prospective consumers (which is the target market), and provide services that can solve such needs.
- Get a Mentor
Finally, forge an alliance with current players in the industry. With the odds in your favor, you can get first-hand insight to the workings of the businesses. Armed with this data, you will be in a better position to scale the risks and hitch a ride to riches.
On Your Marks, Ready, Go!
We are ready to set the ball rolling. Are you ready to take the underlying risks and stare poverty in the face with a smirk look? Then, join us as we take you through the list of 20 feasible business opportunities you can tap into in 2019.
1. Pure Water Production
As the legendary Afro musician, Fela would put it, “water no get enemy”. True to that statement, there is a ready market for water. People are always on the move, and except for the few that carry a bottle of water, others depend on sachet (pure) water to quench their taste. This is a lucrative business, especially at this period when the sun is literally biting into the human skin.
If you have some millions to spare and you are willing to take the risks for the first few years, we suggest opening a sachet water factory. However, go on a feasibility study before doing so. Many people’s mentality is wired to desist from startups. If you cannot cope with the challenges at the onset, become a distributor to established franchises. Through this avenue, the methodologies of running the business will be clearer to you. After that, take steps to launch your factory in a choice location that is also at proximity to the consumers.
2. Fast Food
In the human scale of preference, food, clothes, and shelter are the three (3) core needs. The fast-food business is an untapped goldmine. The notion that the uneducated/wretched are the core beneficiaries of the business is not only wrong but also a ploy to keep you swimming in the ocean of financial lack.
There are many ways to operate this business. Get a cart to ply your trade in the streets. If this proves hard for you, consider floating a mini restaurant. The latter does not only gives you full control of the finance but also reduces expenses, such as paying staff and rent.
At the mention of the word, “importation”, many people tend to go into a frenzy. There is no doubt that the business is profitable but you cannot import everything that catches your fancy. For instance, you can reach an agreement with a school to supply branded umbrellas or backpacks to the students. Once the deal pulls through, search for foreign manufacturers that can supply the products to you at cheaper costs, while you pocket the lion’s share of the money.
On the other hand, you can delve into the importation of bales of clothes from Cotonou and other regions where they are cheap. Tokunbo (car) spare part importation is also lucrative. Nevertheless, you must have some hundreds of thousands to get into the business.
4. Car Wash
You can start this lucrative business with little investment. Get a good space, purchase washing materials, such as buckets and detergent. In addition, you can install a water tap and hoses for dispensing water as you wash the automobiles.
Remote working is the latest trend. Interestingly, this industry is waxing stronger as months go by. Freelancing/remote jobs put food on the table of 40% of the American population. The same is feasible in Nigeria, where graphic designers, web developers, and writers ply their trade on the cyberspace and generate income.
This is coming on the heels of reports that digital skills, such as copywriting, web development/design, graphic design (and many more) are the industries that will boom in 2019 and beyond. Consider freelancing if you have some skills to market in exchange for pay. If you don’t have any, learn the rudiments and join the trend. The world is already a global village. So, don’t be caught snapping out of sleep while others are making headways in finance.
6. Rental Services
Consider this a part-time venture that you can operate in your spare time. The business entails leasing/hiring out items used during festivities for a fee. Some of these are chairs, tables, canopies, and cooking pots. You can also add musical equipment to the list. Hire someone to look after these while you attend to other startups of yours.
7. Tutorial Centers
The target market is always there but a great deal of publicity is what you need to make it come alive. Students always want to prepare ahead of examinations, especially external exams like JAMB and WASSCE. Organize afternoon classes with a fixed fee. For diversification, engage the services of skilled teachers to take the students on different subjects. Always think out of the box if the tutorial center must be a force to reckon with. Start programs such as science practical, quiz competitions, and random examinations. These features are missing in many of such centers. Having them in yours will attract more students.
Many people sell products online. From wigs to groceries, there are many opportunities to hit it big with online sales. The best platforms to float electronic commerce (e-commerce) businesses are Facebook and Instagram. To succeed at this, it is important to master the art of placing targeted adverts. That is the best way to reach more prospects and drive more sales.
People will always move about, even when there is a hike in the prices of fuel! Investing in the transportation industry guarantees you a steady stream of income, as long as your car is on the road. We’ll not suggest partnering with Uber, as you will need a Tokunbo/new automobile to be a partner. That runs into millions of Naira. For a start, get a mini-bus; drive it for a few months to master the rudiments of the business. Afterward, you can hand it over to a third-party for specific monetary returns at the end of the day/month.
10. Electronics Repair
This is another business overlooked by many. There is enough market for this, because television sets, laptops, and mobile phones tend to malfunction at intervals. Learn the skill of repairing electronics and let your hands work out your daily bread for you.
11. Real Estate
As we rightly pointed out in Tip #2, a shelter is paramount for every human being. Nevertheless, you need an average of ₦250,000-₦500,000 to invest in real estates. The business entails investing in properties in choice properties, while you earn some money over the duration of the investment.
12. Digital Advertising
Many entrepreneurs find it hard to run targeted adverts on Facebook, Twitter, and Instagram. Master digital advertising skills and provide services to this market in return for continuous streams of income.
13. Dry Cleaning
This business has to do with locations. It is ideal for highbrow areas, such as Victoria Garden City (VGC) in Lagos where the residents barely have time for laundry. Volunteer to take and return their laundry after wash. This will no doubt, strike them and keep them tuned to your services.
14. Hair Styling
There is no dull moment when it comes to good looks. Both men and women love relish compliments when they put on a nice hairstyle. Take to barbing (if you are male), and hair styling (for females). However, there was interoperability between these hairstyling orientations, as males take to floating a salon for female hairstyles, and vice versa. Nevertheless, be good at what you do and unending patronage will be yours.
This is a sequel to the tip shared at #8 (e-commerce). In this case, you don’t have products to sell. Your job is to sell yourself to the client (buyer) as the owner of the product. When the deal is feasible, get the main dealer (seller) to forward the product(s) to the buyer. The seller receives his fees from you while the buyer receives the item sent in your name. Your rule is that of intermediary. Dropshipping is a feasible business that lacks the financial strength to float a business. It is also applicable to people that do not want to take the risks inherent in the e-commerce sector.
16. Football Viewing Center
The UEFA Champions League is heading to the finals, while other football events are up and running. Float a viewing center where football enthusiasts can watch live matches for a fee. Note that this works in tandem with betting. Thus, having a betting center by the side will provide additional income for you. Depending on the mindset of the prospective viewers, you can create a mini bar where they can unwind with meat and drinks as the game plays out.
17. Home/Office Cleaning Service
This is another form of freelancing. Apply for a cleaning job in multiple office/homes. Get up early in the morning and keep the designated office environments clean before workers start arriving. For the homes, you can start your cleaning job after other members of the household take their leave for various workplaces. Forming a team can be a good idea, as it helps extend the scope.
18. Graphic Design
Think of this as an income opportunity. That is if you are good at what you do. The market that demands this service are Churches that require flyers during programs, small and medium scale businesses that want logos, and companies that want to create banners. Consider establishing an online presence to increase your reach.
19. CCTV Installation
People are now security conscious and like to know what goes on in their absence. Learn how to install Close Circuit Television (CCTV) circuits in homes and public places. With good marketing strategies, you can land installation jobs in homes, banks, and shopping malls.
20. Bulk SMS Services
When considering the best way to save costs in telecommunication, Short Message Service (SMS) presents itself as cost-effective. Many people would rather spend ₦4 on messages than spending thrice the amount on call. It is interesting to note that cost can be a meager ₦2.50-₦3 when using a bulk SMS service. This is a business potential with a huge market, which you have to consider. You can start by registering as a vendor on established bulk SMS platforms and offer services to churches, schools, banks, and large organizations. When you have the funds, establish/buy a bulk SMS website and increase your profit margin.
Prosper in 2019
Time waits for no one! Start making moves for financial independence by floating a business without further procrastination. We do hope the business ideas in our list inspired you. The ball is now in your court. Focus your interest in the business that you are passionate about, and which has a ready market within your location. The stage is set for prosperity, and you can secure your financial future by setting up a business this year, while you nurse it to maturity in the coming years.