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It’s the first day in a new month, many of us started the year with the hope of running our businesses this year, but we are troubled that we would be starting and operating the wrong kind of business. So, apart from asking the common business questions, such as:
  • Which business is best for me?
  • What products or services will my business offer?
  • Can I handle the time and capital required to get the business started?
  • Who is my ideal customer?
  • Where will my business be located?
Here are several types of business ideas that you, as an entrepreneur, can use in creating your own business:

Full-Time Business Ideas:

These are the types of businesses that require you to do everything you need to get the job. Before quitting your job to start your dream business, make sure that you get a feedback, endeavour to confirm the business idea, and start generating income from the idea. While it is indeed very tempting to put a 100 percent of your time and effort into your plans to launch a new business idea, it is safe you take a step back before it swallows you up without a standard test drive.

Part Time Business Ideas:

Even if it is your dream to be a Dangote, or an Otedola, that is, it is your goal is to run a full-time business owner, starting a part-time business can give you a full advantage.  A part-time business is that side hustle you start while, working at your current job. When working for others, you might gain financial advantage and experience needed to start your own startups.

Home-Based Business Ideas:

Starting your business from your home front is fun, but, can sometimes, be very challenging, when you have to separate your business from your family life. Are you employed, but are worried about job security? Or, maybe you’re employed, but you are simply tired of working for someone else? You may have been out of the workforce, because of family demands from children, or elder care, or perhaps you anticipate the demands of the family taking you out of the workforce in the near future? Starting a home-based business can offer a safer, lower cost alternative to test the waters. As just about any business is possible to run from home.

Online-Based Business Ideas:

The new business space is the online space, filled with untapped ideas. A business organization can exist on the internet, all you need is your laptop, a speedy internet connection, good web skills; to do your business, possibly through a website or email, while you rely on telecommunications and computer technology to operate. Before venturing, make sure that you get great ideas that translate into profits, at very low start-up costs. Since this can help you to find success.

Virtual Corporation

One business trend that has gained waves is the virtual corporation. Are you scared of competing with bigger firms? Well, with the help of the dotcom era, you can partner with other independent firms to grow your idea. Virtual Corporation is used to describe a network of independent firms that join together, often temporarily, to produce a service or product. The ultimate goal of the virtual organization is to provide innovative, high-quality products or services instantaneously in response to customer demands.

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This article was first published on 1st February 2018


Adepeju Adenuga is a writer (considering where you are reading this, makes perfect sense). She holds a Masters Degree in Literature in English from the University of Lagos.

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