As the New Year dawns upon us, we’re in the mood to plot a path forward for ourselves and our businesses. The next twelve months present us with business opportunities for growth on all fronts, and we always want to start the new period off with fresh enthusiasm and drive.
But what if we don’t even have a business to begin the year with? Or what if we’re considering launching one more enterprise in addition to the ones we already run? What about pivoting to something more profitable?
At Connect Nigeria, we are constantly seeking the latest openings for your business growth. As such, we’ve come up with what we believe are the best business opportunities you can take advantage of in the year 2020.
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If you’re an aspiring entrepreneur, you could launch out into the coming year with these potentially lucrative ideas.
1. Digital Photography/Videography Studios
As our lives become more woven into our smartphone screens, we want our social media pages, websites and blogs to carry the best visual representations of us. The evidence suggests that people are willing to pay good money to get this aspect of their digital existence right.
You just need to look at the wedding, birthday, and formal ceremonial shots that people put up on the web to know that there’s a huge demand for this service.
That demand will only swell in 2020. You have the chance to meet the needs of hundreds or thousands of individuals, businesses, and NGOs who will require quality photos and videos of themselves and their activities in the years to come.
2. Crowd Funded Real Estate
Even if you don’t have enough money to begin buying and selling real estate, you could pool resources with others who are interested in this venture, and invest in property.
There’s a vast supply gap for housing in Nigeria. Latest estimates put the deficit at about 17 million homes. That’s a big opportunity in anyone’s books.
When you’ve partnered with others, you could buy inexpensive property on the outskirts of major cities, and watch their prices go up as development spreads into those areas. Then you could sell at a good price in the next couple of years, at up to double the purchasing price or more.
3. Digital Marketing or Campaigns
More companies are outsourcing this part of their operations to digital marketing firms and freelancers. They want to be able to concentrate on their core functions, and leave the hard work of bringing in client traffic to professionals.
Analysts expect this trend to accelerate in the next few years, as companies target a world that’s shifting camp to the web.
4. Web and Software Development
These are the big niches of the moment. The demand for software engineers and web developers keeps growing. It’s being driven by the same forces that are causing businesses to hire digital marketers: a massive migration to the online space.
The great thing about these occupations is that you can offer them to clients outside of the country. If you’re really good at this, you could earn hundreds of dollars on single projects.
5. Logistics and Delivery Services
The logistics business is an underappreciated wheel on which whole economies turn. The motorcycles, cars, buses, and trucks that move small and large goods over varying distances, have helped propel business in the country for decades.
In the past decade or more, they have taken up a new role: delivering orders to customers on behalf of ecommerce merchants. As more people buy things from online stores, the request for delivery services will continue to rise.
6. Solar Equipment Vendor
The cost of generating power via solar has dropped over the past couple of years. This reduction is set to continue over the medium to long term, as more households and businesses move away from the unreliable national grid and towards cleaner, more sustainable sources.
Already, many homes and companies have installed solar panels and equipment and are getting most of their power from the sun’s heat. You can help more residences and businesses in rural and urban areas achieve this, and for good profit.
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7. Snail Farming
Snails are a big delicacy in many parts of Nigeria, especially in the south of the country. But they become scare during the dry season, as the heat and dryness makes it difficult to breed. As a result, the few successful snail farms have sold at high margins, and reaped significant profits.
If you are able to learn the secrets of the snail trade, you’ll join the select club of high earning snail farmers, and rake in millions annually from the business.
8. Rice Farming
The Federal Government is pushing hard on this front. The policy they’ve pursued has continued to favor local producers. Because there’s not enough rice to feed the growing number of mouths in the country, its price has shot up in the past few months.
You could be one of the many rice farmers smiling to the bank in the current period. Granted, this crop can only be grown in specific locations and climates. You may have to relocate to a rice growing region, or invest in a farm that’s far away from where you are.
But the gains could be worth more than the sacrifice you make in the beginning.
9. Bakery
Whether its bread made of wheat or cassava flour, there’s no doubt that Nigerians love their bread. With more bread-craving souls being brought into the world every other day, the future remains bright for the bakery business in the country.
Admittedly, the startup cost may be on the high side- it could cost you upwards of ₦2 million to start one from scratch. But you could claw back the initial cost in less than two years if you sell in a high demand area.
10. Animal Feed Business
As at 2016, Nigeria had a total of 19.5 million cattle, 72.5 million goats, and 41.3 million sheep.
Where do all these animals get their feed from? There a big demand for feed, but only a handful of large scale producers exist in Nigeria. If you get into this business, there’s a chance you could be shoveling in handsome profits in a matter of months from setting up.
Featured image source: Bigcphotographist
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Identity cards production is another great business option, with our best world Seaory printer you are good to go
Ikenna’s write up on 10 businesses opportunities is well thought out. Thank you very much for it and keep it up.
I will like to connect with anyone with idea of pulling funds together for a big business. I target crowd funding to pull in N200M – N300M. ROI is 8-12 months.