Business opportunities in Nigeria abound everywhere but the viable ones are often left for the trained eyes to see. This particular aspect of recognizing viable business opportunities has turned several entrepreneurs who would have been successful into failures. If you are aspiring to start your own business whether online or the brick and mortal type, I will advise that you sit back and use the natural methods provided in this article to select your business opportunities carefully. If you have already selected your business venture, you can use the methods discussed here to reevaluate your steps and be sure they are leading you in the right direction. That being said, let’s get started.
The reason why most people failed, especially in online business, is that they have the notion of “someone is doing that business successfully who I know so I should be able to”. I have asked several people especially ladies during my business coaching class on why they decided to have their own blog. The answer is always similar “Linda Ikeji (or someone else) is doing it, so I think I can do it too” They have never strive to identify the values they want to add to the society which should have been their guiding principle among other things in identifying viable ventures that would be right for them. Maintaining that line of thinking is bound to doom business as the supply of a particular service will be more than the available consumers.
So, the five natural ways/methods describe here will help you identify viable business opportunities whether in product based niche or service niche BUT LET ME STRESS HERE, THAT THIS METHODS ARE BASED ON YOUR KEEN OBSERVATIONS ABOUT HOW TO DO SOMETHING BETTER.
Business opportunities by identifying void
If you must tap into viable business opportunities, such venture must be something that serves the need of the people. So as a starting out entrepreneur, your first task is look for what people are lacking and they are yearning for (the void in them). If you can make this happen, then you are on your way to make a fortune.
Sometimes ago, one of my students told me of a simple strategy that turn him into a social media strategy consultant to a politician and was earning some fat paychecks. Do you know what he did? He help him to grow his Facebook fans page to 40,000 fans within three weeks and all these fans are Nigerians from in the same geographic location as the politician.
Yours may be something that is not yet available in your place and that you see trending somewhere. All you have to do is study that line of business idea very well and make sure it meet the need around you then the next big step is making sure you improve the idea before you even roll it out to the world. You can actually get information about this on social media platforms like Facebook.
Business opportunities from the abandoned gold mine
These kinds of viable business opportunities abide everywhere especially online. A lot of people have quit what would have been a lucrative business just because it isn’t paying back in time but what most people lack is the skills and strategy to turn it into that buoyant investment they dreamed of. Look for these kinds of opportunities, give it the notch it needed and soon it will be fetching you more money than you ever dream. Example of such online business opportunities is buying abandoned domain names with high DA, DA and PR which you can now leverage to start your venture without all the start up itches. In the product sector, there are lots of genuine auction sites such as eBay where you can find business for sale.
Remember that in most cases, buying business is always less risky than starting afresh. A note of warning though: always make sure that there is adequate cash flow (or genuine back links, PR, PA etc. in case of a website) and that the price reflect the worth of the business you are buying.
Business Opportunities through supply shortage
This particular method works fine for normal business model but if given a notch further, it can be used to identify viable opportunities in internet business as well. Studying the nature of supply and demand in a certain environment can provide you with lots of enriched business information. If you plan to use this method in identifying viable business, all you have to do is observe the areas in your life where you have always been finding it difficult to get one services or product conveniently as expected in your local environment.
The supply shortage alone could be a clue for business opportunity but to be sure, try to find the producer/supplier of that product or services whether they are in short supply or something. Then conduct a survey to determine the acceptability of such product and their competitors which will help you have a glimpse of what the cost and cash inflow might be. Once you are sure it is viable, you can contact the supplier with distributorship proposal and you will be surprise at the kind of big deal you can land.
Business Opportunities through new product or services
This opportunity is similar to the first one above but it is different in several other ways. Sometimes we run dry of fresh viable business ideas until some foresighted entrepreneur launches something novel and we are awakened from our dream and exclaimed “Ah, I could have started that”. Rather than throwing in the towel and start winging, look for the complementary service of such new product or services. Once you are able to find it, kill your cold feet and start executing the idea before someone else does.
One notable example was when Facebook was launched. A lot of other social media platforms rise up to complement the area where Facebook seemed not to be interested at that time, chat app. One of those online social media platform is whatsapp which would have been a threat to Facebook itself were it not bought by the same owner.
Business Opportunities using parallel approach
As I have said in the second paragraph of this article, most business failed because they are built on the notion of “‘X’ is doing it so ‘Y’ can do it too”. This, however, is not a rubber stamp rule that business opportunities recognized thought this method can’t be viable. All that you have to do is make sure that you do it BETTER. So, find out the business or services which are not servicing their customers very well. Leverage on this weakness and do it better by adding quality and values to it and you can be sure to be successful in such venture.
So, there you have it: 5 natural ways to identify viable business opportunities. Follow this path in identifying your next viable business project and you would have avoided some unpleasant surprises along the way to profitability.