11 Ways to Identify a Good Business Opportunity in Nigeria

See the 11 ways to identify a good business opportunity in Nigeria. This article is very useful if you are planning of starting a business soon.

In our individual lives, we have all nursed a feeling of having or owning a business because of the conditions we have found ourselves which we do not want for ourselves. Life is not a bed of roses and would not always offer and satisfy our heart desires.

So in pursuit of changing our conditions and the unquenchable thirst to be financially independent and free, we resort pursue business opportunity. What is a business opportunity?

According to Wikipedia, search engine, “a business opportunity (or bizopp) involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business.”

Most times, the problem people have is not just establishing, owning and managing a business, but how to know and identify a good business opportunity. To identify a good business entails that we have a good business acumen and wisdom. There are factors that serves as a clue which will expose us to a good business opportunity. They are-

11 Ways to Identify a Good Business Opportunity in Nigeria

1. A need gap (problem):

A good business opportunity must have a problem it seeks to satisfy. The problem could be in the form of a demand that needs to be solved and satisfied. Take for instance, in a remote village that has a motorable road and the villagers need a means transport their farm products.

Means of transportation have now become a need gap. So an individual with business wisdom could utilize such a good business opportunity by using his vehicle as a taxi or bus to convey the farm products. By so doing, he has filled a need gap.

2. Low Start-up capital:

A good business opportunity must have low start-up capital. Actually what scares people from business opportunity is the large sum of money for start-ups.

There are so many average and poor people around who don’t have much resources to spend, so the little they have, they would love to invest in a good business opportunity. Low start-up capitals encourage and boost the morale of people to invest in good business opportunity.

See: 10 Sources of Capital and Funds for your Business in Nigeria

3. High Demand:

Demand shows that people have a need for such a product. A good business opportunity must have a product that satisfies the demand of people.

Nobody wants to get involved or introduced to a business opportunity that lacks demand for products.

Demands are the one of the good signs of a business opportunities. Before diving into a business opportunities, we should ask ourselves these questions- what are my products? Do they have market values? Are there reasonable demands for my product? Will my products satisfy people?

4. A means to satisfy the demand (market):

A good business opportunity must have a channel through which demands are met.

Business arenas or market is the means to satisfy demand because products needs a platform for display and to a platform (market) is created, nobody would know that a product exists.

5. Target market:

A good business opportunity must have a target market that is, a particular set of people, which could be children, adolescents, students, young adults, adults, graduates, working class, retirees, etc. These are the sets of people in which the business opportunity is seeking to satisfy their needs.

Read Also: 5 Ways to Improve your Business through Market Research

6. Profit and method to benefit:

Every business opportunity has a sole purpose with which it was established- to satisfy customers and to make profits out of customer’s satisfaction.

A good business opportunity must be able to utilize investment and generate profits because that is one of the goals of creating business opportunity. There has to be a method of benefit created to get back the investment made.

Having outlined the aforementioned factors, a good business opportunities could also be identified from various sources such as-

7. Consumer products (banana plantation, vegetable gardens, guava, and apple):

These are consumable products. People survive on daily through the consumption of these products. They can be seen as business opportunities when a person has access to them in large quantities and set up a business outlet where such products are displayed.

See: 10 Fast Selling Nigerian Snacks

8. Production of body accessories (clothes, shoes, belts, leather bags, perfumes etc.):

Body accessories are products people use everyday. They add feathers to our personality. The thought of engaging in the production of any of these body accessories is a good business opportunity. It involves an affordable amount of start-up capital. Today a lot of reasonable graduates are already involved in the production of these goods.

9. Furniture (leather cushions, wooden chairs, glass sofa tables, cupboard, desks, etc.):

This is a good source of business opportunity when properly utilized. Today, the production of furniture has brought fortune to so many families. People engage in it because it is a product that is used in every home, offices, schools, churches, mosques, organizations, companies and government offices. It is easy to start once a person has acquired the skill and it yields decent income

10. Transportation business:

This can also be seen as a good source of business opportunity especially the aspect of airport taxis. Using a fuel economy car as an airport taxi is something worthwhile doing because at least per trip (To & Fro), a person could be making as much as N10, 000 depending on the distance covered. Transportation business changed so many lives positively

11. Gadget repairs (phones, laptops, iPod, mp3, mp4, TVs, Home theaters, etc.):

This constitutes a good source of business opportunity if properly utilized. When an individual has a skill to repair gadgets, he can make an honest living because people will always fetching his attention. Such a person is paid for his skill and he can recruit and train people in his workshop who has an interest

Business opportunities could be identified through anything or any means. The funny thing about is that business opportunities or ideas could be generated from things we see as insignificant.

Read Also: 9 Ways To Join Oil and Gas Business in Nigeria with minimal capital

In recent things, people pick up used plastic can, damaged gadgets, metals, aluminums, etc, for recycling. They go to waste dustbin outlets scavenge on used materials, pick them and sell them those who will recycle them.

Mere nursing the thought of that lone is a good business opportunity and doing it is exploiting an observed opportunity.

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Akobundu Kelechi G, is the name. I am simple, funny, jovial, easy going, quiet and private in nature. Pursuing and making my passion a reality is a priority I don't cease to express anywhere I find myself. To me, life is plain sheet and I write my experience about life on this plain white sheet via my daily affairs on daily basis. One of my passions that motivate me is the gift of writing because this is something I derive great satisfaction in doing. Finally, I specialize in article writing which borders on different parts and matters in life and I exist!

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