So you're considering launching out to start your own business, however, you're in a dilemma as you don't know what business opportunity is promising in Nigeria especially, and which is the right fit for you.
Here are six promising legal businesses you can start in Nigeria.
1. Fashion Designing Company
As at 2017, the African fashion industry was estimated to be worth $31 billion, with the Nigerian fashion space setting the pace. From bespoke fashion lines to bridal dresses, to children wear and menswear, the industry is replete with business opportunities to be taken advantage of.
Thanks to the internet, social media tools like Facebook, Instagram & Twitter and the 'influencer' trend in Nigeria, the fashion industry in Nigeria has been revolutionized.
With a social media account and skillful tailoring hands, you can start a fashion line right from the comfort of your home. Advertising your designs, and your services can be done offline and online, taking advantage of the 'influencer' factor, especially as the public now looks to 'influencers' to make purchase decisions. In running your fashion line, you need to be creatively original and also aware of fashion trends.
Examples of successful Nigerian individuals and brands in this industry include Fashpa, House of Blinkz30, Martwayne, CPWoman and Maki Oh.
2. Catering/ Food Delivery Service
It is a well-known fact that as long as people have a need to eat, food businesses will always thrive, all things being equal, that is.
As the typical working class individual in Nigeria is prone to eating breakfast and lunch outside his or her home, this means business for whosoever offers food services.
In starting your own business, you can consider setting up a mini-restaurant or good delivery service that offers a variety, or even niche down to certain types of food. When this is done, you can collaborate with different companies to deliver to staff during lunch breaks, as well as special office occasions that require refreshments and dining. Brands like 9ja Foodie, Tastee Fried Chicken and Jevenik are Nigerian examples to reckon with in this industry.
A sub-idea of the food business is the ever lucrative cake business that thrives on birthdays, weddings and special event requests. Brands like Salt Lagos, Cakes & Creams, and Waracakes are examples of cake businesses that are thriving in Nigeria and which allow customers get ready-made cakes by simply ordering from their websites.
With your baking skills and equipment, you can start your very own cake business from the comfort of your home.
3. Beauty Company
With the recent rave for organic and natural products in Nigeria, organic shampoos and creams, skin care oils, etc. are now in a league of their own. People are setting up their own beauty companies with organic products being their major products.
Getting into this industry will first and foremost, enable you take advantage of the blooming natural hair market, which has been growing in leaps and bounds.
More people are making healthier choices and choosing to spend their money on healthier beauty products, and we see that the demand for organic products isn't going away soon. Ajali Handmade Naturals, WithLoveKeju, and Vanity Oils are examples of Nigerian startup brands in this industry.
4. Agro Business
Just as with the food business, the agriculture industry is a life source for Nigeria.
However, the industry has progressed a step further, with companies starting food processing companies and crowdfunding systems that allow anyone invest in crop and livestock farms from afar. Examples of food processing companies include Reel Fruit, L & L Foods (Mr Ekpa) etc. ThriveAgric, Farmcrowdy and Porkmoney are examples of crowdfunding systems.
Choose a particular category of foods or livestock to deal in, weighing its profitability and sustainability, and determine what system you want to put in place for your business.
You can even create products that enhance the industry and make current agricultural companies your potential customers. Either way, agriculture, when done right, is highly rewarding.
5. Event Planning and Management Company
With the continuing trend of lavish weddings, birthday parties, bridal and baby showers, this is one industry to get involved in.
If you are organized, great with budgets, economical, and have a knack for interior designing and handling people, this is certainly your fix. This is definitely not a business that can be started immediately, without the necessary training sessions and equipment. However, with the latter properly taken care of, you can begin to offer top-notch event management services to those around you, and have your services advertised by referrals from past clients. Brands like Zapphire events and Desy's Eventfulls, are examples of event management companies.
6. Creation of Online Resources.
Nigeria is now catching up with the rest of the world who have already embraced the profitable online resource system, with websites such as Coursera and Udemy that offer hundreds of courses and opportunities for everyday individuals to teach subjects they are knowledgeable in or are professionally trained in.
Starting up a business in this industry is as simple as creating ebooks, email courses and even coaching session on subject matters you are trained or experienced in, then hosting it on a website and undertaking the necessary marketing to reach your target market, through internet advertising, email marketing and social media.
An advantage of this business idea is that it is not as capital intensive as a physical product or service offering. With the basics of internet connection, a laptop and a self-hosted website, one can start up.
These six are just a few of the promising businesses that exist in Nigeria. As an entrepreneur or soon-to-be entrepreneur, you must however seek out business ideas that you are passionate about and can make profit from.
Also, remember that if you choose to start up any of these businesses, you can register them as legal entities, and DIYlaw can help you ease the process. This will ensure that you are better positioned to take advantage of opportunities as they come.