If you’re nursing the ambition to start a business in Nigeria, and become successful, then you must generate a business idea that fits the Nigerian market FIRST.
By the end of this post (if you read till the end), you’d be well acquainted on how to generate a business idea, with little or no help from others.
Because the truth is, you can do it on your own, if you start right now with any of the ways outlined below.
With a combination of two or more of the ways carefully elaborated below, or even one (I’d even simplify things by explaining each further), you should well be on your way to generating your million-dollar business idea.
Once you generate that idea, proceed immediately and learn how to start your business right away.
The different ways you can generate business ideas include:
- Prepare your mind
- Consult your family and relatives
- Discuss/interrogate with friends and strangers
- Investigate things that bugs/challenges you
- Attend events/travel
- Open your eyes/ears twice the size
- Browse/surf the Internet
- Join/monitor influencer social feeds
- Examine current/old solutions (provide better ones)
- Sleep over it
- Give yourself a timeframe
1 Prepare your mind
For you to generate lucrative business ideas in Nigeria, you must get your mind prepared for it.
The importance of getting your mind prepared cannot be overemphasized. So important it is, Ernest Holmes is renowned for quoting, “Prepare your mind to receive the best that life has to offer.”
However here at bizintelng.com, and for your interest, we beg to rephrase to, “prepare your mind, if you hope to generate an idea to start a successful business in Nigeria.”
To start a business in Nigeria, a place with more reasons for you to fail, than there is to support you to succeed, you must start with a prepared mind, it’s the only guarantee that will get you focused. And focus would help you generate the idea to recognize untapped businesses in Nigeria.
Getting your mind prepared isn’t simple as it may sound.
Even if it was, it becomes difficult when such preparation is geared toward getting ideas to start a business with low capital and high profit. Or don’t you want that?
These steps, coined from this post, would help get your mind prepared:
- Witness your thoughts
- Picture your mind as a blank canvas
- Pay active attention
- Still your body
- Find yourself in a comfortable position
- Open your mind (Wildly)
2 Consult Your Family and Relatives
You must have heard of the popular saying, “Charity begins at home.” This is also true when you embark on your quest to generate lucrative business ideas in Nigeria.
The good part here is that, in most cases, it is easier for your family members and broader relatives to confide in you. Recognizing the zeal in you, they’d feel free to share some ideas of their own with you.
By taking the time to consult your family and relatives indicating your interest to start a business, and sharing your own ideas, or having them share any hot business ideas in Nigeria, which they may have, this could ignite the birth of a family business.
And if you’re yet to know, the world is filled with a long list of notable successful family businesses.
If you have difficulty trusting strangers, or blending effectively with friends, this is an option you should consider.
3 Discuss/Interrogate with Friends and Strangers
If there’s a long list of successful family businesses, which could fall into the category of top successful home business ideas, because they must’ve started at home, then businesses started by friends, or partners, are among, if not the most successful.
To stress the need for you to consider discussing, or interrogating friends and strangers when asking yourself the question, “what business can I do in Nigeria?” you only have to take at look at how the likes of Google, Microsoft, Facebook, etc, were founded.
They started when their founders, who were friends, sat together to brainstorm and generate the business idea that has now come all the way to become a part of our everyday life.
These businesses are so successful, they could even be mistaken for the name ‘success.’
Even here in Nigeria, the very successful RED Media Group was started by two strangers, who became friends, and are now successful business partners.
So go out, discuss with friends, take interest in what strangers have to say, and most importantly share your own ideas.
You never know, this may not birth another Google (actually you can), but you could generate some hot business ideas in Nigeria, and make plans on how to start that business immediately.
4 Investigate Things that Bugs/Challenges You
A successful business is one that genuinely solves societal problems.
But remember you make up that community, which forms the society (in this case Nigeria). Hence solving your own problem, which could be problems bugging other people, can turn out to become a successful business idea.
The only difficulty you’d face with generating a lucrative business idea this way is to investigate the things that bugs or challenges you.
But you can. As a matter a fact, this is a super-easy way to generate business ideas.
If you can’t find good restaurants around you, you only need to learn how to start a business, and launch one.
If you can’t find good tailors in your locality and have to travel far to access good ones, that could be a golden opportunity to start an ecommerce store that delivers locally made clothes.
The options here are limitless. If you aren’t satisfied with the quantity of electricity supply you’re getting, the whole of Nigeria is crying for that too.
Maybe if you take some solar power studies attempting to proffer a solution to your own challenges, you would end up solving Nigeria’s electricity problems.
Trust me doing the above, or something similar will (with all certainty, it will), earn you an idea, which you then proceed to start a successful business.
5 Attend Events/Travel
If you don’t love attending events or traveling, for the sole reason of generating some hot business ideas in Nigeria, please do.
I’d tell you why.
Some of the best eureka moments, or call them AHA! Moments if you choose, can be experienced on transit or at events.
Refer to the third way of generating business ideas, which I highlighted above. Some of the biggest businesses were founded by friends and/or strangers who later became strong business partners.
So the question is, “where can you meet some interesting strangers who can become your friends, and who knows, your business partners?”
The answer: on transit while travelling, or at events.
Mind you, if you wish to start a business that would solve the problems of people far away from your locality, it is advisable to travel and experience other places. And grab the opportunity to finetune your business ideas to fit a larger scale of people.
As for events, find quality events around your neighborhood, or far away, if you can make it, and attend. One, you’d meet new people. Two, you may identify a lucrative business idea as well.
Not forgetting that, you’d have fun at the same time. Only do so with the next way of finding business ideas in Nigeria, which you’d see below.
6 Open Your Eyes/Ears Twice the Size
If you’re serious about generating an idea to start a business that would join the league of thriving businesses in Nigeria, then you must expand both your eyes and ears twice the size (literally!).
Look with your eyes, but see beyond what they can behold. Listen with your ears, but hear more than what is said. Look and listen with an intent, an intent to identify an idea to start your business.
Remember that great businesses are the ones that solves people’s’ problems. You would agree with me that by opening your eyes to identify such problems, or listening closely to hear people’s pains could gift you some hot business ideas in Nigeria.
7 Browse/Surf the Internet
Nowadays, it’s easier to ask the Internet’s search engines questions than it is to ask our fellow human beings.
It is also very easy to find business ideas on the Internet too, what you may know of as online business ideas.
Nigeria is home to over 86 million Internet users, or over 41% of her entire population access the Internet on daily basis.
By browsing/surfing the Internet, you’d find countless business ideas. Most of the biggest online businesses, like the ones listed above need some solutions to help them perform better.
These include freelance services, app developments, and countless others. Just go browse and see for yourself, but trust me there are many hot business ideas in Nigeria you can generate from the Internet.
8 Join/Monitor Influencers Social Feeds
Influencers or experts in various fields are bombarded daily by people who, holding them to high esteem, turn to them for answers to their problems on Social Media.
Already you should be aware of the powerful tool, which social media has become. It is difficult to find a learned person without a social media account.
This is a great way to generate business ideas in Nigeria because most times these influencers, almost always busy, don’t have the time to attend to some of the questions they receive from fans.
By picking up of the questions, which they wave aside, and helping a fellow fan in the process, you may unlock an idea to start your own business.
9 Examine Current/Old Solutions (Provide New Ones)
People are always looking for new ways to solve their problems. Why not generate your own business idea by helping them do so?
This one is super-easy to do, you don’t have to be the originator of the idea, you only need to improve on what is already available.
Start by taking a look at some of the current/old solutions you use to solve your problems, if something was added to any of them, would it make this problem easier to solve?
If it does, then that is a good business idea. Don’t hesitate, take it one step further and acquire the how to start a business knowledge needed to launch your own successful business.
10 Sleep Over It
In all the ways highlighted for generating business ideas above, it is possible you’d find multiple ideas that appear interesting.
However, here at bizintelng.com, we advise you to sleep over these ideas, even if for a day, before moving on start your business.
This step would help you make multiple of thoughts of your idea, a process which also ensures you separate excitement from facts.
Even if your idea seems like an untapped business in Nigeria, please sleep over it, even if it be for a couple of hours. PLEASE!
11 Give Yourself A Timeframe
This is really simple and self explanatory: give yourself time to come up with an idea to start your business.
When you set out to find business ideas in Nigeria, you’d find thousands of them. Sometimes you’d get confused and may become indefinite settling for one, which is where giving yourself a timeframe comes in.
Any goal must be well defined, and timing is integral to defining goals. Ponder on all the ideas that come to you, talk to everybody you can, but please set a timeframe to finalize.
Remember, the most important goal is to start a business, getting the idea to do so was only a pat on the back.