Hi there! So you are looking for a way to develop business ideas in Nigeria? You have come to the right place. We will walk you through some ways to develop business ideas that will work in Nigeria. However, when you do hit these ideas, how do you know that it is profitable?
We will start with how you can determine if the business you are going into is viable especially in a clime like Nigeria. Three factors are important for you to consider when determining the viability of a business. They are the cost of production, value for customer and pricing.
How to Determine If a Business Idea Is Viable in Nigeria
- Cost of Production
How much would it cost you to put out the product or service? This is where some background research is very important because you cannot afford to overlook anything. Be as detailed as possible, by considering all expenses whether direct or indirect. If it is a business terrain you are familiar with, this makes it even better.
- Value for Customer
This simply means asking, how much is the product or service worth for the customer? You may need to carry out market surveys especially if it is a new product. If you are bringing something new to an existing service or product, you will need to factor that innovation into your valuation.
It may be tough determining the worth of business ideas in Nigeria, especially since data is not abundant in Nigeria. You may thus need to gather such data yourself.
You can determine price after you have arrived at the estimated cost of production and the value for the customer. Pricing can be tricky as you do not want to underprice or over price. Market research will help in this regard, too.
Upon determination of the above, you can then decide if the business idea is profitable. Will the market price cover cost of production? Can the customers pay the worth of the service or product or will they?
Now, let us look at some way that you can generate business ideas in Nigeria.
- Solving problems
The first thing to consider when exploring for new business ideas is to look for how you can solve problems. All the innovative businesses, ranging from Uber to Wecyclers and Andela in Nigeria are businesses that sought to solve problems. Creating solutions is the first step towards generating viable business ideas in Nigeria.
- Research markets
Are you already working in a particular niche? You could research the market and look for gaps. Send out surveys and questionnaires to people; a business idea may be hiding in the feedback you get from your research.
- Develop your interests
Your knowledge base is usually broadest in the direction where your interests lie. It is, therefore, best that you look to develop your interest and seek ways to generate money from it. Do you like board games? Start to think of ways to create a business from it; maybe by opening a café where people can play board games and buy coffee or by creating a board game of your own.
- Meet new people
People are idea boxes. Some spew the ideas from their mouth; some wear it as clothes while others have business idea inspiring lives. To come up with business ideas in Nigeria, you should try to meet people as much as you can.
People who think like you and have the same interests are a good starting point but do not restrict your circle. Sometimes you may find an idea totally off your industry that you can apply to your industry.
- Go online
The internet is filled with over a billion ideas. Nobody counted, but we know that with so much information online; ideas are there too in abundance. Spend time reading informative blog posts daily, curate problems and challenges and ponder ways to make money out of solutions.
- Be disruptive
Finally, do not think inside the box. Do not even think outside the box! Discard the box, burn it if you will and let your ideas be uninhibited. Be limitless and disrupt conventions, traditions. Do not let anyone tell you it cannot be done or that it has never been done that way.
By being disruptive, you can innovate your way into the next big business ideas in Nigeria.
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