Business Opportunities in Nigeria and How to Identify them

There are many business opportunities, but it takes a high level of sensitivity and intelligence to identify such opportunities. If you are an entrepreneur, you need to stay on top of your game to identify new business opportunities so as to reap the advantages that comes with it before such business becomes crowded.

A business opportunity is a good opening for business people to offer goods and services for sale with the main aim of making profit. Every area has its own business opportunities but its identification is paramount. One of the challenges that small business owners in Nigeria faces is venturing into an already saturated niche thereby facing stiff competition which they may not survive.

The easiest way to identify a business a opportunity is to analyze the needs and challenges of the immediate community, consider it and determine a solution and finally transform the solution into a business opportunity. Transforming the idea into a business opportunity is important because the sole aim is to make profit.

For instance, if you are residing in a rural area where most of the dwellers are poultry farmers. You can go around to identify what their main challenges are. Let me go further by letting you know that some of these poultry farmers may lack the necessary transportation system needed for buying their poultry feed from a long distance. If you can bring such poultry feed store close to them, then, you’ve identified an opportunity, solved a problem and stand the chance of making profit from it. Not only this, there are other things that can be analyzed in this business like; where they are buying their chicks from, where they are keeping it and so on.

How to Identify a Business Opportunity in Nigeria

Whether you are a business manager, entrepreneur or you are planning to start your own business, here are some indicators of business opportunities that you need to look for;

1. Existence of Monopoly

In some areas, the dwellers are left at the mercy of “one man” in order to purchase or obtain a particular good or service. When you discover such an area, it’s time to take advantage of it. Analyze what this business owner is doing and come up with your own idea on how to equally get your own share of customers or even beat such a business owner.

2. Poor Delivery of Services

The best way to know this is when the consumers of a particular products are not satisfied. Listen carefully and know what their complaints are and take advantage of it. You need to equally know whether you will make profit from giving them quality service.

3. Technological Advancement

Some areas are still in “dark” when it comes to embracing new technological advancements. For instance; some areas have not been fully made aware of online shopping and how it can save them the stress of purchasing online, payment online and their purchased goods being comfortably delivered to their doorsteps. You can therefore take advantage of this. Also, some areas still makes use of crude implements in production thereby producing small quantities of products which may be in high demand. Check very well of the various technological advancement tools that you can take advantage of.

4. Identification of the need or challenge of the immediate community

If you are residing in an area of you have someone residing in an area, it is always easy to identify the needs or challenges of such an area. When you identify such a need or challenge, carry out a thorough analysis to know whether you can create a business opportunity out of such need or challenge. Know whether the community or area will be able to afford such a service or product and you will equally have your own share of profit.

5. Failure of other Businesses

When you identify an area that a type of business do not thrive there, this may be a business opportunity. Before you embark on doing such a failing business in that area, try to find out why such businesses are not surviving, come up with your own approach and idea to see whether it will work out for you.

6. Having Access to Special resources which others may not have Access to

You may have access to some resources which maybe lacking in your given society. You may know where a better version of an existing product is being produced or sold, venture into such an area. Some products or raw materials maybe totally absent in a given area and you have an idea on where such a product or raw material can be obtained, also take advantage of such opportunity.

7. New favourable Government Policies and regulations

You need to always watch out for new favourable government policies and regulations. For instance; the ban of a particular product or service by the government maybe lifted at any time, this present a good business opportunity for you.

8. Excess or Over Pricing of Goods and Services

There are some areas where the sellers of a particular product or service place it at a high price tag. What you will need to do is to check out for where you can get such a product at a cheaper rate and sell it in such an area.

9. Industrial Market Expansion

The presence of a fast growing industrial Market may provide good business opportunities. For instance; if you are staying in an area where there is an increased production rate of timber, you can venture into furniture manufacturing business or even consider supplying this timber to areas where it is of high demand.

10. Need for a more improved product

Check out and identify unsatisfied markets. You can take advantage of this by adding special features to existing products or services. Take for instance, good packaging of existing products can improve its shelf life. You can equally improve the quality of existing products to make it better.