Looking for lucrative business ideas in Lagos? Anyway, with the population of over 20 million people in Lagos, developing business ideas that strives in Lagos will be a great venture.
Experience have shown that a lot of people do not get it right from onset, which is why even after introducing them to untapped businesses in Nigeria they still fail.
Therefore, I’ve made it a point of duty to reveal to my esteem readers the 6 basic things they must do before considering going with any business ideas in Lagos found below.
6 Basic Rules of Business
- Market Research
- Develop a comprehensive business plan
- Determine the business structure
- Learn to delegate
- Source for Fund
- Develop effective cash flow management skill
If you master all these basic rules then you can develop any business ideas in Lagos that I’ll list below. Meanwhile, let me throw more light on each rule.
This is the most essential part of any business you can think of. It will help you identify your customers and how to attract them.
The reality is that, there is no any business that is new in Lagos. But with proper market research you can comfortably claim your own share of money in any existing business you undertake. The survival of any business largely depends on the market research.
The most difficult part of any business is getting customers, but with proper market research you can find your customers easily. In fact, the research will reveal to you if there are buyers or not.
Assuming you want to go into selling of school bags in your area, adequate market research will help you ask yourself questions such as:
- How many people buy school bag or what is the population of students in my area?
- What is the market value?
- What is the average financial capacity of people in my area?
- How much am I likely to make for selling a school bag?
- How many school bags must I sell to run a successful business?
- Is this a realistic number for my business model?
- Is the market already saturated or near saturation?
To successfully run any of business ideas in Lagos found below, you must make a proper research. Making a good research will reduce the risk of losing you capital.
Develop a Comprehensive Business Plan
Most people think that it is only when they need a loan that they will provide a business plan. But that is totally wrong. Every good business must have a plan. If you failed to plan then you planned to fail.
In fact, whether you’re starting or have existing business, you must work with plan. Your business plan is your compass to business success. Always make sure your business plan has the following elements:
- What your business will do
- The products or services it will provide
- How customers will access your products or services ( e.g. online, by phone, in a high street shop)
- Your approach to pricing
Therefore if you are considering developing business ideas in Lagos, consider having a good business plan.
Determine the Business Structure
Most times, those searching for hot business ideas in Nigeria or business ideas in Lagos do not think much about structure. This is because they usually start small, which is known as sole proprietorship.
But the reality is that even if you are starting alone; start thinking of who to partner with as time goes on. Your partners or who you run the business with is referred as structure.
In a small range, even your family members can be part of your business structure. Your children, wife, brothers, sister and some extended family members can be part of business structure.
Therefore, it is wise to determine who will run the business with you. Because your structure determine how far you can go.
Learn to Delegate
This is a step that comes after building your business structure. Your ability to delegate roles based on capacities is great skill to acquire. This means you can be able to assign the right job to the right person. Don’t be among those that will want to do everything alone. Developing business ideas in Lagos goes with knowing who will best fit a particular role at any given time.
Source For Fund
A lot of people think that it is only after they have capital then they will go online to search for business ideas in Lagos or lucrative business ideas in Nigeria to do. That is completely wrong.
You can only talk of fund or source for fund after you have done the steps above. The steps above will greatly help you raise money easily.
Investors are usually interested in the business plan or business roadmap. Therefore, getting the steps above will make sourcing for fund easy.
Develop Effective Cash Flow Management Skill
No matter how good a business idea is, without proper documentation of sales and purchases, it will never work. In other words, book keeping is the lifeline of every business. The cash management skill is what determines if you’re advancing in the business or not.
In addition, in case of expansion, it is only your record book that will speak for you. So, learn to imbibe the spirit of record keeping because it helps business survive in the long run
Having gotten the 6 basic principles of starting and running a business, let’s take a look at 6 business ideas in Lagos that never fail.
Business Ideas In Lagos that Never Fails
As an astute business man I am, I only tie my business ideas to basic human needs. All my businesses revolve around feeding, shelter, clothing and health.
Don’t think you’re going to read about business ideas in Lagos or hot business ideas in Nigeria that is totally new. No, all the ideas here are in existence but you’ve to do things differently to make huge money from them.
First on the list of business ideas in Lagos or lucrative business ideas in Nigeria is agriculture. Under agriculture are:
1. Snail Farming
This is the easiest business idea anyone can start today. It does not require much capital, time and space to start. Above all the demand is 600% high than what is produced in Nigeria today.
Experience has shown that you can start this particular farming with just 2 to 10 pieces of achatina achatina which is the best specie.
2. Goat Farming
Goat farming is another lucrative business idea you can go for today. It’s simple and very affordable. All you need is very good specie that can produce two or three. Therefore, you just need a male and female goat and a small space to start.
You can even do this business in an urban area. All you get do is to look for a partner (structure) who will always take them to the bush to eat and bring them back to tie them at a specific position.
This is like the snail farming because it does not require much time and money to get it done. Above all, you can start on a very small space and grow it to you taste. The mortality rate of both goat and snail is almost zero.
Do your market research well; you’ll see the reason to develop any of these business ideas in Lagos.
3. Crop Farming
This is another area of agriculture that is worth venturing into. In fact, with proper planning you can make a return of about 1000% in 4 months. Most of the crops we have today are high yielding crops.
Being high yielding crops means they are usually ready after 3 months. Therefore, you can produce twice a year. Crops and vegetable such as tomatoes, cucumber and onion are good ones to start with,
As usual, the demand for agricultural produce are high, therefore, do your homework well, then you’re on your way of making money from this business ideas in Lagos
There won’t be supply if there is no demand. I love this particular business idea so much because it’s profitable. In this case you don’t need to farm; instead you source farm produce from where it’s abundant and supply it where the demand is high.
There are abundant of food production in the northern part of Nigeria. And demand for food is high here in Lagos. Therefore, your ability to source and supply farm produce such as yam, tomatoes, fruits from the north to the west will be a good one.
Most times, the northerners are mostly involved in doing this type of business. To start, approach them and join their union because it will give you the support to do it well.
Don’t forget doing an extensive market research before going into these business ideas in Lagos.
5. Real Estate Agency
With everyday growing population in Lagos, the demand for house increases. Becoming a housing agent is a profitable business idea you can develop.
Take note, this is one of the business ideas in Nigeria with low startup. Yes, you don’t need much to start this particular type of business. All you need is a small space or even you can start from the comfort of your home.
Your main job will be to get real information from owners of houses that will like to rent them out. Then connect them with people that are searching for house to rent and make money from commission.
6. Tailoring and Fashion Design
Involving yourself in any business that relates to sowing or marketing of clothing will be a good one. In fact, the demand for things to wear is on the increase by the day. Therefore, it will be wise to find a way to tap into this multi-billion Naira business opportunity in Lagos
Business Ideas in Lagos- Wrap Up
It is obvious that developing business ideas in line with basic human need is a sure way of making money easily. But it will not be without proper market research, business plan, good partner, capital and cash flow.
All the business ideas in Lagos found above are worth going into. You must not be an expert in any of the areas before going into it. Rather sort for the service of a consultant or a mentor to guide you in any of the businesses above.
Developing and running a business idea is not an easy job. Therefore expect the huddles along the way. Be prepared to face the challenges that go with running a business. Anyway, with the help of a mentor, they will come easy.
So go on and try any of them and come back with testimonies. Please leave a comment below if you really learnt something from me.