One of the challenges that youths face in Nigeria is unemployment. But there are many business ideas that could pave the way but people ignore them. These business ideas are unpopular but great business ideas. Untapped business ideas are those that nobody considers being lucrative businesses to start. People see them as difficult to establish and may need a large initial investment. In Nigeria, there are various unexplored business concepts. And these concepts have great chances to generate a lot of money. So, we have compiled a list of untapped business ideas in Nigeria. But before we dive into that, let us talk about their requirements and challenges.
Requirements for Untapped Business Ideas in Nigeria
Diving into a business without considering some things is not ideal. There are some factors to consider while giving a business some thought. Nobody wants to invest in a business and fail. That is why there must be proper planning. Below are the essential factors to consider while thinking about these business ideas.
1. Passion
Everyone needs money. But it is not nice to venture into something you have no passion for, only because you heard it's a big fish. To run a successful business, you must be passionate about it. Your passion will motivate you to keep going. So, it is best not to enter the business if you do not have a passion for it.
2. Skills
Once you're sure of what business you've got a passion for, the next thing to do is seek knowledge about it. Yet it is a must to get the right skills in the business. Seek knowledge from people who know about it and also make research before getting into it.
3. Make a Good Plan
It is critical to have a clear business strategy in place. So, you do not get off track during the course of your operations. When faced with great returns, you may want to spend extravagantly. In the event of an emergency, your strategy should include a Plan B.
4. Be Financially Capable
Every new business needs some money to start off. To be on the safe side, you should have enough capital and some extra cash. The reason being that you have not tried this business before and you don't know how the outcome will be. Do not choose a business that will drain your bank account while you are still trying to make a profit. Always budget as much as your wallet will allow. You cannot start a business without facing a problem, so be prepared for financial challenges, which are the worst form of challenges in a business.
Challenges in Untapped Business Ideas in Nigeria
As an entrepreneur, you know there must be challenges in whatever business you might want to try. These challenges are quite frustrating, and you might want to give up if a certain challenge is new to you. But, one thing to note is that you can tackle every challenge if you have studied and expected it. Let us look into some of the challenges in untapped business ideas in Nigeria.
1. Getting a Capital
Getting capital for your business is one of the major challenges faced in the business world. As an entrepreneur, you are the only person who is familiar with your business concept. The process of obtaining capital entails much more than asking for money. Many investors prefer to invest in well-established enterprises that pose little risk. They also want to be certain that they will receive a return on their investment. Furthermore, many business ideas don't make it past the initial stage. This is because the entrepreneur is either not prepared or does not have the necessary funds to bring the idea to life.
2. Competition
Another challenge is competition. One of the problems businesses face is that many companies are into that same business. Although, untapped businesses are underrated. But when a person goes into it and does it well, other people want to try it and the competition starts to get tougher. You might be lucky if you have established your business before others. The reason being that you must have gained your audience.
3. Audience
Finding an audience for your services is not quite easy. You don't need just any audience, you need a good audience. Bad customers can ruin the business. They will always attempt to take advantage of the firm's goodwill. They will also hunt for opportunities to defraud the company. In the case of bad consumers, they are liable for bad debts. Good customers are difficult to come by. Besides being loyal to your company, a good client is willing to forgive you if you make a mistake and repent.
List of Untapped Business Ideas in Nigeria
10. Agricultural Businesses
Nigeria is blessed with farming lands, and these lands are not in full use yet. Back in the day, farming was a major source of income. But technology came and took over people's attention from farming. Now, people prefer office jobs and don't understand the potential of farming.
People can still engage in modern farming. But many people feel it is only for the illiterates, which is not the case. Education should not put an end to farming because food is essential to humans. With the help of new technology, we can revolutionize farming. You will see noticeable changes brought about by this new strategy. This is by taking advantage of the options afforded by modern farming. Thus, increasing your production. There are several opportunities in the agricultural field you can try. They are pig farming, pepper farming, snail farming, cassava, etc. Agricultural operations generate 55% of a Nigerian farmer's yearly gross revenue of $98152. Also, crop production accounts for 49%, and livestock keeping accounts for approximately 6% of the average annual income.
9. Pet Keeping
Pet keeping is one of the most untapped business ideas in Nigeria. As a pet lover, you can earn some cash while having the time of your life. Pet keeping is one of the most untapped business ideas in Nigeria. As a pet lover, you can earn some cash while having the time of your life. Dogs are the most popular and best pets anyone would want to have. However, people prefer to raise them from puppies to adults.
So how can you make money from pet keeping? You will earn some cool cash by selling the puppies your adult dogs have birthed. Research has it that a Rottweiler puppy costs #250000. So, imagine your dog birthed about 10 puppies, you'll be earning about #2.5 million when you sell the puppies.
Selling dogs is not the only way to earn money through pet keeping though. There are several other ways you should explore if you plan to make pet keeping a full-time job.
Below is the list of other businesses in this field.
Pet Training: Pet owners love to give their pets some training, and most times, they have no skills to do that. They want to give their pets some training to stop some undesirable behavior. So, they decide to hire a pet trainer who does that for them. These owners are ready to pay some huge amount of money as long as you deliver the job assigned to you.
Pet Sitting: You might love to be around animals but not every hour of the day. Pet sitting can be your side hustle. Some pet owners are busy workers and might not have all the time in the world to give to their pets. So, when they leave for work in the morning or travel, you can watch over their dogs for them, for some cash.
Pet Boarding: Some pet owners are travelers, and they don't love to leave their dogs with the workers at home. They prefer to have them stay in a boarding where people can care for, and attend to them. You could choose this as a way to earn some cash in this business.
8. Cleaning Business
Most people tend to view the cleaning business as a lowly job. But that is not the case. The most beautiful thing about this job is that you can be your own boss, you don't have to work under anyone. This business has several categories. It could be the laundry service or the house cleaning service, etc. However, you will make a lot of money from this business. Owing to the fact that is not tapped, there are few or no competitors. The most important thing is targeting the right audience and channeling your energy towards giving them the best. Also, you can take it to a higher level by hiring more people and setting up a company that offers services to clients.
7. Interior Decoration Business
The interior decoration business is one of the untapped business ideas in Nigeria. However, you have to be knowledgeable about this business before giving it a shot. No one should go into any business without having full knowledge about it. The interior decoration business is profitable because few people are aware of it. So, there are fewer competitors. Many people want their houses to look good without having to stress about it. So, they prefer to hire someone who would do the job. However, as an interior decorator, you should learn time management. It is necessary so you won't disappoint your clients whenever they call on you. Furthermore, the price you charge for each job might vary because every client's job will vary too.
6. Home Tutoring Business
Many people are ready to pay you for the stress they don't want to go through. This is in the case of you going to homes to tutor people or their kids. Do you love academics or have any special skills? You can make a whole lot of money by rendering home services for anything you'll like to offer. The amount you'll charge for going to offer your services in their homes will be much more than them coming to you. Furthermore, if you are good at what you teach, they may decide to increase your pay.
5. Real Estate Business
It is surprising that as lucrative as the real estate business is, it is one of the untapped business ideas in Nigeria. This business doesn't need you to get capital. All you need to target is a real audience. But your marketing skills must be top-notch because your clients have to be convinced. If you want to go into the real estate business but don't have any money, you can meet with a real estate company. You should discuss the possibility of collaborating with them. You should also be aware of every contract you are about to sign. Don't forget to take note of the amount of commission you will receive on each successful sale.
4. Hall Rent Business
The hall rent business is one of the hottest businesses that people tend to overlook. They think you can't make much money from this business but that is not the case. Many people need some space for their weddings, meetings, seminars. And this can cost about #150000 to #30000 in a day. However, anyone who wants to venture into this business has to be careful because one can run into debt. You should get full payment from your clients before renting out your hall for any event. The reason being that it might be difficult to get your payment after the event.
3. Food Truck Business
No business is dirty as long as there's cool cash in it. The food truck business is very lucrative, yet untapped. Many people are too busy to make their meals. So, most times, they have no choice but to patronize expensive eateries in the area. They are not totally comfortable with this because it takes a toll on their expenses. But as a food truck seller, you can provide them with the same amount of food at low prices. These people will switch to your business if they enjoy the taste of your food. However, the best aspect of this business is that you don't have to bother about rent. The reason being that you will always be on the road delivering food to offices.
2. Event Planning Business
Event organizing can be a very lucrative professional path to pursue. To be successful, events need a great deal of preparation, and one person can't do the job alone. So, if you can make a team that loves to plan events, you will grow your firm. It is only when you have given your best to your clients you'll be able to charge them high fees. So, it would be best if you are good at what you do.
1. Shoe Production
The shoe production business is one of the untapped business ideas in Nigeria. It is actually underrated in this country, and it is very lucrative. Though some companies in the East duplicate some foreign brands, it is not a unique idea. So, think of how massive it would be, owning a shoe company in Nigeria. You will have fewer competitors in this business because only a few people have given this job a thought.
Conclusion
There are many untapped business ideas in Nigeria asides from the ones we listed above. You should quit complaining about the unemployment in Nigeria. It would be best if you think out of the box and think of overlooked businesses you could try. Good luck!
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