Business performance among small and medium-sized businesses has drastically improved in the last five years. It is pertinent to note that about 68 per cent of Small and Medium-scale Enterprises (SMEs) in Nigeria have continued to thrive after three years of initial start-up, while two thirds have improved their turnover, profitability and staff numbers.
A financial expert, Mr. Emmanuel Adekoya, said SMEs must be given all the necessary financial and regulatory support required to continue their growth trajectory in the country.
used goods such as Jeans, tops, t-shirts, shoes, belts and many others can be sourced at Badagry, even Cotonou. If you are unable to get a bale, you can select and mix the items. Wash and pack them neatly. Marketing is all it takes; you’ll sell and see your money multiplying.
Adekoya explained that in business, one needs the right attitude, “else it will sink.
“Ensure friends and families pay for goods and services. But if you feel you are too big for a certain kind of business, then you’ll sink,” he counsels.
Some tips on notable SMEs one can embark upon:
Branding: selling and customising football teams — Supporters always want to show how much they’re rooting for a team. Many of the fans can spend fortunes to ensure that they are identified with the customised accessories of their choice team. For instance, during the just concluded World Cup championships, many Nigerians were seen wearing the Super Eagles jerseys. As a business minded SME, you can go into the production of football accessories for profit making.
e-Payments and POS Business: you can get a point of sales machine from your Bank and activate on-line banking — Many people prefer to ease out the stress of ATM queue, which are getting too crazy nowadays. So, if you live in a place where banks are not much, you can handle e-Payments for people and make some profit. You could charge N200 commission from customers intending to draw the sum of N10, 000 from POS machines.
Another money making venture is electronic accessories. Mobile and electronic accessories such as pouches, chargers, USB cables, earphones and more can be very good profit making ideas.
Popcorn — This can be fun if properly made with sweet flavours like vanilla, coconut, and banana amongst others. The beauty of this is when properly made, its aroma attracts customers. A manual pack sealing machine for Popcorn goes for about N65, 000. Popcorn can be served anywhere, anytime and it costs less than N40 to produce a pack.
Bedspread — There are good markets all over the country where one can get bulk and quality materials for beddings. Pick good designs and get them sewed within the same market. Packaging is very important, therefore you must learn packaging skills to be able to attract numerous customers. You can start with less than N100, 000 and diligently grow your business.
Snail Farming — Snail farming in Nigeria is even more popular, due to its relatively cheap cost of startup and, if you market your products well, your business will thrive. This is a business you can start from your backyard. But, mind you, snails take almost a year to mature, so Patience is Key.
Fairly Used accessories — fairly used goods such as Jeans, tops, t-shirts, shoes, belts and many others can be sourced at Badagry, even Cotonou.
If you are unable to get a bale, you can select and mix the items. Wash and pack them neatly. Marketing is all it takes; you’ll sell and see your money multiplying.
Cleaning Services — some people find it hard to clean their apartments because they are too busy from Mondays to Fridays and, on Saturdays they have engagements and, on Sundays, all they want to do is rest.
Your cleaning tools may not cost up to N30, 000 and you can clean 6 apartments at weekends.
Home Cooking and Delivery — you can run this from home, if you are good at cooking. Cook a variety of meals and introduce customer service. People will pay good money for your services.
Digital Marketing — the success of any business is in its ability to effectively reach its teeming customers and this is achieved by effective marketing.
Get a used laptop and Smartphone; temporarily, your Smartphone can double, as your hotspot. Persistence and Passion is the Key.
Aso-Oke, beading and stoning — Aso-Oke, beading and stoning is in vogue now, and this is another good business. You just have to learn how to bead and unlock your creative mind; bead making is also in line with this. All you need is training, passion, creativity, unique designs and styles, then adequate marketing. You absolutely don’t need up to N100, 000 to start.
Home Service Barber — this is another profitable small-scale business. The beautiful thing about this is you bring your services to your clients for a little above the regular charges. The starting capital to get the equipment is very minimal, especially now that there are technological improvements in the areas of rechargeable clippers at affordable prices.
Tutorial Classes — No matter your age, this is also well-paying job, either at part-time or full-time.
Many families are willing to spend more for their children’s successes and, if there’s one subject you’re well versed in, just close the gap; meet their needs for a fee.
Production of zobo drinks, smoothies, cocktail, small chops, cupcakes and chin-chin — now, these combos are very important and can’t be ruled out. You can render these services with N100, 000 startup capital, proper marketing, branding and packaging.
Re-investing your seed capital in an existing business — not everyone has the head for business but they can sniff-out opportunities. You can always put your money as operating capital and draft a binding agreement.
