There are all sorts of business opportunities to explore and which are already present in the market, but not all of them will make a perfect match for you. Choose carefully then because taking advantage of the wrong business opportunity can only cause you more financial burden.
Become your own boss with these available 20 business opportunity
BUY A FRANCHISE
Rather than spending time reinventing the proverbial wheel, an entrepreneur will buy a franchise opportunity. A franchise is an existing business with a solid business plan and process already in place. An entrepreneur can operate a new business under a recognize business name and receive support from the franchise headquarters with Marketing, promotional materials, new business products or services, etc.
Distributorship or dealership
Another place to find business opportunity leads is with distributorship and leaderships. A distributor is a person or business that has an agreement to sell products or service produced by another company. A dealer is much like a distributor, but more focused on one product. An auto dealership may see only Honda’s, or an insurance agent might be considered a “dealer” in life insurance.
Feeling a Nice
While pre-made or other types of business opportunities can be lucrative through a parent or franchise company already enjoying great success, entrepreneurs opportunity also exist for a person to simply find a consumer need and discover a way to solve it. Perhaps you are a new mother who finds a need for a baby product not on the market, and therefore, you create and distribute one of your own. Or you are a specialist who finds that other business will pay for your consultation and expertise hin improving a business function.
You might also find entrepreneur opportunities through licensing. Licensing is where you can be creative and invent products, but use the name brand, icon, or trademark of a widely recognized business. Take Disney products as an instance. An inventor may come up with a great idea for a child’s toy that would become a big seller if the famous Mickey mouse was associated with the product. By obtaining a license from Disney, the investor could produce his product and profits would be shared by both parties.
This type of business opportunity involves an agent selling a company’s product through various store racks that he or she services. The main company maintains where the racks are, and the agent is in control of the inventory at each of his or her racks. The agent is in charge of how to display the product to increase sales, and must keep up with his or her own books. When the agent notified the main company of what was sold, he or she receives a commission check.
This term describe direct sales agents and those who are involved in multi-level marketing
People with a helping personality find opportunities taking care of people, plants or property.
If you thrive on being with people, you may find an entrepreneurial opening in the hospitality industry or service industry such as hairdressing. Or you may be an entertainer, actor, musician, or singer.
This is one business you should consider starting if you have the required skill and capital.
With both parents increasingly keen return to work after having children, dey nursery are also very vital to families who cannot afford to give up a regular income to stay at home. You really need to network and let people know that you are available for this. You are definitely going to make some money from this if you manage it well.
Artists, bakers, Carpenters, and designers are examples of entrepreneurs driven to create something tangible where it did not exist before.
Photography and video coverage business
When your school photo was taken, you probably gave little thought to the fact that the photographer would soon be off to another job, maybe a wedding, to make ends meet. If you have a passion for photography, get a clear picture of what is involved in setting up your own firm.
Whether it took you two attempts or 20 to pass your driving test, you would not have gotten there without a driving instructor. If you can put up with the exams and novice drivers, this line of work can be rewarding.
Helping other people run there business may seem daunting at first, but many budding entrepreneur have the skills and experience to become first class consultants.
This is one niche where there is high demand right now. You only need to have the basic skills and should be able to work with PHP and MySQL. You will also be able to get many clients if you can design custom WordPress themes. The starting point is for you to create a blog for yourself to show what you can do. You may also need to join forums where you can easily market your skills to others.
This is indeed one of the easiest businesses to start right now. With little or no capital, you can pick up a reseller plan from a reliable web hosting provider from within your location.
This brings businesses together, in the sense that one business can network with several others for advertising and promoting. For example, Red Roof In has a contract with T-Mobile to provide WI-Fi service to all it’s hotel guests . Red Roof is able to make money from the service, and T-Mobile is able to make money by allowing Red Roof to offer it.
This is food processing, agricultural projects and agro-allied industries. It involves engaging in agricultural projects like vegetable farm, food crop farms, livestock farms, fish farms, citrus farms, horticultural farms. Also rice milling, Garri processing, palm kernel and oil processing, etc.
Chemical and Locally made raw material processing business
Establishment of small scale industries that could use local raw materials and process them into finished goods. For instance casava starch, soap-processing, leather processing, textile processing, mosquito coils and toilet papers, etc.
I. Agency, wholesale and retail outfit: these include agency work with commission payment, Hawking, provision stores and patent medicine stores, etc.
Desktop publishing services like keyboarding, photocopying, reprographic and book binding etc.
ii Environmental sanitation: establishing housekeeping and factory sanitation contract with the use of mobile refuse disposable vehicle.
Establishing car wash service, laundry service and dry cleaning services.
With such a wide range of clothes shop out there, you have a several options when trying to tap into this huge market.
Whether it is catering for a major sporting events or a low-key wedding, the need for food at gathering does not go out of fashion. Find out how to set up your own catering company.
Turning an Opportunity into a Business idea.
Another dimension of the entrepreneur is that he is able to turn the opportunity into business concept. That is, he translate his innovation concepts into a combination of activities that when put together, work out to generate a viable operations. Successful entrepreneurs know that a good idea is not necessarily a good business opportunity. Common mistakes often made by most entrepreneurs include the following:
- Being so confident that a business idea lead to successful venture opportunity
- Getting fixed towards one business idea without due consideration.
- Allowing one enthusiasm about starting a business to interfere with the process.
Read also: Best business to start as an entrepreneur
A good business idea may not be a good business opportunity, to have a good idea translating into a good business opportunity certain conditions must be met, they are as follows;
- There must be a clearly defined consumers need
- It must be possible to deliver such product or service at the right time, at the right quality, right quantity and at the right price and that is market driven.
- It must be able to yield a profit that is satisfactory to the owner, although what is satisfactory is relative.
- It must be a market with growth potential.