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Profitable Business Ideas That Can Fetch You Good Stream Of Income

Business Ideas That Can Fetch You Good Stream Of Income 

Business is one of the best ways for every common man to survive in a country like Nigeria. In the absence or lack of jobs, business becomes the best alternative. Although business is not supposed to be an alternative but for those who are keen on securing a white collar job, it could be an alternative when the job fails to come.

Even as a civil servant, you need business to serve as back up pending your retirement. One day, you will surely retire and when you retire, things must become somehow difficult compared to when your were working. This is why you need a business. The problem becomes how to generate a profitable business idea. Well, not to worry any more, let me do justice to that to the level I can. 

How to generate business ideas;

There are many stages in Business idea generation but I am going to limit this article to four most important stages namely;

1. Idea Generation

2. Idea Screening

3. Product selection

4. Market testing 

a. Idea Generation

In this stage, all you have to do is to look for as many business as possible. Collate the list and move to the next stage

b. Idea Screening:

This is when you need to critically analyse the ideas you have listed. Take a close look at them, check the financial implications, the possibility of being accepted by the people etc. After that Analysis, you should be able to know who is leaving the list and who is staying. But mind you, don't select more than two in the next stage unless you are financially capable. 

c. Product selection 

Now that you have known those that you may not be able to do from the previous stage, select the ones you are sure of (opportunity cost) and forget about the rest (Alternatives forgone). Like I say before, don't choose more than two unless you have the money to run them.

d. Market testing:

I actually jumped product creation stage but the most important part after you have created your product is to test the market using the prototypes you created. This time around you need to send it to the market after producing little to see how the market will accept it. 

This time around, your motive is not how to make profit but how gain market shares. Use pricing strategies to present your product before the audience whom we all know are looking for cheaper products to buy. If you see that people like and accept what you offer, go back and produce more in order to break into the market with full force (Market penetration). 

Important point to note:

That a business is profitable in Onitsha doesn't mean the same Business is profitable in Aba. This is because the people are your market and they decide what they want. Therefore, it is not all businesses that are good for certain areas that is what market survey is very important. Market survey In a lane man simply means asking the people what they want that they don't know how to get them. By the time you find out one idea lile that, strive to bring it to that community and you will sell real good. 

Some Profitable business ideas in Nigeria:

Let me use this medium to suggest some cool businesses you can do in Nigeria and make cool cash from.

1. Animal Farming

There is thorns of money in animal Farming. Those who rear and sell the likes of cow, pigs, broilers, Snails, Fish etc are making cool money from these animals on a daily basis. All you just need to do is to look for the one you know you do then, join some special Training from facilitators who will teach the ups and downs involved. 

2. Digital Marketing (Personal products)

Digital marketing simply means the act of selling goods and services online which could be done through getting your own products or selling for others. This to do with you producing some digital products and sell online. That thing that you know how to do can be turned into a product which you can offer for money. All you have to do is to look for a problem you know people are facing, put the solutions into writing and convert it into PDF. Find your customers and sell to them.

How do you find your customers??

The earliest way to sell digital products online is through Facebook. Through Facebook, you can run an advert displaying your products. You pay Facebook while Facebook bring customers for you after you must have done a proper targeting In your advert. (How to run Facebook ads is a story for another day.)

3: Digital marketing (Affiliate marketing;)

You don't need to create any product in Affiliate marketing. All you have to do is look for someone who already has a product to sell. Help him in selling the product and get commission from him. The best platforms where this can be done are places like; Jvzoo, Clickbank, Warrior plus etc. When you sign up with them, all you need to do is to look for hot selling products and sell for the owners while they pay you the stated Commissions on the products.

4. Forex trading;

This is a trade done in the foreign exchange market. It is known to be one of the riskiest business which requires a lot of Training. You don't just venture into it being properly trained by expects in the field. Almost Every organizations trade forex. Your bank is one them. The money you save in the bank is mostly used for forex trading. 

With proper knowledge of how it works, you can make up to a million Naira in a month depending on your trading capital. According to my experience in forex trading, the easiest to trade with is Olymp Trade. This is because you only need to predict whether the currency will rise or fall. If you mistakenly see any expert who is willing to teach you forex trading for N20,000, then you are lucky. Don't hesitate to grab the opportunity. 

Well, from PETERTECH, this is how I can go for today. If you have gained anything from this article, kindly like, share and drop your comment. ( Questions are welcomed as well).

Content created and supplied by: Petertech (via Opera News )



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