It’s very important for the youths to come to the realization that the good old days of securing employment into public and private corporate organizations immediately after graduation from college or university is over.
Naij.com contributor and business advice columnist, RICHARD OMARE EDUKUGHO, in this piece, analyses the importance of being your own boss and creating your own niche. He also gives important tips on starting your own business.
Today, the buzzword is entrepreneurship. And that implies the art of creating value to society by providing products or services that add value to others.
That’s right! The youths can harness the opportunities offered them by the revolution in information technology at the turn of the new millennium to avail themselves of information on virtually all areas of human endeavours to equip themselves with unique skills which will enable them to create innovative products or services that will fill identified needs in their community or society to create jobs and wealth for themselves and others.
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As a pointer: Let’s highlight business opportunities in some sectors of the economy which the youths can explore and pick one that suit them considering their talents, passion, skills and educational background and run with it to the market place. Here are some of them:
CLEANING SERVICES SECTOR: This sector features a lot of lucrative services that deals with personal neatness/hygiene, general environmental sanitation, healthy living lifestyle and safety related issues such as: 1) laundry/dry cleaning. 2) Street cleaning. 3) Home cleaning. 4) Compound cleaning. 5) Industrial cleaning i.e offices and factories cleaning. 6) Floor, carpet and rug cleaning. 7) Market cleaning. 8) Oil spillage clean-up. 9) Fumigation. 10) Car wash. 11) Ship cleaning. Etc.
Note that anyone or a combination of these services can be explored by the youths to set-up a cleaning service(s) business. The beauty of it all, is that most of the business opportunities in this sector can be started with low-capital outlay.
Some basic requirements to get started:
Adequate training to acquire technical know-how/managerial skills to operate the business.
A passion for cleanliness
Ability to identity prospective customers and their needs
Ability to research competitors services and discovers their weaknesses and adds something new in your service that will benefit customers.
A comprehensive business plan
Capital (i.e funding)
Adequate space/water supply
Machinery/Equipments
Registration with trade association
At least a business name registration with Corporate Affairs Commission (CAC)
Office space
Advertisement (i.e creating awareness for your services)
AGRO-ALLIED BUSINESS SECTOR: This sector currently has a lot of opportunities for the youths due to the Federal & State Government Policies on agriculture which tend to encourage the youths to actively participate in this sector. e.g. The Agri-preneur policy of the Federal Government tend to encourage the youths to appreciate agriculture as a business venture and promises to provide training and funding for them to be actively involve in this sector. Here are business opportunities in the sector:-
Crop Farming i.e Growing of crops such as: cassava, maize, yam, plantain, sorghum, millet, cowpea, soya bean, fruits, and vegetables, etc. including export crops: cocoa, rubber, palm tree, groundnut, cashew nut etc.
Live stock Farming: Piggery, poultry, fishery, sheep, goat, rabbit, grass cutter, snail, cow rearing etc.
Processing & Packaging: This aspect of the agro-allied business is particularly been emphasized so that agro-products can be processed to add value to them before delivering to the market place. e.g. cassava can be process to produce garri, starch (both edible & industrial) and packaged.
Some basic requirements to get started:
Adequate training to acquire requisite technical know-how/managerial skills to operate the business.
Ability to identify prospective customers and their needs
Ability to research competitor’s products and refine your product to address observed weaknesses which will benefit customers.
A comprehensive business plan
Capital (i.e funding)
A company registered with Corporate Affairs Commission
Land (leased or owned)
Registration with NAFDAC & Approval (in case of those who are engaged in processing & packaging)
Machinery/Equipments
A passion for Agro-allied business
Registration with trade association
Advertisement (i.e creating awareness for your products)
EDUCATIONAL SERVICES SECTOR: The youths should be able to take advantage of the current availability of information on virtually all areas of human endeavours to key into this sector due to the fact that most of the business opportunities, it features, provides for the acquisition of knowledge/ skills. Here are some of them:
Organizing workshops, seminars and training for schools, companies and Government establishments.
Establishing babies centre (creche) nursery, primary, secondary, vocational school, private polytechnic and university.
School admission agency
Publication of schools and universities text books.
Establishing tutorial centre for professional bodies’ examination.
Establishing tutorial centre for students preparing for WAEC, NECO and JAMB etc.
Establishing JAMB computer examination centre
Consultancy services for school, Government & corporate organizations.
Collaborating with Universities consultancy services unit to establish post-graduate diploma, degree centre.
Some basic requirements to get started:
Adequate training to acquire requisite technical know-how on techniques in teaching, power point presentation, proficiency in computer/internet, public speaking and managerial skills etc.
A flair for reading/writing/teaching to impart knowledge
Social networking
Registration & approval from relevant Government agencies e.g. Ministry of Education, National Universities Commission, Board of technical education. Etc
A comprehensive business plan
Capital (i.e funding)
Land (leased or owned)
A registered company with Corporate Affairs Commission
Office space
Registration with trade association
Membership of relevant professional bodies.
Ability to proffer solution to societal & organizational problems.
Advertisement (i.e creating awareness for your business)
REAL ESTATE MANAGEMENT SECTOR: This sector holds a lot of potentials for the youths particularly those that have a background in law or Estate Management. The beauty of business opportunities offers by this sector is that they can be started with low – capital outlay which is advantageous for the youths. Here are some of them:- 1) Selling & buying of land , house etc. 2) Estate agent. 3) Oversea real estate broker.
Some basic requirements to get started:
Adequate training to acquire the requisite technical know-how/managerial skills to operate the business.
A law or estate management background is advantageous.
Marketing skills
Social networking
Office space
Registration with trade association
Personal integrity
Advertisement (i.e creating awareness of services)
A company registered with Corporate Affairs Commission
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MANUFACTURING BUSINESS SECTOR: There are a lot of things that can be manufactured in the country which the youths can take advantage of to get to the market place. e.g soap candle, cosmetics products, chemical products, furniture (wood, wrought iron & cane) custard, yoghurt, fruit-drink, Animal feeds, garment, boot, shoe, detergent-soap, bags, cases, belt, disinfectant and anti-septic liquid, Air -freshener, software, computer, cement, flour, etc just to mention a few.
Some basic requirements to get started:
Adequate training on production techniques of the product you want to produce/managerial skills to operate the business.
Research existing products to seek for weaknesses to improve upon to add value that will benefit customers.
Identification of potential consumers and their needs
A comprehensive business plan
Capital (i.e funding)
Machinery/Equipments
Land (leased or owned)
Registration with NAFDAC & Approval for your products.
A company registered with Corporate Affairs Commission
Registration with trade association (i.e MAN – manufacturers Association of Nigerian)
Advertisement (i.e creating awareness of your business)
Registration with Standard Organization of Nigeria (SON)
AGENCY BUSINESS SECTOR: The youths should be able to be vibrant in this sector due to the low-capital outlay for setting-up most of the business opportunities in this sector. Here are some of them: 1) Travel & Tourism Agency 2) Insurance Agency 3) House and Estate Agency 4) Contractors Agency 5) Suppliers of goods and Services Agency 6) Manufacturers Representative or Marketing Agency 7) Advertising Agency 8) Stock Broker Agency 9) Employment Agency 10) Courier Services Agency 11) Employment Agency 12) Motor dealers Agency.
Some basic requirements to get started:
To commence any of these agencies service is just to write to any of the principals to get them aware that you are interested in being their agent and you will be trained on how to run your agency.
Ability to communicate effectively in both writing and speaking.
Marketing skills
Social networking
Personal integrity
Office space
Advertisement (i.e creating awareness of your services)
A company registered with Corporate Affairs Commission
Finally, my candid advice to the youths is that rather than waste their time searching for hard-to-get employment they should invest it on seeking for needs in their community or society that they can fill with innovative products or services which will enhance their ability to create jobs and wealth for themselves and others.
So how do they go about it? Yes, all they need to do is to scan through the earlier highlighted business opportunities from some sectors of the economy and pick one or more that suit them considering their talents, passion, skills and educational background and thoroughly research them and identify prospective customers needs to come-up with an innovative product or service that fills the customers needs; then settle down to write a well-researched business plan which will enable them to source for funding from these sources: 1) Personal. 2) Relatives 3) Friends & Associates 4) Central Bank of Nigeria (i.e enterprise funding). 5) NGO’s (that provides business funding to youths) 6) Business angels (i.e net worth individual seeking for viable business ideas to invest in) 7) venture capitalist (i.e institutional financiers with pool of resources to invest) commercial banks (some are interested in equity financing) 8) Nexim Bank etc. to implement their business idea.
Okay! Note that even when you can’t get immediate funding from these sources and you’ve a viable business idea don’t give-up on your dream, just be patience and persist it will soon be alright: for one thing is sure that a viable business idea will eventually attracts funding.
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