Setting up new business in Nigeria, you don’t only think about its profitability but also the location that best suits your business type
Location plays a vital role in the success of any Small or Medium scale business. You wont want to compare the daily sale of someone operating Baba Ijebu at Banana Island with another at Oshodi. Each business has its target customers and except you are a service provider and have steady customers who you render your services to, the decision to site a business is a very important one.
Aside location, business opportunities arise in some other circumstances either from the existence of other complimentary businesses or the possibility of high demand due to some other demographic factors such as high concentration of a particular sex, age groups, professionals etc. Whatever reason you might have had for going into any business, it is worthwhile to think about the possibility of reaching a maximum customer target from your business site.
1. Computer Game Centre:
The potential customer target for this kind of business are secondary school students who are likely to be addicted to playing computer games. Computer game business is a very lucrative one that could earn you a minimum daily income of N5,000 daily if your location is tight enough. Having your business located near a place where there are numerous secondary schools or a major route where students pass when going and coming back from school will likely help you reach your daily income target.
2. Fried Snacks:
Fried snacks such as yam, puff puff, akara, plantain are fast selling and profitable. However, it is important to locate such business in a very busy area such as a bus-stop. Patronage for this kind of snacks depend on its availability and ability to keep them warm at all times. You would not want to locate this kind of business in an enclosed street.
3. Business Center:
In as much as the world is becoming globalized and virtually everyone owns a computer system at home, it does not stop the progress of the traditional business center because majority of those who own a PC do not have scanners and photocopy machines in their homes. Running a business center in places where there are concentration of businesses eg Broad Street in Lagos will make the business thrive. Another place you can establish a business center is near a Tertiary Institution or a place where majority of tertiary institution students are living. Although, there are lots of competitions in school areas but this wont stop you from making reasonable sale as the demand usually exceed the supply for such services.
4. Pepper Grinding:
This business is always over-looked but believe me, it’s one of the business that guarantees daily flow of income to its owner. All you need is to buy a grinding machine and have a stand either in the market or beside the aboki that sells pepper to majority of people in your street. Pepper grinding business has a high rate of turnover and it is profitable
5. Frozen Food:
Nigerians patronize frozen food a lot and it doesn’t matter where you locate your business so far it is closer to residential area than business, your business will thrive. In fact, it is more profitable to have your frozen food business sited in your street than say a market, unless you are the major distributor in that market
6. Fast Food:
Fast food business mostly thrive if it is located in a busy area such as the bus-stop. If you sell food and have your ware display at the garage where the bus drivers and conductors are in high population, you will make more sales than staying in front of your house.
7. Beauty Salon:
Beauty Salon business is highly competitive and there is no place you open your beauty shop that you wont face a stiff competition. Although, there are other factors that could define your success in the business, but if you are looking to make more sales on a daily basis, find a school area where you have high population of tertiary institution business.
8. Ice Cream:
Ice creams are majorly consumed by the youth, therefore it is imperative for any Ice cream seller to take his bicycle and his wares in front of secondary schools where he is likely to sell more
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