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Saturday, February 18, 2012

5 Examples of Successful Small Businesses in Nigeria

For a business to be successful it has to be profitable and profitable businesses naturally expand. So all successful small businesses have two common characteristics which are; they make profit and they are constantly growing as a result of re-investment of profits.

In Nigeria there are quite a few businesses that expand despite the economic hardship and there is no sign that they won’t grow. Let’s have a look at some of them.

Sports Bar/Viewing Center

During the hay days of sports viewing centers, many millionaires emerged with incredible amounts of income made from simply charging people to watch football matches. In Nigeria, many of these businesses are the major source of income for families and are not showing any signs of slowing down: people will continue to watch premiership matches, Champions league, world cup and other major football events. With poor power supply the savvy business men involved in this business will continue to grow rich.

Cosmetics and Fashion Accessories

Ladies always want to look beautiful, hence why they invest heavily on their looks. It is hard to come across a woman who doesn’t want to be admired by men and that explains why businesses that cater to the needs of women will continue to do well. Selling body creams, soaps, hand bags, shoes, cosmetics, even jewelery are some examples of business ideas one can find in this niche. Just think about satisfying women’s desire to look beautiful.

Real Estate Agency

In big towns and cities, there is a heavy demand for apartments by people working and in desperate need for affordable and reliable accommodation. It is not uncommon to find real estate agents that were nobodies becoming rich in a short time. Many people have found this business to be lucrative but be on the look out for scammers who may want to give the profession a bad name.

Event Planning

People will always get married, organize social events, launch products, try and promote their products or other ideas. The point is events hold everyday, everywhere and people don’t always have the time to plan and manage a good event that people will speak well of. It surprises me when I see that despite our poverty we spend a lot of money on events no wonder many event planners are smiling to the bank.

Selling Blackberry and other Smart phones

Blackberry and other smart phones are in high demand in Nigeria and a few savvy Nigerian business men are smiling to the bank for doing so. According to one newspaper report I read at least 1 million Blackberry phones are being used in Nigeria with more and more people wanting to have theirs as well. Smart phones especially Samsung Galaxy is also in high demand. 

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