Starting a business in Nigeria may not be as easy as it seems. With several businesses folding up because of inflation. You might have to be careful before investing your life savings or a gift.
You know, it\’s easy to say you need money. However, when you get hold of the money, you might find it hard to make a decision.
Having #10 million in Nigeria is a lot of money to an average citizen. Hence, increasing and maximizing wealth is crucial to attaining financial freedom.
Suppose you are at the point of making a life-changing decision about how to invest your #10 million. You are on the right page. Relax and follow in details on how you can maximize your cash.
3 Reliable Businesses To Invest #10 million
There are tons of businesses you could think of investing in, and choosing the right one at the right time is crucial. This article presents three options you can consider before making your next decision.
#1. Block Industry Business
Block-making is one of the hidden champions in Nigeria. Nigeria is a developing country, meaning many construction sites need blocks for their job. In other words, the demand for construction blocks is still at its peak.
Companies and individuals are constantly looking forward to building homes and factories. A good place to start such work would be developing areas where construction materials are very much needed.
With #10 million, setting up this firm is very plausible. And the returns are certain after a few months of embarking on the journey.
#2 Opening A Boutique
Is it profitable? That is the first question on anybody’s mind. This might be very scary to consider. The truth is, the fashion industry has been gaining attention recently. Despite the harsh economy on many people, you would be surprised that wearing new clothes is a great competition among people.
You can sell clothes for twice the cost price. Having 100% gain over every sale is astonishing. All you need to do is to set up your business where there is less competition and a location where people can see your products. You can\’t set up a boutique in a place not easily accessible to many people.
#3. Fish farm business
Agriculture has always been profitable in Nigeria. After all, we all need to eat. Fish farming is the trend in agriculture right now. It is so profitable that farmers sell internationally.
Many people haven\’t considered venturing into this because of the risk that comes with it. But with #10 million, you can create a great set-up that would reduce the risk involved. Expanding your network and reaching people would put your product in the limelight.
Factors To Consider
Often, people\’s choice of the kind of business they want to venture into is not a bad idea. But not considering some factors might be detrimental to the whole plan. Here are the things to consider when investing.
Location
Your business site would have a lot of effect on your business. Imagine setting up a five-star hotel in a rural area. You might face the challenge of not having customers that can afford your facility. Stay where your product and services are needed.
Market Demand
Market demand tells you how many people need your intended product/service. A high-tech product would have more customers in the city than in a village.
Market demand also informs you of who needs the product/service. Don\’t forget that you are starting a business because you want to meet needs. The demand in a particular area should inspire you to create a solution for them.
Conclusion
There is a trick to doing well in business. Always have cash in reserve. It\’s advisable not to put all your eggs in a basket.
Starting any business can be challenging. You must be patient and persistent. Real businesses are not Ponzi schemes, meaning your returns might not start coming in like magic.
The Nigerian economy might also make things difficult. The early-stage business is not expected to earn large profits. Stay focused, and results will come.