Shine Ya Eye

How to Identify Business Opportunities

Ever heard the popular Nigerian saying, "Na money dey run belle"? Well, it's true. Money is the lifeblood of any business venture. Without it, your business will be as stagnant as Lagos traffic on the Third Mainland Bridge.

With these three key lessons, you too can develop a business idea that generates revenue. While there's still much to do to ensure consistent cash flow, being proactive and seeking out business ideas is far better than waiting for the perfect idea to fall into your lap.

First things first: Look Around You

You see, the best business ideas usually start from solving a problem that exists around you. You don't need to overthink it. Just open your eyes and observe the issues people face in your area.

Perhaps constant power outages have become a headache for your neighbours. Or the only food vendor around your office doesn't sell the kind of swallow you and your colleagues crave. Whatever it is, if there's a demand, then it could be a business opportunity.

For example, let's say you have a neighbour who always complains about not having enough power to charge her phone and watch her favourite TV shows. You could start a small business providing mobile charging and entertainment services for a small fee. 

When looking for viable business ideas, you should always start by addressing the problems around you.

The next step? Check if People Will Actually Pay

Okay, you have finally identified a problem to solve. But before you invest your life savings, you need to confirm that people will actually pay for your solution.

This is where market research comes in. Honestly, you don't necessarily need to conduct any elaborate study. Just ask your potential customers if they would patronise your business idea and how much they are willing to pay. This might give you sufficient data to determine if it would be a lucrative venture or not.

For instance, with that mobile charging and entertainment business idea, you could ask your neighbours if they would pay to charge their phones and watch movies in a cool, generator-powered space. If they agree, then you're on the right track!

The final step? Get it Poppin'!

So, you've identified the problem and confirmed that there's a market for the solution you want to provide. What remains is to set up your business and start making money.

But one key thing you should always remember is to keep it simple at first. Don't try to overcomplicate things or run before you walk.

Using our mobile charging example again, you can start small by getting one generator, a few phone charging cables, and a TV set. You don't need to rent a big space or hire staff yet. Just start from your compound or rent a small kiosk around the area.

As customers start trooping in and the cash keeps pouring in, you can expand and add more services. But for now, keep it simple and focus on solving that one main problem.

See, coming up with a business idea isn't rocket science at all. It's about identifying the problems around you, confirming that people would pay for your solution, and then starting small and growing as you make progress.

Just use your Nigerian ingenuity and hustle spirit, and you'll definitely come up with a profitable idea that will take your business to the next level.

Regards, 

Ayo Bankole Akintujoye

Convener & Co-Founder.