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Business Ideas for Small Towns

Do you live in a rural area or small town and you are looking for the best business to start? Then below are 15+ rural business ideas you can engage yourself with in small towns.

It is a known fact that the economy of rural areas is not as buoyant as urban areas yet, some die hard individuals are still running profitable businesses from such rural areas. Also, urban areas do offer better infrastructure and equipment than what you would see in rural areas. Rural areas are known to have their own restrictions, and if you carefully look, they also have a lot of advantages than urban areas. It is these advantages you need to focus on, be satisfied with the available ones within you and then make the most out of them.

There are some businesses that can be started only in rural areas; agriculture for example is one instance. Knowing how to start a business in a rural setting is useless if you don’t have a good business idea. So whatever you decide on, make sure you give it enough thought and effort.

15+ Rural Business Ideas for Small Towns and Villages

1. Production of Organic Produce

Producing and selling fruits and vegetables that are free from chemicals can be lucrative if done the right way. For this type of business, you can opt to sell produce that are officially labeled organic or still organic with no label. Some people forgo the official label due to the large amount of paperwork involved. Also, the regulations might be too strict or taxing for a start-up company.

2. Construction

If you have good knowledge of carpentry and woodwork, then this is the ideal venture to pursue. In rural areas, farmers and homeowners might not have the skills needed to put up structures (e.g. barns, chicken coops, etc.) that they need for residential or business purposes. Thus, starting a small construction company might be the best business option.

3. Cleaning Company

Large farms or ranches might need extra pairs of hands in tidying up their quarters. Therefore, a small cleaning company might be able to offer their weekly or monthly services. As a smart entrepreneur, you should know that services based business are conscious of the fact that continued patronage is needed, so it is best to offer ‘packaged contracts’ wherein a discount is given if they sign up for a contracted amount of period (e.g. six months).

4. Family Salon

Opening a family salon is a great option for people who are charming, gorgeous and creative. People who live in rural areas might not have access to this kind of professional service, so this is a potential niche to exploit.

5. Selling Fresh Eggs

Eggs from grass-fed chickens are now starting to be sought after by groceries and specialty shops. Starting a poultry business or rearing does not require a lot of land. However, state laws need to be checked to see if the requirements are to be met without difficulty.

6. Vending Buffalo Milk

One of the best producers of milk around is a buffalo. Under the right care and treatment, high quality milk can successfully be obtained. If you are skilled in raising, breeding, and milking buffaloes, the you can start this business on your own or with a couple of farmhands. For those who are not, you can opt to hire skilled farmhands to do all the work instead.

15+ Rural Business Ideas for Small Towns and Villages

7. Chili pepper Farming

For those with good farming skills, farming options are the obvious choices for start-up businesses. All you need is a small greenhouse to accommodate the bags and pots where chili is normally grown. Add a lot of sunlight and fertile soil and you can make a lot of money selling quality chili to groceries, shops, and neighbors.

8. Tea Gardening

Tea gardening is a simple yet lucrative option for people who are passionate about tea. You do not need a big tract of land for planting tea shrubs; in fact, you can even opt to grow it in their balconies or planters. For this choice, the soil needs to be fully drained and sandy.

9. Coffee Bean Farming

If you are passionate about coffee, then you are halfway there. The only thing you need is to know how to start a coffee bean farming business and you are good to go. The only requirements are polythene bags, a shady area, coffee seeds, and a business license.

10. Bonsai Tree Farming

There is a growing niche for selling bonsai trees in the market today. Before embarking on this venture, however, you need to have patience, bonsai planting skills, and a green thumb.

11. Vegetable garden farm

You can consider agriculture as a big opportunity. You can start producing the vegetables you think will best grow. It is always better to begin with two, and then as you double your chances of making profit, you can now increase the level of your production. You are required to consult an expert before concluding the feasibility of that option.

12. Camping site

You can start a camping site that is well equipped with tents and other necessary things that makes it look complete. Advertise this even in the urban newspapers and you will see people trooping to your camping site. Kids and students are always looking out for faraway camping spots and this can be exactly what they want. And if you still have shop instead of land, you can still begin to sell camping material there; a lot of groups that came for camping near rural areas will find it helpful.

13. Writing studio

If you have a creative mind and you are good at writing interesting and beautiful stories, then you can write about life in the rural areas because rural areas have serene surroundings that is quiet ambiance which cannot be found in urban areas. You do not have to become a professional writer to be a good writer. All that is required of you is innovation and ability to encourage, educate and excite people in your stories. Immediately you get the hang of it, you can begin to freelance on large scale and even start hiring people to work for you.

14. Become a local goods Retailer

You can start retailing merchandise in rural environment because many small businesses do experience difficulty in selling enough merchandise to have wholesale pricing. Retailing local sourced merchandise can serve as an attractive and encouraging shopping experience for tourists vocational in rural areas.

15. Tour operator

You can capitalize on harried tourists by offering local information, transportation options, guides to local festivities and sources for local merchandise.

15+ Rural Business Ideas for Small Towns and Villages

16. Broadband internet provider

This business idea might sound too risky and capital intensive but it is doable and potentially rewarding. You can establish an internet service provider in your area if they are experiencing slow internet connection. This internet service provider is sometimes known as an ISP. You can start small by reselling services from major data carriers.

In conclusion, i want you to know that there are so many lucrative businesses you can start small in rural areas and yet make it big and interesting. Staying in a rural area is no reason why you will not be able to succeed if you want to. All you just need is a determined mindset and a good business strategy.

Business ideas for Kids

What are the best business ideas for kids to start? How do you keep your kids busy when on holidays? Are you a parent to a kid that is very creative? Do you have smart children that possess an enterprising spirit but you don’t know what business they can engage in? Are you also looking for an opportunity that has the potential to engage your children profitably? Then read on because this article is for you.

Helping your kids set up their own business is not only about letting them earn their own money or keeping them busy during school breaks. It teaches them the value of hard work and the value of money. It also gives them a sense of responsibility. You can also harness a kid’s entrepreneurial skills through this. So without wasting your time, below are the top 10 best small business ideas for kids you might want to try out.

 Top 20 Best Small Business ideas for Kids

1.  Rendering Services

Indoor and outdoor service rendering can a great idea for your kid. Services such as watering plant, cleaning homes, home sitting, taking in the mail, cleaning the garage, shoveling weeds, raking snow, cleaning pools etc. In fact, kids who love cleaning and working in the garden can get jobs by raking autumn leaves and placing mulch on your neighbors’ yards. Outdoor gardening activities also belong to the list. Your child can also make some money by mere running errands, helping people do one or two things like getting a stuff from the supermarket, delivering mails, etc.

2.  Arts and Creativity

If your kids love arts and crafts, then help them set up a business selling the items they like. They can also sell their handmade creations. Crafts like jewelry and accessories, picture frames, art designs and hand painted greeting cards can also sold by your kids. If your kid enjoys taking pictures, he or she can start by taking pictures of a interesting scenery and then use it to produce post cards. Kids can create art works like greeting cards that they can sell and make some money.

3.  Pet Sitting

Pets are interesting companions; so if your child loves pet a lot, why not introduce the idea of pet sitting to that child? During summer or vacation time, your neighbors or friends might go out of town. Your kid can watch over their pets, feed them, and care for them and keep them company till the owner returns. Alternatively, your kid can walk or groom dogs of busy owners thereby creating business opportunity to their selves. At the end, he or she gets paid by the pet owner.

4.   Design Business

In case your child is crafty or very creative, the best option is to start a T-shirt design business for that child. He or she can make it as colorful as he or she wants, then the t-shirt can be sold to fetch them money. You can also choose to engage that child in web design services from home.

5.  Online Retailing

With your assistance, your kid can open a store online, where he or she can do do a retail business. From there, he or she can be able to raise money. The best and easier way is to become an affiliate for other companies.

6.  Lemonade Stand

You can also encourage you child to establish a lemonade stand around your neighborhood. Lemonade business is fun, easy to setup. In fact, it is the easiest business for kids to engage in.

7.   Grow Something

there are many things that kids can grow either on a farm land or in a small garden. That your kid who is interested in agriculture can grow things like; fresh herbs, worms, bedding plants chicks etc.

8.  Web Development

One amazing thing about web development skill is that anybody can learn and do the business by mere reading books. There is an opportunity for your kid to become a web developer. He or she can develop a website for small businesses and earn money.

9. Computer Repair

The truth still remains that there are st ll a lot of adults that don’t know how to simply boot a computer system, let alone handle spam and anti virus upgrade on their system. Running a computer business will be of help. Buy books for you kids on computer repairs will help give them a guideline on how to do the business.

10.  Baby Sitting

This will help your kid earn money during holidays, weekends and after school. Baby sitting is more advisable for girls as they are naturally good with the know-how of handling babies.

Top 20 Best Small Business ideas for Kids

11. Car Wash

Car wash is a great business idea for that kid with lots of energy. Aid him by providing a little space for a packing lot. Ensure that the packing lot has easy entrance and exit; and your kid is in business.

12.  Baking

Once more, baking is not a bad idea. With your assistance, your kid can learn what it takes to bake cake and snacks and still go ahead to make a lot of money from baking. You can also decide to do the baking so that when your child returns from school, he or she can do the supply or you set aside a day when you child will be around. Maybe during the weekend.

13.   Entertainment

Puppet shows is an interesting idea for sociable kids and kids who enjoys been given attention. Your kid can offer to perform in parties like birthday parties. Another entertainment business that can fetch your kid money is clown act and candy man for the boys.

14.   Decoration

If you have discovered that you kid loves decorating, don’t discourage him or her because he or she can make money from it by performing decorations in parties, corporate events and some other places.

15.   Selling Books

there is a great number and types of books available around you that can create an opportunity for your kid to make money. Let you kid collect books especially kids novels, they can sell it and make money.

16.   Gift Wrapping

Your child can earn money by helping people wrap things. Though it wrapping gifts is a very easy task, not everybody can do it. This will idea will help your kid make use of his or her creative ability.

17.   Coaching

Perhaps your kid is extraordinarily intelligent, he or she can make use of this God’s given gift to make money. This can be achieve by them teaching and coaching other kids while the kids parents pay them.

18.  Small Scale Manufacturing or Production

Production is another wonderful business idea for your kid. He or she can try producing things like home made polish, candle, etc.

19.  Blogging

This is not really a fast way of making money but a lot of people have done very well with blogging. Blogging which is great for those who like to talk about their interests. For kids who want to talk about their passion over a hobby or a topic, they can post their writings online. You can help your kid in setting up his own blog and explain how it works. With Google adsense as an advertising medium, your kid stands a chance to make money from blogging.

20.   Holding a garage sale

Included in the top business ideas for kids is running a garage or yard sale. Through this, your kids will help clear your storage area arrange them in a conducive way. Now the catch here is to let them keep the proceeds of what they sell, this will keep them motivated.

Top 20+ Best Small Business ideas for Kids

21.  Party assistance

Your kid can help with setting up party decorations, designs, supervising and some planning. Kids can also help clean up the venue once the party is finished.

22.   Moving service

For kids who just like helping others with simple chores, they can engage in a moving service. They can help pack up things in boxes, arrange them, label them and help carry items to the van.

23. Video blogging

Your kid can make videos depending on his or her field of interest. For instance there are kids who like making funny videos, funny pictures while others show their musical talent through videos. Your kids can then proceed to submit the videos to sharing sites and viewing sites and earn money through viewers’ hits on the videos.

In conclusion, i want to let you know that no matter how absurd your kids business idea may look or sound; do not discourage them. Rather encourage them because your encouragement will contribute to their business success.

Investment Opportunities in Nigeria

What are the best investment opportunities in Nigeria? Are you an entrepreneur or investor looking for where to invest your money with good returns? Do you want to invest in Nigeria but you don’t know where to invest your money? Then read on because this article is for you.

Over the years of doing business, I have met a lot of Nigerians and some foreigners with a lot of cash; but they just don’t know where to invest their money. Some even tried to invest in the stock market and they lost their money, not because the stock market is bad but because they lack the needed experience and knowledge to invest in the stock market. Well, I still invest in the stock market regardless of its ups and downs; because I have the needed technical know-how.

Now Nigeria still remains a hub for most entrepreneurs and investors. In fact, Nigeria remains the second largest economy in Africa and one of the fastest growing economies in the world. That’s why South African and Chinese companies are scrambling to invest in Nigeria. Tiger brand recently acquired Aliko Dangote’s stake in Dangote Flour. MTN South Africa recently mopped up shares of MTN Nigeria and Wal-Mart has moved heavily into Nigeria through its subsidiary, Shop Rite. The list goes on and on but the point I want to stress is that this is the right time to invest in Nigeria.

For those who want to invest their money in Nigeria but want to avoid the volatility and risk associated with stocks, I wrote an in-depth article highlighting 15+ low risk small business opportunities in Nigeria. Now it is more than possible to start a business and succeed in Nigeria. In fact, there are many investment opportunities in Nigeria. However in this article, I will be analyzing some profitable industry or sectors in Nigeria. Here are some of them:

Top 10 Best Business Ideas + Investment Opportunities in Nigeria

  • Food Industry

If you are going to invest in Nigeria, then the food industry should be one of your first considerations. The food industry is probably one of the best options whether or not you are investing in Nigeria and the reason is that people need and love food. With a population of over 150million people, there is a huge demand for food and in fact, most of the food being consumed in Nigeria is still being imported.

Regardless of the food business you venture into, there is surely market for it. What you need more than money in the food business is thorough understanding of the market you are venturing into. If you are interested in investing in the food industry, you can choose to start a restaurant, fast food, food processing plant, beverages, buying farm products from farmers in the rural areas and reselling them at major towns, crop cultivation, livestock farming (poultry, catfish, snail, grasscutter, goat, cattle), selling cooked food in concentrated areas such as markets, schools, commercial areas, etc. You can also choose to invest on a small scale by starting a food cart business. I have seen families run successful food cart businesses; you don’t even need to push the cart around. You can concentrate on cooking while your employees can push the cart and sell the food at designated areas.

  • Tourism Industry

Nigeria may be associated to lots of bad things including online scams but this country is absolutely beautiful. It is a great travel destination. The tourism industry definitely gives some of the best investment opportunities in Nigeria. You can be an airline or hotel broker. You can offer ground or water transportation. You can even offer tour and sightseeing packages.

  • Accommodations

Nigeria is not just a travel destination. It is also a business hub. Many investors come to Nigeria. After all, it is an important part of the oil industry. You can provide accommodations to international businessmen and leisure travelers. I was in Owerri, Imo state recently and was shocked to find out that despite the high number of hotels in Owerri, it was still difficult finding accommodation on weekends. That goes to show the high demand for accommodation in Nigeria.

  • Bars and Clubs

If not a hotel, you can consider investing on a bar or a night club. Again, it attracts tourists who are looking for an active night life in countries like Nigeria. Plus, many local young adults in Nigeria seek a fun night life. If you are interested in investing in the entertainment industry, then you should consider starting a night club or bar.

  • Transportation Industry

The transportation industry is one of the best investment opportunities in Nigeria. Not everyone in this country owns a vehicle. Public transport is in great demand. You can earn a lot by providing public transport to people going to various places like market and shopping centers. You can also invest in water transport or better still, haulage and logistics.

Top 10 Best Business Ideas + Investment Opportunities in Nigeria

  • Retail Industry

Nigeria is one of the countries that don’t have structured markets. Sellers are everywhere, not because they want to be there but because there is demand everywhere. However, there are some people who are looking for a clean and neat place to buy things. Tourists even have a hard time buying souvenirs at the markets of Nigeria. If you can, a well structured shop that keeps prices low will be one of the best investment opportunities in Nigeria.

  • Import and Wholesale Market

It is easy to sell items in wholesale in Nigeria because of the population. Many are inclined to earn from selling items in retail. They easily buy products as long as they are of use and affordable. These days, it is easier to import because of the internet. You don’t even need to leave the comfort of your home to become an importer.

  • Herding or Livestock farming

Because of the climate, raising animals like cows also serves as one of the top investment opportunities in Nigeria. In fact, you can see goats, cows and sheep in various places every day. Most of them are even transported to other countries. You can also invest in livestock farming such as poultry, catfish, snail, grasscutter, etc as there is huge demand for it.

  • Cold Room (Frozen Food)

Despite the high number of livestock farmers in Nigeria, frozen fish and chicken are still being smuggled into the country through the border because there is a market for it. Some people don’t want to go through the stress of killing and preparing fowls for eating, so they prefer to buy ready-made frozen birds. With the right plan and a strategic location, you can make millions by investing in building and operating a cold room.

  • Property Development

The real estate market is booming in Nigeria, this is due to the demand for affordable housing. Many tourists and businessmen rely on hotels but some of them opt to have a vacation house in the country. If you are an expert in property development, you can actually earn from rich locals and foreign investors who want a second home in this country. Or better still, you can invest in building low cost housing estates, commercial properties, events or conference centers, warehouses, shops, school hostels, etc. In fact, you can make money from real estate using the bank’s money; if you have the knowledge and a good plan. Property development is definitely one of the best investment opportunities in Nigeria.

Top 10 Best Business Ideas + Investment Opportunities in Nigeria

  • Computer and Electronics

Nigeria is probably one of the countries with highest number of people who are active online and the number is increasing rapidly. Many of them buy electronic gadgets, phones and computers and use internet services. Computers and internet services are definitely some of the best investment opportunities in Nigeria. In fact, there is a current boom in the demand for used electronic gadgets like the Blackberry, iPad, iPhone, laptops, car devices, etc.

  • Oil and Gas

The oil and gas industry is currently of the most profitable in the country but it has its own downside. Starting an oil and gas business is capital intensive, man power intensive, the industry is strictly regulated and the profit margin depends on volume. However, if this sector catches your fancy, you can invest in the oil and gas sectors by building your own oil depot, building or leasing a fuel station, hauling oil and gas products, supplying companies and individuals with AGO (Diesel), retailing DPK (Kerosine) in residential areas, brokering deals between oil buyers and sellers, retailing domestic gas, etc.

  • Technology

I see Nigeria as a potential technology hub with a lot of money to be made. If you are a technology enthusiast or you understand the industry, you can set up your own technology firm here in Nigeria and grow as the industry grows. Now Nigeria is lagging behind with respect to technology, when compared to other developed countries. If you are interested in the technology sector, you can choose to set up a web development company, an app development company or a web TV company. You can also provide web design services, SEO services, digital marketing services, etc.

In conclusion, the investment opportunities in Nigeria are not limited to the list above. With a little digging and research, you will surely uncover more of these opportunities. However, the point I want to stress is that having the capital to invest in these opportunities does not mean you will succeed at it. More important than your capital and the business opportunity is to make sure you have adequate understanding about the industry you intend investing in. Knowledge and experience are the prerequisites for low risk investing.

Business Opportunities in Africa

Are you an investor or entrepreneur looking to invest or start a business in any of the African countries? Do you want to know the best investment opportunities or small business opportunities in Africa? Then read on.

Centuries ago, Europe was the darling economy of the world; until America rose to become the world’s economic power. Now, Asia is the fastest rising economy followed closely by Africa. Africa is perceived to be one of the frontrunners of future economic growth next to Asia. Africa’s foreign development investment has significantly improved over the past decade. It is forecasted to have a $150Billion growth by 2015 with Africans themselves leading the investment growth across the continent. So without wasting your time, here is a list of top 10 investment ideas and small business opportunities in Africa.

Top 10 Investment ideas + Small Business Opportunities in Africa

  • Fiber Optics + Internet service provision

As Africa open up to the world, there is a tremendous increase in the demand for quality telecommunication and internet service. Take for instance, video and web conferencing, web TV are yet to fully utilized in Africa because of the poor internet speed experienced in most African countries. This is where the need for Fiber optics cable comes in. This opens doors for outsourcing business and e-commerce ventures as the price of internet connection will be lower. In my country Nigeria, companies such as MainOne and Glo have taken the lead in the laying of fiber optics cable but the industry is not yet competitive; and other African countries are still untapped.

  • Industrial Zones and Free Trade Zones

Industrial and free trade zones are springing up rapidly in Africa and South Africa is taking the lead. This is proof that the African government is determined to improve its world ranking. If you run a manufacturing firm or you have plans to go global and tap into Africa’s potential, then you should consider the industrial zone because it offers strategic economic advantage with its location near local and national transportation links. This also opens doors to employment opportunities. And businesses that will be established in this zone will help support the expanding manufacturing industry and add value to the economy.

  • Government Tenders and Contracts

Responding to government and non-government tenders is next in the top 10 business opportunities in Africa. Since Africa is a fledging industrialized continent, the governments of various countries have an open market policy making it tenders an opportunity for business.

  • Outsourced Business Process Services

Another small business opportunity in Africa is Business Process Services. BPS lowers administrative and operating costs. Thus, it makes it easy and possible for the business to provide new services, improve core business activities and enhance customer service. With the massive population and high number of jobless graduates, technicians and technologist, you can set up a firm that will deliver administrative services to developed countries at a cheaper rate. Take for instance data entry services, database management services, call center services and customer care services are examples of services that most developed countries outsource to countries with skilled but cheap workforce.

  • Real Estate Development

In the list of the top 10 business opportunities in Africa is real estate. Purchasing or developing commercial property in Africa is very advantageous since it has appreciated over the past ten years. Evidence to this is the fact that demand for commercial real estate in countries such as South Africa, Ghana, Nigeria, Egypt, Kenya, etc have gone up to 400%, a growth caused by foreign investors and the increasing demand of offices by new businesses. But is commercial real estate the only lucrative aspect of real estate in Africa? My answer is no. There is also an overwhelming for residential properties and the rest. In fact, regardless of the area of real estate you venture into; you are bound to reap bountiful profits.

Top 10 Investment ideas + Small Business Opportunities in Africa

  • Health Care

Sixth in the top 10 business opportunities in Africa is health care. The standard of health care in Africa is very poor when compared to the standards in Europe, Asia and America. Secondary and tertiary healthcare services have a high investment potential in Africa as health management, research and information technology are lacking. This also offers the opportunities to serve a social cause. Taking my country Nigeria as an instance, the health care facilities on ground are obsolete and unreliable that most people seek medical checkup abroad and delicate surgeries such as heart and kidney transplant are done abroad.

  • ICT Infrastructure

Since Africa lacks infrastructure in the field of communication and information technology, it is a good investment opportunity. There are local IT and communications companies looking to expand their business and is seriously looking for foreign investors to make it possible; thereby creating opportunity for private investors to help make a thriving company improve its operations in return for a profit.

  • Power generation

Eighth in the top 10 investment opportunities in Africa is Nigeria’s need for infrastructure in the field of power generation. The government in fact has announced its plan to attract $100 billion in investments over the next five years for its power sector. And when there is a need, there are much business opportunities behind. In fact, there is a plan privatization process in place and to be sincere with you; power generation is the next big business not only in Nigeria but Africa as a whole. In fact, power generation is highly untapped because the primary source of power in Africa is Hydro and it is still under-utilized while solar, wind, etc are still untapped.

  • Agro-Allied investment

Next in the list of business opportunities in Africa is still in Nigeria which needs agricultural equipment, chemical supplies, waste recycling operations and fertilizers. But I want to emphasize the point that that the need for agro-allied equipments is not peculiar to Nigeria alone but all African countries.

In conclusion, I want you to know that every sector of the economy in Africa has huge untapped potential; from technology, agriculture, food industry, services, real estate, etc. They all have the potential to yield good return on investment.

18 Profitable Businesses You Can Start from Your Backyard

Do you want to earn extra income from home in 2013? Do you need some business ideas you can start part time from your backyard in 2013? Then read on.

It’s becoming increasingly difficult to make ends meet with just one source of income. Thus, more and more people are investigating the possibilities of starting their own extra-income business. Most of these part-time endeavors can be started and operated from the comfort and privacy of the home.

However, before you start, the first thing you must do, is some basic market research. Find out for yourself, first-hand, just how many people in your area are interested in your proposed product or service, and would be “willing to stand in line and pay money for it.” This is known as defining your market and pinpointing your customers. The more precise and detailed your plan; covering all the bases relating to how you will do everything that needs to be done, the easier it’s going to be for you to attain success. It pays to lay it all out on paper before you get involved, and the clearer you can see everything before you start, the better your chances for success.

Have you always wanted to work at home using your backyard as an office but never had a clue of a profitable money making idea to pursue? Well, I advice you read on because one of these 18 money-making ideas can be your blueprint for success.

18Profitable Businesses You Can Start from Your Backyard in 2013

  • Rabbit rearing

The domestic rabbit, Oryctolagus cunniculus, are prolific breeders, which produces large quantities of tasty meat. Their rate of production is faster than that of pigs, goat or sheep. Rabbits have very short gestation period (27-33 days) and can rebreed immediately after giving birth. A breeding doe (Female) can produce at least 5 litters per year, with an average of 6 kits per litter; if well managed under simple conditions. With simple 15% mortality at most, about 25 of the kits will reach 3kg within five to six months.

  • Party Equipment Rentals

Renting party equipment has become big business particularly in many big cities. Public address system, Canopies, chairs, stage platform, ice block, drums, cooking utensils, table cloth and other party equipment are in hot demand by party organizers. Your initial step is to find out fees charged for items and for how long. Then you should investigate the cost of making or buying some of these items. All you need to do is to get in touch with the event managers in your area and make sure you inform your neighbor that you offer such services

  • Laundry/ironing service /clothes cleaning

Everyone has dirty clothes for laundry and ironing, but many of us do not have the time to do it all. This is where you would come in and make money by doing all the laundry and ironing for other people. More and more adults are in the work force, leaving less and less time for the necessities in life to be done right or even done at all. If your backyard is large enough to store all the clothes, sort the clothes and start making money, then this business could just be for you.

  • Firewood Service

With the price of both fuel and oil rising, many people are turning back to wood stoves and fireplaces to cook their food. Wood is easy to burn and is less expensive compared to oil and gas. If you have access to any type of timber, woodland and trees, you can make your backyard a cash cow, providing chopped and split wood to those who are using wood for cooking, you need a few things like chain saw, axe, ropes, but these are rather minimal compared to what you can be making. You will be responsible for cutting; if you are not strong enough, you can hire somebody to do this for you. You will deliver wood to houses and retailers.

  • Hand-Made Carton Production Business

It is amazing to know that the everyday carton that you see lying fallow by the roadside can actually be turned into wealth just with your bare hands.  A carton can also be called a box. Cartons create impact and visual interest through print, colour, surface design and shape. There are basically two types of carton package, they are heavy and light packaging cartons your customers are cosmetic shops, pharmaceutical fast-food, supermarket , cottage producers, Distillers, beverages company, etc. You do not need to fear competitors who produce with machine. Just concentrate on servicing SMEs that is gradually emerging in Nigeria. The capital needed to setup a handmade carton business could be as low as N50,000.

  • Horticulture/Gardening Business

Horticulture is the study or practice of growing flowers, fruits and vegetables. It also involves the use of iron rods in garden. The soft aspect has to do with the plants itself and it varies. It involves growing of lawns, plants, planting edges, orchard plantation, etc. The good thing about this business is that you can start with whatever you have. You can start with N1million, N500,000 or N200,000 or less. You can even start with zero capital. You can start by planting grasses or plants in a very small portion around your home. Nurture it well. Before you know it, people are admiring it and are asking you if you can do it for them. You can also start by doing it for free. Tell them to give you three months. By the time they see the outcome, no matter how small they will be forced to give you something and even give you more jobs and contacts.

18Profitable Businesses You Can Start from Your Backyard in 2013

  • Fish farming

Over the years, quite a few people have made fortunes from fish farming, as the population is swelling and protein needs are far outstripping the available supply. Food is always a winner if done well. Fish farming is a sure bet business if you put the right structures in place. More and more people are turning to fish for its low cholesterol protein. All you need to do is to get a space in your backyard or construct tanks, buy finger lings for between N10 to N20 and feed them for 4 to 6 months, then sell from between N200 to N1,500 depending on weight and size. You should be able to monitor the tanks for hygiene issues because if it is not managed well, it could wipe out your investment.

  • Herb farm

Herbs are tremendously popular these days; from the smallest shop to the largest discount warehouse, you will find medicinal herbs, culinary herbs, and herbal teas, baths, candles and aromatherapy essences. You can start out small, growing your herbs in a large backyard or renting inexpensive land. You will need a solid working knowledge of growing and nurturing herbs. Your customers can be wholesale distributors buying for health product manufacturers, grocery chains and restaurants, or you can sell directly to these businesses yourself.

  • Chalk production

The chalk manufacturing business is very lucrative in Nigeria today because the market is large and the supplies are few. Chalk is used by government and private schools, Universities, Polytechnics, Colleges of Education, Colleges of Agriculture, Schools of Nursing etc. Most of the very few existing chalk producers today hardly produce standard chalk because they lack the expertise. You can do this business right from your backyard. It can be a one-man business, a family business, or a large enterprise.

  • Set up a small poultry

Poultry is a business you can start from your backyard with 50 to 500 birds, with between N100,000 to N300,000 depending on the cash at hand. These amounts include cost of birds, the pen, feed and medication. Get somebody who is experienced to help you set up the pen. You can source woods directly from sawmill to lower the cost. Waste management in poultry is very vital; if not properly handled, it will affect the growth, production and bird performance. Whatever aspect of poultry you intend to go into is profitable. A single bird can give you an average of 730 eggs within 2years before you sell it off for say N500 or N600.

  • Production of candle

With erratic power supply in the country, there is no doubt that production of candlestick is still a money-spinner. A sizeable group of Nigerians rely solely on candle to battle the erratic power supply. With N10,000 you can have a candle mould, which produces 16 candle sticks at a time and go about 50 times a day translating into 800 per day. This is a situation when you are starting with N20,000 to N25,000. To produce the 16 pieces does not take you more than 10 minutes, just melt your wax, throw it in the mould, and it congeals in 5 minutes, throw in another wax, which you must have melted, while the previous one congeals and you go on and on. So instead of starting with N100, 000 – N200, 000, you can actually start with N45,000. The startup requirements are mold, which cost about N30,000, Wax N1,000, Thread N1,000, heat source N600, Bowl, Packaging Nylons N1,500, Ceiling Machine N2,000 and logistics.

  • Glasscutter farming

Grass-cutter is the second largest rodent in Nigeria and it is endemic in Africa. It breeds successfully in captivity and is capable of reproducing twice a year with litter size varying from two to six. They are primarily vegetarians and can be raised to maturity entirely on fresh grasses. They prefer plants with high moisture content and soluble carbohydrate. Field studies reveal that they do not burrow so they may be caged or reared in a fenced pen on the ground. Grass-cutters are worth considering for husbandry in the humid forest where poor grazing and harsh environment limits the performance of conventional livestock.

18Profitable Businesses You Can Start from Your Backyard in 2013

  • Liquid air freshener production

Liquid air freshener is a product that plays a strategic role in homes, offices etc. Its demand cuts across sex, age, groups and social strata. This product can be prepared from your backyard as all the chemicals involved are user friendly. Machines are also not required when producing in small or medium scale. All the chemicals required are locally available all year round. It is also heart-warming to know that the production technology is a very simple one. This product that has 80% water content has a high profit yield. There are high qualities and well-designed plastic containers that will give the product an irresistible finishing touch and they are all locally available.

  • Snail farming

Snail meat has been severally affirmed as a very safe and nutritious delicacy. The best period to commence snail farming is the rainy season, you can start with about 50 – 60 snails to have a good knowledge of how snail breeding works. Make sure you go for fully matured and big snails; the African giant snails are recommended. You can get these snails from the market throughout the country, or from snail farmers. Snails are sold in bunches of 20 pieces each and price depends on the size- the bigger ones are sold for between N1, 800 – N3, 000 per bunch. It is better to buy the big ones because they can hatch after about 35 days on location. About N10, 000 should get a new entrant started in the business.

  • Ice block production

Ice block sales business involves the use of deep freezer to make ice block in plastic containers or polythene bags. The business involves the production of solid ice block by putting clean water in any small container in order to make difference sizes of ice block available to consumers of different categories. This business thrive well in areas where there is incessant power outages, and also in over-populated places like motor parks, market places, schools, commercial and business areas; any place there are human beings and activities that demand a cooling off either by a bottle of cold soft drink or a sachet of pure water. Over time, a lot of manufacturers of these pure water machines are partnering with some financial institutions and are presently providing financial assistance to interested investors.

  • Plantain chips

After removing the skin, unripe fruit can be sliced (1 or 2 mm thick) and fried in oil to produce chips. If the chips are made from sweeter fruits, they are called ‘Banana chips.’ They can also be sliced vertically to create a variation known as Plantain strips. Just make sure you put your label. The more you produce, the more money you make, because majority of Nigerians love plantain chips.

  • Yam flour

Processed yam flour is a simple method for the preservation of yam and making them available at our meal table all year round. Besides, it enhances the storage process and the movement of the product.  The preservation process may be supplemented with the usage of chemical preservatives, which are common in Nigeria markets. At the moment, only one multinational firm, Cadbury Nigeria Plc and few private investors have invested in this sector of the economy. Machinery required is available locally; they are the tuber drying machine, hammer mill, grinder sifter, and packaging materials.

  • Custard manufacturing

In Africa, almost every ethnic group makes a different variety of food out of corn. In Nigerian cities, people are used to what is called Ogi, Akamu; this is cornstarch. When the Europeans came, they came with what they called Custard. But it was later found out that the only difference is the coloring and flavor that was added to the corn. It is very easy to produce custards. Raw materials and formulation includes Corn starch: premix 1 and premix 2 corn starch 1Kg and corn starch 2kg. Tertrazine (T.T.Z) 200grams, Sunset yellow 50 grams, Flavor 1 litre. You can package it in sachets. It is very easy to market also, particularly in big towns and cities where people are used to modern life.

Top 10 Best Entertainment Business Ideas and Opportunities

Are you interested in starting an entertainment based business in 2013? Are you interested in playing in the entertainment sector? Then read on as I share with you ten entertainment business ideas and opportunities for 2013 with big chances of success.

Thinking of the top 10 entertainment business ideas to start in 2013 has never been easy as the entertainment business is booming with no doubt. It perfectly coincided with the advent of social media and video sharing sites which comprise the most crucial part of succeeding in this industry – reaching the audience. Whether you are targeting show business, backstage services or technical services, you will not run out of choices.

However, not all choices can be considered the best ones. So here are the top 10 entertainment business ideas and opportunities, also accepted as the most lucrative, that you may want to prioritize above everything else. As a side note, it is advisable that regardless of the idea you choose; you must have a business plan handy for your venture.

Top 10 Best Entertainment Business Ideas and Opportunities for 2013

1.  Recording Studios

This goes straight to the upper tier of the top 10 entertainment business ideas because of its demand and wide market. Undoubtedly a niche business, recording studios saw the demands go up three-fold in the last three five years alone more than the last couple of decades. Social media and video sharing sites have certainly stirred the inner performers in millions of people around the globe, and you can have a share of it. Although a bit expensive with all the equipment and the construction of the studio itself, the Return-of-Income (ROI) is also high due to the naturally expensive service you can offer. For $10,000-50,000, you can have all the equipment you need, down to the high-tech-mixers for additional services.

2. Sound Engineering Services

Sound engineers landed on the second place in the top 10 entertainment business ideas not only because of the demand but because of the convenience of the service, both in the part of customers and businessmen. This is a knowledge-based business and it should not be hard to start up for the adept ones. With just a couple of software, you are good to open for business.

3. Events and Social Media Management

Think of it as the modern PR management. Almost everyone – from politicians to community leaders – needs a good social media reputation, and since this surprisingly is not easy for lots of people, you will surely have clients lined in front of you in no time.

4. Video Editing Services

Also mainly attributed to the social media craze, video editing transitioned its market from professional clients to amateur ones. Just look at YouTube and see how many people are willing to pay for smooth video editing that only professionals can offer. It is a worthy slot in the top 10 entertainment business ideas because of its timely demand.

5. Online Entertainment Portals

Think of it as the front-end of website management – of websites dedicated to entertainment purposes such as blogs and video-audio sharing sites. Web administrators and back-end specialists (who are in-charge of the technical works) often take care of this part as well. Unfortunately, the creative side is often left out. Specializing in creative services and web administration will give you the edge in conquering this business.

Top 10 Best Entertainment Business Ideas and Opportunities for 2013

6. Music and Dining Clubs

Food as usual is a good business. With a touch of music and club theme, it won’t be long before you gain patrons and start raking in bucks after bucks. The attraction makes a good business opportunity and not just the food alone.

7. Dance Studios

Many dance studios earn just enough to keep them alive in the entertainment industry. However, adding some flair of showmanship will make the difference and spell your success. Hire good choreographers who are knowledgeable on the new dance styles and are innovative enough for your studio to produce professional dancers. Dancers nowadays are also using effects like lights and chroma presentations so you may want to invest on them as well.

8. Corporate Meeting Planning

This is a more specialized type of event planning which caters only to specific clients and reasons. Corporate events nowadays are more flamboyant and tend to center on one thing – entertainment. Think of Lady Gaga throwing a party for Polaroid (where she is a creative director). Most likely, that’s the target you are aiming at.

9. Advertising Clipping Service

Old advertising clipping agencies are merely advertisement clippers that focus on monitoring. That surely won’t put them in the top 10 entertainment business ideas. Things have changed and clipping services now specialize in media research and information monitoring. If you know how to monitor ads of competing products and know how to strategically advise and analyze, you surely will succeed in this venture.

10. Advertising Agency

Ad agencies are no longer limited to print, radio and TV. Internet has virtually unlimited capacity for ads, whether legitimate or spam. So if you have an overactive brain, then this business for you. If you have the knack for hitting what’s entertaining with loads of “recall” power, you may want to start this service. You may even make it big time and be an internet superstar among ad and creative service providers.

Best Small Business Opportunities

Are you searching for the best business opportunities that you can start from home in 2013? Do you need low cost business opportunities to start without money? Then read on as I share with you, a list of 100+ low cost best small business opportunities to start from home in 2013.

Over time, I have shared a lot of home based business opportunities and ideas but in this article, I will be bringing them all together. So without wasting your time, below are 100+ small business opportunities.

100+ Low Cost Best Small Business Opportunities to Start from Home in 2013

Regional Business Opportunities for 2013

Animal Breeding and Farming Business Opportunities

Gender Based Business Opportunities

Food Business Opportunities

Small Business Opportunities – Providing Services

Online Small Business Opportunities for 2013

Self Employment Business Opportunities for 2013

Medium – Large Scale Business Opportunities for 2013

Industry Based Business Opportunities for 2013

Other Business ideas and Opportunities

Business Opportunities in China

Are you interested in doing business in China? Do you want to start a business in China? If yes, then below are the top 10 best small business opportunities in China for 2013.

Now before I proceed with the list of business ideas; I feel you might want to know why China is the next best place to open a business. China has carved a niche for itself in the recent years with respect to national and economic issues; that is why entrepreneurs and managers worldwide are roaring to have their businesses there. Almost every Fortune 500 company is well established in China; from Apple, Microsoft, Oracle and Google, to Nokia, HP and Facebook. With a population of over one billion and a fast growing economy; China is definitely the next best place to situate and open a business.

Now if you are wondering how China has been lifting its position in the world economy, then you should consider studying the small businesses that are being promoted in the country. Not normally placed on the headlines, these businesses enjoy a low profile while generating enormous income. So without wasting your time, below are the top 10 small business opportunities in China.

   Top 10 Best Small Business Opportunities in China for 2013

  1. Sell industrial automation control products

In the recent research done by Forbes China, its results have shown that Shenzhen Inovance Technology Co. Ltd is the number one small business in the country. The company, which was only established in 2003, already enjoys its top position in all domestic companies and has an astounding number of patents in its stem. So if you are pondering on engaging in a small business, then marketing industrial automation control wares will definitely be an easy sell.

  1. Provide supplementary education

The next big thing when it comes to small businesses ideas in China has to do with education. Yes, after-school private tutoring service is a good business opportunity in China. Aside from the usual handling of small classes, most businesses also offer online lessons which are of course, convenient and accessible to more people, therefore making it an in-demand opportunity for business.

  1. Supply health products

Times and environmental situations have made people more health-conscious than their past counterparts and this is probably because of the emergence of new diseases and illnesses, which are indeed very alarming. Venturing into a small health products business is a good way to go in China. Moreover, you should not just stop with herbal goods or supplements when engaged in the health product retail business, you should also be willing to expand into skin care products; as this has also become a wide trend, not only in China but worldwide.

  1. Ecological environment construction

Though a business in the construction of ecological environment engineering may sound like a big-scale company, it is nonetheless categorized as a small scale business. This type of business involves garden landscape engineering, afforestation projects, seedling of plants and technology research on ecology, to name a few. Not only is this a wise, practical choice for a business, it is also eco-friendly.

  1. Go for import and export trading

Small businesses that involve trading usually generate successful results and the reason is that it creates more business opportunities not just in the domestic setting but also across the global.

 Top 10 Best Small Business Opportunities in China for 2013

  1. Start a pharmaceutical company

Although it is undeniable that most pharmaceutical companies are on a large scale, there are still businesses which prefer to keep it on a minimum scale. Forbes China, in fact, has included Hunan Er-Kang Pharmaceutical Co. Ltd as one of the top 10 small businesses in China in its 2012 list, making the chemicals industry a good option when starting a small business.

  1. Skincare companies are soaring high

In China alone, there are already tons of small scale businesses health and beauty industry; not to mention those that are specialized for the health and beauty of women alone. To undertake a skincare business is a good choice for prospective businessmen as people have become more conscious of their appearance. So what better way to take advantage of this opportunity than to set up a skincare business that will cater to their superficial needs?

  1. Small-scale food production

Food production business is a safety business; not only in China but all around the world. The food industry has always been a safe choice when considering how to start your own business. Everyone loves and needs food; and studies have already established the fact that people are less likely to regret spending money when they shell it out on food. Such facts lead to the truth that food business, even small scale ones; is still a good investment.

  1. Start an internet business

Not everyone has internet access in China but almost everyone has to have such access. This is the reason why going for a small-scale internet business is a clever choice because it’s an easy and successful source of income.

  1. Direct marketing

It is informal and only requires good communication skills and connections. Direct marketing is one of the top 10 small business opportunities in China because it is easy and reliable. However, in this business, the result depends on your efforts and determination to succeed.

In conclusion, the list above is the top 10 small business opportunities in China but bear it in mind that more opportunities exist with explosive profit potential.

Small Scale Business Ideas in India

Are you interested in doing business in India? Do you want to start a business in India? If yes, then below are the top 10 best small scale business ideas in India for 2013.

India is the next big business flashpoint after China. Why? The reason is because of their rapidly growing economy and a massive population; which is second only to China. Now for those seeking to open a business in India but are short of ideas; this article will help you out.

It is quite understandable that everyone needs a constant source of income, but most people do not have a huge amount of capital to start a business. So in this article, I decided to do a compilation of the top 10 low cost small scale business ideas in India. These opportunities and ideas can be acted upon by men, women, students, kids, teenagers, employees, etc. So if you are still in a learning mode, then let’s proceed.

Top 10 Small Scale Business Ideas in India for 2013

  1. School and Office Supplies

These products are in demand all year round, so entrepreneurs do not need to worry about making sales. With a large number of businesses and schools situated in the urban areas of India; products such as pencils, pens, paper of different varieties, notebooks, and others will always be in constant demand.

  1. Customized Jewelry

People, especially women love to accessorize themselves; and since India is a religious, cultural yet fashionable place, customized jewelry businesses in India are sure to grow. You can invest in buying a small jewelry-making kit and create necklaces, earrings, and bracelets that are uniquely designed for each of your customers. Creativity and a good marketing tactic are two overwhelming factors that will determine if you will succeed or fail.

  1. Greeting Cards

Special occasions happen all year round in India, thus the constant need for greeting cards. Even the advent of online greeting cards has not in any way decreased the demand of print greeting cards; as humans love appreciate and connect more with tangible materials. You do not have to invest much of your cash for this kind of business; all it takes is creativity and resourcefulness. Unleash all your creative juices and try to make cards with attractive designs and patterns.

  1. Fast food Restaurant

Most people believe that they need thousands or millions of dollars in startup capital to open a restaurant but you do not really need to spend much, especially if you already own a small space that can be turned into a canteen. You just have to buy the ingredients that you will need to whip up your menus for each day. Menus do not necessarily have to be top-of-the-line; you can begin with simple recipes. Remember that food is a basic need of man and humans must eat regardless of the economic or whatever situation. A point of note is that your business must be built on the foundation of exceptional customer services.

  1. Thrift Shops

These are one of the businesses that are sure to become very profitable. Many people like buying second-hand items because they are affordable and fit their budget. Aspiring entrepreneurs in India can sell second-hand items like clothes, bags, and accessories for low prices.

       Top 10 Small Scale Business Ideas in India for 2013

  1. Rental Services

If you have a car or an extra room in your house or building, then renting them out to other people can earn you money. This would make you reap huge profits, because you do not need to shell out cash as a business capital.

  1. Digital Photography

Almost everyone owns a digital camera, so you can use can also use this gadget to generate a steady source of income. Rush ID services are often sought for, especially in cities, so you can take advantage of this.

  1. Wooden Furniture making

If you are skilled in handicraft, then you can surely earn huge amounts of money from this kind of business. You can create and design wooden furniture at an affordable price for the residents of your community just the way they want it to be. A good relationship with residents of your neighborhood is a recipe for success in this business.

  1. Home Decorations

Creativity really pays off and pays well. People love decorating their homes with vases, chimes, figurines, and other things that can beautify houses. You do not need to buy expensive products like these, but you can improvise and design your own and sell them at low prices.

  1. Paintings

If you are gifted with an artistic talent, then let it shine by creating paintings for the people in your community. Not only will you be able to express your artistic side, but you would also get paid for it.

In conclusion, these are the top 10 small scale business ideas in India that you ought to try. Please bear in mind that these top 10 small scale business ideas in India is a product of an in-depth research we conducted; so they are almost guaranteed to give you steady sources of income and make you earn reasonable amounts of profit.

What is the Best Business to Start

What is the best business to start in 2013? What is the best small business ideas to start from home with little money? Which business opportunity has the potential for rapid growth? Do you have the capital and passion to start a business but you can’t seem to decide what business to start? If any of these questions best describe your thoughts, then please read on.

Most aspiring entrepreneurs are usually confused when it comes to starting a business because they can’t figure out the best business to start. Just recently, I got an email from a reader on this business blog and this was the reader’s message.

“Respected Sir, how are you? This is (name withheld) from London, United Kingdom. Now I am doing MBA and ACA as well. Sir, I am very interested in business but I am very confused about field. Which field is more suitable for business, for growth? Would you like to suggest me something? Thanking you.”

I receive such emails on a daily basis so I decided to do a piece in reply to this email. Now what is the best business to start? Well, you are going to find out soon. In this article, I am going to explain in detail the best business to start and how to find such business opportunities. If you are an aspiring entrepreneur or an employee with a strong desire to start a business? Then please read on because this article is for you.

  What is the best business to Start from Home in 2013?

Well, before I reveal to you the best business to start this year; I want you to take a careful look at the list below.

1.   1900 – Andrew Carnegie made his money from steel – $475 million

2.  1910 – John D. Rockefeller became a billionaire in oil – $1.4 billion

3.   1920 – Henry Ford became a billionaire in the auto industry – $1 billion

4.   1940 – Howard Hughes became a billionaire with military aircrafts, contract, tools and movies – $1.5billion

5.   1957 – J. Paul Getty became a billionaire in oil – $1 billion

6.   1962 – Henry Ross Perot became a billionaire with EDS – $3.8 billion

7.   1970 – Sam Walton took retailing giant Wal-Mart public and became a billionaire – $22 billion

8.    1980 – Ron Perelman made fortune as a Wall Street deal maker – $3.8 billion

9.    1990 – Jerry Yang founded Yahoo! – $3.7 billion

10.   2008 – Aliko Dangote became the richest black man in the world as a manufacturer – $3.3 billion

11.    2010 – Mark Zuckerberg became a billionaire with FaceBook.com – $6 billion

Some of the successful entrepreneurs mentioned in the list above were school dropout billionaires. Is this list exhausted, my answer is no. Oprah Winfrey became the richest black woman in the world with television show productions. J, K. Rowling joined the billionaires list with her book “Harry Potter Series.”

Debbi Field’s became a multi millionaire selling cookies; and Mary Kay Ash became a billionaire with her company “Mary Kay Cosmetics. Rupert Murdoch and Ted Turner became billionaires by running their own cable network channel company; “Fox Broadcasting Corporation” and “CNN” respectively.

 Now what is the best business to start from home with little money? My answer to the question above is this:

“The best business to start this year that can yield the highest returns on investment is non-existent.”

Are you surprised? Please don’t be. I know you might be expecting me to make a list of businesses ranging from oil and gas to web based businesses. I am sorry to disappoint you because there is no stipulated best business opportunity with respect to the illustrations I cited above.

However, there’s a contradictory twist to my answer. I believe the best business opportunity exists but you have to create it or make it a reality yourself. Now what am I trying to stress? The point I am trying to stress is that becoming a successful entrepreneur does not depend on the business opportunity; it depends on you. So if you are going to successfully go through the entrepreneurial process, you will have to find your own best business opportunity.

Well, instead of telling you to start an oil and gas supply business or an internet business; I am going to reveal to you five criterion to creating your own best business opportunity. If you are still willing to learn, then below are five questions that will help you decide the best business to start this year.

   How to decide what is the Best Business to Start from home in 2013

1.     What is your level of preparedness?

The first key to finding the best business to start is you; and the reason is because building a successful business starts with you, the entrepreneur. Are you in the right mindset? Do you have what it takes to build a successful business?

I listed the entrepreneurial mindset here because it the fundamental key to starting, building and growing a business. The state of your mindset will determine how far you will go in the entrepreneurial process of building a business. Choosing the best business to start begins with you answering the following personal questions:

  • What is your risk bearing capacity?
  • Are you prepared to face business challenges?
  • Are you prepared to handle business failures?
  • What’s you perception towards making mistakes in business and life?

These are the type of questions you need to ask yourself before even deciding what business to start. These questions will reveal your mental preparedness for the entrepreneurial journey at hand.

2.    How much Capital do you have?

The start-up capital you have access to, is another factor that will determine the best business for you to start. The best business opportunity for an entrepreneur with access to a $1,000 start-up capital will be quite different from that of an entrepreneur with a million dollars in start-up capital.

The best business to start for an entrepreneur with a $1,000 start-up capital may be an online niche store while the entrepreneur with the million dollar capital will feel that starting a gas distribution business or a manufacturing firm will be the best bet. So take note that your start-up capital is a predominant factor when deciding what business to start.

3.    Who is on your Team?

The competence of the management team you have on board will determine the kind of business opportunity to pursue. If your business team has a track record of successes; then raising capital to pursue big projects will be a piece of cake. But if you are a solo entrepreneur, then your best business opportunity will be quite different.

4.    How Strong is your Business Plan?

If you have the right plan, coupled with the right team and the right mindset; then you can pursue mega projects. But an entrepreneur who lacks the orientation of the use of a business plan will just bootstrapped his or her business on a shoestring budget. The extensiveness of both your personal and business plan will determine the kind of business opportunity you will pursue.

5.   What Business idea do you have in mind?

Lastly, the best business to start varies from entrepreneur to entrepreneur based on the ideology of the entrepreneur and the prevailing circumstances. Your best business opportunity may differ from mine based on prevailing circumstances such as trend, your passion, hobby, skill, geographical terrain, demographics, psychographics, demand, supply, economic policy, etc.

The best business to start for someone in Nigeria or China will differ from that of someone in United States, Canada or India. And most importantly, I listed the “business idea” last because it is the least important necessity to starting a business. Remember, the world is filled with brilliant, million dollar ideas but the world lack savvy entrepreneurs.

An average business idea with the right mindset, a strong business management team and the right business plan will outperform an excellent million dollar idea with a poor mindset and a weak management team.

So when deciding what business to start, make sure you do your preliminary feasibility study. Also make sure that the right combinations are in place and when contemplating on the best business to start; be sure to take into consideration the five questions above and I will see you at the top.