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Profitable Hospitality Business Ideas You Can Start In Nigeria

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Before I show you the top hospitality business ideas that I know of and which you can start in Nigeria today and make a lot of profits from, let me give you a preamble into the current situation on ground. You see, in a world where people now travel like every day around across countries and continents, one has to ask what they are so eager to find. More People are traveling now than they were years ago this probably because the work time has reduced. Another reason is that some people today work remotely without being present at a traditional work place.

Because of this, people get bored and the need arises to go to new places and experience adventures, meet new people, eat new food and listen to new music and witness new cultures. This is a big opportunity for someone who is observant to make money. These people need hospitality when they arrive at places they don’t know or are new to.

One can make a lot of money by providing hospitality for these visitors and this brings us to the main point of this article which is profitable hospitable business idea you can start in Nigeria.

Profitable Hospitality Business Ideas You Can Start In Nigeria

Profitable Hospitality Business Ideas You Can Start In Nigeria

There are quite a number of hospitality business ideas to start in Nigeria but some of the most profitable ones are as follows

(1) Hotel and Bar Business

As we all know, a hotel is a place that provides accommodation, meals, and other services for individuals and groups like travelers and tourists. On the other hand, a bar is a place where drinks and refreshments are sold and served. The two go together because people’s need can change and not all the time people sleep and just eat. They could also want to have a chilled bottle of drink together with other people and either talk to their friends or make new friends there. There will always be the need for these services because people always need them and that’s why it’s a very profitable hospitality business idea.

(2) Event Planning

Nowadays, individuals who plan to host events say wedding, birthdays, inauguration or parties and other events need help from professions in event planning to organize, budget and execute the event in a way the individuals would never have been able to do it. The process of doing all the planning, executing and managing these meetings, gatherings and the rest is called event planning. It is a skill that can be learned and also is a very profitable line of business.

There is always something to do in event planning because the parties never end. People are always gathering for one thing or the other and every new season, natural or man-made events, come with new things to celebrate. The frequency of Birthdays, thanksgivings and the fact that people always want to party is a sign that event planning is a profitable business to go into.

Intercontinental events such as Calabar carnival is an example of how big event planning can go. This, however, is an advanced type of event planning and is done by the state government and can employ hundreds of event planners at the same time. Nonetheless, there are limitless opportunities in event planning. That is why I recommend it as one of the profitable hospitality business ideas you should consider developing before the year runs out.

(3) Transportation

Everybody has used transportation at one point or the other in their lives either on short distances or long distances. In other words, everybody uses transportation. Humans are not static beings but are variable which means humans always want to move and it is impossible to make these moves without transportation. This conveying from one place to another is why transportation is a very lucrative business. You can help with the increasing demands of transport services and make a lot of money doing this. Transportation is in various forms. There is transportation by air, road, rail, and sea.

Transportation by sea is the one done by ships and boats while transportation by air involves planes, helicopters and jets.

Transportation by road is the kind of transportation that involves movement by vehicles like car, motor circles, and trains and so on. These type of transportation are best used to travel short distances because long distance travel by road could be stressful, slow and tiring.

Transportation by sea is the type done by sea using sea/river/ocean movement vehicles like Canoe, Boat, Ship, etc. It usually is the most effective in transporting bulk goods that cannot be transported by air or land.

Compared to all other forms of transportation, air transportation is faster and this is the arguably the key reason people build airports; to make travel easier and faster.

Every mode of transportation is important in one way or the other and the decision on which to venture into is left for you to make. You have to look at your capital and decide on which form of transportation would suit your budget.

You must not be the one on the saddle to do transportation business. You could be an investor in a transportation business, partner with someone/others and start a transportation business or provide transportation services, transportation spare parts, logistics services, and other value-adding transportation services.

(4) Recreation Centers

This is a place built for recreational activities. Examples of recreational centers are Parks, Museums, Cinemas, Swimming Pools, Gardens, Sports Stadium and many more. A recreational center is a place for various activities including learning, exercise, and even sight-seeing.

As humans this is how we enjoy ourselves here on earth and knowing that people will always look for recreation and fun is the reason why there is endless profit in building of recreational centers.

(5) Travel and Tourism

Travel and Tourism is an industry that involves travelling for business, learning, and discovery or for the sake of fun. Travel and Tourism has since been a major source of income to even governments of certain countries (Nigeria included). It is an industry with endless possibility because people never stop visiting. There are several grades of opportunities in the Travel and Tourism industry. For example, even if you are not a Travel and Tourism Guide, you can simply be a travel writer, writing for magazines or even writing books about beautiful places of the world and where you’d like people to visit and have a good time. Sure, many people would love that. What more? You could earn juicy commissions from Travel and Tourism companies for recommending travelers and tourists to locations to transact business with the company.

Individuals all over the world ignore travelling because they lack the right information. People are very busy and not that they wouldn’t want to travel to beautiful places around the world. They just don’t see strong reasons to travel and this can be an opportunity for you if you know what to do. You could be the one supplying the right information to these individuals. This includes Information such as beautiful places to travel to in parts of the world, hotels to stay in, what to look out for at the destination location(s) and many other useful information on travel and tourism.

Another reason why many people do not travel is that they have heard stories at some point in the past about certain places of the world which could turn out to be totally untrue. If you can make them to understand this by presenting them with the exact true state of things in the destination site, many people could have a rethink, make up their mind and travel to such location. To do this, you may have to set up a travel blog/website and go a step further to offer travel and tourism services like bookings, sales of tickets, souvenirs, etc. on your blog/website. This is a good way to make money from the Travel and Tourism industry.

Conclusion

There is an endless list of hospitality business ideas you can start in Nigeria. This article explained some of these. Like you have seen, these are not very difficult things to do. You could do some of these hospitality business from your home using just your phone/pc and the internet. Examples are setting up a travel and tourism blog/website, and becoming a hospitality business writer.

Hotel and Bar Business, Event planning, Transportation, and setting up of Recreation centers could require a considerable amount of capital.

My advice to you is to start with what your capital can carry for now. There is always an opportunity to scale-up the business with time. I hope this article helps.

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Ekemini Ekpo is a professional Blogger, Research Analyst, Internet Marketer, and Tutor. He is passionate about Business, Investment, Entrepreneurship, Finance, and Personal development.

Business Ideas

How to Start a Coaching Business in Nigeria

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This article is specifically for people who wish to start a coaching business in Nigeria. “Business and life coaching business”, as you should know, is a relatively new and not so widely known field in Nigeria. Being a field best suited for individuals that have a passion for helping others get better and more effective at attaining their set goals, it has great future prospects especially with the emerging of impressive young businesses in the Nigerian business climate.

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Steps to Start a Coaching Business in Nigeria

Starting a coaching business in Nigeria involves a relationship between a coach and client for mutual rewards. Here, the coach provides assistance to his client via one on one sessions, practical counsel, and vivid action items and gets rewarded in cash and/or in kind. The overall aim of starting and growing a coaching business in Nigeria or anywhere else is to help someone else get better and get rewarded for doing that.

Steps to Starting a Coaching Business in Nigeria

If you are considering starting a coaching business in Nigeria, the you should take the time to examine the following steps carefully.

1. Have A Clear Vision Of What Your Ideal Business Should Look Like

You don’t want to be like most coaches who end up getting trapped in a dead-end business model that is reactive and over which they have no control. You need to have a strategy, a game plan you play by that will constantly give you an idea of what’s next. Avoid getting trapped in trying out new guess works and tactics in the hope of getting results. Rather, define clearly what your ideal business should look like and proactively work from this standpoint. This will help you optimally engage your energy and save time.

2. Choose the Best of Clients

The secret to accomplishing incredible results as a coach, especially while running a coaching business in Nigeria is in choosing the right clients to work with. When choosing a client to work with, be sure to assess your client for proactiveness and willingness to take immediate positive actions. Action-readiness will be very vital in the long run if your clients will see any impressive results.

3. When Sharing Knowledge, Hold Back

When sharing knowledge with your clients, always give them only what they need to scale through to the very next level of progress and not everything at once. Having a whole lot to share is good; it keeps you confident and positively poised. Notwithstanding, it is wise to dish out just what your client needs to know within a given timeframe as suffocating your client with ideas could spur inaction.

4. Pricing

As a coach there is no right or wrong price to charge for your service. But a good way of determining what pay you should charge for your service is to look in terms of the value you will be adding to the business. So, estimate your efforts in helping your client to grow and achieve his/her targeted results and determine your pricing options from here. This job requires some good energy so be sure that in as much as your price is not outrageous it should not be unsatisfactory too as this will drain you of motivation in the long run.

5. Develop Program Plans that Time for Results to Show

By all means avoid short term programs as this will be taxing and draining for you. Besides, it could be discouraging for your clients especially if the results are not fast showing. You want to have time on your side while delivering your service as a coach. You need sufficient time to thoroughly guide your clients to their desired level. To that effect, you avoid running one-week or one-month coaching programs and instead get clients to make a commitment to a 6-months or a 1-year plan. This will take off the pressure to see immediate results and give you time to work with your client for long-lasting results.

6. Be yourself

To avoid appearing strained, stressed out, and worn from your job, endeavor to be yourself at all times. This will help you come up with relaxed and authentic solutions that your clients will find profitable.

7. Use Action-Stimulating Language

When coaching, avoid terms that sound unclear or give the feel of vagueness. More pragmatic approaches always yield better results and measurable progress. Your clients should resonate with the confidence you radiate and the clarity that you bring. Vagueness could cripple action that is the readiness to implement what has been taught and later on induce fatigue. Progress will only be made when actions are taken. So, do away with the lengthy vague talks and be action points driven.

You can start a profitable coaching business in Nigeria in a few weeks or months with these points in mind. In all, be the inspiration that the business and/or client desperately needs to scale new heights.

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Practical Guide On How To Start A Profitable Food Processing And Packaging Business In Nigeria

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How to Identify a Good Business Idea That Will Make Millions

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Assuming that you have a perceived good business idea and you have (or you are thinking of creating) a product or service that you want to get out in the marketplace, how do you know that you are selling (or going to be selling) to the right market? How can you identify a good business idea that will make you millions within the shortest possible time?

Having the perfect or at least a very good answer to this question is important because the last thing you want to do is spend a lot of time, money and effort starting a business, taking your idea to the marketplace and then find out actually no one wants to buy your stuff. That becomes a problem; a very costly mistake that must be avoided right from the start or launch of your perceived god business idea.

How to Identify a Good Business Idea That Will Make Millions

How to Identify a Good Business Idea That Will Make Millions

This guide will give you a practical clue of what to look for or check in your business idea to see if it will work or not. You can use these tips whenever you want to enter into a marketplace.

The 5 key Indicators of a Good Business Idea That Will Make Millions

Below are 5 key pointers that can help you to identify a good business idea within a very short time hence saving you time, money and energy of wrong investments. Besides, these will help you to make millions within a very short time.

The indicators are:

  1. The availability of Pain or Problem
  2. A Sense of Urgency from the consumers
  3. Potential consumers’ Irrational Passion
  4. Volume of People’s Active Search For Solutions to a Problem
  5. Availability of and Level of Competition

(1) Check If There Is Pain or Problem?

To test if your business idea will work or not, what you should be looking for should be far from just rational needs or logical needs. Rather, what you should look for are emotional needs. If there is pain, in other words, you should be selling complete solutions to those pains not mere palliatives to cushion the pain for some time to resurface again. For example, you should look for problems where you can sell painkiller not vitamins; you should want to sell cure to a problem and not prevention strategies because ideally people are always more willing to pay for painkiller (real final solutions to a problem) than prevention of problems. This is a fact. When there’s a problem, your business idea should be able to solve the problem and people are more than willing to spend money to get the solution.

(2) Check If There Is a Sense of Urgency?

To identify a good business idea, it is important to check the level or availability of urgency for what you have to offer. If there is a sense of urgency for the solution, that is great because people who have the pains are need the solution (which you have) badly; they have to solve this problem. So, what you should check is if your business idea can meet the market’s sense of urgency for a solution or it will take decades to get the solution. Of course, someone else with a faster solution that lands on the scene would have taken the market before you and you lose out! So, your business idea must meet the market’s sense of urgency.

(3) Check If There Is irrational Passion

To explain this, take Football fans for example. Football fans are very passionate about Football that they buy a lot of Football related materials like tickets, jerseys, play football bets, etc. without much thinking. They do it for the passion. So, if you are selling to a market niche like this or any market in particular where passion sells, you are going to make a lot of money. That is, your perceived good business Idea will make you millions or something close to this.

On the contrary, if you propose to sell to a market that don’t have (a lot of) pain, don’t have an urgent need for solution to a problem, and don’t have passion for the product or service, chances are that you are going to have problem asking for money and also charging what you’re worth.

(4) Check If People Are Actively Looking For Solutions to a Problem

A very important thing that you should look for is if people are actively looking for solutions to a problem. There are many ways to find this out but I will use the commonest way. The commonest way is to use some online tools (i.e., Google Search results, Keywords Planner, Semrush, Ahrefs, etc.) to check and see what keywords people are actively searching for online maybe through a search engine like Google or YouTube.

So, you check if people are actively searching for solutions to a problem on the Internet and if they are then you check the volume of the searches and take a clue from that. The larger the search volume, the clearer it shows that many people are actively looking for the solutions to the problem. With this, you will know that there is a ready market for the solution you have/plan to offer. You could then sell your solution to them.

However, where your potential customers are not actively looking for solutions on the internet, then you’ll have challenges scaling the business versus if you go online and millions and millions of searches every month shows that people are searching for the solution to a particular problem.

(5) Check the Availability of and Level of Competition

You need to find if there is a lot of competition in the market for the solution which your proposed business idea is to provide. If there’s no competition, that may or may not be a good idea. This is because chances are whatever you’re thinking as the solution for the problem might have been introduced before and failed to make the money for the past solvers. Hence, it’s an indication that there may not be money in that market.

On the other hand, if you have too much competition then you have a problem trying to stand out. It will be difficult trying to cut through the noise unless you have a new technology, a new breakthrough or something that addresses the problem from a new angle. Unless there is a new dimension that you’re entering the marketplace you may not survive the heat.

Conclusion

So, these are the ways to identify a good business idea that will make you millions. I took the time to point out the things that you should look out for whenever you have a business idea which you want to enter into a marketplace with. You should spend a lot of time thinking about what market needs (not wants); the people you want to serve instead of spending all your time focusing on the product or the service that you want to sell. That should come secondary; the market always comes first. Don’t ever forget that!

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