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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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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 Can I Make Money With My Smartphone In Nigeria?

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How would it feel if you could make money with your smartphone in Nigeria? Cool right? This article shows how to go about this, step-by-step. In fact, I discuss 5 legit and working methods you can use to make money with your smartphone in Nigeria without much stress.

Ready? Come wit me…

The smartphone is one handy gadget you can find with anyone, especially youths. The technology involved in these phones has advanced so much that we can now get relatively cheap phones that can-do amazing things. Now everyone is basically doing everything on their phone. Read news, watch lectures, chat with friends, even have interviews on there.

The smartphone has been a great milestone in the advent of technology and it is pretty much available to anyone with a few bucks to purchase it. The online space has given us many legit ways to make money online. Most of the time, all you need to make a few bucks online is your smartphone. You can be anywhere and still be able to cash out with your phone just by doing some simple tasks or taking on a remote job.

It is great we have access to these extra sources of income online. You could still do your 9-5 jobs and make extra cash online. A little extra doesn’t hurt.

In this article, I list some of the ways you can use to get that extra cash online, with just your smartphone.

5 Ways To Make Money With Your Smartphone In Nigeria

(1) Do Online Surveys

There a lot of survey companies out there that would pay you to take a survey on their services, healthcare, and any other type of products that interests you. Companies also give out surveys to find out how customers feel about their products/services, and they pay you for this. It is a fairly easy way to make passive income online. You could accumulate your earnings and withdraw when you have a reasonable amount of money accumulated.

Your earnings would be paid through platforms such as PayPal. These surveys won’t take a lot of your time, you could finish most of them in 5 minutes and you would be paid some amount. They also do not require you to give out sensitive information about yourself. You can find these websites online. Check out reviews for them to find out how legit they are. Some examples of sites like this are Opinion space, InboxDollars, etc.

(2) Sell Your Old Items

Do you have an old pair of sneakers you don’t need any more but is in a good condition? Or you probably have a couple of old gadgets you want to sell. There are online platforms that let you do this easily. Just take a good picture of the items you wish to sell, put them on the platform coupled with your contact details.

These platforms would link you up with a customer that needs your item. One popular platform that does this in Nigeria is Jiji. They simply link up sellers with buyers on their platform. It’s just as simple as uploading a picture of what you want to sell and wait for someone to show interest in it.

(3) Become An Online tutor

You can make money off teaching people how to do things online. If you have a skill you are good at and can teach others virtually, you can sign up on an online learning platform and offer your services as a tutor. People pay money to learn what they don’t know how to do. Your phone camera can be enough to make a video tutorial for people online.

Sometimes, you don’t even have to make videos; you could teach with just text and audio. If you have great content, people would always want to learn from you and the more people come to learn, the more money you make.

(4) Take On Freelancing

This is a very legit way to make money online. Although, you would make more money through this if you have a digital skill you are very good at. A lot of companies nowadays are willing to hire freelancers to work on their projects while they pay them for their services. Freelancers have the freedom to choose their working hours and even the kind of projects they want to work on. If you do not have a skill, you can still earn as a freelancer. All you need to do is outsource the jobs to others who can handle them professionally. You can easily get these professionals on the same freelancing platforms where you are or other freelancing platforms. There is allows someone qualified to help out. When you get paid, you can pay the person who did the job.

It is advisable that you learn a skill yourself so you would be more relevant and make more money yourself. There are various websites you can start offering your services as a freelancer. A great number of them are free to sign up on. Examples are Upwork.com, Fiverr.com, Guru.com, Freelancer.com, etc. You should note that the amount of work you get on these platforms highly depends on the quality of the previous jobs you did. So, make sure you always turn in quality work for your clients.

(5) Make Money Watching Videos Online

There are websites that will pay you for watching short video clips or adverts on their platform. It is a means of advertising for them and you would get paid for every video you watch. An example of such a platform is Swagbucks. It is a very popular application where you can earn money by watching videos. You can also earn more on the platform by answering paid surveys. Another similar application is Fronto.

Conclusion

There are numerous ways to make money online. The above list is specifically tailored to making money with just your smartphone. Very easy simple and easy ways to earn. Taking advantage of your smartphone to make extra bucks for you is a great path to financial freedom. Although the ways listed above do not get you rich quick, your earnings from them are sure to pay our bills and leave you with some more cash to save.

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How to Make Money Online in Nigeria

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Nigerian government still struggles to provide enough jobs for its citizens. The unemployment rate is currently peaking at 27.10% in Nigeria (December, 2020). That is a whole lot of people without a job in the country. It might have contributed to the increase in the crime rate in the country. Even though it seems there is no job in the country, looking closer you would find there are various other opportunities to make money online in Nigeria.

The online space has provided us with many legit ways to make money online. Whether you are unemployed, a part-time worker, or fully employed, you can still take advantage of some of these ways to earn extra income for yourself.

Many are skeptical to engage with anything that deals with making money online. This is because there has been a lot of incidence of people getting scammed online. However, this article contains verified and legit ways you can follow to start making money online.  Note that some of these ways will require you to have or acquire certain skills to be able to make money with them.

How to Make Money Online in Nigeria

How to Make Money Online in Nigeria

5 Ways To Make Money Online in Nigeria Legitimately

1. Start Blogging

This is one sure way of making cool cash online. Blogging has turned out to be a big business in Nigeria with the likes of Linda Ikeji raking in millions in profits every year. It is as simple as just sharing information about your daily life online, or writing informative articles for people to read each day. These articles range from entertainment, politics, personal life, religion, and so on. It can be easy to start, and all you would need is a phone, laptop, or tablet plus a good internet subscription.

There are various tutorials that can teach you in minutes how to start blogging properly. Most bloggers get paid when they run an advert for people on their sites. You would need to have a reasonable number of visitors on your blog before you start getting clients to place their advert on it. Blogging can easily make you a millionaire with you earning in the range of N50,000 to N2 million per month depending on the amount of work you put into building your blog.

2. Become a Freelancer.

Do you have a digital skill you are very good at? Freelancing can be a profitable way for you to make that extra income. Freelancing is simply a way you offer your services online to clients who need it and they pay you for your hard work. A lot of employers nowadays are seeking out freelancers to work on their projects.

One great thing about freelancing is that you can choose your working hours. Even when you have your regular job, you can choose to freelance after work hours and make some extra bucks. Other benefits of being a freelancer include the ability to choose your clients as well as the kind of projects you want to work on. You can also choose to make freelancing a full-time job and be your own boss.

Skills you can offer as a freelancer include; graphic design, web design, app development, voice-over, etc. You can also get simple jobs like proof-reading, typesetting, transcribing, etc. There are many websites where you can offer your services, but the three most popular ones are Upwork, Fiverr, and Freelancer.

3. Start your own Website.

You do not need a degree in computer science to become a website owner. There are various online templates that can let you build a website without a single code. Just like blogging, you need to constantly upload relevant content on your websites to gather an audience. The more audience you have, the better your chances of making money with your website.

When you have quite an amount of audience, you can sign up on Google Adsense. Through this, you would be able to make money on your website by sharing ads for google on your posts. Your earning power depends on the number of traffic you can drive to your website per day. It is advisable to focus on one or two niches to be able to target a specific audience. This will keep them loyal to your website if you keep giving them the premium content they want.

4. Become a Digital Marketer.

A lot of businesses are starting to move onto the online space. Creating a virtual presence for themselves. They have blogs, social media pages and even applications designed particularly for them. Managing these platforms, the right way to generate profit for the business can be very technical and may require the service of a professional.

A digital marketer is someone that knows how to drive an audience to a particular platform or business with the aim of making a sale. As a digital marketer, you can offer your service to these business owners. Helping them manage their social media pages and offering them advice as it relates to promoting their businesses. If you know your craft, you can earn salary ranging from N180,000 to N350,000 per month.

5. Teaching an Online Course.

If you have a skill you can teach others online, this is another way to make money online. In fact, anything you know which can be valuable to others, you can teach. You don’t have to be an expert to teach others what you know. Once you have a good grasp of the topic or skill, you can easily teach others and get paid while doing that.

So, that’s it on avenues to make money online in Nigeria. There are other ways though but these are some of the highly legit and comprehensive ways to make money online in Nigeria today.

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How to Start and Grow a Hair Making Business

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Hair making business is one of the most lucrative businesses that you can start these days. With little or no capital, you can start your hair making business. Surprised? Yeah, there are a lot of local hairdressers that their job is only to plait hair and they do not own a shop; they run their business at home. All they need is to advertise their business to their family, friend, and neighbors.  This is one of the advantages of hair making business; you can start it anywhere, even in your sitting room.

If you don’t have capital, I suggest that you start with this kind of hair making business – the local hair plaiting business a.k.a local hairdressing business.

Another type of hair making business that is very popular these days is hair Salon business. Unlike Local hairdressers, hair Salons offers a wide range of services. In a hair Salon, you will get your hair washed, dried, trimmed, and/or plaited naturally or with attachments.

How to Start and Grow a Hair Making Business

How to Start and Grow a Hair Making Business

If you are thinking of how to start and grow a hair business, then this article got you covered!

It is known by all that women can spend their last Kobo to look attractive to the other gender and even to their fellow women. Hair is one of the major products women use to bring out their beauty. This makes women very concerned about the kind of hairstyle they wear and how they wear it. To meet this concern or need, a hair salon comes handy!

If you are a good hairdresser, you will see customers coming in the morning, the afternoon, and at night for this service.  This is because fashion is an ongoing process with no stop.

Hair making business is very easy to start but like any other business you have to make research on it to prevent it from failing. In conducting this research, you will get to know:

  1. how much you can or you are going to invest,
  2. how much will you be making,
  3. where you are going to site the business,
  4. which niche will you pick, and
  5. other essential things about the business.

Now, let’s start with the capital. Like I said earlier, you can start your hair business with little or no capital. But this depends on where you are going to start or site this business. If you are going to start the business in front of your house, with a little capital of N20,000 to N25,000 you can buy small equipment, start and run the business. With this capital, you can be making a minimum amount of N5,000 daily, depending on how you charge per customer and how many customers you have.

On the other hand, if you are starting your hair making business in a rented space, you need more capital as you will pay for the rent, buy chairs, a generator, fans, and other pieces of equipment needed to setup the shop. This will cost you about N200,000 to N250,000. A lot of money right? Well, if you consider how much you will be making daily especially if your shop is in a commercial area and you make it attractive, this startup capital will not be a big deal to you. Starting it this way, you can be making about N15,000 daily and as time goes on you might decide to hire apprentices which will enable you to double your earnings within a very short time.

Five Steps To Take Before Starting A Hair Business

I will now share with you the Five (5) steps that you should take before starting your hair business. Besides helping you to start the business, these steps will help your business to grow and prevent it from falling.

(1) Acquire the Necessary Skill(s)

Hair making business is not the type of business you can start off the head without acquiring the core and auxiliary hair making skills. Relax, you are not going to get a Bachelor of Degree in hair making before you acquire this skill. A training of Six (6) months or a year will make you good to go. In this training you will learn many kinds of hair plaiting including Ghana weaving, braiding, fixing of weaving, and other hair management skills like hair treatment, and hair culturing among others.

Also, you will learn washing and retouching of hair. If you are going to start a unisex hair business (i.e., a hair business for both the male and female gender), then you will need to learn different types of hairs for men just like you learn that of women. Getting a place to learn this skill should not be hard as there is several hair making shops in town which are willing to teach this skill for a small training fee. You can simply work as an apprentice to other hairdressers thereby learning it in the process.

Besides the skill of hair making, you should get business management skills too. You can do this before or after you’ve started the business. This will help you to go far and attain great heights in the business. You can check for a good business school closest to you as well as their features/offers as well as why you should attend business school.

(2) Create a Business Plan and Save Up for It

You should create a business plan that will enable you to know how much you are going to invest, where to start, the energy, and time needed. The next thing to do after creating a business plan is to start saving money for the business. This, you can do while you are still undergoing the training. You can collect a loan or ask for help from your family members and friends.

This is why I suggest that you start as an apprentice so that you learn the rudiments of business and savings. You can be saving your little earnings and by the time you finish learning the skill, you would have saved a considerable amount of money to enable you to set your own business.

There are other avenues through which you can get funds to start your business. I have a detailed article where I list about 10 ways to raise funds for business startup such as your hair business. You can get the complete guide here

(3) Choose the Best Location to Site the Business

This is another very crucial or arguably the most crucial of all the steps in starting this business because choosing the wrong location might lead to the failure of your startup. Whether you want to rent a space or start in front of your home, you should get a good place where your customers will easily find you. If you choose a hidden place, your business will end up failing as no one will know about you and your business.

(4) Keep Your Business Premised Tidy and Well Decorated

When you got the right location and launch your shop, you should try to make it as attractive as you can. Make sure that you and your shop is always neat and tidy. Arrange your materials and equipment in a neat way that will make your prospects and customers see everything that they need easily. If you always keep your shop attractive, people will keep coming; the reverse could be the case when you do not keep your shop tidy.

(5) Advertise Your Brand, Offer Superb services, Make Profits

To make your brand spread, you should advertise your business. If you can afford sign boards then you should go for it. You can also advertise your business and the services you offer on social media. Doing or delivering good and high-quality jobs is also another form of advertisement; if you make beautiful hairstyles for your customers, whoever sees it will like it, develop interest and then come and patronize you.

Conclusion

As a hairdresser, you should live by the saying, ”a customer is always right” meaning that you should relate well with your customers and be patient with them. A good character will keep bringing more customers to you while a bad character will drive more prospects and customers away from you.

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