Development of small scale business plays an important role in the market economy of all developed countries. And advantages of small business make it attractive, almost perfect solution for many enterprising people.
Let’s look at the Top- small scale business ideas and evaluate all the advantages of small scale business in Nigeria to be able to start your own business no later than tomorrow!
1. What is small scale business?
What is a small business? It’s a small enterprise, owned by a private person/persons. It is characterized by small amounts of production, revenue, and limited staff. In most countries of the world, economic features of small business allow it to receive the support of the government because it is extremely important for the economy of the area or the whole city/region.
2. Small business ideas: the many advantages
Startup business ideas for a small scale enterprise has numerous advantages, among which we can mention the following ones:
- No need to own a large capital
- Short time return on investment
- Mobility under various market conditions
- Simple management. How do you define a small business? The initiator finds a small number of employees and distributes clear roles among them. Staff management is quite simple if it is properly thought over!
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- Quick turnover. The operations are carried out mostly in cash, thus increasing the reliability of these funds.
- The choice of location. Given that they often rent small premises, the company office can locate in any part of the city.
- The minimum cost of job creation.
- Small business often becomes the basis for the other small businesses, creating a wide network.
- In crisis situations in the market small business easier changes the market, production, introduces new rules of reporting documents.
- Great freedom of entrepreneurial activity. Small business is the freest type of entrepreneurial activity in the offline sphere.
- The quality of service. Since small business is closer to the consumer, it can quickly respond to his requests.
3. List of small scale industries
Check out these best examples of small scale business in Nigeria in terms of the investment opportunities:
- Cleaning business;
- Jewelry making;
- Computer training business;
- Event planning services;
- Food businesses: (ice cream shop, food truck, restaurant);
- Real estate;
- Hair styling;
- Motivational speaking;
- Bar business;
- Vending machine business;
- Painting services;
- Fashion business (tailoring, clothing alterations, design, etc);
- Shoe business (shoe building, selling, design).
Examples of small scale business, that moves really fast in Nigeria today:
- Football showing center;
- Transportation business;
- Recycling business;
- Computer repair service;
- Generator repair service;
- Smartphone repair service;
- Delivery services;
- Music lesson training;
- Daycare center;
- Animal feed production & sales;
- Senior care business;
- Dance instructioning;
- Import and/or export business;
- Wholesale business;
- Craft business (wireworks, bead making, etc);
- Gift basket business;
- Laundry business/dry cleaning service;
- Online business;
- Web design business;
- Printing services (print shops).
4. How to start small business in Nigeria
What is small scale business in Nigeria and how to start it in the right way? Check out this video tutorial:
Starting a small business and running it successfully requires a lot more than money and having an idea. Have you decided you are ready to start your own business and want to know what your next steps are?
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