Report has it that 90% of business fail before they can their mark in the market. While there are several factors responsible, wouldn’t it be great if it was guaranteed that your business will never fail?
Change is a given factor in business. And fear can creep in for entrepreneurs in an even more uncertain world.
However, some businesses have been around for as long as we can remember. While it’s not impossible for businesses in this category to crumble, they’ve proven to be far more resilient than most. And they will continue to do so despite any adjustments they are forced to make.
Want to build a bullet proof business that drives generational wealth? Let’s consider your opportunities.
1. Rental Property
The real estate industry is one of the most profitable ventures in Nigeria. It doesn’t get affected by recession because people constantly look for land or buildings they can rent. And the country’s growing population has made the sector very valuable.
Investing in real estate business comes at an enviable 85.3% success rate.
Nigeria’s youngest billionaire Sijibomi Ogundele is an entrepreneur that made his fortune from real estate.
From the slums of Agege to the suburb of Ikoyi, Ogundele has masterminded residential development premium neighbourhoods such as Ikoyi, Banana Island, Abuja, Cape Town, Johannesburg and Dubai. He is also involved in mix-used developments, commercial as well as hospitality developments.
The transportation business is economically viable. Usually, the demand by commercial bus users surpasses the supply.
Even car owners use commercial transport, so it is safe to say that up to 70% of the Nigerian population use public transport.
And with a success rate of 76.4%, these businesses are quite successful.
You might have different results, and certain transportation businesses will be riskier than others, but on the whole, your chances of success are very good.
Obi Ozor, the founder of Kobo360 — an e-logistics platform, saw a successful space for a transportation business using trucks.
Popularly nicknamed the Uber-for-trucks, Kobo360 connects truck owners or drivers with clientele in need of cargo transportation.
Agriculture-related businesses have a low failure rate and, at most, never fail. They are very durable.
The success rate for agricultural businesses is an amazing 88%. Therefore, this can be ideal for you if you have a green thumb and an interest in farming or other business related to agriculture.
The agricultural sector includes a variety of industries, such as farming and animal husbandry. Anna Phosa, a well-known pig farmer in South Africa, has built a name for herself in the industry.
She is one of the country’s few black women into commercial pig producing. In the Vaal region, south of Johannesburg, she founded Dreamland Piggery & Abbatoir in 2004.
4. Pharmaceuticals businesses have a high chance of never having to fail
Each and every one of us has treated ourselves with pills and medications.
As we age, a variety of illnesses strike us, possibly for a variety of causes.
Therefore, the likelihood of pharmaceutical companies failing is low.
A renowned platform that have found a niche to solve pharmaceuticals problems in Nigeria is DrugStoc. Founded by Chibuzo Opara and Adham Yehia with the aim of providing a hassle-free procurement platform to source all the medications, consumables, and small medical devices needed for practice.
The pharmaceutical market in Nigeria has room to expand and might increase to $4 billion during the following ten years.
5. The clothing and fashion businesses never fail
Clothes and fashion are also booming. Even if there is a lot of competition, if you make the proper decisions and are aware of market trends, your business will never fail.
In Africa, the fashion and textile sectors are the second-largest after agriculture, with an estimated market value of $31 billion in 2020, which is increasing annually.
Fashion, like many other sectors, is divided into subsets which you can choose to build your business. A few examples include mass-market fashion, ready-to-wear fashion, and haute couture.
In the ready-to-wear fashion industry, Andrea Iyamah have carved out a niche for itself by creating bespoke fashion appeals for women.
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