Are you nursing the idea of setting up as an entrepreneur or are you already in business. Would you like to start and run a profitable and rewarding business or factory in a bubbling and lucrative sector of the economy? Are you an established business owner and would like expert and professional consultancy? Do you need expert advice for starting a business? Do you need a list of best small business ideas for beginners, so you can make a choice?
Do you want to learn what it takes to go from idea to fast growing business in less than 12 months? Or you are looking for a low risk way to invest your money for high returns, while keeping your day’s job?
If you answered YES to any of the questions above, then you are welcome to this Nairaland thread; the ultimate resource for startup entrepreneurs, business owners and investors.

This thread is interactive and participants are free to actively make comments to enable readers get the best optimize their time here

“There are fast ideas and slow ideas, just as there are fast trains and slow trains. When it comes to money, most people are on the slow train looking out the window watching the fast train pass them by. If you want to become rich quickly, your plan must include fast ideas.” – Robert Kiyosaki

In this thread, we shall canvass good business ideas that could very quickly lift you into prosperity and wealth or significantly the quantum of the wealth you have accumulated.

Thanks OP for creating this thread. It is a good initiative as it will give us the opportunity to rub minds and network to achieve entreprenuerial success.

Every prospective entrepreneur must know some basic factors that facilitate business success:

1. You have to be determined to succeed– If you do not want your business to be a statistics within 5 years you must be determined to succeed. I am saying this because in the journey of entrepreneurship there are many hurdles to surmount. It’s not always rosy especially at the beginning ( usually within the first 5 years ) before breaking even. However, if you are determined to succeed and if you apply the right principles and prepare properly, you should scale through.

See other factors in :

7 INDISPENSABLE TIPS THAT WILL HELP YOU START AND SUCCEED IN ANY BUSINESS.

An idea is the foundation of any business. It is the seed that sprouts the greatest businesses of the world. Unfortunately, as minute, simple and intangible as an idea is; most people have a hard time coming up with a winning business or product idea. In this thread, we shall provide participants with small business ideas spanning several industries and a “How to” guide to help you take your business from idea to business actualization..

“There are three components to starting a business. One is the right plan; two is the right team and three is the money. Rarely do these three components come together when starting a business. It’s the duty of an entrepreneur to grab one piece and start the business, the remaining two pieces will be found along the way. Finding the remaining two components may take a year or more than 10 years; the point is, start with what you have.” – Robert Kiyosaki

Do you want to start a business but you can’t come up with profitable ideas If YES, here are a list of small business ideas for beginners and budding entrepreneurs.

Although it might be a bit difficult to know the right business to start especially when you are confronted with numerous business ideas and opportunities, but if you consider certain key factors before making your choice, then you will succeed in choosing the right business.

It is important to state that the right business for Mr. A might not be the right business for Mr. B. The right business is dependent on loads of factors unique to the individual who wants to start a business.

If you don’t want to make mistake when it comes to starting a business, then you need to carefully access the business opportunities around you and then match it with your skills or in some cases the finance available to you.

A List of Areas an Entrepreneur Can Explore for Suitable Business Ideas
Agriculture and Agro Allied Business Ideas
Automotive Business Ideas
Art and Business Ideas
Beauty Business Ideas
Career People and Services Business Ideas
Chemical Business Ideas
Construction Business Ideas

to be continued

Good afternoon and happy Sunday, folks

List of Business Idea Areas continues

Education Business ideas
Entertainment Business ideas
Fashion Business ideas
Financial Business ideas
Food Business ideas
Franchise Opportunities
Gender Based Business ideas
Green Business ideas
Healthcare Business ideas
Import & Export Business ideas
Internet Business ideas
Manufacturing Business ideas
Marketing & Advertising Business ideas
Media Business ideas
Mining Business ideas
Oil &Petroleum Business ideas
Gas Business ideas
Real Estate Business ideas
Retail Business ideas
Seasonal Business ideas
Security Business ideas
Service Based Business ideas
Small Local Business ideas
Sports Business ideas
Technology Business ideas
Travel & Tourism Business ideas

Uncertainty is a constant that businesses of every size face daily. Getting customers in the door, encouraging them to spend, and ultimately generating a profit are basic objectives that can at times seem difficult to achieve. Determining the viability of the business idea, changing, adapting and incorporating new products and services ideas into your business mix are ways to remove some of the uncertainties you face, but without proper forethought and planning, those steps themselves can be highly uncertain. This is where the feasibility study comes in.

I hope you are following, folks

Good morning and happy new week, folks

The term “feasible” describes an action or event that is likely, probably or possible to happen or achieve. A feasibility study is the total of the actions you take and the questions you ask to determine whether an idea, thought or plan is likely to succeed. An effective study can guide you on whether you should move forward with your idea, refine it, or scrap it altogether and go back to the drawing board.

Feasibility studies are focused and specific. They start with a single question -- asking whether the idea, event or action is a viable solution -- and force you to focus solely on that question to the exclusion of everything else, drilling down to explore possible outcomes. A feasibility study is not the same as a business plan. A feasibility study is an investigative tool that might cause you to discount an idea, whereas a business plan is call to action. You can, in fact, use a feasibility study as a predecessor to creating a business plan.

Feasibility studies are important because they force you to consider the big picture first and then think in a top-down fashion. In this way, one or two general starter questions lead to a host of additional, more detailed questions that become increasingly narrower in focus as you get closer to reaching an ultimate answer. For example, asking whether anyone will buy your new-and-improved product and whether it will generate a profit creates additional questions that force you to consider customer need and possible competition, and to identify risks that you may face. You must also describe your product and its benefits, define your target market, and calculate cost along with break-even and profit points.

Feasibility studies offer you the chance to “get it right” before committing time, money and business resources to an idea that may not work in the way you originally planned, causing you to invest even more to correct flaws, remove limitations, and then simply try again. Feasibility studies may also open your eyes to new possibilities, opportunities and solutions you might never have otherwise considered. There are no right or wrong answers to the questions you ask, but an answer you don’t necessarily want or expect can create new profit potential.

Hello folks, questions and comments are welcome for the thread to be lively and interesting

Good day folks, I hope you are following

Good evening folks

Good morning folks

Granted that we have articulated a business idea and identified a, the next thing is to put up a business plan

An idea is just an idea, without a blueprint or execution plan; your idea is worth nothing. Let us look at how to put this idea down as an actionable business plan.

What is a Business Plan and Its Importance:
A business plan is a blueprint or road of your business idea from start to the realization of your set objectives and goals.
A business plan is an important tool for managing and growing your business. A well-designed plan lays out a vision of growth and the steps needed to get there.

The development of a comprehensive business plan shows whether or not a business has the potential to make a profit. By putting statistics, facts, figures and detailed plans in writing, a new business has a better chance of attracting investors to provide the capital needed for getting started.
A plan is also an essential communications tool for attracting financing for your business as well as managers and staff as your business grows

The primary purpose of a business plan is to define what the business is or what it intends to be over time. Clarifying the purpose and direction of your business allows you to understand what needs to be done for forward movement. Clarifying can consist of a simple description of your business and its products or services, or it can specify the exact product lines and services you'll offer, as well as a detailed description of your ideal customer.
Business plans can be designed as a sale tool to attract partners, secure supplier accounts and attract executive level employees into the new venture. Business plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.
A business plan conveys the organizational structure of your business, including titles of directors or officers and their individual duties. It also acts as a management tool that can be referred to regularly to ensure the business is on course with meeting goals, sales targets or operational milestones.

Having understood the need and importance of a business plan, let us pick some feasible business ideas and look at what it takes to start and run them as a business concern by offering a guide on how interested entrepreneurs can adapt it to their own plan.

Let us start by looking into the agriculture and agro-allied industry.

Good morning folks

Let us look at palm kernel oil production business

Palm kernel oil is an edible plant oil derived from the kernel of the oil palm Elaeis guineensis. It should not be confused with the other two edible oils derived from palm fruits: palm oil, extracted from the pulp of the oil palm fruit, and coconut oil, extracted from the kernel of the coconut.
Palm kernel oil, palm oil, and coconut oil are three of the few highly saturated vegetable fats; these oils give the name to the 16-carbon saturated fatty acid palmitic acid that they contain.
Palm kernel oil, which is semi-solid at room temperature, is more saturated than palm oil and comparable to coconut oil.
Palm kernel oil, which is extracted from the nut or kernel, of a species of African palm tree, is commonly referred to as tropical oil. Palm kernel oil is primarily composed of fatty triglycerides, with approximately 80 percent saturated fats and 20 percent unsaturated fats. Palm kernel oil can be found in a number of products, including margarine, vegetable oil and shortening, creamers, chocolate and ice cream. Depending on the amount per serving, palm kernel oil may offer some health benefits.

• Large amounts of carotenoids act as powerful antioxidants and positively affect the weakened hair and skin – this is the reason why palm kernel oil is widely used in the beauty industry.
• The oil is also the record holder for the vitamin E load, consisting of tocotrienols and tocopherol that fight free radicals triggering cancer onset.
• The oil contains triglycine that are digested very quickly, and when they get into the liver, they go on to produce energy without getting into the bloodstream – so the oil is beneficial for people who experience difficulties digesting other fats as well as for athletes.
• A lot of unsaturated fats like oleic and linoleic acid that helps lower blood cholesterol levels, participate in structuring the bones, joints and are beneficial for skin health.
• Absence of certain fats that can cause atherosclerosis.
• The presence of oleic acid.
• Pro-vitamin A ensures the functioning of the vision analyzer and participates in the production of visual retinal pigment.
• Red palm kernel oil is the most beneficial due to the high content of carotene.

For the benefit of those who may not know much about the oil palm trees and its values

The palm fruits and kernel nuts

The cracked kernel nuts