7 Fast Growing Small Business Ideas and Opportunities
There are untapped business opportunities in every industry all over the world; you just need to dig deeper to find such niches. While there are untapped business opportunities in every industry, this post will be pointing out the fastest growing business opportunities. If you’re in Diaspora wishing to start a business; then you will find this list of fastest growing business opportunities very useful.
A lot of things have been said about my country and her harsh business terrain. If you are a entrepreneur or an investor in Diaspora; then this is my take about starting or doing business. If you are an experienced serial entrepreneur or an entrepreneur with guts; then you should know that one of the best places to invest your money and build a business is in a developing terrain.
Africa is still a developing continent and one of the best places to invest or build a business is in a developing environment. Though the risk is high, so also is the reward. Like I said; if you are an entrepreneur with guts to take on business challenges like Richard Branson; then this post is for you. If you are hungry for entrepreneurial ideas and information; then sit back, grab a cup of coffee and read on as I present with you a detailed list of 8 fastest growing business opportunities.
1. CATFISH AND POULTRY FARMING
The first of the fastest growing business opportunities is catfish farming. The primary reason I listed catfish farming as one of the fastest business opportunities is because it’s an emerging industry that hasn’t reached its peak or full potential. The major players in this business are usually regional players. What this means in essence is that each major player in the catfish farming industry is focused only on a particular business terrain within the geographical location of the farm.
All you need to do is look for a region with a growing demand that haven’t been covered by a major player and situate your business there. As for poultry farming, the ban imposed by the federal government with respect to the importation of live or frozen poultry birds has only helped explode the demand.
When accessing any of these business opportunities listed above, you must note three important facts.
*Food is one of the basic necessities of man, thus making catfish and poultry farming a huge potential.
*Population continues to growing so that entails a growing demand for food.
*If the local market gets saturated (which I strongly doubt as this niche is still in its adolescent phase), there’s still a growing demand for catfish all over the world. So do your own in-depth analysis and put your money to work.
2. INLAND WATER WAY TRANSPORT
Inland water way transport is one of the fastest growing business opportunities. In fact, I believe the niche is still untapped because I have only seen a few modern commercial boat or ferry service system being run profitably. Though there are a few operators in this industry, I’m yet to see the modern facilities being used by the developed countries.
Another reason inland water way transport business proves viable is because population in states such as Lagos, Ogun state and Rivers is rapidly on the rise thereby resulting in the congestion of roads. Since the roads are becoming heavily congested; the next means of transportation the inhabitants of these heavily populated states will resort to is water transport. With proper planning, a good management team and adequate funding, you can break into this untapped industry and carve a niche for your business.
3. INFORMATION AND COMMUNICATION TECHNOLOGY
When it comes to ICT, I will say Africa is lagging behind when compared to the western world. It may sound like bad news to you but to entrepreneurs and investors, it is good news. ICT is still an emerging trend that hasn’t reached its peak so a lot of opportunities exist for both local and foreign investors. I won’t go into the capital intensive business opportunities that exist in the ICT sector; rather, I will stick with small and medium scale business opportunities.
Just as the world is going e-crazy, so also are many African nations catching up with the trend. E-services provision is still a virgin business opportunity that hasn’t fully been tapped. Under the umbrella of providing e-services; you can find the following fast growing business opportunities: E-payment, bulk sms services, web design and hosting, database management services, e-portal management, etc.
A lot of institutional and private investors have gone into building quality schools and providing quality education but the potential has not been reached. With a population of over 150 million in my country, where 65% are below 40; there’s still untapped potential in this niche.
You can access this business opportunity from different entry levels. You can tap into this niche by providing either crèche, primary, secondary or tertiary education but all entry levels holds strong potential. Please carry out your own analysis before investing in any level of this business opportunity.
Not everyone loves being educated within four walls of school. Some prefer street smart education or high speed learning and that’s where you come in. You can set up a seminar company that organizes coaching services according to the current needs and trends of the society.
7. TRAINING CENTERS
Specialized training or educational centers is another fast growing yet untapped business opportunity. Examples of specialized learning centers are Leadership training schools, entrepreneurial centers, training center for the gifted and physically challenged, training center for hobbies and crafts, etc.
In conclusion, I want you to know that of the numerous business opportunities and potentials available in my country Nigeria, I believe the ones listed above are potential money makers but I emphasize you do your own feasibility study before investing a dime in any of these business opportunities.