Business ideas: Find a job now

Lynn Prins

Business ideas should be your number one priority for various reasons starting now. Perhaps you have been looking for business ideas this year or you have been thinking of business ideas.

Whether your answer is yes or no, you should know an important reason to be thinking about business ideas and it should simply be to secure your employment.

It’s no secret the economy has been in shambles and for many this has been disastrous. The unemployment crisis has completely spiralled out of control, from a wound to a festering sore if one can describe it that way.

Well, perhaps it’s a good time to come up with business ideas to start your own business now, one would think as the job losses would likely continue as sad as it is.

Last year the National Bureau of Statistics (NBS) in Nigeria stated that the unemployment rate increased to 10.40 percent in the fourth quarter of 2015 from 9.90 percent in the previous period.

Statistics show that the number of unemployment persons went up by 518 thousand to 8 million and labour force population rose by 1 million to 76.95 million.

This essentially means the underemployment rate grew to 18.7 percent (14.4 million), compared to 17.4 percent (13.2 million).

In case you’re confused between unemployment and underemployment, here’s what you should know:

Underemployment simply means a person that does not have enough paid work or not doing work that makes full use of their skills and abilities.

For example, an individual with an engineering degree working as a pizza delivery man as his main source of income is considered to be underemployed and underutilised by the economy as he, in theory, can provide a greater benefit to the overall economy if he were working as an engineer.

Also, an individual that is working part-time at an office job instead of full-time is considered underemployed because they are willing to provide more employment, which can increase the overall output.

According to the NBS, it also stated that the unemployment rate in Nigeria averaged 8.85 percent from 2006 until 2015, reaching an all-time high of 19.70 percent in the fourth quarter of 2009 and a record low of 5.10 percent in the fourth quarter of 2010.

Since the effects of the slump in international crude oil prices hit Nigeria, no less than 250.000 people in Nigeria have lost their jobs.

Sectors that were mostly affected were banking, oil and gas and telecoms.

Evidently statistics have proven that these days nobody’s job is secured in Nigeria, and this due to the economy being at its lowest.

Earlier this year, Jobberman an online recruitment firm did a survey which indicated that about 45.72 percent of Nigerian graduates are unemployed.

According to the survey, the disturbing rate of unemployed graduates in the country is cause for concern, just as it appealed to all stakeholders in the public and private sectors to intensify training and job creation programmes.

With regards to the survey, it revealed that a total of 41.032 out of the 89.755 people who responded to survey questions said they were unemployed graduates.

With all the information presented, it is perhaps safe to be realistic about the fact that the country is sitting on an unemployment time bomb.

So, if are you still part of the lucky few to be employed whether you’re with a major company or not, time to redirect your future planning before it’s too late.

Before your business ideas expand, here’s what you need to think of:

  • Uniqueness
  • Relationship building and connection
  • Location
  • Branding
  • Advertising

Listed below are businesses ideas to help you secure employment:

E-commerce is the new trend

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It’s been said that electronic commerce is the easiest kind of business to start because you already have millions of online “customers”.

Perhaps this is true, the fact that it is recommended to be the easiest kind of business to start (of course), but your next step would be to turn these “customers” into buyers of whichever products it is you’re interested in selling.

An example of a successful online service is a company called Printivo, which is situated in Lagos.

Last year October, this fresh and new business received over $100.000 in funding from foreign investors. This business focus on designing and printing corporate business cards, letterheads and notepads for all kinds of companies, and it’s all done online including orders from customers.

It’s that easy to start an online business.

Start a car wash

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No one ever likes to wash their own cars, that’s a given. So if you know the ins and outs about cars and you think it’s your strength, then perhaps this is for you.

Remember the main thing in this kind of business is to comply with good management and a right place.

Try to choose a strategic place for example in Lagos or in other city overcrowded by cars.

Catering services… For the love of food

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We all know Nigerians love to party, and party they can. So when it comes to a party, or organising a special occasion, what better way than to take advantage of offering your catering skills and expertise.

Start a mobile phone repair centre

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With the new age of technology by now everyone should have a cell phone or some new gadget, and yes there’s always more than one phone per owner.

It usually ranges from the oldest to the latest smartphone. So what happens when one of these phones break, we are not all fortunate to whip out cash and buy a new one, especially not with the ratchet economy.

This is where your business can excel creating a huge growing market for phone repairs.

Become a food vendor

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There’s are always those groups of people that are tied up and too busy to get a good meal. Provide food and drinks at a suitable place. Become the go-to person for a quick bite right on time.

This saves your customers a lot of time to enjoy lunch.

Second-hand clothing can be as good as new

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It is believed that many Nigerians prefer to buy used clothing of good quality instead of cheap fakes. The cost of importing used cloth is very low, which guarantees good turnovers of your investments.

Remember, people will opt more for bargains especially in tough economic times.

These are just a few examples to give you an idea of how easy it can be to start a business that will secure employment and an income as we all know even the best-laid plans go astray, so best to be prepared.

For more financial advice, let us put you in touch with one of our trusted financial advisors.

Do you need a loan? Let CompareGuru help you today!

For more great tips, visit the Compare Guru blog.

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