The key to starting a successful business is getting your mindset right that you are the business owner. Not the 'business-doer.'
The first thing that most get wrong when they start a business is that they think that they need to be an expert in the delivery of the product or service that their business will sell. Error.
For example, I have experience in digital marketing so I should set up a digital marketing agency or I am a trained chef so I'll open a restaurant or I'm a trained accountant so I'll start an accountancy practice (oops).
This is normally a BIG mistake.
Because if the business that you start is one that you are proficient in delivering the services of, then you will struggle to stay out of that operational role.
You will be 'doing the doing' rather than running the business as a business owner. This is equivalent to giving yourself a 'job'. Just way more stressful.
So when evaluating business opportunities, don't be put off by the fact that you might not have any direct experience in it. This will likely prove to be a blessing going forward (as you can't then slip into the driving seat when the **** hits the fan!).
As you are starting with a lump sum of cash (per the Q), this arms you with the resources to invest in hiring the people who can do the work. You may need to invest quite heavily in a senior member of the team who is experienced in the field and who can lead the operational side of the business. You must stay responsible for strategy and overseeing the direction of the business (at all times).
Ideally, you will steadily build out a team who can run the business without you. For this you will need to start embedding good systems into the business from day one. This way your business will be run 'by the systems' rather than by your team (think 'McDonald's' as the ultimate example - a billion dollar business largely run by 16 year olds!). The advantage of this is that if one person leaves, the next person can pick up pretty much right away. Also, it builds the value of your business as any future purchaser knows that they are acquiring a 'plug-and-play' system that generates cash without them.
I would steer away from 'hot' new industries. As tempting as it might be to invest your cash into a pioneering new business and become the next Elon Musk, it is normally way too expensive. Expensive specialist staff to hire, expensive product development and, most expensive of all, a new market to have to educate on why they need your product or service (as it's so new).
I am not saying never set up a trail-blazing new business, I just wouldn't make it your first - you can experiment down these lines once you've trousered your first few $mill!
So I would start a new business that:
That's how I would play it.
Easier said than done though as the draw to edge into the operational side of the business is often too hard to fight off. But you must resist. Otherwise you'll soon wake up and find yourself in a 'job' with a tyrant of a boss (aka YOU!).
This question appeals to me as for a year now I have been trying to get a lump some from investors so I can start my own business, but the problem is no one is really wanting to join my campaign.
For 15 years I have been a chef I have taken risks in the industry that have seen massive gains for the companies that I have worked for, one business I made them increase their sales by 45%.
With all the training and learning that I have done there is not much that I don't know about food.
We moved house and I have got a job delivering pizza for an amazing guy, he has the best pizza sauce and I love working there, the sales have gone through the roof since I introduced a new menu item that has got very popular with his customers.
I now feel that I am ready to take on the takeaway world and open my own takeaway, i have a friend who I work with who is investing £2000 and I am putting the same into the business, we need another £6000 to make things work for us both and that has become a problem.
If I was given a lump sum of money I know that I would put it into this business as I think that it would make it back in the space of 6 months then everything is pure profit.
We have a goal to open 5 more takeaways in the next 3 years which will open jobs for people.
Now the problem with takeaway these days everything is processed and we believe that everything should be made by hand, so our burgers will be made by us, same with the pizza and Kebab.
We want to make it so people get better than what is offered on today's market as it is all made in a factory and put on the menu of every takeaway in the country, and this to me and my friend is a bad thing.
We can see huge returns from this idea, we have a menu that we want to put in place and we have a premises to use but everything costs money and that is something that we don't have right now.
If I would be given a large amount of money, I would start a room for rent business. I think that it is a kind of business that will surely have gains.
It is since you own the lot and the rooms, and that its value will most likely appreciate than depreciate. It also requires less manpower as you can be the landlady or landlord yourself.
Less maintenance as well especially if it will be clean your own rented room and space kind of contract.
It could also be a bed spacer which will surely hit near colleges or universities. Dorms exclusive for girls or for boys.
Over the past years I've started a few initiatives which did helped me to be able to do what I want today. However if I had to do it all again I would start a few businesses in several sectors which would have these 2 key characteristics :-
So what business would be able to be suited in these categories ? These are just two of the ideas which I have tried and is currently sustainable and seems to be giving out good yield.
Business #1 - Advertising business
What ???? You gotta be kidding !! That's the toughest business ... and that's the most common answer which I normally get. However let me tell you this ... if you are able to create your own advertising network and grow it substantially , its not really that hard. All you require is to find a niche.
In my experience, I created an advertising network thru local wifi. I was able to strike deals with shopping malls and public transportation to be able to grab hold of their wifi real estate. Once you have obtained that, you can then tie in with Advertising agencies and get them to place their clients on these exclusive wifi zones for advertising.
Why advertisers wants this slot ? As these are exclusive networks and not just some random website which people so happens to go to . A lot of advertisers will pay a good sum of money to be seen in these locations. You then provide a profit share with the wifi venue and you would be surprise on how much clean revenue you will be able to earn from this. Our largest advertiser paid $100k for an advertising slot for 1 year for just 20 locations.
Business #2 - Crypto Trading
WHATTT ?? LoL ... a lot of individuals which got left with a bad taste in their mouth after the huge bull run in Jan 2018 followed by a super 10 month bearish run. How can one realistically make any money here and how about automation.
Ever check out this website ? https://arbitrage.coincheckup.com/
Google up the word Arbitrage trading and you will the a whole new world of trading. Also you would require to be able to run a few trade bots within your most commonly used trade platform. In my case I use mostly Poloniex and Bittrex as there are many ways to automate your trade.
Just do not get greedy and try hit for super high profits. Take small steps and gain from the long run. I normally run about 20 - 40 trades per day depending on market movements. And its helped me increase my portfolio.
SO ! There are many other businesses which you can setup and make substantial gains which I would love to share .. however it would risk giving out all my lil secrets =) .
If you have knowledge of coding , that is normally a real big plus in todays world. There are much things you can do just be being able to automate stuff and make your money work for you really hard.
Cheers and have a great day ahead.
I would move to Las Vegas and open a brothel. 100% without a doubt. You would make money hand over fist. 2 things are recession proof, booze and a mans sex drive.
Honestly, I don't have much knowledge about running a business. So I think the best thing for me to start one is to franchise, and I got 2 options.
First is a Gasoline Station. Nowadays there are a lot of vehicles in our place. Public Utility Industry is growing, so I think a gasoline station is one of the best option. You just need to look for a better location.
Second is a Fast Food Restaurant. I know running a restaurant needs a lot of hard work, but since it's a franchise Restaurant that means there are guidelines/standards that should be followed. That makes easier than when the Restaurant is not a franchise.
After the franchise agreement/contract for sure I already have enough knowledge to run a business. If the franchise went well then extending the contract is a good option. Expansion is another good option, you just need to look for another good site to put up the business.
It would related to information products and services. Somewhere along the lines of providing statistical analyses, reports, and research with wide applications. If I were to narrow a field to focus with this type of business, it would be entrepreneurs wanting to know more about how to make use of the data they are getting.
It's practical since a lot of business would want to know how to understand the figures they are getting and get better numbers.
When I have a lot of money as capital, the business that I will start is a business that is related to crypto currencies, whether it's trade, investment or others.
Why do I choose crypto currencies as a business base?
Well, there are some things that I can catch as long as I am in the scope of the crypto currency.
"Crypto currencies and blockchain are real futures".
Although there are currently no clear regulations from various world central banks, one of the most famous crypto currencies (ie XRP / RIpple) has been able to attract their interest by offering cross-border payment technology that is cheap, transparent and almost instant.
I am very sure the crypto currency and blockchain have been able to master the next decade, and at least the business I will build is able to get on the bandwagon.
There are so many information on the internet on how to start fish farming in Nigeria especially catfish farming but few are detailed enough to really assist aspiring fish farmer to get started. I will be endeavor to make this article as detailed as possible and hope that other experienced fish farmer will add to it as we try to answer people’s questions by commenting.
One of the most popular agribusiness in Nigeria is fish farming and for good reasons. Gone are the days when the only means of getting fish is by catching it in the local rivers and ponds through trial and errors. Today, the modern farm practice has made it possible to grow fish in the farms and control the input.
Catfish Farming Nigeria Picture
Matured Catfish, Ready For Market | WealthResult.com
If you are thinking of business to start now, I recommend you start Catfish Farming. If you are an existing farmer and you are looking to expand your farm capacity, I’d encourage you add fish farming to your line of business. Fish farming (especially catfish) is most compatible with poultry farming as you can use the poultry drops to produce the feed for your fish.
Benefits of Fish Farming
1. Fish is Popular
Fishery products is by far the most popular animal products in the market, constituting more than 60% of meat produce in the Nigerian market.
2. Fish is Source of Protein
Fish is one of the highest source of protein. It is a low-fat high quality protein that is filled with omega-3 fatty acids and vitamins such as D and B2 (riboflavin). Fish is also very rich in calcium and phosphorus and is equally a great source of minerals, such as iron, zinc, iodine, magnesium, and potassium.
3. Fish Sells Quick
Fish sells faster than any other animal products in the market and is relatively cheaper than meats, making it the number one choice when it comes to affordability.
4. Fish Matures Quickly
Fish grows very fast as practices in fish farming makes it possible for farmers to increase the fastness of their fish growth by giving them certain feeds, ensuring that you harvest and sell within short period of time.
5. Fish Contains Omega-3
Fish is the biggest source of Omega-3 fatty acids which is extremely beneficial to human heart; Omega-3 helps to keep our heart and brain very healthy. Since human body doesn’t produce Omega-3 fatty acids, the only source through which we can get it is by what we eat, that is where fish comes to the rescue.
6. Fish Farming is Profitable
Fish farming is very profitable. With proper planning and good management, N3 million investment in fish farming could easily result to N4 million of pure profit within six months.
7. No Environmental Hazard
Fish farm does not cause any environmental hazard. Unlike poultry farming, you can setup fish farm anywhere, including residential areas. If you have a specious compound, you can easily setup a small fish farm within your backyard without any regulatory precaution.
Risks and Challenges in Fish Farming
1. Sensitive to Manage
Fish is very sensitive to manage and a slight mistake could result to degenerated growth of your fish or even death which may cause massive revenue loss.
2. Capital Intensive
Setting up fish farm is capital intensive, much more than that of poultry and snail farming. Setting up fish farm requires more careful planning and much capital input. A relatively small fish farm may take up to N500,000 to setup, while bigger ones takes millions of naira.
3. Fish is Priced High
Due to the cost of production, fish produced from the farm is priced higher than those caught from the rivers and ponds by fishermen. Therefore, if there are good quantity of fisherman’s fish in the market, you may find it difficult to sell as people would prefer the cheaper ones.
4. No Byproduct
There is no byproduct in fishery unlike poultry where even the drop can be harvested and sold to other farmers and make extra profit. In fishery, all you get is the flesh.
Types Of Fish You Can Farm
Haven seen the benefits as well as the risks involved in fish farming, let’s now proceed to decide which specie of fish we want to farm. Below are some of the most popular fish species that is suitable for Aquaculture.
1. Cat Fish –
Even though Catfish is not the most popular fish in Nigeria, this fish species is by far the most cultivated in Nigeria. One thing good about catfish is that it is one of the easiest fish species to cultivate. So, people naturally flow to the direction of fish specie they found to be the easiest to cultivate.
2. Tilapia –
Second most popular fish in Nigeria’s aquaculture industry, Tilapia is a fish species that lives in fresh shallow water. Tilapia is very easy to cultivate and very popular in Nigerian market, it reproduces very rapidly and grows fast too.
3. Mackerel (Titus) –
This is by far the most popular fish in Nigerian market but so sad it’s not farmed. All Mackerel Fish are “wild caught” but some farmer in Nigeria are considering the possibility of creating artificial salty water that will be similar to sea water where mackerel can only survive. Can this deep blue sea fish specie be cultivated artificially? Only time will tell but for now, you have to focus your attention to Catfish and Tilapia.
What You Need To Get Started In Fish Farming
1. Secure a Land
Any location is good since fish doesn’t cause any environmental disturbance. Look for land where you can get it cheap and buy. Depending on the capacity you wants to operate on, half plot of land is just good enough for average fish farm.
However, you may go for something bigger like full plot or two if you can afford it probably for convenience sake. If you already have a compound with leftover space you thing can accommodate two or three ponds, you may use it.
2. Construct Ponds
You need to engage the service of expert pond construction engineer or you go to another fish farm to get the specification and construction requirements. The plumbing work must be properly done to ensure proper drainage.
Catfish Ponds For Catfish Farming
Example of local fish ponds in Nigeria
3. Dig a Borehole
Adequate water supply is the lifeblood of fish farm and lack of it may result to disaster because water need to be changed on regular interval. Naturally available sources of water such as borehole and river water is the most suitable. Rain water and tap water from chemically treated source is not recommended for fish cultivation.
4. Install Overhead Tank
This is the water reservoir from which water is supplied to your ponds. This tank has to be connected to your ponds through plumbing system to make it convenient for water to flow into your ponds when needed.
5. Get Juvenile Fish
Get your juvenile from another farm that specializes in supplying it. You need to go for the high yield specie of catfish or tilapia and make sure you are getting it from a healthy farm.
6. Get Training
Not the kind of training you get from one day seminars; you need to get attached to a fish farm for proper apprenticeship. For you to properly learn this trade, you need at least two months training on this.
Remember that your investment is at stake, trial and error is not good in business except you have unlimited funds to experiment with.
Feasibility Study For Standard Fish Farming
SEE ALSO: Feasibility Study On Poultry Farming For Beginners
This feasibility study prepared for a catfish farm capacity of 10,000 and fingerlings of high breed catfish where to be stocked. The expenses from pond construction to marketing is considered. The farm is to have 10 concrete ponds of flow through system and each pond is to contains 1,000 stocked catfish.
Cost of Constructing Each Pond is as Follows
Each pond is 3m x 2.5m by 1.4m, each pond consumes 210 blocks and each bag of cement for 30 blocks. Hence 210 x 10 = 2,100 blocks. 2,100/30 = 70 bags of cement needed. 2000 x 70 = 140,000 naira.
4trips of sand used = 7,000×4 = N28,000
2trips of gravel = 32,000x 2 = N64,00
Cost of labour = N150,00
Cost of plumbing (inlet and outlet facility) = N100,000.
The cost of bore hole = N150,000.
Cost of treatment = N50,000.
The cost of high breed fingerlings 30×10,000 = N300,000.
Cost of feeding from day one to maturity stage is 200 bags of foreign feed = N1,000,000.
After the average weight of the fish was 1.7kg. And it was sold at 800 naira each. The output was 800×9800 fishes, due to 200 mortality. 800 x 9800 = N7,840,000.
Input is N3.25’million. The profit is N4.59 million after six months of culture. Following this cost analysis, you can easily invest N3 million and expect good turnover within six months of harvest and sell.
There is no doubt that fish farming is among the list of lucrative businesses in Nigeria. You need to get it right by drawing complete business plan and following it to the later. You need to apply good management skill and follow the acceptable standard. If you do all these, you are sure to make good profit from your fish farming business in Nigeria, Kenya, Ghana, South Africa or where else you choose to set it.
First and foremost if given a lump sum on the condition of having to start a business with it I would do some serious homework prior to starting. I would make sure that there is a very high probability that the business I would start would be sustainable. Sustainable in the means of financial returns and the return on funds to pay bills and support myself for the time spent in building/running the business. I would make sure the emotional return of it being fulfilling work that I consider worthy, useful, and something that brings happiness along with the challenges and potential pitfalls that may ensue. I would also make sure the location is worthy of the business being how the local economy is structured in that my returns and hard work over time would contribute to a solid tax base of people that are also driven to build the local economy in ways that are fairly similar to my intentions. That includes local charity work, community life, focus on education, focus on crime prevention, focus on overall daily incremental improvements of quality of life on a perpetual basis. Then I become fully immersed in making this work and begin the most important phase of being a business owner, balance of life in the hierarchy of quality time spent in building all of these phases but most importantly to those that are closest to me and reinforcing those principles in my life the best I can that are not negotiable and paramount to my daily purpose.
I would start a business with a gold mining business.
Gold is always in value.
The business I want to start is a news channel called @newforyou. It won't be very profitable, but it will be inspiring to create a news and entertainment network that doesn't rely on advertising. And I'm convinced that there are people who actually want to give me a lump sum for this.