Four (4) growth sectors to focus your entrepreneurship efforts in 2020
New and expected government policies, lifestyle changes, and global trends are the factors that shape sectors. The most fortunate entrepreneurs focus energy on growth sectors. Some of them play the strategy of INVEST & WAIT. In the end their patience is rewarded with huge business growth and revenue.
Globally, jobs are disappearing. Those who are employed are made to work more or less like entrepreneurs – by bringing office work home or taking up a gig contract. As it is the best thing that can happen to anyone is to step out and create some sort of business.
Yet that won’t come from the ether. Creating a business has to be approached strategically by taking into considerations needs, policies and trends. In Nigeria, presently, here are 4 sectors anyone seeking to create a ‘hustle’ – whether a full time hustle or a part-time hustle – can take advantage of in the next coming months:
a. Innovative Farming – As the Federal Government looks for ways to diversity Nigeria’s economy, the richness of the soil from the Southern West to the Northern part of the country is seen an opportunity base to revive agriculture. Smart entrepreneurs are already taking advantage of this. From FarmCrowdy to those engaged in Corn Farm and more, the entrepreneurs take innovative approach to farming business by collating seed investment from the larger public and putting them in the hands of distant farmers across small to bigger farmlands. The smart entrepreneurs help the farmers take sophisticated approach to farming for maximum productivity, while further creating a market to sell the produce locally and internationally. This hands-on approach is a win-win for farmers, the innovative entrepreneurs and the investors who get close to 40% interest on their investment in less than 1 year. Beside, commodity brokerage is being set up in Marina to broker sales of produce, and several international organisations such as USAID are also putting money into helping Nigeria make the best of her farmlands. Also, the Central Bank Nigeria is frustrating the efforts of food manufacturers which buy raw materials from overseas. Internally the market for farm produce is bound to growth. Export too will see growth considering the brokerage and impact of NEXIM.
b. Retailing – China has no doubt built a strong system that made it the ‘THE WORLD FACTORY’. The advantage of an enormous population base and expansive natural resource have made the rest of the world outsource production to China. Hence, from Nigeria to US, to Dubai, every other market is growing to become retailing hubs for products manufactured in the Pacific. Talk about clothing, shoes, mobile devices, industrial machines, home-wares, gardening implements, and work tools, opportunities abound for anyone who will like to have direct link to China or Taiwan. Large discount chains in Nigeria outsource the manufacturing of their store brands to China too. Hence, for those who will like to own a fashion brand, the approach is simple. Research the need of your target market, send size, colour and description of label to China or Taiwan, even Mauritius, while you create social media outlets such as Instagram or e-tail to market and deliver in your home market. These advantages are lucrative for those who can invest further in sales to break-even in good time.
c. Tech – If you know how to code, design a website or build mobile apps, you are already stock up for the future. You will remain relevant for the next 20-years at least. Tech is being deployed these days to tackle everyday problems – from ordering your prescription drugs from original source, to shopping, to monitoring heartbeats, keeping check of spending, tracking the use of time, managing mails, connecting workforce etc. If you find an area that is strong enough, it is time to put your coding brains to work and create an app or platform to provide tech solutions to meet everyday need.
d. Alternative Power Source – Constant electricity supply is becoming a luxury for many areas of Nigeria, if not all. As the cost of producing off-grid electricity decreases, entrepreneurs can build mini solar farms to supply close proximity such as small markets or estates. The cost is still scary though. Playing an ‘invest and wait game’ will be worth it for investors in this sector. Why? Generating electricity through diesel generator-sets is seeing as dangerous. Global campaign against sources of climate damage will soon catch up with those using diesel to power generators. The recourse for homes and large manufacturing plants? Well, you won’t say PHCN but the mini solar farms located across cities. That will be the ‘Mainone’ of electricity supply in the coming years.