One of the major challenges entrepreneurs complain about is that of resources, otherwise known as capital needed to kick off their business. Some other complaints include bearing the burden and risks of the business alone or not having a person to brainstorm or share decision-making abilities with. This is what brings us to a business model often neglected in Nigeria: Partnership.
Top 10 Partnership Business Ideas in Nigeria
There are many reasons people do not consider this mode. Such reasons include:
The idea of being self-made: Whenever entrepreneurs have business ideas, they want to keep it to themselves and work on it alone, so they can say they are self-made successful entrepreneurs. The danger of this is that the business world is a tough one and many times, you do need a helping hand. They say two heads are better than one. In order to make it through the tough times, it is important you have a business partner or partners with which you can glean knowledge from in order to make better decisions for your business.
Business partners are like a supporting system that has an equal stake in your company’s success. As long as you take time out to have the right partners, you will do fine.
First, it is important to find a business partner who shares your passion and objectives for your business. You can only get the right business partner if you are sourcing for one for the right reason.
There are many reasons why you should consider having an equity business partner. This could include:
Capital: Every business needs funds in order to succeed. While there are many ways you can source for funds e.g., through banks and cooperatives, these ones give loans based on high-interest rates and also demand collaterals. You can consider a business partner because they offer you capital on more favourable terms.
Access to a wider network of contacts
The business world thrives on connections and relationships. It is frustrating to have work you need to get done and not knowing how to go about it simply because you do not have the right contacts. If you are a budding entrepreneur, you can have a business partner that helps with the connections needed for the activities that you need to get done in your business.
It is important that your partner adds value to your business in any of the above ways.
However, the first step towards getting a business partner is having a business idea over which you can partner with. Whichever business you decide to go into determines the business partner you work with. Since a business partner is meant to complement you, your partner must have the necessary skills, experiences or knowledge needed in that particular line of business.
This article gathers a list of 10 top partnership business ideas in Nigeria. Read on below:
Fast Food Eatery
The fast-food business is a very profitable one in Nigeria. Food is an essential product and thus the demand for it is very high. You have no problem with making profits as long as you set other factors right. However, this business is one that is not only capital intensive but requires good administration and management, or else it will crash. If you are an entrepreneur with an already good skill set for running a restaurant, you can partner with someone in other business areas.
Dry cleaning services are another under managed business opportunity in Nigeria. We have many people running this business with little or no professionalism. The business is highly profitable if you can balance things up well. You could partner with others in order to put other elements such as cleanliness, excellent services and price in a good fit to enhance your business.
Sales of Building Materials
People are constantly building new houses which means an increased demand for building materials. Sales of building materials or equipments is a highly profitable business. Investing in this business is a good business idea.
Establishing a Nursery and Primary School
The business of owning a school is another that seems overcrowded in many towns and cities in Nigeria. However, those doing it right are far from many others who are only joining the bandwagon. School business needs proper administration, funding, and connections. You can find the right partner and start a school.
Transport businesses are also a great business with a huge potential for profit. However, they are poorly managed and have poor service delivery. If you invest in this business and have a good management system, you will do just fine.
Professional Car Wash
This business is great in strategic locations such as large cities where people are too busy to wash their cars and will rather outsource the job. Car wash businesses now use machines to work. A car wash business will thrive with good funding, excellent services, and good connections.
This is another money-making business in Nigeria. There are lots of traveling that take place as well as festivity in Nigeria, so you do not need to worry about making sales. However, invest in good administration and funding.
Sale of Furniture
Sales of locally made furniture is a great business idea. All you need is regular supply from reliable carpenters, capital for a good location of your business and the right connections which can be provided via a partner.
Pure Water Production
The pure water business is a great one as we all need water to survive. The business is capital intensive and thrives if properly run and managed.
Nigeria has huge potentials in Agribusiness. The government is now coming back to farming having neglected it due to the discovery of oil.
This is a business that makes huge profits. It is a capital intensive business that also requires hard work. However, the returns on investment are high. You can get a partner who will invest in terms of finances or with the knowledge, experience in order to make huge profits.