One of the important things to consider before starting a business is usually the competitive nature of the business, this is because the profitability of a business is usually greatly influenced by its competitiveness.
It may not really be arguable that most businesses are highly competitive today, but the truth is that there are still many businesses out there that are yet to be exploited.
What Are Untapped Businesses?
Untapped businesses are those businesses that have very low competition. This means that there are still few or nobody doing the business. In this case, there may always be very high demand but a very low supply; which is a best condition that favours the profitability of a business.
Untapped business can also refer to the existing business opportunities that have high chance of innovation. We are going to be looking at them in the next section.
List Of Untapped Businesses
1. Skill Training Center
Seeing the rate of unemployment in most developing countries, it becomes clear that skills are the best way forward. Even aside the issue of unemployment, skills have been known to be the best tools for innovation and national development.
In this, many people have begun to understand the power of skills in avoiding unemployment; many youths today both graduates, undergraduates and non graduates are always looking forward to a better place to learn some lucrative skills that can put food on their tables.
So, if you are still searching for a profitable business that is not yet competitive, then opening a skill acquisition center would really be a nice option.
It is no doubt that it is an untapped business idea because we hardly see any skill acquisition center in our society today.
If you really have any relevant skill at all, then you can actually turn this into a lucrative business, but even if you don’t have any, you can still start this business and hire those that have the skills you want to teach in your center.
Skill acquisition center may not be meant for teaching only one type of skill, you can incorporate many different types of skills in your center; and this is why you may still need to hire other hands that have other skills you want.
2. Cassava Production/Progressing
Garri, which is a product of cassava, is no doubt one of the major and popular foods in Nigeria and in Africa at large, and it is very palpable that the demand for cassava is increasing geometrically while the supply is drastically reducing.
This is because the young people especially the graduates are not always ready to go into farming, they are always looking for the so-called “White-collar Jobs” which are sometimes, difficult to find.
So, cassava production/processing is one untapped business that is highly profitable, and doesn’t require much capital to start.
All you need is just a farm land where you can grow your cassava in the quantity you can afford; after which you can process your Cassava into many products like: garri, cassava flour, and so on.
I could remember the last time I went to buy garri in the market; I was surprised that a “paint measure” of garri was sold to me for N2,000. This is the same measurement that I used to buy for just N250 or N300.
Not only that the price of garri is high today, the demand is actually going up on daily basis; yet there are no much people to produce or supply garri to the market.
3. Photo Agency
Bloggers would really understand this better; most times you may be searching for specific type of photos to optimize your contents, but the photos you would see are always photos that are not relating to your race or geographic region, meanwhile you really need photos that relate to your region in order to express yourself in your contents.
So, you can open a photo website where you would load all sorts of photo collections from your region, that people may need.
4. Used Vehicle Spare Parts
The best way to generate a profitable business idea is by studying your customers or your potential customers.
For example: in Nigeria today, many people have believed that used/second-hand goods are always better and stronger than new ones. This is why you see people that would prefer to buy second hand phones, clothes, and so on, to new ones.
Using this customer behaviour to generate business idea, you would now believe that people would always like to buy used vehicle spare parts than the new ones.
To start this business, all you need to do is to decide whether you would be dealing on motorcycle spare parts, motor spare parts, or both.
You would have to start buying old motor or motorcycles, and dismantling them to get the parts that are still usable. In fact once you have your shop, people would always bring old motorcycle for you to buy, even at a very cheap price because the motorcycle is no more usable.
Most times, when you dismantle the motorcycle, you may be surprised that some of the parts are still strong, even stronger than the new products. In some lucky occasions, a single spare part from the old motorcycle may even cover the price you bought the whole motorcycle.
5. Gym Business
People are now becoming more health-wise, and now pay very good attention to their health. If you know much about gymnastics, then you can just buy few gym equipment and open a center where you would be training people on physical exercises.
6. Event Planning
Events are always expensive to run today in Nigeria; this is why some men in some parts of Nigeria are still single because of the cost of running a wedding event.
Because of the costly nature of running events in Nigeria, many people are always looking for a way to cut down the expenses of running events.
So, if you have a good management skills in reducing the cost of running events; then you can open your event planning center where people would always come to book you for events like: weddings, burials, birthdays, and so on.
People would always meet you and ask you “how much can I pay you to organize my wedding event for me?” In this, since you may decide to charge them like N200,000 or higher, depending on the quality they demand.
For you to run this business, you must need to have the contacts of DJs, Live bands, rentals like: halls, canopies, chairs and so on.
Since you already know how to manage and cut down event expenses, you would always make out great profit from the money you charge your clients.
7. Snail Farming
Snail farming is a very lucrative business, but still lacking competition because many people don’t know much about how to start and run the business.
One interesting thing about snail farming is that it doesn’t require much capital to start. It may be very surprising that N60,000 can set up a snail farm for you; and you would really be making over 100k monthly from your farm.
- READ ALSO: How To Start Snail Farming Business
8. Maize Production
Maize production is another untapped business you can think of. There is really a high demand for corn and its products today in the market, yet there is no much supply to meet up this demand.
You can actually go into maize farming and be making your money from maize. You can even process them into such products like: corn flour, corn flakes, popcorns, corn oil, and so on.
9. Poultry Feed Production
People seem to have understood the lucrative nature of poultry farming, but many of these Poultry farmers still buy their feeds from market because they don’t know how to go about making their own feeds for their poultry birds.
Making poultry feeds is really very simple and doesn’t require much capital or technical knowledge to run. So, you can actually learn how to do this within few weeks to a month, and start producing quality feeds for poultry farmers.
10. Yam Flour Production
We cannot forget to state the fact that pounded yam is one the best foods in Nigeria. You would better understand the value of pounded yam if you should visit any quality restaurant and order for it; the price is always very costlier than you can imagine.
Though pounded yam is a very nice food that everyone loves, the stress of preparing it always discourages many wives from making it at home.
But with the yam flour, it becomes very easy to prepare alternative pounded yam without the usual stress, using the same process of preparing garri.
11. Bee Farming
Honey has remained one of the most demanded and costly products in Nigeria today, because there are just only few bee farmers out there. This business doesn’t really require much capital to start. All you need is just the knowledge to go about it, and you would start making cool money from it.
12. Online Forum
If the owner of the popular “Naira Land” should tell you how much he makes from the forum, then you may open your mouth and forget to close it.
Over the years, I noticed that Naira Land has being with only one design and features. Then imagine if you can come up with a different online forum that has more features and better designs.
13. Pets Breeding
Just like the Western world, Nigerians have started loving pets, but it’s quite unfortunate that there is not always a place to buy the quality and kinds of pets that people need.
So, why not think of opening a garden where you would be growing different types of pets like: dogs, cats, snakes, birds, and so on.
14. Nylon Bag Production
One of the most used products today is nylon bags. This is because every goods we buy in the market always requires the nylon bags for packaging.
I know definitely that many people may be thinking that nylon bags production requires a whole of technical skills, or capital to set up; some may even think that one must have to build a company/industry before being able to start producing nylon bags.
But the good news is that anyone can learn the skills and can start the business with very little capital, even in a single room.
I know of one girl that just wrote her WAEC last year, and proceeded to learn the nylon bag production. Within just few months, this girl was already done with the craft, and she is already producing the nylon bags massively and making her money even while using just a single room as her production shop.
So, nylon bag production doesn’t really require much; all you need is just the skills and some few equipment for the production.
15. Fruit Juice Production
If you have the skills of making a mixture of fruit juice that gives great taste, then you can actually start making your money from this business opportunity.
Many people are leaving Nigeria today because they think there is nothing they can do to survive in the country, but the truth is that many people have made it while in Nigeria.
There are many untapped business in Nigeria that are capable of changing your financial status overnight. Most of these businesses may require much capital to start, but there are still some that don’t even need much capital.