How to choose a profitable business niche.

I have often been asked ” Bro I have this amount of cash on me,and I want to go into business,but I don’t know what type of business to go into”

My response is usually ” how fast do you want to lose that money of yours,I advice you to let it rest ,while you figure out if you are primed and ready for business?”

Because going into a business is quite different from choosing a business.

In 2010 ,I made one of the costliest business mistakes of my life.I wanted to start a boutique in Awka ,AnambraState.I had already rented a shop at a location very close to the market (my first mistake).But then,the agent told me that having a shop very close to the market was a very good thing and I ignorantly believed him (I was naive).

So,I boarded a bus to Lagos,I was still debating which line of clothes to buy even in the bus going to Lagos (inexperience & carelessness) I was still undecided even when I was eventually in Lagos and on my way to Balogun market ,where I was to purchase the clothes.

I don’t know how ,but I ended up settling for very expensive ladies wears.And I bought and bought till I was drained financially (lack of financial discipline).I was glad I had spent my money,that hot money in my hands then,I believed I had become a businessman.

The long and short of my stint then in business was that I lost all the capital.The location of the business did not help me as my clothes were more expensive and I had no customer base.The ones I couldn’t sell,I gave away.Bottom line I lost a business and I lost money.

Ever since that experience,I have gone ahead to manage people’s businesses and have helped friends set up profitable businesses FREE of charge.
Did I say I run my own business too!

You too could make the same mistakes if you are not properly guided. Money is hard to come by and should not be thrown away by our naivety or ignorance.

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