Showing posts with label start-up. Show all posts
Showing posts with label start-up. Show all posts

Tuesday, May 31, 2016

7 MOST IMPORTANT GUIDELINES FOR FIRST TIME ENTREPRENEURS: PRACTICAL STRATEGIES FOR STARTING CORRECTLY


 The current economic reality is a Tonic to being a good entrepreneur because technology has created a global business platform as well as propelled a great entrepreneurial trend. As a business owner, you now convey more access to info that enables you to definitely make smart decisions more quickly. You might have an advantage over the established companies because you are lighter, way more versatile, and quicker in your preferences. You can focus on new marketplaces more quickly, and you may turn on out of pocket.

By looking at the main issues and complying with plans from starting to the end is a condition to being a successful entrepreneur. Here are some useful guidelines that will help you as a beginner in the business world:

1.      AVOID JUMPING THE SHIP:  Don’t stop your salary work abruptly, Consider beginning your business part-time, especially if it can be transacted online while you’re operating and have a stable income. This usually takes 6 months to 12 months to get a company going and you do not want your own ability to pay your house rent rest upon your new business being an instant success. Begin with what you can manage, monetarily and time-wise, and range up as your company grows.

2.     DISCOVER AND IDENTIFY YOUR AREA OF SPECIALIZATION: It is better to identify a particular niche market where you have a competitive edge in terms of skill, expertise and knowledge, most especially if the business will start online; people are always looking for companies that focus on their needs or problems. You have to look for a need or something a particular group of people would like, but cannot get from what your bigger firms offers and fill this need. Since you cannot compete with the top guys, it therefore, means you have to discover where the established companies are not and go into such market. A friend of mine Adebiyi OLanrewaju who owns Fadeex Express and Logistics started his courier and logistic business 3years ago by identifying areas where top firms such as FEDEX, DHL, UPS, EMS SPEEDPOST, EPS, ERRANDEX, etc fails to ply their trade, his company is already growing in leaps and bounds  

3.     BEGIN SMALL TO GROW LARGE: It is always better to start a new entrepreneurship project in a small way and learn the ropes, watch the trends and build on the experience you have gathered in order to make your business a successful enterprise. The stories of Dangote, Eleganza, Facebook, Microsoft, Apples, etc are just few of the many big brand names that have become a phenomenon in the business world today. Instead of building castles in the sky with your tall dreams, it is better to start small and grow big.

4.      BUILD AN ONLINE BRAND WITH FOR EASY ACCESS: Even if you are not going to start an online retail enterprise, consider that this internet can play a very important marketing role for your company. Getting an online presence removes the limitations associated with physical area and broadens your consumer bottom by millions. It is also a useful thingy for marketing yourself and also letting individuals, even in your own personal area, realize that you’re generally there.


5.     BUILD TRUST AND BE CONSISTENT: For new entrepreneurs to succeed in the volatile business environment of the 21st century dominated by the market leaders, you need to build a long lasting trust of your brand in the hearts of your target audiences. And trust alone will not achieve the overall objective but one also needs to be consistent in your dealings with new and existing clients. Once your business is built on utmost good faith accompanied with consistency, the sky is the starting point to greatness.

6.     DO NOT QUIT. Effective entrepreneurship needs creativity, power, and the zeal to keep moving when you fall short of your initial plan.  “Arm yourself along with optimism to obtain beyond the actual ‘No’ as well as trouble. There is nothing
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Saturday, April 23, 2016

10 Most Noticeable Errors Of Start-up Business AND Ways To Overcome Them




Work load and Time factor has been a major challenge to sizeable number of people who start their own business. They become quickly overwhelmed due to their failure to conduct a careful feasibility study and detailed research on the line of business they intend to float. I have been lucky enough to have delivered at least 7 feasibility reports to different clients since the beginning of 2016. The latest request from a client in USA is a feasibility report on the EXPORT OF NIGERIAN CHARCOAL AND AGRO PRODUCTS.
Related article http://hollalaycan.blogspot.com.ng/2015/08/5-questions-to-ask-before-starting-your.html
Ø Let us begin with the first set of questions for an aspiring entrepreneur:
Ø Am I ready to start my own business?
Ø Do I possess the mindset of an entrepreneur? 
Ø Am I dedicated to spend all the time needed to be successful?
Ø Perhaps, are you ready to take enormous risks?
Ø And lastly, do I have a Plan B?

In the early days, the overall task of running the business lies on your shoulder as you are the overall boss, the General-Manager/Admin, the accountant, the salesperson, the computer technician, the secretary, the receptionist. It is imperative to get ready for challenges as there will be days when you are disenchanted, down in the dumps, or discouraged. To achieve your anticipated results may take some time as real entrepreneurial success doesn’t come suddenly.

In order to circumvent these frustrations, I have highlighted ‘The 10 Most Noticeable Errors Of Start-up Business & How to Overcome Them’:

Error Number 1 - Failure to conduct extensive feasibility, viability and profitability study of proposed business idea.
It has been reported oftentimes that new business or start-ups failed in the first few year of take offs because most entrepreneurs were not truly interested in the business; they were more interested in making money. For the fact that you will be spending a lot of time and resources on your new business it is advisable to venture into a business driven by passion.
Therefore, expend all the time you need working on your feasibility study and business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), your marketing plan, your financial projections and sales, industry analysis (size, economics, trends, success factors, challenges, etc.)
See also http://hollalaycan.blogspot.com.ng/2015/10/9-sure-steps-to-set-up-your-own.html

Error Number 2 - Failure to establish whether the business truly adds value.
If your business can provide value by offering a service or products that people need it is most likely going to stand the test of time and become sustainable over a period of time. To overcome this blunder, ensure your products or services provide value and benefit to your target audience. Always provide pre-sale and after sale services to your clients.
See related http://hollalaycan.blogspot.com.ng/2016/03/how-to-start-your-own-profitable.html

Error Number 3 – Shortsightedness in the area of understanding the business dynamics.
Inability to identify the tools essential for every business is an error that must be avoided when starting a new business. Numerous business leaders, business consultants and management executives are of the opinion that paying attention to detail is a panacea for business success. The magic potion here is to recognize all the aspects of your business that are germane to the vision and mission of your corporate existence.
http://hollalaycan.blogspot.com.ng/2014/12/details-of-40-small-businesses-you-can.html

Error Number 4 – Being Jack Of All Trade And Master Of None
Any startup business which failed to describe its business in only one or two sentences will seriously make it complex for prospective clients to comprehend the purpose of the business and identify the value or benefits your business offer. To overcome this barrier, you must have a spontaneous brand statement and identity that instantly introduces your business, its mission and values that will make it unforgettable.

Error Number 5 - Failure to get in touch with experts who can help you get started.
The problem with new entrepreneurs starting a business is that they seldom ask experts on how to go about it, instead, they solicit advice from people mostly family and friends who have never started a business; so in reality, these people are not in a position to offer sound advice.
In order to avoid such pitfall, look for a mentor or surround yourself with experts who possess dexterity and proficiency that you may be deficient in. Team up with professionals who can harmonize your strengths and cover for your limitations.
http://hollalaycan.blogspot.com.ng/2014/04/a-business-plan-for-set-up-of-nylon-and.html

Error Number 6 – Underestimating Your financial requirements.
How much capital do you need to start your business? Do you know the market well enough, have you calculated your cost, what is your sales projection, do you know the number of customers you need? Do you know how long it will take before you get your first benefits or before you will run out of money? Failure to invest your time to work on all financial aspects, especially the major ones, of your business before you start could spell doom for new startups.
http://hollalaycan.blogspot.com.ng/2015/06/no-capital-or-fund-7-ways-to-earn-money.html

Error Number 7 - Failure to make marketing of utmost importance
A lot of new businesses have failed to attract any clients because entrepreneurs start
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Wednesday, November 19, 2014

FREE REPORTS! FREE REPORTS!! FREE REPORTS!!!

1. Get a free report on how to make a regular income in the fashion indsutry.

2.How to make million from the palm-oil business

3.How to become a millionaire in the sale of used Auto business without having a CAR LOT.

4.How to make N100,000 Monthly from the plantain business.How to start the business with assisted fund.

5.A business plan on how to start the Nylon business with capital as low as N50,000 and make regular profit on a daily basis.

For these reports and others send mail to ideasandprospects@gmail.com

Subject : I NEED THE REPORT
Your Name
E-mail address
Phone numbers
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Wednesday, March 26, 2014

list of small business series continued.....................

16. PHOTOGRAPHER: Previous experience and formal training may not be needed to venture into this line of business as there are ready tools available in the market to perform different operations such as editing, printing, framing, styling, Photoshop software, etc. Making money as a photographer can be done in a number of different ways. You can specialize in one area, the most common being weddings and social functions. All you require is a professional camera, a mobile printing device and your call cards, visit any social function dressed as corporate as possible so as not to be bounced by the security guys, take one or two snapshot of guests most especially ladies, quickly find a safe place to plug your printer and extra batteries for charging, before the show ends look for people you have snapped and give to them at N100 or more, you can make as much as N20K-N50K at a particular event. There are niches you can explore for photography: portraits of people and their pets, families and homes; photographs of holiday events, birthday parties or model photo shoots, film makers, students, religious gatherings, etc. The possibilities are endless and the capital to invest is not a cut-throat.
17. WEDDING PLANNER: Before I got married I visited a wedding planner shop on Aromire street Ikeja and I was impressed at how much people pay for the services of  a wedding planner, anyway I didn’t make use of their service but I learnt one or two thing from them which helped in making my wedding event a success. However, the rich and busy type of  people in the society doesn’t really have all the time going to the market to shop for this and that, they prefer to give the service to a wedding planner. You will need to be up-to-date on wedding trends and fads, dress styles, color trends--almost everything under the sun! Offer your customers an ala carte menu of services, from helping pick flowers, the wedding gown and bridesmaid dresses to picking the venue and hiring the caterer. Before you open your business, shop at all the wedding shops, and even pretend you are a bride-to-be to see what kinds of services the wedding gown shop provides and how they treat potential customers. You need to know every detail of the business to give the accurate impression that you are the go-to person for anyone planning a wedding. For you to succeed in this line of business, I advise you to just do one perfect wedding job and others will keep coming like a virus.
18. COMPUTER TRAINING: If you have a basic knowledge in computer training and applications you are on your way to become a teacher to many people. It will amaze you to know that only about 20% of Nigerian population is actually computer literate. My brother once offered to train people for free on Sundays after lecture at NASFAT in Ipaja Lagos, he confessed that there was a large turnout even working class people. You should offer training in desktop computers and mini computers such as laptops, palmtops, I-pad and tablets. You could probably make a living helping seniors learn how to use the internet and e-mail to keep in touch with their loved ones, send applications, online exams/TEST, etc. Make the training as much fun as possible; people do not want to know all the details about what makes a computer work. If you overload them with information from the beginning by explaining bits, bytes, and megapixels, they will stick to their paper and pencil forever. You can start this venture with fairly used computers scattered all over Computer village in Ikeja Lagos. Talk to people in your  neighborhood by printing an advert for a free computer lesson, get their database and give them basic trainings afterwards introduce more complex ones and ask for a little fee.
19. ELECTRIC FENCE WIRE INSTALLATIONS: Fences are everywhere and they also add beauty to the structures and buildings in the society. The quest to improve on external invasion, burglary, theft and encroachment has necessitated the need for a more technical way of protection. The electric fence wire is really the vogue now, and the training is not hard to comprehend. Just undergo the training first and the materials for executing your job abound everywhere with installation guide and manuals. The start-up cost is basically the training fee and tools like cutting tools, hand gloves, measuring tapes, plum, etc.
20. GRAPHIC DESIGN: One major landmark about the computer is, you could probably become a professional in any field by accident. Graphic design is one of the “Experts by Accident” job am talking about. At least with the little time I have spent on the computer in the last 2 years, I can create a simple design for anything I want to do. Despite the proliferation of the internet, print media is still relevant to the foreseeable future! Fliers, newsletters, magazines, information sheets, letters and advertisements are just a few of the types of print media that business hires Graphic Artist to create for them. Websites and online advertising need graphic design services as well. Even if your expertise is only in design, offer the works for potential clients, friends, and small businesses. Much software abounds in the market to help you through. I know of a guy who designed my wedding invitation cards, his business name is KUKUGRAFIX, as a student, he does good graphic jobs using just his laptop and pay-as-you-go internet connection.





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Tuesday, March 25, 2014

list of small business with little or no capital.continuation series...........

continuation series.....

11. WEBSITE DEVELOPMENT: Experience, training or licensing may be needed. Many courses exist (many of which, logically, are offered online) where you can learn the language of website creation and can learn about the details, like how to set up shopping cart systems, security concerns, etc. But lately we have seen ready tools on some hosting site like wordpress, ipage, simplesite and so on, on this hosting site are ready tools for even the novice in web design. You will, of course, need to learn about each company you design for. What is the atmosphere of the company that you need to reflect in the website design--is it wild and contemporary, meaning brilliant colors and fun graphics? Or will more classic colors like black, navy blue and maroon is more appropriate? Many small businesses in Nigeria does not have a web presence, even the bigger corporations only possess a web banner or billboard, you can propose an interactive website to small businesses at a cheaper rate of say N10k or more and start building your client lists from there. This business requires little or no capital to start.

12. DAY CARE: If you are the type that naturally loves kids around, this is an opportunity for you to tap into. Perhaps you have children of your own and the idea of taking care of a few more for part of the day appeals to you. Child-care needs continue to soar in this part of the world as the task of professional career seems to be more demanding. Many people prefer the option of their child being cared for in a home environment while they are at work, opposed to a more institutional-like setting. These things mean that a home based childcare business can get off and running immediately. If you are living in at least a 3bedroom apartment and there is an extra room unoccupied, please don’t let rat and cockroach take advantage of it, talk to friends in the neighborhood who might need such services, with a simple handbills and short message advert it will surely pay to have kids around.

13. GIFT BASKET/PACKAGING SERVICE: Finding a niche is the best way to start out in the gift basket business.  If you had flare for gifts and souvenirs why don’t you look for clients who could put together baskets that hold the things that people with this interest would like too! You can create a product that a gift basket could be built around, I saw a fruit basket designed by First Bank Plc and presented to a customer at Alausa secretariat Ikeja Lagos, it was a piece of creativity as everybody was taking picture of it. With a capital of N50k-N100k, you can start this business. Marketing your gift basket service is not an arduous task, just talk to friends, families, congregational friends and colleagues, and if you have a little budget for advert and proposal it’s all well and good for publicity.

14. BEAUTY SALON/HAIRSTYLIST: Hairstyling is a popular business that can be quite lucrative. Generally, with the trend in fashion statements nowadays, hairstylists are usually busy. If you already have your apprenticeship training and experience, and loads of friends especially ladies under your belt, you probably have a following that will follow you right home without any hesitation. You can have a unisex salon under one roof, get some boys and girls from cotonou, they are very good in weaving and braids, place them on salary or commission and your life will not remain the same!

15. MUSIC LESSONS:  Some people are naturally gifted in music and sound instruments, either as a result of being in the choir, or family affairs or personal interest in music and sound could be an inspiration. You want to stick to the instrument(s) you know, but you may be a skilled enough musician to offer lessons on several different instruments, or those in a particular class, e.g., stringed or woodwind. You can decide to take on individuals or classes, depending on space and availability of instruments. Public schools are continually reducing their commitment to art and music classes for students, so you can try to work with the public school system to supplement their efforts in those areas. I have a friend, Shina by name, he has been taking advantage of his deep knowledge of the musical instruments to make extra income way back school days, even as comfortable person today, he still plays organ for his church AVM in GRA and private personality when occasion demands. Here, your hidden talent could be your buried treasure.     



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Thursday, March 13, 2014

LIST OF SMALL BUSINESSES WITH LITTLE OR NO START-UP CAPITAL


LIST OF SMALL BUSINESSES WITH LITTLE OR NO START-UP CAPITAL
1.     Consultancy services
2.     Restaurant
3.     Buying and selling of student wears
4.     Real Estate agency
5.     Fashion Design and Tailoring outfit
6.     A mini cyber café
7.     Rental Business
8.     Laundry and Ironing services
9.     House Cleaning Services
10.                        Small Scale importation
11.                        A barbing Saloon
12.                        Make and sell Customized Beads/Jewelries
13.                        Transport business
14.                        Teaching and tutorials
15.                        Blogging
16.                        Sales of  Educational Books/materials
17.                        Sales of Recharge cards
18.                        Bulk SMS for school, church or Associations
19.                        Network marketing
20.                        Football Viewing centers
21.                        Providing Internet facilities(ISP)
22.                        Fish Farming
23.                        Sales of cheap and used phones
24.                        System and Computer repairs
25.                        Sales of Shoes and bags
26.                        Freelance Article writing
27.                        Carwash Business
28.                        Liquid Soap making
29.                        Video Rental Business
30.                        Event Decoration
31.                        Event planner
32.                        Salon hair making
33.                        Selling of cheap snacks
34.                        Gift Packaging
35.                        Car-Hire Services
36.                        Courier/Delivery Services
37.                        Baby Sitter services
38.                        GSM repair services
39.                        Grass Cutter rearing
40.                        Snail Rearing
41.                        Video Coverage Services
42.                        Disk-Jockey(DJ) Services
43.                        Crèche, Daycare, Nanny
44.                        Homemade Air Freshener/Repellants
45.                        Candle sticks production
46.                        Poultry Farming
47.                        Chalk Production
48.                        Charcoal Business
49.                        Sale of Herbal Food supplements
50.                        Costume Rentals
51.                        Creating Cartoons
52.                        Flyers Distribution
53.                        Nylon Recycling
54.                        Selling of Children Toys
55.                        Music Lessons
56.                        M.C and Compere (Alaga Iduro/Alaga Ijoko)
57.                        Graphic Artistry
58.                        Cake making/Decorations
59.                        Frames/Paintings/Artworks
60.                        Motivational Speaking
61.                        Ushering services
62.                        Interior Decoration Services
63.                        Selling Database for mass marketing
64.                        Keke Marwa/Napep
65.                        Domain Name Registration
66.                        Website Development Services
67.                        Recharge Card Printing
68.                        Sunday Sunday Sharwama at churches,mosques,public functions
69.                        Reseller Services e.g. car tracker, books, gift items,etc.
70.                        Writing Business Plan/Proposal
71.                        Selling used Automobiles as Broker e.g OLX,Tradestable,Nairaland,etc.
72.                        Video Content Marketing
73.                        Private Chef Services
74.                        Make-up Artist
75.                        Selling Insurance Policies as Agent for commission
76.                        Songwriting/Scripting
77.                        Pure water Business
78.                        Ice Block Production
79.                        Car Tracking Installation
80.                        Electric Fence wire Installations
81.                        CCTV Installations
82.                        Party Souvenirs
83.                        Travel and Tour Consultants
84.                        Business name/Company Registration/Incorporation of Trustees
85.                        Fumigation services
86.                        Driving Instructor
87.                        POPCORN
88.                        Payment Agents e.g PAGA
89.                        Boutique Outlet
90.                        Cassava Farming
91.                        Block Moulding Factory
92.                        Wall Paper Decorations
93.                        Studio Productions
94.                        Dog Breeding
95.                        Security Consultants
96.                        Sport Scouting/Agent
97.                        Outsourcing Services
98.                        Mystery Shopping Services
99.                        Modeling / Modeling Agent
100.                   Wood work and Craft


It is becoming increasingly difficult to make ends meet with just one income source. Thus more and more people are investigating the possibilities of starting their own extra income home business. Most of these part time endeavors are started and operated from the comfort of their home.
Before you start: the first thing you must do however is some basic market research. Find out for yourself, first-hand, just how many people will be interested in your proposed products or services, and would be willing to stand in line and pay money for it.
This is known as defining your market and identifying your prospective customers. If after checking around telling people about your ideas, with a whole lot of people over a period between 1 – 3 weeks, you get the idea that these people would be paying customers; your next effort should be directly towards the “detailing” of your business plan.
IF CRAFTING A BUSINESS PLAN WILL NOT LET YOU KICK-START A BUSINESS, I WILL TRY AS MUCH AS POSSIBLE TO GIVE A STEP BY STEP GUIDE TO WRITING A BUSINESS PLAN AND ALSO GIVE YOU SAMPLE OF A BUSINESS PLAN I DEVELOPED.
The more precise and detailed your plan covering all the basis related to how you will do everything that you needs to be done- the easier is going to be for you to attain success. Such a plan show your start-up investment needs, your advertising plans, your product costs and procedures, your sales program, and how your time would be allocated.
Too often enthusiastic and ambitious entrepreneurs jump in on an extra income project and suddenly find that the costs are beyond their abilities and the time requirements are more than they can meet.
It pays to lay it all out on paper before you get involved, the clearer you can “see” everything before you start the better your chances for success.
Have you always wanted to become your own boss and take control of your time, work at home using your spare room/space, backyard or your one room apartment as an office and residential but never had a clue of money making ideas to pursue your dream? You do not have to wait for manners to fall from heaven before you take first step to financial liberty, just one of these money-making idea can be your blueprint for success. The list is not exhaustive but I believed you can pick an interest in one or two of the businesses listed

1.     CONSULTANCY SERVICES: - This is the foremost of the small businesses one could ever think of; one can basically consult on almost anything and everything. Just think of any special skill in your possession and pronto, you can make a reasonable income from it. E.g. marriage counseling, business consult, legal consult, property consultancy, educational consults media consultant, etc. One do not have to possess any capital to start consulting, just some contacts on your phone, email addresses and referrals from family and friends, you are good to go.
2.     RESTAURANT: - No matter how poor people may be, food still remains the number one basic necessities of life before clothing and shelter. If you can do it right, it’s one of the surest way to crossing the poverty line. If you are still in doubt, please visit Equal Right in Somolu, Amala Sonola in ogba Aguda, Ewa-Agonyin palace in Unilag etc. With a capital between N50K – N100k, you should be making a residual income from it.
3.     FASHION AND TAILORING SERVICES: - From time immemorial fashion business has been dynamic and ever present. From Paris to New-York, Milan to Lagos, Beijing to Joburg, fashion statements defies national/ethnic boundaries. Different occasions demand special outfits, one easily take advantage of the trend in fashion consciousness of the people to earn a decent living.
4.     REAL ESTATE AGENCY: - By finding properties for prospective clients, you perform a valuable service for both landlords and tenants. Advertise that you have listings available for houses, apartments, flats, rooms, offices, etc. You can either charge a one-time fee for finding accommodations or work on a commission. In this line of business, capital or professional qualification is not really required as a start-up, just have the right information.
5.     Rental Business: This has mushroomed into an attractive new business opportunity. People like to borrow, do-it-yourself rent professional equipment. Many people are doing well these days by acting as rental agents for all manner of things - power tools, trucks, cars, electric generators, etc.

6.     Laundry/Ironing Service /clothes cleaning: Everyone has dirty clothes for laundry and ironing, but many of us do not have the time to do it all, this is where you would come in and make money by doing all the laundry, especially areas where power supply is erratic. If your backyard is large enough to store all the clothes, sort the clothes and start making money, then this business could just be for you. With a capital between N20K – N100K this business could turn you to a millionaire over a period of time.

7.     House Cleaning Service: Many home-owners and apartment dwellers will welcome help at "house cleaning'. Charge a flat fee for the amount of work that must be done. Make arrangements with firms that provide workers for washing windows, cleaning carpets, washing walls, painting, etc. and collect a commission from them. Tell your friends and family who are moving to a new house or changing offices, with the help of flyers or handbills you could reach out to a large audience.
8.       Make And Sell Customized Jewelleries And Beads: Home-made costume jewellery sells, sell directly to jewellery outlets, gift shops, hairdressers shops, clothes boutiques, and by direct mail.  It is possible to start with limited capital of N5K- N20k.
9.     Game Centers: The game center concept is good both for those who have jobs and those who want full time involvement. A game centre is a place where people mostly young come to play computer basic games like play station, Nintendo, Atari, etc. You will also provide avenues for refreshments like ice cream, snails drinks etc. Gaming centers charge customers who come to their centers between N100.00 – N500.00 depending on the area, and the types of customers you are dealing with. If you start small, you can make between N5k – N20k per day. There is a classical game center at Mende by Maryland, it is built with a portal cabin and looks beautiful as well.
110.     Fish Farming: If you have been contemplating on a small business and haven’t heard about fish farming, then you are missing something. Over the years, quite a few people have made fortunes from fish farming; as the population is swelling and protein needs are far outstripping the available supply, fish meal is always a winner if done well. Fish farming is a sure bet business if you put the right structures in place. More and more people like fish due to its low cholesterol protein, All you need do is to get a space, buy or construct tanks, buy finger lings for between N10 to N20 and feed them for 4 to 6 months, then sell from between N1500 to N2000 depending on weight and size. But you need to have a basic knowledge of fish farming to start this.                




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