New winning Tactics For Profitable business ideas in Nigeria 2022.

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Profitable business ideas in Nigeria: Assessing Nigeria SME Sector as Business Development Experts, and How Franchising Can Help.

Franchise Business Development Services (FBDS) is the pioneer franchise consulting company in Nigeria, a franchise services supplier member of International Franchise Association (IFA). FBDS goal is to “To be the leading Partner in the development and delivery of successful franchise service in our chosen markets which of the Profitable business ideas in Nigeria.” This can be achieved by building successful and scalable businesses through franchising – a proven business expansion model with 85% success rate globally, 95% success rate in South Africa.

Looking at Nigeria economy situations, SMEs have been facing with many challenges; most common of them is financing. Franchising(Profitable business ideas in Nigeria) helps here because; it has been proven in Nigeria, just as at other countries, that businesses operating the franchise model have the least failure rate because they are proven businesses. This makes them attractive to fund providers who cannot risk lending to start-ups.

Another way franchising helps with access to finance is that it helps a business seeking expansion to access funds at no interest from investors seeking opportunities to own a profitable and proven business, this why franchising is a Profitable business ideas in Nigeria.

These investors are called franchisees, who obtain a right or license under the franchisor whose proven and successful business model they leverage to own a replicated business set up 100% at their own cost. Through this licensing, the franchisor entrepreneur who could have been having difficulty sourcing expansion funds will have access to grants or bank loans to expand their brands.

Profitable business ideas in Nigeria

So why are most Nigerian entrepreneurs yet to begin taking advantage of the franchise business model, a truly and proven Profitable business ideas in Nigeria to own and expand their businesses?

In spite of the evident successes of franchising, there have been low adoption of the franchise business model in Nigeria. Previous studies conducted in Nigeria by Franchise Business Development Services (FBDS) sadly point to the fact that many Nigerians either have no idea what franchising means, or they conclude it is an idea of working for another man to build his business.

Quite agreed that there are people who are entrepreneuring and are ready to meet up and deal with the challenges of building a successful brand, but most people are better off with managing their own business under an established brand with proven business system which is what franchising is about, because it is tough to build successful business in Nigeria today.

These misconceptions fueled by lack of education(Africa Franchise Institute AFI now educate people on franchising and business expansion)  and awareness resulted in the underdeveloped state of Nigeria franchise industry compared to other economies such as South Africa, where franchising contributes as much as 14% to the GDP. 

Our advice to entrepreneurs, especially considering the massive failure rate (over 80%) of SMEs in the Nigeria, is to take a closer look at franchising. First by paying attention to the numbers and fact that do not lie, about the new trends that franchising is creating in Nigeria.

These trends are how growing businesses are leveraging franchising to replicate their success and expand; how franchising is scaling and creating sustainable job opportunities; How by franchising, entrepreneurs can access single digit fund to start-up a new business; That there is ease of introduction of skills, knowledge transfer and standardization to new businesses;

How the culture of independence is now gradually giving way to collaborations, leading to increasing leverage of proven successful brands built by other entrepreneurs to own new businesses.

Profitable business ideas in Nigeria

FBDS provides end-to-end franchise consulting services to companies seeking to expand or Profitable business ideas in Nigeria through the franchise business model, helping them do develop a franchise programme for investors and franchisees. FBDS services includes matching the franchise businesses with suitable investors who desire to own a business leveraging the proven and successful business models built by the franchise brands.

FBDS also supports the two categories of entrepreneurs with a range of advisory services and technology solutions. franchise a business, local/ international companies who are already franchising and want to expand to other territories, and entrepreneurs aspiring to buy a franchise.

Contact us today. We are the pioneer franchise consulting company in Nigeria, a supplier member of International Franchise Association (IFA). We are on a mission to making franchising the preferred business venture model in Nigeria, as a strategic means of building sustainable businesses that operate best practices and Profitable business ideas in Nigeria.

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