Starting a new business and building the brand from the ground up can be taunting. From planning your marketing strategies to creating engaging campaigns, and more, building up a strong acceptance and recognition can get extremely expensive. An even riskier event this model could trigger is the possible failure of your new business.
Buying a franchise on the other hand, saves you the trouble of building a brand and acquiring customers. It eliminates excessive marketing costs, years of trials & errors, and places you right in a revenue model that works.
While franchising may have it’s advantages, it also has it’s flaws, but some of the best franchise opportunities can have your new business up, running, and highly profitable within the first year.
Here Are 10 Highly Profitable Franchise Opportunities In Nigeria
1). Pizza Franchise:
Pizza spots are really popular worldwide. In Nigeria for instance, the most dominant pizza brand is “Dominos”, and wherever they setup shop, people flood it like they’re sharing free money.
Buying a pizza franchise is one way to ensure you maximise your profit potential from the onset of your business.
Since the best pizza franchise to acquire in Nigeria is that of “Dominos”, you can approach the management to take advantage of their franchise opportunities.
If you get accepted in their franchise program, find a good environment that has a lot of people, is located close to large residential areas, then setup shop!
2). Restaurant Franchise:
The Kentucky Fried Chicken (KFC) brand is really large in Nigeria. So are other brands like Chicken Republic (CR), and several others. Few of these fast-food restaurants turn in high revenues on a daily basis. But of the few top franchises, KFC and Chicken Republic are top players.
With the high patronage KFC outlets around Nigeria get from individuals trying to get a quick meal (not mentioning the great tasty chicken nuggets they’ve got), buying a KFC franchise is a smart business move for anyone with sufficient funds to do.
While food franchise opportunities could generally be lucrative, buying a fast food franchise like a KFC franchise (in Nigeria) or a Mcdonalds franchise (in the United States) is a great way to get into the restaurant business and start earning a higher income.
3). Transportation Franchise:
The most popular mode of transportation in Africa is by road. When most people travel inter-state, they use road based transportation companies to facilitate their journey, while the remaining few in the country travel by air.
Of these available transportation companies in Nigeria, the most popular road transport company is ABC Transport. They ply the interstate route more than any other brand. There are also many other road transport companies like Agofure Motors, ITC, and a couple of others.
Most of these companies offer transport franchise opportunities. What this means is if you apply for a transportation franchise from one of them and get approved, you can buy some buses, rebrand them to the transport company’s name, and have it added to their fleet.
With the number of people that flood the bus parks on a daily basis to get to one state or the other, you’d be earning substantial sums in a short time.
4). Small Business Franchise:
Various servicing businesses like printing companies offer franchise opportunities to individuals who want to setup the same business in their location. A great example of one large printing brand is Konica Minolta.
Located at the Silverbird Galleria in Victoria Island, Lagos, Konica Minolta is one of the largest printing businesses in Nigeria. Their printing services aren’t just widespread, but are also very affordable. This makes so many people flood their Victoria Island branch on a daily basis.
Taking advantage of a business franchise opportunity like Konica Minolta’s, and setting it up in a trafficked environment, can get you a trusted and reputable printing business up and running in no time. Small businesses for example, pet business opportunities can also be highly profitable and great for animal-lovers, so it may be worth checking them out!
5). Movie Franchises:
Cinemas are getting extremely popular in many parts of Nigeria. Every weekend, the Silverbird Cinemas for instance gets a large volume of people stuck-up trying to see a movie.
Another cinema that always gets a truck load of people is the Ozone Cinema. Too many university students flock the cinema daily to see a movie or two. On the weekends, the cinema is always almost operating at full capacity, because of the excessive number of movie lovers trooping in.
The prospect of movie franchises in Nigeria is huge, based on the traffic potential each already existing branch shows. With the right funds, buying movie franchises or taking advantage of similar franchise opportunities in the entertainment industry is a great way to start up a profitable business majorly focused on the younger generation.
6). Logistics Franchise:
There’s always a DHL, Tranex, or some other logistics company’s pick-up or drop-off zone in each local government. These mini-offices are mostly run as franchises by various individuals.
A newer logistics franchise that’s gradually getting popular are the K-Express mini-offices located around Nigeria. These small offices are used as drop-off and pick-up zones majorly for merchants that sell on Konga, and are more affordable to setup than many other franchise opportunities existing in the country.
7). Textile Franchise:
The interior of almost every home in Nigeria is always decorated with either tiles, carpets, or rugs. The widespread use and demand for these textile products have made their sales not only grow sporadically, but has also driven their prices down.
One of the most popular textile franchises in Nigeria is Nobel Carpets & Rugs. Their outlets are in many areas of Lagos state, run majorly by individuals operating with the brand name.
Look up the various textile brands you can find in Nigeria before making a decision on which brand name to trade under.
8). Coffee Franchise:
Coffee consumption in the western world is toppling its current peak. Millions of people drink coffee every morning on their way to work, at night, and at certain intervals. This widespread need has led to the extreme success of the Starbucks brand.
While a coffee franchise may not be a great fit for Nigeria, in several other African countries and other continents, the consumption of coffee has created lucrative coffee franchise opportunities.
If you live in Asia, Europe or America, successfully buying a Starbucks franchise will easily get you started in the retail coffee industry.
9). Petrol Station Franchise:
With over a million motor vehicles in Nigeria and several other African countries, the petrol station business continues to remain more viable than several other businesses.
Every automobile owner must constantly refuel their vehicles. Most of the time, they do this by driving into the nearest petrol station when they’re running low on fuel. But irrespective of the fact that they could drive into any, people still prefer to tally along till they find a petrol station they trust to be genuine in their pump pricing and fuel or diesel supply.
This trust issue makes most car owners prefer to not just patronise their favourite petrol stations, but to rather drive into a government owned petrol station if they spot one.
The government owned gas stations in Nigeria are known as NNPC and are identified as the most reputable petrol station to patronise. The reputation the station carries makes anyone who buys a petrol station franchise from NNPC have an almost guaranteed positive revenue stream.
Since people trust these petrol stations more than others, buying an NNPC franchise would ensure you could become profitable from the first week. Other reputable petrol station franchise you could buy are Oando, Mobile, and the likes.
If you have the required funds, first find out what it takes to buy a petrol station franchise from a major brand, before you choose a location to build up on.
10). Mobile Retail Franchise:
Almost everyone owns at least a mobile device, and a bulk of them clamour to get the latest version when it’s released. This viral recurrent mobile expenditure has made the mobile phone market a lucrative industry.
With the success of mobile devices like Samsung, Infinix, Techno, and the iPhone, mobile phone retailers remain certain that they’d continue to generate high revenues, with respect to their product stock quantities and store location.
A particularly interesting success in the Nigerian mobile phone retail industry is Slot. The brand has grown over the years to become one people directly lookout for when trying to purchase a mobile device.
With thousands of people flocking Slot stores all around Nigeria daily, taking advantage of franchise opportunities been offered by the brand is a smart way to penetrate the mobile phone market.
While there are other successful mobile phone retailers, an individual with the right funds can buy a Slot franchise and start generating high revenues, because of the brand’s existing trust and widespread acceptance.
What are your thoughts on these 10 highly profitable franchise opportunities in Nigeria? Let me know by leaving a comment below.
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