14 lucrative Business Ideas for College Towns

College towns present good business opportunities for investors. The town’s guests are basically the students, lecturers and parents visiting the college town. A smart entrepreneur can leverage on the population and offer specialized services.

To succeed make sure the business meets the demand for students. In such communities local residents have found such institutions a blessing financially. If you live in a college community here are 14 small business ideas.

14 lucrative Business Ideas for College Towns

1. Business Center

A business center is basically a place to carry out document related services. The center provides fax services, photocopy, printing and typing services. Others include book binding, lamination, digital passport photography and other related services

2. Vending Machine

Vending machines are very popular and a good money maker.  Make sure the machine is placed in a popular hangout with lots of people. Stock the machine with items like drinks, snacks and magazines.

3. Resume Writing

College students and graduates need a good resume. If you offer such services you will attract lots of customers. The business will grow organically and you will get lots of recommendations, referrals and word of mouth advertising.

4. Night Club

If you have some cash to spare you can open a nightclub. Students are usually restless and need occasional distraction from academic life.

5. Laundry Services

Laundry services are perfect money spinners in college towns. Many students are not keen on washing their cloths and would readily use the service.

6. Tailoring Service

If you have a flair for sewing, open a small tailoring service. You could offer sewing, scratch, amendments or patchwork. Provide alteration services and design new outfits for sale.

7. Barbing Salon

Another highly profitable business is a barbing salon. You don’t need a shop to offer barbing services. All you need are good clipper, cups, mirror and other salon paraphernalia.

8. Open a Cyber Café

Despite the proliferation of smart phones with internet capacity students need cyber cafes. They use the cafes to read books, complete assignments and browse for information.

9. Open a Bookstore

You could open a bookstore close to the campus. Make sure you stock relevant publications based on their curriculum. Find out from students publications they need and stock a few. Stock your bookstore with stationers like biros, pencils, and note pads.

10. Restaurant

Students must eat so opening a restaurant is very lucrative. Make sure the food is delicious and within the price range they can afford. Locate the restaurant within the campus or close to the college.

11. Repair laptops and Mobile Devices

Students are one of the top consumers of smart devices.  They use lots of laptops and cell phones. A smart business is to offer repair services for such devices. To increase profit you can sell phones, used laptops and phone accessories.

12. Transportation Services

College students move around constantly and need transportation. You could start a small cab service within the campus or around the town. Make sure your prices are reasonable and affordable.

13. Tutoring Services

You could start a small tutoring service on specific subjects. You could hire a lecturer if it does not go against their terms of employment. Make sure the teaching is comprehensive fun and interesting.

14. Beauty and Hair Salon

Teenagers and young adults are obsessed with their looks. They want to try the latest hair styles and wear the trending fashion. Providing a beauty salon treatment would attract lots of patronage. 

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How Lagos State Employment Trust Fund Works

The Federal Government of Nigeria and State Governments have put together various entrepreneurship and skill acquisition programs. This is aimed at reducing unemployment and offer startup funding for SME’s.

The initiatives have continually made effort towards development of skill acquisition and entrepreneurship. There are many government initiatives like the Lagos state employment trust fund.

Others are Youth Enterprise with Innovation Nigeria, Osun Youth Empowerment Scheme and start-up Nigeria. The different schemes have recorded moderate results and remain beneficial to the local economy.

Many start-up have received financial support and gained prominence.  A good example is the YouWin initiate under the previous administration of president Goodluck ebele Johnathan.

Another one is the Lagos state employment trust fund. It provides financial support to tackle unemployment. The fund is aimed at residents of Lagos state and focus on wealth creation initiatives.

Lagos State Employment Trust Fund

It was established by the Lagos state law 2016 to help Lagos residents scale and grow their small medium enterprise. To encourage better job prospects and help the unemployed acquire skills.

Achievement

Since inception the fund has disbursed over N7bn to over 10,000 entrepreneurs.  The beneficiaries of the scheme have created over 25,000 jobs.

Under the employability program 1,100 are self-employed or successfully placed in jobs. The program has also trained over 3,364 people. Under the Lagos innovative 34m issued as loans and 75 workplace vouchers. Many recipient report change in their earnings and family welfare

Key programs

The employability program

The LSETF has three key programs the loan scheme, employability program and Lagos initiate. The employability program in partnership with United Nations aims to train and secure jobs for the unemployed youths in the state.

The initiate aims at 10,000 under-employed youths. They are trained into skilled labor in the construction, manufacturing. Other sectors are garment making, healthcare, entertainment and hospitality industry. They also learn formwork and carpentry.

The loan scheme

The scheme provides loans for new business startups. New business start-up can access loans of N250, 000 while existing business are given N500, 000. Medium scale business can get loans of N5 with zero collateral and interest of 5 percent.

Lagos initiative

The Lagos initiate focuses on technology. The scheme offer workspace vouchers, event sponsorship, hub loans. The process is merit based and application process is online.

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How to Start a Business Plan Service

Providing a business plan service is very lucrative. This is because there are millions of startups and established businesses. To offer this service you need to master different disciplines.  The business is practicable from home or a dedicated office.

You can work part time or full time and have few competitors. The demand is high and you could start from scratch or buy into a franchise. To start a service you need to register your business, secure finance and develop a marketing strategy to get clients.

Register the Business

Register your business as a limited liability company. You need liability insurance, intellectual property protection and professional certificate. Legal documentation include business plan, non-disclosure agreement.

•         Limited liability Company

•         Liability insurance

•         Intellectual property protection

•         Professional certificate

•         Business plan

•         Non-disclosure agreement

Funding the Business

The amount of startups funds is small compared to other businesses. You need funds to rent and office, basic furniture, office equipment.

You can try target saving, borrow from friends and family or try partnership. Make sure the location is in a business district and build an online presence. You can hire qualified staff and develop an effective marketing strategy.

Marketing your Service

Use newspaper, financial magazine advertisement to attract patronage. Build a website for the business and use social media. Print flyers, posters, banners, billboards and signboards to get customers.

•         Newspaper adverts

•         Financial magazine ads

•         Build a website

•         Use social media

•         Print flyers

•         Posters

•         Banners

•         Billboards

•         Signboards

Niche Ideas

As a service provider there are a few niche ideas to consider. You can focus on writing plans on investor financing, standard business plan or strategic planning. Others are one page plans, internal planning, feasibility study and research.

•         Investor financing

•         Standard business plan

•         Strategic planning

•         One page plans

•         Internal planning

•         Feasibility study and research

What is a Business Plan?

A plan is a formal statement of objectives and business goals of a company. It contains financial information, company structure, team and organization. The purpose is to formulate a cohesive blueprint of operational model, financials, staffing and operations.

The plan is essential for startups, branding and major changes in the company. The plan is generally structured to cover first 5 years of business.

The plan could be externally or internally targeted for stakeholders, investors. It could focus on obtaining loans, expansion and new direction.

Challenges

It is a known fact the 60% businesses fail in their first year. Therefore a business plan should be conservative in growth projections and expected income.

The reason for the plan is to carry out feasibility study, surveys and product testing. A plan should not be static and adjustment is needed as market trends, direction or technology changes.

Questions a Business Plan Answers

The plan should answer many questions and present a clear, concise answer. It should show the niche, products, service and customer base.

Answers include marketing solutions, business model, competitors and find a competitive advantage. It needs to define the staff’s qualifications, management operations, require capital and financial projections.

Uses

A plan is written for different purposes like raising funds, internal use or education. Internal use plans focus on business management strategy, management objectives and strategic planning.

Fundraising targets venture capitalists, business loans, angel investors, startup funds and grants. Some plans are developed for non-profit organizations, government agencies.

•         Fund raising

•         Internal use

•         Education

•         Business management strategy

•         Management objectives

•         Strategic planning

Preparing a Business Plan

To prepare a business plan you need a vast knowledge of different disciplines. The disciplines cover intellectual property, accounting and marketing. Understanding human resources, finance, operations and supply chain is essential.

Business Plan Purpose

The plan is goal oriented and written to determine financial needs, best location and equipment. Other parameters include staff requirements, how to get a competitive advantage and study the competition.

Business Plan Content

To succeed as a business plan service provider your plan should cover certain elements.  The plan is to aid decision making, determine goals and audience. The format also depends on content such as an elevator pitch which essentially is a teaser or summary.

Other formats are a pitch desk or slide show that presents an executive summary, graphs and benchmarks. More formats are internal operations plan and detailed written presentation.

Common content includes an executive summary, mission statement and leadership. Others are business description, market analysis, marketing plan. Others are market analysis SWOT analysis.

It should provide cash flow analysis, staffing, operations and financial projections. An investor interested in sustainability, feasibility, and growth potential of the business. It should list legal concerns, financial liabilities that might affect an investor.

The plan would provide proper evaluation and an exit plan for the investor. Financial institutions are generally concerned about default on loans. Therefore the plan should have a repayment strategy for the loan provider.

Content of Business Plan

•         Executive summary

•         Mission statement

•         Leadership

•         Business description

•         Market analysis

•         Marketing plan

•         Market analysis

•         SWOT analysis

•         Provide cash flow analysis

•         Staffing

•         Operations

•         Financial projections

Legalities

Business plans are generally limited to a specific audience. They are highly confidential, regarded as a secret and require full disclosure to interested parties. However there are also open business plans, open to unlimited audience.

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How to Become a Dance Instructor

A dance teacher’s main constituency is schools and private individuals. They can operate a private dance studio or offer schools special dance programs.

They teach foundation movements, dance techniques and choreography. The business involves deep knowledge of dance, education and stamina.

The career is rewarding and moderately challenging. To succeed you need to maintain a good professional image and build a solid reputation. Here are things to consider before starting a career in dance.

dancers

How to Become a Dance Teacher

A dance teacher could work public or private establishment. They can also open a studio to teach the discipline.

To become a teacher you need training, education qualification and certification. Try to join dance groups, aerobic classes and work on your fitness level. To gain knowledge attend dance workshops, dance seminars ands dance conventions.

How to Become a Dance Teacher

• Training
• education qualification
• certification
• join dance groups
• attend aerobic classes
• work on your fitness level
• attend dance workshops
• dance seminars
• dance conventions
• how to become aerobic instructor

Conduct Research

 Conduct research on the industry to learn the best teaching practice. You could establish a gym or work in private or public schools. Another way is to join an establish gym as an instructor.

Get Trained

You can obtain a bachelors degree in theater arts or bachelor’s degree in dance education. Other ways is to join a dace group or studio. Attend training programs in demonstrative teaching techniques, directed teaching. You can increase knowledge by acquiring a master degree program in dance.

Certification

You need a teacher’s certificate in dance education. There are many dancer certificate programs and examinations. You need dance skill, practice and consider internship.

Some states have administered examinations. Take continual courses and attend professional workshops to deepen your knowledge. There are also professional associations and bodies to join.

Dance Styles Different

The instructor should be knowledgeable of different dance styles. Common disciplines include ballet, freestyle and jazz. Others are tap, contemporary dance and waltz.

• Ballet
• Freestyle
• Jazz
• Tap
• contemporary dance
• waltz

Create Dance Classes

Once certified and active you need to create dance classes. Make sure the routines are fun, interesting and practicable. You can focus on specific niche or offer different dance styles.

Salaries

The amount of money you earn depends on many factors. Some include number of students you teach, public or private students. Some instructors charge group fees, flat fees or earn per hour. They offer hourly private lesion or are on a retainer fee.

Where to Find Work

Common clients are public and private schools. You can teach community college or at local dance studios. Teaching opportunities include health clubs, theater, gyms and cruise ships. To get jobs network with industrial players, use referrals and word of mouth.

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How to Purchase Personal Travel Allowance and Business Travel Allowance from Zenith Bank Nigeria

Are you interested in buying PTA or BTA for your personal needs or business? Then you need to follow stipulated CBN guidelines and rules.

Once you fulfill the required guidelines the bank would provide the facility. The procedure is similar in most commercial banks in Nigeria.

Here is how to purchase personal travel allowance and business travel allowance from Zenith bank. You can purchase from any Zenith bank branch subject to the central bank of Nigeria guidelines.

How to Buy PTA and BTA

Age Verification and Nationality Authentication

There are age restrictions to the purchase of the facility. The applicant should be at least 18 years and above. The applicant should be a Nigeria and holder of a Nigerian international passport.

Bank Account

The applicant must operate an active Zenith bank account. They should also have the bank verification number BVN.

Travel Flight

The travel flight must originate from Nigeria and involve no less than 5 hours flight time. The travel departure date must be less than 14 days from the day of purchase.

How Much Personal Travel Allowances

The next question is how much travel allowance. Zenith bank offers a maxim on personal travel allowance at $4,000.00 per quarter. If you want a business travel allowance it is capped at $5,000.00

Visa Requirements

To access the facility the individual must present a Nigerian passport with valid visa of the country of destination.

Guidelines to Purchase PTA and BTA (Applicable to all Zenith bank branches)

• The applicant must be 18 years of age and above
• The applicant must have an active Zenith bank account
• Applicant must have a bank verification number
• The applicant must hold a Nigerian international passport
• The departure date must be less than 14 days from day of purchase
• The flight must originate from Nigeria and have no less than 5 hours flight time
• PTA purchase cap is $4000.00 per quarter
• BTA purchase cap is $5000.00
• Applicant must present a valid visa of country of destination
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How to Take Stock of Your Personal Finances

It is important taking stock of your finances every Year. To do this you need to review your spending, insurance coverage and bank statement.

Other things involve savings, investments and taxes. Invest in accounting software to estimate income and expenditure. Here are some ideas on how to take stock of your finances

How to Estimate your Personal Finances

1. Review your Insurance Coverage

The best time to review your insurance coverage is January/February. The insurance companies offer open enrollment health plans.

Insurance premiums to consider are health, property, auto and life insurance. Make sure the amount reasonably covers your expectation and expenses. The insurance premium you take should account for total coverage.

You may also need additional coverage. This is because people experience constant change in their lifestyle, finances and expectations. Accommodating those changes is only logical and prudent.

You need to protect your assets and pay the premium to forestall unexpected financial challenges. Review your policies and update appropriately.

• Review insurance coverage in January
• The amount should cover expectation
• Get total coverage
• Get additional coverage
• Review and update appropriately

2. Review Spending

We tend to spend more than we make on certain frivolities. Review your spending and track your expenditure.

There are many accounting software that offer easy financial tracking. The whole purpose is to get a holistic view of expenditure.

Look for patterns in your expenditure and study your bank statement. You can request a one year statement from your bank. You might discover how much you spent on groceries, entertainment, school fees or leisure activities.

Pin pointing where your money is going would offer better understanding of your spending habits. The next step is to prioritize your expenditure according to importance. Identify the problematic areas and reduces spending on frivolities.

3. Estimate Taxes

You need to understand your tax requirements. Estimate terms of taxes, debits, deductions to gain a view of tax requirements.

There are many things you might have done that increased your taxes. Think of things to do to reduce them. Find ways to spread the deductions for proper accountability.

You can consult a tax expert to help with your taxes. The professional would offer solutions and invaluable advice. You can also get professional help to evaluate your finances.

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• deductions
• proper accountability
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4. Savings and Investment

You need a savings and investment goal. Find out how to utilize your savings to reach a goal. You could also perform a retirement needs assessment and estimate the cost implications.

Prioritize your purchases and learn how to better utilize your savings. Don’t forget to review current investments, and evaluate your tolerance to risk.

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Top 7 Small Business Loans and Grants in Nigeria

The most important aspect of running a business is having adequate funding. The funds are needed for fixed and working capital.

Securing capital is very challenging especially in a country like Nigeria. Bank loans require proper documentation, term interests and security.

Many SMEs starting out find it difficult securing the facilities available in the banking sector. Luckily there are business grants available to enterprising persons. The grants are offered by government, Non profit organizations or the private sector.

What are Grants?

Grants are non refundable funds given to a person, company or organization. They are usually facilitated by the private sector, government, trust, corporation or foundations.

The main beneficiaries of grants are non profit organizations, individuals, businesses and educational institutions. To acquire a grant the recipient needs to apply, present a proposal or compete with other interested parties.

Grants are specific in nature and require full compliance with the nature of the grant. To secure a business grant the individual submits an application or proposal to the grant provider.

This could be in a response to a request or initiative of the founder. Top types of grants are focused on disaster management, development, education and small business startups.

The conditions to acquire a grant differ such as non profit SME or local authorities. The funding could be focus on a project, community development or business related.

Top Grants in Nigeria

GroFin Fund

GroFin Fund finances small businesses across Africa and the Middle East. They offer patient capital and specialized support for businesses in emerging markets.

They offer patient risk capital integrated solutions, startup and end to end support. Small business organizations benefit from the $100 million funding.

To be eligible your business should be located in Kenya, Rwanda and South Africa. Other countries are Zambia, Egypt, Uganda, Nigeria and Ghana.

Your business should be profit driven with turnover of less than US$ 15 million with assets less than US$ 6 million. Other requirements are financing request from US$ 100,000 to US$ 1.5 million. The owner of the business should be directly involved in the daily operation of the establishment.

Eligibility

• Your business is profit driven
• turnover of less than US$ 15 million
• assets less than US$ 6 million
• financing request from US$ 100,000  to US$ 1,5 million
• the business owner should be directly involved in the daily operations.

Tony Elumelu-Image Sourcehttp://moneyissues.ng

Tony Elumelu Entrepreneurship Program TEEP

The Tony Elumelu Foundation launched the program in 2015. They provide 10,000 seed funding for young entrepreneurs across Africa.

They select 1000 entrepreneurs across Africa from over 50,000 applicants. The applicants are judged by industry experts on innovation, financials, and feasibility of their business models.

To be eligible the business model should be profit making. The business should be new or under 5 years in existence. The business should be based in Africa and applicant at least 18 years with legal residence in Africa.

Applications are generally open from 1 January to 1 March so grab your opportunity now.

Eligibility

• business model should be profit making
• business should be new or under 5 years in existence
• business should be based in Africa
• applicant at least 18 years
• legal residence in Africa

Diamond Bank BET Programme

The diamond bank program is focused on building entrepreneurs today. BET is designed to encourage young entrepreneurs.

Every year the organizers provide intensive business training for 50 budding entrepreneurs. The training period is 6 months and the top 5 are awarded grants to start their businesses.

After 6 editions they have awarded 24 recipients startup funding. They offer the top 5 finalist’s ₦3 million naira to start the business.

The Lagos State Entrepreneurs Trust Fund (LSETF)

This fund was established by the Lagos State Employment Trust Fund of 2016. The main function is to provide Lagos residents jobs and wealth creation opportunities. The function is to reduce unemployment and reward innovation.

Individuals and SMEs can benefit from the ₦25 Billion funding. The fund offers direct investment to aid skill acquisition and small medium enterprises.

Inaugurated by the governor of Lagos State Akinwunmi Ambode it is committed to support 100,000 MSMEs. This involves the creation of 600,000 indirect jobs and 300,000 direct jobs.

Bank of Industry BOI

The bank of industry has done brilliantly well in encouraging small and medium sized businesses. They have a youth empowerment program aimed at capacity building and unemployed youths.

The YES program encourages self-employment by providing capacity building and skill acquisition. The program comprises 8 weeks intensive business management training and technical training.

They offer additional 5 days in-class entrepreneurship training. And the business financing is in consonance with the commodity based industrialization strategy of the United Nations economic commission for Africa.

The person must have a good business idea within the 40 identified sectors. To be eligible the applicant must be a Nigerian, age 18 -35.

The person must posses minimum education of OND and present a proof of identity. This could be a national identity card, driver’s license, voter’s card or Nigerian passport. The application process is done online.

 Africa’s Young Entrepreneurs Financial Grants (AYEEN)

African Young Entrepreneurs focuses on inter trade creation across the continent. They focus on innovative and outstanding entrepreneurs in various sectors of industry. 

Winners are awarded prizes and application requirement is simple. The person seeking the grant should be a Nigerian and based in the country.

YouWin Connect Nigeria

YouWin is a Federal Government initiative aimed at promoting job creation and entrepreneurship. They educate young entrepreneur on productivity and provide development tools. The drive is to promote economic diversity through transparency and competition. 

 The first edition of YouWin1 focused on job creation through small business funding. The second edition is focused on women not older than 45 years. While the third edition YouWin3 awarded 2500 youths support. 

To be eligible you must be between 18 and 40 years and a graduate from a higher institution. The applicant must be a Nigerian and have good communication skill. The applicant should be willing to attend training sessions and previous win awardees are not eligible. Members of the Nigerian Civil Service are also not eligible.

• You must be at least 18 years
• graduate from a higher institution
• You must be willing to attend training sessions 
• Previous awardees not eligible
• Officers in the Nigerian Civil Service not eligible
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How to Start a Business in Editing

You need very little capital to start an editing business. An editor needs to provide quality service and connect with clients.

You need to understand the market and define your business strategy. Make sure you get paid for your work and meet deadlines.

Make sure you complete the job to your client’s satisfaction and learn how to give a sales pitch. Establish realistic revenue estimates, write a business plan and conduct basic research.

Select a business name, domain name and register the business as a sole proprietor. Make sure you do proper accounts, administrative work and track your finances.

Get Your First Client

The first step to lunching your freelance editing business is to find your first client. You can start by updating your Linkedin profile.

Then offer free editing services to friends and family. You need to build a portfolio and gain job experience.

Another way is to seek an employment position in an editing firm before setting out on your own. Good work would attract referrals including word of mouth recommendations.

You can also build a website, showcase your portfolio and get clients. Other ways to secure client is through advertisement in national newspaper or professional directories listing.

It is important you create a network of people in your industry. You can join a job site for leads and inform neighbors and family.

• updating your Linkedin profile
• update your Facebook profile
• offer free editing services to friends and family
• build a portfolio
• gain job experience
• seek an employment position
• use referrals
• word of mouth
• recommendations
• build a website
• use advertisement
• professional directories listing
• network
• join a job site
• get leads
• inform neighbors and family

Make a Pitch 

Once you have identified potential client you have to make a pitch. Makes sure you get introduced, send samples of your work and use recommendations.

To demonstrate your expertise share samples of your published work, testimonials and project listing. Other ways are through sample editing of manuscript not exceeding 800 words. This affords the client a first hand appraisal of your editing skill.

• identified potential client
• get introduced
• send samples of your work
• use recommendations
• demonstrate your expertise
• testimonials
• use project listing

Secure more Clients

If you want to do the job full time you need many clients. Sell your skill through effective marketing strategy and referrals.

Social media is a powerful tool to use spread the word. You can cold call potential clients, attend seminars, network and join an association. Contribute quality post to your website and use online advertisement platforms.

• marketing strategy
• referrals
• social media
• cold calls
• seminars
• networking
• join an association
• post to your website
• use online advertisement platforms.

Join a Freelance Job Website

There are hundreds of job sites that offer regular work for freelancers. All you need to do is signup for a few and offer your services. Job sites are highly competitive so you need to bring your A game.

Do the Paper Work

You need to create a standard contract, warranty and policies. Figure out standard rates and how much to bill clients. Ask for advance of 60% on each contract.

Market the Business

It is essential you market the business for success. Print business cards, flyers and posters. Advertise in newspapers, magazines and use Facebook ads or Adwords to reach clients.
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