It may take years to build a successful business from scratch, not to mention the uncertainties involved. Many startups fail regardless of the time, money and effort invested.
This may seem daunting to any budding entrepreneur, but there are several ways to go about starting a business and a franchise is one of them. Purchasing a franchise offers you a huge advantage since it spares you the headache of creating a brand from the ground up and attracting clients.
Additionally, it eliminates costly marketing expenses, and startup errors, and puts you in a revenue model that generates income.
What is a franchise?
A franchise is a commercial agreement in which a franchisor allows a franchisee the authority to use a franchisor’s trade name, trademark, and certain business methods and procedures to manufacture and promote an item or service per predetermined guidelines.
For example, you may purchase the franchise of a popular fast-food restaurant in Abuja and establish a similar business model in a different location, such as Benin. Typically, the franchisor anticipates that the franchisee would maintain the same branding and recipe, among other business criteria. Mr Bigg’s, Dominp’s Pizza and the likes you see around your environments are mostly franchises.
Best franchise opportunities to build wealth in Nigeria
Several lucrative franchise opportunities in Nigeria will set you on the path to attaining great wealth. I will highlight 10 of the best franchise opportunities that will help you build wealth in Nigeria.
1. Coffee franchise
The coffee consumption in Nigeria and Africa as a whole is not high compared to countries in the West. For this reason, it is typically seen as an unprofitable venture in Nigeria, so entrepreneurs hardly venture into the industry. However, its lack of representation in the business world might just be the reason why a coffee franchise in Nigeria will bring immense profit.
Coffee consumption in the Western world is presently very high. This broad demand has resulted in the exceptional success of the Starbucks brand. With the precedent the Western world has set, other markets are following including the Nigerian market.
A lot of people already consume coffee in Nigeria, and many especially young elites would be more than willing to pay for coffee from a big brand. If you’re able to set up your coffee franchise in a high-end location, targeting the few who will be willing to spend some money on their coffee, you will surely succeed.
2. Pizza franchise
The pizza franchise is one of the rapidly expanding franchise industries. In Nigeria, pizza restaurants have grown a lot in popularity recently, with Domino’s leading the way. To get a franchise, just get in touch with the company’s management and work out the terms and circumstances.
Targeting areas with enormous potential but which the firm may not be contemplating right now, such as other states or cities where the company is not operating at present, might be beneficial.
Once you’re approved for their franchise scheme, select a busy, well-lit location that’s near a lot of residential apartments, and set up business.
3. Movie theater
In many places in Nigeria, the movie industry has flourished, drawing in customers of all ages, but younger people tend to go more often. Popular movie theatres are often packed, with tickets selling out, particularly on weekends.
A lot of young individuals and students often visit prominent movie theatres like Ozone and Silverbird. A franchise from one of these theatres, or another well-known theatre, might be a lucrative endeavour given the present attendance these establishments are drawing.
4. Fast food franchise
Fast food restaurant franchises are another profitable kind of franchise. Nigeria and other countries have access to several premium brands, including McDonald’s, Kentucky Fried Chicken (KFC), Chicken Republic, Tantalizer, Sweet Sensation, and many more.
The number of people and companies visiting these eateries is increasing as they seek fast meals. Therefore, purchasing a franchise for any of these eateries would be a wise choice.
5. Transportation franchise
Another excellent possibility for franchising is the transportation franchise. In Nigeria, the most common means of transportation for the large number of individuals who travel interstate regularly is the road. The most well-known transportation businesses are either state-owned or individually owned such as ABC Transport, Agofure, God Is Good Motors, AKTC, Ekeson, and many more.
Getting a franchise to run on accessible interstate routes is a certain method to draw in a large number of commuters on the road since these brands have shown to be dependable and very popular with transporters over the years.
6. Courier franchise
Purchasing a franchise from a respected courier company is one simple method to get into the still-vibrant logistics industry. World-famous brands like DHL, UPS, Tranex, and others are available for purchase as franchises, allowing business owners to take part in the collection and delivery of letters and packages in their community.
Other logistics-related activities that are becoming more and more popular include meal and snack delivery for fast-service restaurants and stores, as well as courier services for large e-commerce companies like Konga.
7. Petroleum products
Petroleum products are vital goods in Nigeria because they are needed to refill the more than a million cars that travel our roads and the more than ten million power generators that we must operate because of frequent power outages.
Even though there are a lot of well-known filling stations, the NNPC filling station is the most dependable as it is essentially a government company and often has the best prices. NNPC franchise, thus, would facilitate speedy product sales for any dealer. However, as was previously said, there are other respectable brands, such as Mobil, Agip, Oando, and Total.
8. Interior design
Nigerians are becoming more and more interested in interior design, which has increased demand for marble, tiles, carpets, and rugs. Every owner of a house or business plans to decorate with rugs, carpets, or tiles.
Obtaining a franchise from Nobel Carpets & Rugs, for example, would help boost the sales of your products quickly since they are well-known names in the industry.
9. Phones and accessories
These days, almost everyone has a cell phone or other technology, and they have ingrained themselves into our daily lives. We use it to communicate with friends, family, business associates, and just to remain in contact in general. Using social media, users of mobile devices with internet connection may explore for news, events, and entertainment as well as interact with other groups.
People must sometimes replace devices and accessories since mobile devices are carried about, making them vulnerable to theft and damage. Leading manufacturers of gadgets and accessories, such as Samsung, Infinix, Techno, and the iPhone, are widely available.
Slot is a particularly intriguing achievement in the selling of mobile phones in Nigeria. Over time, the brand has developed into one that consumers seek when attempting to buy a mobile device. Considering that hundreds of customers visit Slot shops every day across Nigeria, it makes sense to take advantage of the franchise options provided by the company to get into the mobile phone industry.
10. Convenience stores
There are many small provision shops littered across the country and they still make a profit. This is because they sell daily necessities that people use all the time. Take advantage of this profitable business and open a convenience store where people can get all they need in one place.
Establish a franchise with a big name like ‘Shoprite’, set up your business in a good location and watch your business generate income.
Conclusion
By purchasing a franchise, you are making use of a business model that is already successful, but you can still run it to the ground if you do not manage it properly. Make sure you are knowledgeable about the business you want to join before choosing which franchise to purchase. Set up a good location and work hard to take your franchise business off the ground.
