Business owners strategically position themselves preparing for when opportunities will present themselves so as to make good profit.
At a time like this when the pump price of petrol has more than doubled as a result the removal of subsidy, people who understand business will be making good money.
Sadly, those who lack immediately access to capital will be feeling the pain while those taking profit will me smiling to the bank.
Like is not balance, but if you will read this article to the end, you can take advantage of the time.
You see, in Lagos, commuters are going to have a difficult time coping with the price of transportation in Nigeria.
Read Also: How To Cope With Rise In Prices Of Goods, Services
What Does This Mean?
You remember that in 2020, during the Covid-19 period, smart entrepreneurs who invested in the production of hand sanitisers and nose cover made huge profit.
They basically produced and supplied commodities that before the Covid-19 era were not in demand, until the pandemic broke out.
The same will happen now, but this time a different thing will get the major boom.
Transportation Business
In this season, one strategic business to start in Lagos which is also very lucrative is the transportation business.
Whether it is a bike, cab, an autorickshaw the one you call keke (tricycle) or bus, it is a good business decision at this time.
People will do less of driving their personal cars because of the huge cost of fueling the vehicle.
As a result, there will be more commuters and there is need for more vehicles to move them around.
Also, there is increasing need for the movement of goods and services going from producers to the end consumers.
Indeed, transportation is a necessity in a mega city like Lagos and it also oils the production chain, Nigerians will have no choice but to pay for it at what ever cost.
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The current hike in the price of petrol from ₦186 to between ₦488 and ₦557, will help transporters with smart business plan turn this challenge into a profit making avenue.
Other Smart Business Options
Aside from transportation business, running a food vendor venture is another good money making venture for anybody who wants to start a business in Lagos.
Food is necessary to go through the day. Although we know that people will begin to ration how much food they consume as a result of the hardship.
Also, fuel station business, cryptocurrency investment, luxury business among other things are businesses that can fetch an entrepreneur huge amount of profit this season.
