Are you in need of well researched small business ideas? What if you were given a list of new innovative product ideas to sell? Will you act on it fast? If yes, then below are a list of innovative product ideas you can sell.
It is often said that the world is filled with innovative ideas but the world lack experienced entrepreneurs. Now if you are to critique the most successful innovative business ideas that made headlines over the years, you will observe that they are mere business ideas that were improved upon. So in this article, I have identified 15 new product ideas that you can innovate on and sell this year. You can find such ideas below.
15 New Innovative Product Ideas to Sell in Nigeria
- P.O.P ceiling production
A new trend to really made good and legitimate money was introduced into Nigeria not too long ago. Many people would like to use Plaster of Paris on their houses but on the other hand do not know how easy it is to produce the ceilings. P.O.P ceilings are special ceilings made from Plaster of Paris, and many people think that they are more beautifying than other ceilings. This is because you can have diverse designs of them and they could be more easily maneuvered for better aesthetic appeal. In addition Plaster of Paris ceilings are fire resistant and relatively lighter, thereby lessening the load on the beams and roofing structure of the houses.
Moreover, a prospective entrepreneur can actually produce the ceiling himself, as it is quite an easy process. There are other casting that could be made locally from P.O.P powder though, some of these others include polyurethane cornice, rosace and niche, columns & pedestals, doors and windows surround, etc but some of these might not be as easy, cheap or straight forward as ceiling tiles, and that is why it’s advisable to start that way.
- Plantain Chips production
After removing the skin, the unripe fruit can be sliced (1 or 2 mm thick) and fried in boiling oil, to produce chips. Plantain Chips, if they are made of green plantains that taste starchy are called potato chips. If the chips are made from sweeter fruit, they are called ‘Banana Chips. They can also be sliced vertically to create a variation known as Plantain Strips. Just make sure that you put your label on your product for branding purposes. The more you produce, the more money you make, because majority of Nigerian love plantain chips.
- Liquid Air Freshener Production
Liquid air freshener is a product that plays a strategic role in homes, offices, etc. It is demand cut across sex age groups and social strata. This product can be prepared in a one-room apartment since all the chemicals involved are user friendly. Machines are also not required when producing in small or medium scale. All the chemicals required are locally available all year round. It is also heartwarming to know that the production technology is a very simple one.
Even an illiterate housewife can churn out good quality air freshener if well instructed. This product that has 80% water content and a high profit yield. There are high qualities and well-designed plastic containers that will give the product like this an irresistible finishing touch and they are all locally available.
- Production Of Toilet Rolls And Paper
It is time Nigerian businessmen and potential investors became aware of the commercial viability and profitability of toilet rolls production. Toilet paper rolls are used for sanitation purposes in big hotels, educational institutions, cinema houses, fast food centers, water closet toilets etc. Most people even prefer it to handkerchief due to its relative cost advantage. All Nigerian men, women and children consume toilet rolls. It demands is influence by population explosion, rapid urbanization and social awareness. Our local production is made more attractive because the raw materials are available locally. The machines can be fabricated locally.
You can set up the project without initially acquiring the machines, while you make a lot of money. The raw materials include jumbo reel, glue, paper; packaging materials include printed labels and nylon. If you are buying the machine, the machines required are core gluing machine, jumbo rewinding machine, core cutting machine and band saw cutting machine.
- Setting up A Bakery
The amount require to set up a Bakery is directly related to the cash at hand, if you want to start small you can get a small parcel of about half a plot or a full plot of land and build a clay oven. It will cost you about N400, 000 to start, while it will cost between N4,000,000 (four million Naira) to N5, 000,000 or more to start on a large scale. It is very important to engage the services of skill labour that knows the ins and outs of bread baking.
You can operate 2 gang i.e. 2 shifts which is day and night. You will also need 2 apprentices who will provide all the necessary assistance during the baking process. You can also then enter a contractual agreement on how they will be remunerated; either on daily basis, weekly or monthly. But in some cases, the laborers are paid between N500 to N1000 per bag of flour produced in every shift. Some laborers produce as much as 10 to 12 bags in their shift. Proper supervision is very important, as you must be vigilant, so that a bag of flour must not fall short of expected amount of quantity of bread.
- Paint Production Business
Paint production business is a very lucrative business and its profit potential is very high. Going by the number of houses and other structures in the country, it is certain that you can never run out business if you go into paint production. Paint is an essential commodity needed for painting houses, offices, etc and the demand is on the increase. There is hardly any house that is not painted these days, so the market is there for you.
What is left for you to do is to penetrate and capture the market by producing good quality paint and marketing it very well. You can start your home-based paint production with as little as N100,000. The raw materials are readily available in the Nigerian market. You also don’t need any expensive equipment to produce paint; you only need some buckets and your two hands to do the mixing.
- Soya milk Production
Soymilk is a nutritious and refreshing drink produced from soya beans which is a leguminous grain. It is creamy and whitish in colour, with a neutral taste. It is a good dairy milk substitute. Soya beans, the major raw material is available everywhere in Nigeria and it is affordable. You can start small with between N50,000 – N100,000. Soya milk is commercially appreciated, but not many investors are tapping into it. Majority of soya milk in the market are imported. This is an opportunity for wise investors.
- Toilet Cleaner Production
Toilet Cleaner is a chemical mixture for removing dirt and stains on tiles, floor and for cleaning toilet. Its domestic use includes stains and dirt removal from toilet, bathroom and kitchen. It is also used for scrubbing. Industrially, toilet cleaner is used for removing grease, stain and chemicals on the floor and for washing toilet and tools. You can start with as little as N50,000. Toilet Cleaner is very easy to produce; all the chemicals and raw materials for production are readily available locally and affordable. This business can be done anywhere by anyone.
- Production Of Deodorant / Air Freshener
Air fresheners are consumer products that mitigate unpleasant odours in indoor spaces. They are used everywhere – rooms, toilet, offices, shop, cars, eateries, canteens etc. Air fresheners are very affordable and both the poor and the rich use them. The raw materials, meaning the chemicals to produce deodorant/air freshener are available locally everywhere and are cheap. You can start production with between N45,000 – N60,000.
- Wine Production
Wine is an alcoholic beverage, typically made of fermented grape juice or juice of other fruits. Wine is a popular and important beverage that accompanies and enhances a wide range of cuisines from the simple and traditional to the most sophisticated and complex. Wine is enjoyed by everyone and the market for it is huge. This is an opportunity for wise and smart investors or businessmen because 95% of the wine consumed in this country is imported.
- Polythene / Nylon Bags Manufacturers
Polythene/nylon bags are made from polymer of high and low density respectively. If you have been looking for a business you can start with little capital with huge turnover, this is the best business opportunity for you. The demand for polythene shopping bags is on the increase and you should be part of this boom as a manufacturer or a supplier. Polythene shopping bags are not only used for packaging goods, they are also used by Banks, Eateries, Supermarkets, Pharmaceutical stores, Fashion houses, Textile stores to mention but a few; and the profit potential in this business is enormous.
- Ice Cream Production
Ice Cream is a nutritious beverage taken by children and adults alike. It contains nutritive carbohydrate as sugar, fats, protein and minerals etc. Ice cream is enjoyed by both adults and children especially in the cities. It is however, consumed any time but more in the dry seasons. Ice cream is taken by almost everybody due to its sweet taste. You can start with less than N70,000 and the raw materials are readily available in the Nigerian market. And the profit margin is also high and that makes it a very lucrative business.
- Foodstuff packaging
The Demand for African foodstuff in Europe and America is rising due to the increasing number of Africans, particularly Nigerians who sojourn to these Countries for better life. It is estimated that 20 million people of Nigerian descent reside outside Nigeria, with the majority living in the United Kingdom and the United States. This is a great opportunity to sell to this category of people. My research in this business sector revealed that the few exporters of African foodstuff cannot meet with the demand of Nigerians because population is increasing everyday in US and UK. You can package any of Nigerian foodstuffs like egusi, Ogbono, Garri, Kilishi, vegetable, and you can package in 1kg or 2kg bags and penetrate the local or international market
- Zobo fruit drink production
Zobo is derived from a multidimensional plant whose botanical name is sorrel. In some places like Minna it is called “Sobo rodo”, while is called “Zobo” rod in some places in Gombe and Bauchi. The raw materials for zobo production are Sorel red dried plants, treated water, Honey or Glucose syrup, Citric acid, Flavors, Preservatives, Vitamin C. The equipment needed are Boiler or heater, Liquid fitters, stainless steel liquid mixer, weighing scale, graduated plastic or stainless buckets, storage tanks, Microscopes, Filling machine (Manual or automatic), batching machine, PH Meter, Measuring cylinder,, Overall and cups, laboratory wares. It is advisable to package it in plastic bottles. It can also be made available in various designs and sizes, or you can also package it in Nylon sachets of smaller sizes. You can print your details such as Brand name, composition, Type of fruit drink, Batch number, expiring dates and storage instructions.
- Fiber Ceilings Casting
Fiber Ceiling casting is the product of processed newsprint cement, paint and water. The processed newsprint is the fiber, it comes in 2 feet by 2 feet, and its materials are 100% Eco friendly and could be sourced locally. You can earn 200% from every board you are able to cast; the cost of fabricating one is only N50, while a board is N150 in the market
In conclusion, I want you to know that one or two of these new product ideas may be your blue print to success.
Author’s Bio: Tunji Afuwape is a small business finance consultant and expert. He is the CEO of 21st Strategies. He provides “how-to” advice on small business and home-based work issues. His organization helps small businesses reach their fullest potential. You can read his full bio here and contact him also for business advice.