5 Businesses You Can Start on Commercial Land in Lagos State

There is no argument that Lagos is a commercial centre where great businesses can thrive for land owners.

The city combines many factors, such as a huge population, good location, and a diversified economy, which are very supportive of businesses. 

With abundant commercial land available, entrepreneurs can explore various business opportunities.

This article will discuss five lucrative businesses you can do on commercial land in Lagos.

1. Multi-Function Event Centre

Lagos is where so many social activities take place. These activities comprise corporate parties, weddings, birthdays, and various religious activities, among many others.

Most of these events are hosted in event centres, which presents a good business opportunity. 

An event centre with proper designs is likely to be in demand since it can service different types of events and generate steady income.

Why event centre is profitable in Lagos

With the “Owambe” culture, Lagosians are known to celebrate throughout the weekend.

Companies also conduct conferences and product launches, as well as annual general meetings, throughout the week.

Some churches require halls for their special programs and need to have a centre to host them.

How to get started

There is a need to start with the construction of a multi-purpose facility that can accommodate different types of events. Such an infrastructure should have a reliable power supply, good security, adequate ventilation, and good parking spaces among other things.

Also consider renting or providing catering services, décor, audio-visuals, logistics, and other items capable of increasing your revenue.

Factors that can make your multi-purpose event centre successful

Location is key, as bookings will come from different parts of Lagos. You will need to have competitive prices, excellent customer service, easy access to modern facilities, etc.

You also need to provide options for flexible bookings during weekdays as opposed to weekends that can be beneficial in maximising revenue.

2. Supermarkets and Shopping Malls

For groceries and daily use items, Lagos retail remains strong even with the advancement of online shopping.

Supermarkets from the residential or commercial areas are always well patronized and extremely profitable. Think of ShopRite and the massive flood of customers every weekend.

Why does owning a supermarket or shopping mall work in Lagos?

Residents of Lagos value easier means of shopping and higher-quality shopping experiences.

The middle class is shifting from traditional markets to organised retail for grocery shopping, as it is easier and better organised.

Getting started

Choice of location is key to a successful shopping centre. Ensure you have a good location.

Set aside some space for fresh fruit and vegetables, general groceries, personal care items, and even set up a bakery or a food stand. You may also want to expand your services to include customer delivery to improve revenue.

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3. Hospitals

A well-ran hospital is a good business in Lagos State. A well-equipped clinic or diagnostic centre can bridge important gaps in the healthcare system.

Why it works in Lagos

People in Lagos often wait for long periods at government hospitals, while many can’t access private healthcare.

The expanding middle class shows more willingness to pay for better healthcare with shorter waits and improved facilities.

Getting started

Start by identifying a niche; this might include general practice, care for mothers, diagnostic services, or specialised centres like physiotherapy. 

Hire skilled healthcare professionals and buy suitable medical equipment. Create systems for digital health records, booking appointments, and keeping track of supplies.

Make sure you follow all the rules set by the Lagos State Ministry of Health and other important medical groups.

What makes it work?

Keeping high medical standards and making patients happy leads to more visits and recommendations.

Giving health lessons and services to prevent illness can grow your patient list.

Think about collaborating with health insurance companies to make services easier to get while keeping money coming in.

4. Mixed-use commercial property

Instead of just one business, building a property with many commercial spaces gives you different ways to make money. Consider a multiple-floor building with each floor dedicated to a particular service to cater for multiple needs.

Why does it work in Lagos?

Lagos has a shortage of quality and strategically positioned commercial land in many neighbourhoods for businesses to thrive. An all-in-one complex that offers office spaces, shopping, pharmacy and other services is in demand and well patronized.

How to start

Develop a property with spaces suitable for various businesses such as retail shops, offices, food outlets, and service providers.

Design with flexibility in mind to accommodate different businesses. Invest in common amenities like parking, security, and power backup. Consider starting with anchor tenants who can attract smaller businesses and customers to the location. Develop clear tenancy agreements and facility management protocols.

Success factors

Professional property management ensures tenant satisfaction and property maintenance. A strategic tenant mix creates complementary offerings that increase overall attractiveness. Location accessibility and visibility significantly impact the development’s success.

5.  Hotel and bar

Lagos’s role as a commercial hub and vacation spot creates a constant need for top-notch lodging and entertainment spots. A hotel with a bar that’s run well can draw both work and fun visitors.

Why it works in Lagos

Lagos pulls in work travellers, sightseers, and foreign residents all year. The city’s lively nightlife supports bars and hangouts. While the lack of good places to stay in many areas opens doors for new spots.

Also, Lagosians often look for weekend breaks to relax with friends and family without leaving town.

Getting started

First, who are your intended customers? Are they work travellers, tourists, family, or a mix?

Build room setups to fit what your chosen guests want. Put money into comfy furniture, steady utilities (power and water are key), and ensure proper security.

To create a unique vibe in the bar area, focus on the right mix of lights, seats, and tunes. Put together a good menu that has a mix of local and some global flavours.

Think about hosting special events to bring in more people, such as a Valentine’s hangout.

Success factors

Where you set up plays a big role in how well both the hotel and bar do. Being close to where businesses are is great for work travellers, while spots near beaches or with nice views pull in the holiday crowd.

In the hospitality world, top-notch service is the key to getting customers to come back time and time again.

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Conclusion

Lagos State’s dynamic economy offers ground for commercial businesses, particularly for land owners.

While each business carries unique challenges, the fundamentals of success remain consistent. Through thorough market research, strategic location selection, quality service delivery, and professional management, one can start a profitable commercial business in Lagos State using a plot of land or two.