Setting up a Lucrative Small BusiBusinesses In Nigeria demands that you have good knowledge about that business and consult with experts in such a business to avoid pitfalls. Generally, a business can be up-and-coming and lucrative if a massive market for the business product or services.
The more the demand for that service or product, the more benefits the business owner gains, especially if the individual is a business expert. The truth is that you can start this small business with little to no capital if the business only requires skills.
There are several excuses people make not to have any interest in running a business; they believe that they do not have time and do not have enough funds to push the business.
Why small business is ideal and lucrative
Small business is ideal for anyone because such a business is easy to manage and scale up if the business grows consistently. Aside from this, the return on investment that comes from a small business can triple the investment made at the initial start of the business.
Here is a list of 20 lucrative small businesses you can venture into.
1. Dropshipping products from big online shops
Dropshipping is a business that requires little to no capital because it only involves reselling products or services that have been produced, packaged and ready to be delivered by an organization. You do not need to stock any items.
2. Livestock farming
This is another lucrative small business that can fetch you a good amount of income because of the demands in the market. The livestock business holds many potentials, and you can raise as many livestock as you desire to sell.
3. Recharge card printing business
You can start this business with a small amount of money and continue to scale up from that as you expand your customer base. Recharge Card Printing business means buying recharge pins voucher from telecommunication networks and print out the pins and then sell to potential buyers.
4. Home lesson
There are many options available for you as a teacher, from teaching students to prepare for their exams such as O-Level exams to helping them build up their knowledge in their entire academic journey, in whichever way, your efforts will worth paying for. You can organize a home lesson for children around your neighborhood for a token and continue to increase your reach.
5. Sewing business
Sewing has been a professional job from the beginning, if you have the skill of sewing nice clothes for clients, your skill will market you and help you earn money. This is another small business that can bring you a good income without sweating so much.
6. Starting a writing business
Nowadays, many organizations require writers to help them produce content for either their websites or blogs. Though writing could be a tedious job for those that don’t fancy writing but it could be a good job for someone who has the hobby of writing. you could be making as much as N2000 daily for writing contents not just for the websites and blogs but for the movie industries as well.
7. Call Center business
Some businesses lookout for call center agencies that would help them reach out to their clients consistently. If you have good communication skill and can be patient enough to listen and attend to people in need or reach out to people and politely inform them about your products and services, the becoming a call center business agent could pay off.
Reach out to the interested firms and make them understand how much you can work with their clients to keep them satisfied with their services. You could work with more than one firm at the same time.
8. Used clothes business
This is the popular Okrika (fairly used and washed clothes) Business. This business strives because some individuals have low purchasing power in the country; this set of people would love to patronize your business. So many people make money from this business irrespective of their location.
The more popular you become the more customers you make. on the day of opening of your bell of clothes, your customers will surround you to select their preferences from the volume of used clothes in the bell.
9. Salon business
Running a barbing saloon business is gradually becoming a very big professional investment such that some could be set up with huge capital up to a million naira such saloon are meant for people with class and their service price equally reflects their investment level.
However, as a low income earner, you could set up yours with affordable capital at your disposal and bring the price down for the poor and those that are not interested about class, with such idea you could be making your money.
Generally, everybody, both male and female, wants to look good. Therefore, styling female hair or cutting male hair in your small salon can earn a good income.
10. Manicure and Pedicure
Mostly for the women, a business that was once taken for granted is now a multimillion naira capital investment business. However, at the lower level, individuals still make huge money from the business especially when cited at the appropriate location such as places with high number of classic ladies and married women.
Manicure and Pedicure is simply making of nails in a professional way that could give stylish look and matching on the appearance of the client.
Though you could possibly get men as clients but majority of the clients of this business are female because a lot of females want their nails fixed mainly during the weekend. Therefore, offering this type of service can be very lucrative due to the profit you would benefit from it.
11. Blogging
Making money with blogs is no longer a news, though not as simple as it seems, you could actually become a blogger and start making money on the long run. As a freelance individual who can produce exciting content, setting up a blog to share relevant information about topics can also serve as a lucrative small business.
12. Freelance writing
Rather than waiting for the long time it takes to make money with a blog, you could simply blog for an existing popular websites and blogs or write for movie industries. Another lucrative small business is engaging in freelance writing activities on websites like freelancer, fiver, ODesk and many more.
13. Clothes Importation Business
Everyone would always like to change their wardrobe; however, people order online if there are no good clothes to buy. You can fill this gap with your small business of clothes importation.
14. Daycare center
Many working-class women always find it very difficult to get their baby the best daycare around them. If you set up a daycare center around your home, there would be massive patronage for you.
This is a lucrative business for those living in busy cities. All you need to do is to locate potential parents with little kids and pledge to take care of their kids while they are aware. This is usually a basic school system for the babies.
15. Computer training center And Business Center
Everyone wants to become computer literate; one of the lucrative small businesses you can invest your time and capital in is the training center business which would be very profitable. The business center is usually a place where typing and printing works can be do as well as internet surfing.
16. Waste management business
If you look around your area, you will notice that there is a lot of waste not disposed of properly. You can set up a small business on waste disposal management which would generate considerable income.
Many areas pay monthly dues for waste managers the due could be per house, per flat, or per individual waste. No matter how the arrangement of the waste payment is made you have nothing to loose as your money will be fully paid every month.
Another food-related lucrative small business is turning raw food materials into a finished product. Such examples of food processing businesses include the production of yogurt, fruit juice and others.
Due to possible drop in price in seasonal foods such as fruits, you could seize the opportunity to transform such foods into processed food and package them with your brand name as well as making them to last longer than supposed.
Many firms are already into this business, you can start yours with any little capital at your disposal and start with local markets first.
18. Solar business
Making solar panels and installing them for clients has become a lucrative business that can fetch millions within a short time. However, you need to acquire the skill and find ways to advertise yourself to the right audience.
The power supply is a known problem in our country; providing an alternative is crucial as a very lucrative business.
19. Farming
There are different types of farming that you can choose from such as Crops farming, Poultry, Fishponds, animal husbandry, and lots more. with a careful business analysis and implementation you can actually be making your bulk earnings from farming.
With farming as a small business, you only need a small amount of money to start. Then, you can quickly lease land.
20. Dry cleaning business
Dry cleaning business also known as Laundry business is a striving business for all class of citizens. The way you setup your own determines how much you could be charging clients for your services.
At average your could be earning N500 in every up and down clothes you washed and ironed. It is another lucrative business that can easily fetch you a good income without a huge capital. With this business, you can make good returns daily.
Conclusion
Considering the high level of unemployment, low earning with massive inflation in the economy, looking out for alternative means of income or getting yourself involve in a fulltime profit making business will not be a bad idea.
The list of options mentioned above could serve as suggestions regarding the areas you should look into if you have small Money with the right skill.
