5 Profitable Business Ideas for Nigerians
Posted by Allan M. Hinggoy | May 20, 2017, 1:25 a.m.
In this article, we will give you some business idea that might help you attain financial freedom.
This is one of best business idea since it only requires a small amount of capital and it is focused on providing service to people that are business and does not have enough time to do house works like doing the laundry. It means that it has a large potential to earn big since the market is large - of course, considering the location. Experts suggests that the area should be beside a busy street where people can easily walk in to your area. This business is one of the fastest growing business in Nigeria.
Capital: N300,000 - N400,000
People all over the world love to eat baked foods and Nigerians are one of them. But before you start this business, it is vital that you have study it first on how it works, what are the necessary equipment needed, and most especially about the business plan. As what Benjamin Franklin said, "If you fail to plan, you are planning to fail". It is now required that you have be an expert first on this business, but you just have to learn about the most crucial things. Still experience is the best teacher. If you love this kind of business, better you start one.
Capital: N300,000 - N400,000
This business could be very profitable considering what approach you want. Chicken industry has two main sectors: Layers, which are chickens bred and raised to produce eggs. And broilers, which chickens are raised and bred to be slaughtered for meat. Either approach you want, it is vital that you have to study the business plan and the marketing strategy. You also have to put in mind that this business requires huge amount of capital considering the rental of land, equipment to be used, chicken feeds, vitamins and medications, and electricity.
Capital: N600,000 - N900,000
Transportation is another sector that booms in a recession. With increased fuel prices, massive loss of jobs and high inflation rates, some people would prefer public transport over driving their own cars. You can tap into this opportunity and drive your way out of recession. I know a lot of bankers who lost their jobs and started a taxi service business out of their savings. They earn more now than they did at the bank. Companies like Uber are changing the way people think about taxi service business. If you cannot afford a vehicle, you can enter into a hire-purchase deal with someone who can afford it. With determination and focus you make progress and get a vehicle of your own.
Multi-Level Marketing Business
Low capital, requires not much effort, no pressure and have a potential passive income in the long run is what makes MLM as one of the best business in this generation. This business does not only help you financially but also helps you with your personal growth & business development. It can help you have more connection, increase your confidence, have positive influences and provides you with more doors of opportunities. No wonder that even well-known authors and entrepreneurs like Warren Buffett, Bill Gates III, Robert Kiyosaki, and Bryan Tracy believes in MLM business.
Starting MLM business is crucial since you have several things to consider like the stability of the company, quality of its products and the pay plan since it represents on how you will get paid. Experts says that a company becomes stable once it reaches beyond 5 years. Another cue is how large the asset the company has. If you are considering to start with this kind of business, An 11 yr. old company which is the Alliance in Motion in Global is greatly recommended since it has large assets, it is enlisted in the Philippine stock market, its products were listed in PPD drug handbook (Doctor’s reference), it has a great compensation plan, and incentives, it has more than 5,000 self-made millionaires around the globe and of course you can start this business with a capital of N70,000 and giving you a potential income of N153,600 per day(Which was achieve by hundreds of Nigerians already).
Potential Income: N153,600 per day