Starting a business in Nigeria or anywhere else in the world can be hard. A lot of research has to be done to know if your business idea is viable or not.
It is necessary to do a market survey to know what people need, what is in demand and the regularity of supply to meet those demands.
If you desire to open a clothing or provision store on your street where there is no other provision store, then you have satisfied the demand in your area. But if there are three or more provision stores in your area, you will not have many customers or profit.
When going into business pick an area with high demand and less supply.
Also, keep in mind that your business should satisfy your customers’ wants/needs not yours because, in the end, they are the ones who buy your goods while you earn your profit.
For starters, we have compiled a list of money-making businesses in demand in the country you can replicate.
Businesses to replicate are:
When you think of POS (Point of Sale), the first thing that comes to mind is using your card to make payment at a supermarket or shopping centre. It is now a money-making venture in Nigeria and it is a fast-growing arm of the Nigerian financial sector. The Central Bank of Nigeria recorded 382,845,859 POS transactions valued at ₦2.8 trillion between January and August 2020.
It’s a fast-growing sustainable business because it’s relevant and adds value to the public. You don’t need to go all the way to deposit or withdraw money from the bank or ATM. By visiting any POS stand around you can do basic financial transactions without queuing in the bank. It’s very convenient for the busy Nigerian who needs to save time and money.
Also, with this business, you can sell other digital and nondigital products like recharge cards, bottled water, drinks etc.
The business is also very profitable. Just get a shop umbrella, a table and your POS machine and you are set.
If you have enough capital, you can also become a POS machine retailer selling the device to people who will start their POS stands.
2. Online Businesses
Online businesses are currently booming in Nigeria. The internet has become a viable market for buying, selling and offering services.
Examples of low barriers to entry online businesses include:
- Selling goods and services e.g. clothes/boutique, food items, food delivery to offices, makeup services etc.
- Offering services e.g graphics designing, content strategy, digital skills etc.
The current market hub for sales of goods and services are WhatsApp, Facebook, and Instagram. These applications have special offerings for small and big businesses alike.
Tip: Don’t put “No refund” and “DM for price” on your sales page.
You can also make money by clicking on ads or completing simple tasks. However, it takes a while to earn a substantial amount of money.
3. Real Estate
Real estate will always be a viable business because land value appreciates.
A real estate business deals with the buying, selling, management, operation, or investment of land and buildings. It can also include natural resources below or above the land, such as crops, minerals, or water.
Taking the plunge real estate business should be done as a career while learning and working for someone else, before branching out and making it a business.
There is a lot to learn to build and grow a successful real estate business. Working for a real estate firm is a great way to help you get started. You need to learn important skills such as property valuation, property management, working with clients and sales. Over the long term, it can become a lucrative business.
4. Bitcoin, Crypto, and Forex trading
Cryptocurrency trading is about speculating on price movements via a CFD trading account, or buying and selling altcoins via an exchange.
Crypto and Forex are said to be two of the riskiest yet profitable markets for traders. But thanks to the huge profit, both markets get huge attention compared to the other markets.
Although the Federal Government of Nigeria has banned dealings with this market, it’s still an effective means of earning profits online for Nigerians.
With the boom of cryptocurrencies, NFTs and the Metaverse, there is just no going back about crypto. it is more likely for this law to be removed or revised.
When you buy cryptocurrencies via an exchange, you purchase the coins yourself. You can go long (‘buy’) if you think a cryptocurrency will rise in value, or short (‘sell’) if you think it will fall.
You’ll need to create an exchange account, put up the full value of the asset to open a position and store the cryptocurrency tokens in your own wallet until you’re ready to sell.
And the requirement for this business is just a mobile phone.
The consultancy industry is one of the most diverse markets within the professional services industry, therefore creating a wide spectrum of different types of consultants.
As a consultant, you must have your niche in which you offer professional guidance and services. There has been a sharp rise in the number of independent consultants over the past few years due to the widespread of areas of businesses.
The six core types of consultants within the consulting industry are:
They are Consultants who operate at the highest level of the consultancy market, with a focus on strategic topics like corporate and organizational strategy, economic policy, government policy and functional strategy.
For this reason, strategy consultants generally carry out work assigned by top managers, like CEOs, directors and senior managers. From this, we can tell that the nature of strategy consulting differs from the others because they focus more on quantitative/analytics skills. Their job description revolves more around giving advice than overseeing implementation.
Management consultants, in practice also known as business consultants or organizational advisors, are consultants who focus on all sorts of organizational concerns from strategy to a variety of elements within management.
These consultants help clients improve the performance of their operations. Consultancy activities in this segment vary from advisory services to hands-on implementation support, for both primary functions (e.g. Sales, Marketing, Production, etc.) and secondary functions (e.g. Finance, HR, Supply Chain, ICT, Legal, etc.).
Financial Advisory Consultant
They operate in the Financial Advisory segment and work on questions that address financial capabilities, and also the analytical capabilities within an organization.
The profiles of consultants active in this segment can differ greatly, from M&A and corporate finance advisors to risk management, tax, restructuring or real estate consultant.
Human Resource Consultant
HR consultants help clients with human capital questions, hire workers within an organization or improve the performance of the HR department.
Central topics in the job description of HR consultants among others are; organizational changes, change management, terms of employment, learning & development, talent management and retirement. They are also brought in to make changes in the area of organizational design, processes and systems, among others.
Tech consultants are also known as IT, ICT or digital consultants. They focus on helping clients with the development and application of Information Technology (IT) within their organization.
IT consultants focus on transitions (projects) in the ICT landscape, unlike regular IT employees, who work on day-to-day IT operations. The majority of ICT consultants work on implementation projects, from project management to process management or system integration. Within IT consulting, the fastest-growing markets are digital, data analytics, cyber security and IT forensics.
Other profitable businesses to consider are;
- Cosmetic Sales/Production Business
- Poultry Farm Business
- Logistics/ Package Delivery Business
- Restaurant Business
- Gym Fitness Business
- Waste Disposal Business
- Online Food Vendor Business
- Monogramming and Branding Service
- Graphics Designing Service
- Photography and Videography
- Website Building and Designing Services
- Laundry/ Cleaning Services
- Daycare Services
- Hairdressing Salon
- Content Creation
- Digital Marketing and Advertising
Most business ideas are great but there are some that just aren’t. They may be profitable monetary wise but not in other aspects of life, reputation, freedom and health
Businesses you should avoid are;
1. Cyber Fraud a.k.a Yahoo Yahoo, Yahoo++
All cyber crimes are global in nature. Scammers and swindlers emanate in the cyberspace all around the world. The advent of the internet has made it relatively easier to reach out to friends and relatives, business partners, customers, and also victims.
The World Wide Web equally makes life hard and hellish in terms of falling victim to the criminal shenanigans of cyber fraudsters with victims from different countries and continents.
The booming year for Yahoo Yahoo was the early 2000s when it was about romantic scams involving rich white ladies and old widows with a lot of money to spare. The Nigerian/African prince scams and corporate or industrial fraud,
In the year 2014 or thereabout, the modus operandi of the Yahoo Yahoo began to change methodology bringing out the ear of Yahoo++. Email scams fueled by ritual sacrifices and murder.
There is nothing to be proud of in this business. It destroys reputation, trust and is a local and national disgrace. It builds nothing good, no career, no good business relationship, even the money gotten this venture quickly gets exhausted.
Commercialized sex is widely illegal in Nigeria, especially in the Northern states of the country, but is still a booming business.
Yes, there aren’t enough jobs to go around and there is nothing the government is doing to provide employment but do people, especially women and underaged girls need to subject themselves to such a dangerous venture?
Prostitution strengthens other illegal ventures like human trafficking, organized crime, drugs, cocaine, etc.
The dangers in this profession are numerous. Sex workers are seen as dispensable by both clients and pimps. Society at large also sees such workers as immoral and Prostitutes are mostly victims of violence, STDs, murder and even rape.
Recently, the Governor of Rivers State, Nyesom Wike ordered a ban on Nightclubs and street prostitution during his new year broadcast in the state. He also directed security agencies in the state to arrest violators.
From this, we can deduce that it is going to be a hard year for sex workers in Port Harcourt this year.
Phishing is a type of social engineering attack often used to steal user data, including login credentials and credit card numbers. It occurs when an attacker, disguised as a trusted entity tries to dupe a victim into opening an email, instant message, or text message.
By tricking an unsuspecting recipient to click a malicious link, or give BVN details or vital data information over a phone call, a lot of terrible things can happen. There are a lot of local and foreign phishers who make unauthorized purchases, steal funds, or identify of people.
If you are planning to go into or continue this business, OYO, you are “On Your Own”. If you do or don’t believe in the laws of money and Karma your victims definitely will, You are going to get what’s coming to you one way or another.
4. Sugar Zaddy and Online Hookups
Don’t get it wrong. A daddy is an attractive older man while a zaddy is a man “with swag” who is attractive and also fashionable. It appears that it has less to do with age.
A lot of young people today plan to leech older rich men and women instead of building themselves as people in society. You just want to relax and be taken care of right? Well, I’m sorry, there is no relaxing for lazy man except in the grave, at least in the mortuary they wash, dress and take care of the dead bodies. But choose wisely.
If everyone leeched off each other there would be no innovations, inventions, technology, businesses, restaurants, markets etc.
Looking for a sugar mummy, daddy, zaddy, to take care of your needs should end in 2021. We need people to build the African economy not degrade it.
It’s better to choose to start a healthy business and improve yourself instead of taking risks. Strive for better goals for your life in the long run and not a short-term fulfilling goal for flexing and money. Invest your time and energy wisely.