7 Profitable Business Ideas in Nigeria for young Entrepreneurs
June 13, 2018
7 Profitable Business Ideas in Nigeria for young Entrepreneurs. Nigeria is a multiple business opportunity nation in West Africa, with a population figure of about 180 million people. This population has continued to attract foreign investors despite harsh business realities that abound in the area of erratic power supply and high level of insecurity of lives and properties.
It’s worthy of note and emulation that Nigerian youths have not been deterred from pursuing viable and profitable business ideas across all divides in the country.
In this guide, I will disclose to you 7 profitable business ideas you can venture in Nigeria while making so much money within shortest period of time.
BUSINESS IDEAS: Home food Item Delivery– The nature of life in present day Nigeria had continued to deprive households the immediate comfort of food items from the surrounding markets. Why is it so? Mothers or the supposed house keeper most often do not have time to visit the markets to buy household materials ranging from food items, provisions etc. This is largely due to the nature of their jobs.
8 to 5 is the rat race and a reality we have come to live with as such various departments in our homes have suffered untold neglect with reckless abandon.
Home food items delivery is one of the emerging business ideas you need to key into very fast giving to its lucrative nature. You will make money supplying these food items to homes in your neighborhoods and beyond.
BUSINESS IDEAS: Where and how to get your customers:
Your customers are in business offices in town, go to these offices and introduce yourself and your business to them. You can print business flyers and cards, hand them to your prospective customers and sound convincing beyond doubt that you can deliver. Collect their lists of items, go to the market and buy these goods. Do your constructive market surveys to know where you will have best and cheapest prices with relative demand quality.
Supply the goods for a commission, you may have to charge say N300 for a start. By the time you are able to win 20 customers in a day you can do the math yourself N300x20= 6,000 for a day. Say you spent N1000 on transportation you will still pocket N5000. There are few businesses that make such amount as profit in a day.N5000x30=N150,000 that’s for your profit for one month.
Continue growing your customer base across divides while maintaining a high integrity and honesty.
2. BUSINESS IDEAS: Home Laundry– This is one of the business ideas that’s gradually taking over the scene, it’s quite different from the normal Dry Cleaning services in the sense that you only wash clothes and deliver without ironing, if a customer wants you to do the ironing it goes for a different price. A washing machine is pertinent, you can do home deliveries after washing.
This opportunity thrives because households are continually growing lazy and highly occupied with other domestic chores and will rather decide to send their children clothes and theirs for you to wash and get paid. You do the job and give them the bills.
BUSINESS IDEAS: Where to get your customers-
Move around homes and advertise your services with the word of the mouth, you must dress neatly and presentable as a custodian of what you preach to offer. Print flyers and business cards so your customers can easily contact you when they need your services. You must deliver these clothes promptly to maintain the business relationship.
You may need to visit the nearest dry cleaning services store around you to learn the art of stain removal and chemical mixtures for different samples of fabrics. You must iron professionally if you must offer the services too.
Get an office and offer a professional dry cleaning services when your customer base increases beyond bounds.
3. BUSINESS IDEAS: Run a crèche and daycare service from your home– This is where toddlers and kids are being kept in the absence of their parents. Like I have said earlier, this business ideas is owed to lifestyle in Nigeria which had pressured and given room for this crèche and daycare business to thrive. Working class mothers spent just three months with these toddlers at home after that work begins and are not allowed to bring their kids with them in these offices for optimal concentration, that’s corporate job for you.
This is one of the lucrative business ideas I implore women and mothers who are housewives to take advantage of, you may convert a section of your flat to offer this services till may be the business grows that your apartment cannot accommodate it anymore.
There’s no legal requirement for daycare and crèche services in Nigeria yet, get sizable neat student matrasses, the house should be well ventilated. You will have to invest a fortune in toys and wall graphic papers on children education. The environment should always be neat and void of dirt for health issues. A steady electricity supply is ideal for high profile customers.
In such standards, you will have to charge N8000/monthly for a baby and they will be glad to pay especially if their kids improves physically while staying with you as a result of intensive care and adequate feeding. Say you have 20 babies to take care of:
20xN8000=N160,000 for the month. The population could increase far beyond that.
Where to get your customers:
Visit corporate offices in town and neighborhoods, market your services with flyers, business cards and word of the mouth. Your first set of customers will do the advertisement for you if you had a good working relationship with them, that’s called referral.
4. BUSINESS IDEAS: Open a bet shop/Agent– You may say why bet shop? No matter your principles and what you believe in, it remains the fact that running a bet shop is one of the greatest business ideas in the contemporary Nigerian society.
You can become an agent for Bet9ja, Nairabet, merrybet etc, and make huge returns at the end of every given week in Nigeria. Businesses are collapsing owing to government unstable and poor policies, people are therefore finding solace in trying out their lucks on bets. I know a bet shop that earns a commission of N100,000 a week.
1 . Get a very good site for your shop where football fans dominate, especially where there are football viewing centers. An area with high concentration of people may not really categorize a good site for this business if there are no target customers.
Bet9ja will not approve an agent shop less than ten minutes of walk from another. The major challenge with this business is siting, if you are opportune to get a very good one congratulations on your success in advance.
2. Get two fairly used laptops and two monitors for virtual and game selections for a start. You may need to buy all networks SIM cards in case others fail for internet services.
3. Build the cashier point away from the customer areas. You may take a look to a nearest bet shop to see samples for yourself.
4. Get one plasma Television on a wall in a strategic point and a cable subscription.
5. On approval, you will need at least a starting capital of N50,000 to settle winnings.
6. Generator set for 24hrs power supply, 2900 or 3000 is ideal. Avoid the I pass neighbor syndrome of generator.
Alternatively you may have to buy an existing shop with a notable goodwill, this may cost nothing less than N400k depending on the location. This means that on payment you own and inherit everything in the shop including the cashiers, you will start raking profits from that very week.
Things to note before buying a bet shop:
Try to see the weekly income statement of the existing user, this will decide if you are pricing too high for the shop. A shop with a weekly commission of N70,000 is not too bad for N400k or N600k buyout clause. Seek council from an existing agent to guide you right in this investment decision.
The difference between a new shop and an existing one is the revenue and the customers. You may need some time before you start making the kind of profit you desire in a new shop, while existing shop is selling a goodwill to you, to start making profit immediately without experimenting.
5. BUSINESS IDEAS: Engine oil business– selling engine oil has been one of the lucrative business ideas only few chose to venture into and have been making serious money from it.
You will do well in this business with a location very close to mechanic shops or general mechanic market like one popular Nkwo Nnewi automobile repair market in Anambra state and Mgbuka Obosi Onistha.
You could finish selling a drum of oil in three days making a profit of around N30,000 from a drum. Do your market visibility studies and thank me latter.
6. BUSINESS IDEAS: Private lesson/Tutorials– If you are a teacher in need of extra means of income, then this is for you. Fresh graduates can as well take to private tutoring and make decent income for themselves while applying for jobs. The truth is that you do not offer what you don’t have, you must have a very good knowledge of the subject you intend to teach.
Subjects on high demand are normally English language, Mathematics, Chemistry, Physics and biology. These parents are always willing to pay heavily for your services and time only if you know how to get In touch with them and prove that you actually deserve your bills.
Advertise your services on cardboard papers clearly displayed in conspicuous areas around streets and busy areas especially a high and middle class citizen residential areas. You can advertise your business on social medias, print flyers and share among parents in social gatherings, packaging is key.
7 . BUSINESS IDEAS: Sell memory cards/phone original batteries and chargers– You can actually start this business through mini importation. Go to online stores and search for these products like Iike on Alibaba, Walmart stores, Aliexpress etc, you will meet sellers who will like to do business with you. Make your product preference and shop around different prices to get best quality and prices as well. It’s one of the business ideas that has the potential to make you an instant millionaire.
I will advise you to buy from merchants who offer free shipping, this is not only profitable but reduces overhead cost.
Choose to pay the merchant via Escrow, this means the merchant will only get paid after you might have confirmed the receipt of your goods to avoid scam.
You can only attract customers with quality and durable batteries, fast and durable chargers as well original memory cards. Go for the best to avoid killing your business young.
You could get these batteries at very good prices say N400 and sell for as high as N2k, N3.5k and N4k as the case may be, likewise the phone chargers, adapters and codes. If done properly your goods should be delivered to your doorsteps..
Are there viable business ideas you think should have made this list, let’s get to hear from you. If this article is resourceful and you think will help your friends and loved ones, kindly share these business ideas on social medias for a wide reach.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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