There are a lot of business opportunities, both large scale and small scale that can be set up by anyone in Nigeria. Following the rate of unemployment in the country, starting up a business is the surest way to go. Even for the employed ones, it is also advisable to have a business on the side to ensure constant income because we can all tell that no salaried job is stable, it could be taken away at any point in time as fast as it came. If you are lucky and manage to hold on to your job till retirement, you would still need to start up something to continue to keep up with ends meet therefore it is advisable to start up a business whilst you’re working so when the time for retirement comes you would have something blooming to fall back on.
There are a lot of factors to consider before venturing into any business of your choice to enable you to take calculated risks, and this includes the capital needed for the intended business, the location, more often than not one’s skill also is pertinent, amount of spare time you have, often at times your marital status is considered to avoid time-consuming businesses that would affect your home.
Small Scale Business Investment Opportunities in Nigeria
Below I would list ten lucrative business and try as much as possible to explain each and every one of them for better understanding to enable you to decide which is best for you and most importantly pocket-friendly.
1. Livestock feed production
2. Snack making
3. Poultry business
4. Furniture making
5. Fitness consultant
6. Taxi Business
7. Education and tutorial Centre
8. Home cleaning services
10. Beauty and makeup
1. Livestock Feed Production
It is no secret that most Nigerians embrace and engage in livestock rearing as a means of livelihood. Considering this fact, instead of venturing into livestock rearing thereby entering a very competitive market, it would be much more lucrative to provide materials needed to ensure effective running of the livestock rearing business, and livestock feed is one of them. (See how to start poultry business in Nigeria) It is, in fact, the most important because without it all the livestock would die off. If you are scared of how to get customers or how you would publicize your business, you could start small, give discounts no matter how small because they obviously have a supplier before you showed up, so there needs to be a convincing difference between you and the previous supplier. You could also go from person to person and also ask for word of mouth referrals. From there on you can be sure to grow in the business if you are just in your sales and sell at a fair price. Another important factor in this business and any other is consistency and reliability. Nobody would want to deal with an inconsistent supplier as this would affect their business. It is also important that this business is not gendered specific that is to say anybody be you a male or a female can venture into it.
2. Snack Making
This business venture relies mostly on skills to thrive. Snack making is also a lucrative business that brings a lot of profit in Nigeria. A lot of people look down on this business because they see it as a poor man’s business, but they refuse to look at the bigger picture. You could be a supplier to other retailers in various places that don’t stop you from selling personally to just add to your income. See how to start a restaurant business in Nigeria.
3. Poultry Business
This is another field of business that has a large market size as a lot of Nigerians consume poultry products such as chicken, turkey, amongst others. Venturing into this business is sure to be profitable no matter how competitive it seems.
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4. Furniture Making
Skill acquisition is necessary for this field because there no way you can have the necessary skill and technical know-how to carry out all that is involved in the art of furniture making. This is sad because it involves a high amount of precision, skill, and detailed work. This could be a little on the high side because you have to pay to acquire the necessary knowledge. It could also be time-consuming because learning the act of furniture making would take a lot of time, probably six months- 1 year.
5. Fitness Consultant
Being a fitness consultant, to an extent requires skill too. But nevertheless, it’s not that hard. You could listen to online courses and read books to acquire the necessary tips on how to start up and run a fitness consultancy business.
6. Taxi Business
With the invent of taxi businesses like Uber, Taxify, and the rest, the taxi business is now one of the fast-rising money making a craft. One interesting aspect is the fact you could make use of your personal car, all you need to do is to register with any of the companies, and you start receiving orders to pick up. It is that simple.
7. Education and Tutorial Centres
This is a venture that is sure to raise funds on an annual basis, and this is because every year a large number of students partake in WAEC AND JAMB examinations and they mostly require tutors outside the school environment to enhance what they’ve been taught in school. This is this case for a few while many require this tutoring because they cannot afford the exorbitant prices schools demand these registrations. Whichever is the case, it all boils down to more profit for whoever is in this line of business.
8. Home Cleaning Service
Anyone could go into this line of business because cleaning is something that everyone does naturally, so it shouldn’t be a problem for someone that is doing it for money. You could start up small and gradually expand, especially through referrals.
9. Hair Stylist
To start up something like this, you should have actually gone through the learning process. If there isn’t enough capital to start with a salon, you could start with home service, then gather enough capital from your savings.
10. Beauty and Makeup
This is another fast-rising money making a craft in Nigeria in recent times. Asides the fact that it is very competitive, it is a very profitable craft. To fight competition and promote your craft you could advertise on social media because you are sure to get the attention you need to grow there because most young people, especially girls, have a social media account and that is your target audience.
After making your pick from the above-listed options, you should note that to grow any business, you must be reliable, consistent, and fair. Also, try as much as possible to make your business attractive no matter what it is.
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