Are you looking for useful information about businesses with high-profit margins in Nigeria? In this article, I’ll share with you five businesses with a high margin that you can make crazy money with in this country.
There are certain steps to take when thinking about starting a business in Nigeria. One of the questions that come to the mind of people is, would this endeavour worth it? How much can be made doing this? Really, it’s not bad to have an idea of the profit of one’s business idea before starting. And going for the businesses with high-profit margins can turn one into a millionaire in no time.
Really, there are businesses in Nigeria that bring 200% returns in Nigeria. Some of them are passive, while you can leverage other people’s resources to make the active ones passive for you–as most business owners do.
Don’t worry. I have got you covered with five out of the available businesses with a high-profit margin in Nigeria. Let’s dive in!
1. Portable gadgets & accessories business
Portable gadgets are small mechanical and electronic devices that can be carried around. They are portable because we can pick them easily, handle them, use them, and carry them anywhere we are going. Most are devices we can hardly do without.
Examples of portable gadgets and accessories are wireless Bluetooth earbuds, smart fitness trackers, Bluetooth speakers, wireless hair clippers and trimmers, mobile phones, USB cables, charging adaptors, mini handheld fan, power banks, portable electric sealers, USB mosquito killers, smartphone stand, face scrub machine, knife sharpener, wireless keyboard, handheld fruit blender, mouse, car charger, BP monitor machine, food processor, etc. There are too many of them to mention.
Day by day, technology is getting more advanced. We are witnessing a myriad of technological innovations that are mouth-watery. Like many would say: this is the best time to be alive. As technology is advancing, the number of portable gadgets is increasing too. There are numerous of them we use daily to save time and make life easy for us. From fruit slicer to hair trimmer. From fitness trackers to wireless earbuds. They all make our daily tasks easy.
The portable gadgets and accessories business involves buying portable gadgets and accesories at profitable rates from the distributors/importers, and reselling them to retailers, and final consumers. Selling portable gadgets and accessories as a wholesaler, a retailer is very profitable. It’s among the businesses with high profit margin in Nigeria. Unlike some other high-profit margins like the oil and gass business that requires huge capital to start, the portable gadgets business won’t tear your pocket. With a little amount like N50, 000, you’re in. You won’t make less than 100% profits on most of the products. There are products that can fetch you like 200% decent profit!
Let me burst your bubble, you can even start this business as a dropshipper–this means you don’t capital upfront to begin–you don’t need to invest in any inventory. All you have to do is get a reliable supplier/wholesaler who does dropshipping, advertise your products to people online, get orders and get paid, then you make an order and pay your supplier to deliver the product to the supplier. Simple. Do you need a reliable supplier/wholesaler for dropshipping? Reach out to me.
Another business with high profit margin in Nigeria is cosmetics business. Who doesn’t use cosmetics product in Nigeria? Very few. At least, toothpaste. It’s worthwhile selling cosmetics products to retailers and consumers in Nigeria. The profits on some products is up to 100%, even more, especially the hair products. Imagine the net profits you’d make if you are able to sell a certain number of products to customers in month.
Starting a cosmetics business in Nigeria is super easy and straightforward if you have capital. You just decide the kinds of cosmetics products to sell, how to sell them, and where to sell them.
3. Food canteen business
Food canteen business is very profitable in Nigeria except if the meal is bad. Anywhere, anyday, anytime in Nigeria, people consume food to satisy their hunger and have energy for daily actvities. Who doesn’t eat food? No one.
Statistically, majority of Nigerians spend more than 50% of their income on food. You can make a whole lot of profit selling food to people.
Food canteen business has high profit margin. A plate of meal of N700 costs like N280 to make. When you do the calculation, you’ll have like N420 in gross profit. By the subtract other business expenses, you will have like N250 in net income. This makes sense! You will also make money on drinks too. No doubt, food canteen business is one of the businesses with high profit margin in Nigeria.
4. Affiliate marketing business
Affiliate marketing involves marketing and recommending products and services to people in order to earn commissions. Affiliate marketers earn a certain percentage of the price of product/service per sale, per lead, and per click genertaed as income.
Most affiliate programs pay per sale generated. For example: If an affiliate program pays 25% per sale generated, and the price of the product is N5, 000, this means the affiliate marketer will earn N1, 250. You would say this is small, but it’s a different kind of earning method, unlike physical products. The earning method here is completely passive–no exchange of your time with money. I’ll explain this further.
Affiliate marketers promote affiliate products/services on blogs, websites, social media platforms. The products can be physical like gadgets, books. And also it can be intangible like ebooks, courses, software, etc.
There are so many advantages the affiliate marketing business has over other business. The income is passive. You may be sleeping in your house, you’ll just see alert that someone bought a product through your affiliate link and you get paid. You may be on vaction, you’ll earn. You may be walking you dog and you will just be receiving credit alerts.
The best way to promote affiliate products is through blog. You will create blog posts about the products you are promoting. Provide useful infrmation to your audience. Then insert affiliate link into them for people to make orders. You only need to create the post once. The rest is easy. The single post can be money for years with no efforts from your side again. Except if people don’t make purchase through your link or the product is no longer available. The good thing is: there are many other products out there to promote and earn money on.
Do you want to set up a blog for affiliate marketing but you don’t have the techinical knowledge? No issues. I can help you with that. I also do online one-one consultancy for people who want to go into the business.
5. Short-let apartment business
This is a high-profit margin business for people with huge capital. You need to have a building at least with self contain rooms in a good location. And staff for work. The business booms in cities.
People travel to cities for different reasons: business deals, programs, courses, meetings, etc. They need to stay longer than usual. Staying in a hotel is crazily expensive for them, likewise renting of an apartment too. This is where the short let apartments business comes in place.
Short-let apartment business involves renting out apartments to people for a period of time as requested by the customers. The customers walk in or book online for their desired apartment to let.
The profit margin in this business is high. You can go for months without spending much on maintenance and the same apartment is still available serving the customers who need it.
Getting customers is easy now with Airbnb. Once your apartments are listed on Airbnb, the next thing is to see orders coming.
Wrapping Things Up
You just have five out of the available businesses with high profit-margin in Nigeria. However, there are other ones that are not covered. Businesses like oil gas, agriculture, event planning, concrete casting, blogging, transport business, gym business, fabric businesses, rental business, used clothes business, etc.
What do you think about these businesses? Do you gave any form of experience in any of them? Leave comments in the tab below. I would really love to hear from you.