Are you looking for business ideas that guarantee to make daily income? Look no further. In this post, I will be showing five lucrative and time-proven daily income businesses in Nigeria.
Why would anyone want to start a business? The simple answer is, not everyone loves a normative blue or white-collar eight (8) to five (5) job. In some of us, the drive for entrepreneurship is deep and passionate.
However, starting a business requires knowledge, research, planning, dedication and finance. It is not enough to just wake up and delve into a new business without carrying out some level of feasibility research.
In starting a business, it is always advisable to answer the four basic economics questions of production; for whom to produce, what to produce, how to produce and how much to produce. The first question answers your target market’s question, the people who will buy your goods or require your services. Knowing the answer to this would help you to site/locate your business strategically. The second question tells you what you want to produce. Knowing what people want or need is necessary for making this decision.
The third question helps you to set up the structure for producing your good or service. The developed structure should best use your production resources like time, labour, land, capital, and entrepreneur. The last question allows you to logically scale your business such that you do not end up over or under-producing.
This said it is advisable to determine a large consumer base. It is also advisable to produce products that are periodically purchased rather than a single buy product. This helps to keep business going. However, this does not mean that you should produce inferior products. It is better to produce quality products with planned obsolescence. Let’s take a look at the five lucrative daily income businesses you can do in Nigeria.
1. Transport Business:
Regardless of the economy’s condition, people must continue to commute from place to place for trade, education, healthcare, religion and other life endeavours. This means that almost everybody within your business location is your target customer. While the argument exists that the transport business is near saturation, it is by far an insensitive argument. With a bit of creativity and innovation, any transport business will succeed with proper planning and management. The transport business guarantees lucrative profits if properly planned, managed, and maintained, be it as a Keke driver or an Uber or Bolt driver. Starting a transport business requires huge capital, but you can also work for others in the business to raise capital or undertake a hire purchase to start.
2. Makeup Studio and or Photography:
While this writer thinks these two should always go hand in hand, there have been success stories of people offering just one of the two services. Whichever way, these are two good and lucrative businesses to do in Nigeria. Here’s why. The Nigeria people are hearty people, regardless of our situation. So, no matter the state of the economy, we must groove. Grooving comes with looking nice and taking amazing pictures. Although it would be a hasty generalization to suggest that everyone likes to groove and snap pictures, there are still a vast majority of Nigerians who will look fly to kill at every chance to groove. There, then, are your target customers. Setting up a makeup studio and or photography studio requires quite some capital but have no worries about your ability to make the money back.
3. Sports Viewing Center:
Take away the finesses and call a spade a spade; football is the only sport that people throng in multitudes to go and watch. However, football viewing centres continued to open and close across the country for reasons of poor management and criminal cases. While some of these issues can be beyond the owners, putting in the necessary structures to mitigate these risks can help the business to thrive and stay profitable. Also requiring high capital to start, but with moderate operational costs, the football viewing centre business is surely worth anyone’s time as you can be guaranteed continuous patronage if properly sited.
4. Food Vending:
This is another business that is guaranteed continuous patronage if properly managed and maintained. People eat every day regardless of the state of the economy. The food vending business, however, requires attention and dedication to health, aesthetics and quality. If these three can be maintained, the people will keep coming to eat so far the food is affordable. The food business can be in different styles and sizes, and the level of sophistication and volume decide the amount of capital to invest. The food business is, therefore, a low to mid to high capital business.
5. Barbershop or Hairdressing Saloon:
Either or both together, this business idea requires you to skill up and keep improving your skill. Once you can put the work in to learn the skills required to keep the business going, all you need is capital to set up your equipment. Remember, as people barb their hair, new ones grow in a matter of days. Your customers are always coming back in this business.
There are more lucrative businesses to invest your time and business into in Nigeria. Some of these businesses are Bet shop, Laundry services, Car Wash, POS payment services, Freelancing, Wears, Phones and Computers accessories, Small commercial agriculture and Bakery.
Wrapping Things Up
Although some of these businesses may require the capital that you do not have to start, there are ways around it. You can work as a specialist for another person who owns the business to raise the capital. You can also secure a loan to start. In everything, the success of any business depends on the dedication, inventiveness, planning and astuteness of the owner, barring the uncontrolled factors of government policies and political instability.
I would really love to hear from you. I would like to know what you think about these businesses. Do you have contrary opinions? Please, leave comments in the tab below.