2016 is a year Nigeria experienced a grown risk of economic derailment due to overdependence on crude oil as source of revenue generation. With drastic fall in price of oil and petroleum products, the economy is shaken with most businesses brought to a stop. But notwithstanding, in every recession like this, numerous business opportunities still abounds. Those businesses that you can start in this 2016 and even the year to come is what I want to share with you right here.
So, this article will be focusing on those businesses and services that are always in high demand no matter the economic challenges presently experienced. They are all profitable emerging business ideas. As we all know there has been high rate of unemployment and most companies that couldn’t withstand the recession has sacked and discharged their staff, this invariably has made a lot of people to be unemployed. However, it doesn’t matter if you are having a paid job right now; there may be need for you to increase your monthly income.
Starting up a business of your own no matter how small it may be will help to ameliorate your financial constraint. I will be discussing about 10 different business ideas that are quite viable in Nigeria presently. You can start any of these businesses in Lagos, Abuja, Port-Harcourt, Onitsha, Aba, Kano etc. These are highly populated, commercial and civil servant regions of Nigeria
10 Profitable thriving Business Ideas in Nigeria 2016
- FOOD DELIVERY SERVICE.
- HOME TUTORING/ TEACHING SERVICES
- EVENT PLANNING SERVICES
- BOTTLE AND SACHET WATER PACKAGING AND DISTRIBUTION BUSINESS
- GAMES CENTRE AND LOTTO BUSINESS
- FOOD CROPS PRODUCTION AND SALES
- ONLINE SERVICES AND FREELANCING
- ASSETS AND REAL ESTATE INVESTMENT
- ONLINE IMPORTATION
- COMPUTER TRAINING CENTER
- FOOD DELIVERY SERVICES
As we all know, food is an important necessity in our lives. People eat every day. People who are involved in corporate services such as banks, companies, administrative and government offices hardly find time to cook or go out to buy food. Indulging in businesses such as food delivery will really make you stand out among other food vendors. As there will be high demand from people who would love to have food delivered to their doorstep. All you need do is find a good chef and get a driver to deliver the food to offices and places of work. The chefs will work at the kitchen while the drivers and the customer care rep will distribute to strategic points in the city.
You can easily start up food delivery service business with 50,000 naira which will cover expenses on food preparations. Get a good location with a high population. You must not start with a big shop, you can start with a well furbished container and as time goes on with increase in income, you can start thinking of expanding by hiring shops in plazas or owning your own food joints. As you expand, you can then hire staff, get a brand name, register with NAFDAC (National Agency for Food and Drug Administration Control), advertise, have a customer care that can attend to customers and clients.
With the growth in technology, a website can be created with functionality that can allow customers to order food online and get it delivered to their door steps. Vendors and restaurants can be set up at strategic points in the city to aid in the distribution process.
The food delivery is quite a capital intensive project that would cost about 10million to cover for the vehicle to be used, the staffing, equipment, food materials, etc.
The food delivery services would be more viable in cities and urban areas where there are a lot of administrative offices, commercial centers, etc.
This sort of business can easily be done by women especially if you know how to cook or even if you are a man but have interest in tapping into this business, you can always outsource or look for chefs that are extremely good because the quality of food and good service delivery will always encourage your customers to come back for more.
PROs of Running A Food delivery Services:
- You can easily reach out to a large number of people at a given time, e.g offices.
- You are sure of making sales as food is very important to human existence.
- You can easily make sales instead of waiting for your customers to come to you.
CONS OF RUNNING A FOOD DELIVERY SERVICE
- It requires a large chunk of capital.
- It requires more hands to aid in the distribution and preparation.
- Most organized firms don’t allow such services in their premises.
- HOME TUTORING/ TEACHING SERVICES
This is another form of investment that requires no start up capital as far as you are good with a particular subject, course, skill or talent. Impacting knowledge is a great means of earning because people are always eager to pay a particular amount of money to either train their wards or to gather knowledge with regards to a particular skill. Home tutoring services ranges from teaching students for better understanding on a particular subject or course to giving them practical training on some technical skills in ICT such as web design, Graphics design, etc.
If you are a good in a particular skill and possess the ability to impact knowledge then this is for you. You can start by tutoring in your client’s home and as time goes on, you setup your own lesson arena by then, you must have built on your popularity surely people will come knocking your door. All that is required is to get a space either as rent a hall or open space, some desk and a whiteboard for your classes. This sort of business usually favours graduate that are fresh out of university and it’s quite viable in residential neighbourhoods.
PROS OF HOME TUTORING SERVICES
- It does not require much capital for startup.
- It’s a pure means of generating income from your skill and intelligence.
There are events going on almost on weekly basis in most of our towns and cities. Event planning is a sure way of hitting it big if you have the available equipment and proper knowledge on how to organize an event. It could be a wedding event, naming ceremony, musical concert, conference, church programmes, etc. Organizing events includes setting up the arena, and at times involves arranging food, eateries and drinks. This is a good business that can yield a large chunk of income.
Event Planning requires a combination of education if necessary experience and a lot of networking. The responsibilities of event planners include planning, organizing and generally facilitating medium and large sized events. Events can be weddings, corporate gatherings, etc. Event planning can be quite hectic most times as it involves setting up the arena to making sure the event flows as planned.
To start up in event planning, doesn’t require much capital because you can easily collect some deposit upfront, that alone can help you kick start while you work on improving and building your own brand.
- BOTTLE AND SACHET WATER PACKAGING
This is a nice business to start up; water is a necessity to human life. Bottled and sachet water is in high demand because there is a growing increase in health consciousness. The sachet water is one of the fastest selling products especially in this 2016. Before you can successfully get a bottled/sachet water business running, you will need to do some market survey in your location. You can go through an expert in order to get the best result. The cost of starting this sort of business varies with regards to location and availability of quality water. The bottled and sachet water business can be started with a capital of about 7,000,000 to 18,000,000 naira. This sort of business requires licensing from regulated bodies such as NAFDAC (National Agency for Food and Drug Administration Control).
Some basic requirements need to start up includes; bottle suppliers, good source of water supply, distillation systems and machines for purifying the water, storage tanks, approval from government agencies, a building factory or at least a bungalow, a delivery truck, automatic sealing machine and staff that will aid the smooth running of operations such as operators of the machines, drivers, loaders, marketing staff, security man, cleaner, etc
This business is very viable in urban areas, and there is high demand. All you need do is to build your brand and ensure that the quality of water used from source is good for human consumption.
- GAMES CENTRE AND LOTTO BUSINESS
Gaming and lotto business is the type of business that yields income though restricted in some areas. It is necessary that you make research before kicking off on laws that are obtainable within your location. The sort of business usually thrives in areas with a higher populace of youths. To determine the capital involved in running this business, we need to look at some important features such as gaming equipment which has to be technologically advanced in order to attract more customers. Some amount of money should be preserved for payouts in order to avoid running into trouble with a customer that won a jackpot. With regards to the economic downturn in the country, this is one business that is doing well because so many people are looking for means of income.
A game centre is an arena where people go to indulge in indoor games such as snooker, video and board games, etc. Setting up an average shop for this form of activity will cost about 400,000 naira. You will also require other equipment such as television sets, at least 5 in number costing will amount to 400,000, Video game console at least 5 which will amount to about 300,000 naira, also, furniture and shop fittings might consume roughly 200,000 naira, a generating set of about 120,000 naira will serve because of power failure, as time goes on, you can introduce Inverters in order to curb excessive expenses on fuel. This form of business is more prevalent in Cities especially residential areas so as to have access to children in the neighbourhood who are looking for where to while away time.
- FOOD CROPS PRODUCTION AND SALES
If you own a piece of land or if you can be able to get one on lease, agriculture is another potential area that yields a lot of income especially during this economic recession we are going through currently in the country. There’s high demand for food produce. If you can set up a farm where food crops such as cassava, vegetables, fruits, groundnut, maize, plantain, etc are produced, you will surely make some income. Farming is seasonal, and it gives room for one to do other businesses. If you are able to get a large expense of land plus assistant from government, these food crops can be exported to other parts of the world thereby helping to strengthen our economy.
Some food crops are product in some certain geopolitical zones. Fore instance, tomatoes, groundnuts, beans, etc yields more fruit in the Northern part of Nigeria than in the south where we have palm oil, garri, etc as the major food crop being produced in the area. In line with this, care should be taken in enquiring the sort of food crop that is prevalent in a particular area.
Food crop production just like any other business requires capital for labour and also for the landed property to be used. Loans can be easily sourced for through the Bank of Agriculture to finance this sort of business. Some government agencies also help out farmers in community from time to time with seedlings and other materials required for a bountiful harvest. Even if you don’t know much about farming, you can get labourers to do the work while you fund them with the required materials.
The world today is a global village. There are a lot of work out there in the internet you can attend to if you have the skill set. If one is groomed in Information Technology there are numerous opportunities waiting to be tapped. These services include but not limited to web designing, programming, app development, system configuration/repair guide, etc. There are also opportunities for freelance writing, if you feel you are good in a particular field, there are companies that are seeking for article writers to boost and also to help research for a particular topic. Some of the popular freelance website where you can carry out these research include; fiverr.com, freelance.com, upwork.com, etc. There are a lot of buyers in these websites that are looking for people that will attend to their offers.
So far that you have an access to a laptop, modem and the zeal to learn, you can easily get tutorials online on how to start and before you know it, you will start earning. It doesn’t matter if you already have a paid job, this can serve as an extra means of income to you just allocate a spare time to attend to the offers available if the websites.
- ASSETS AND REAL ESTATE INVESTMENT
With the current economic recession in Nigeria presently, this is the best time to invest in Assets. If you are living abroad or have relatives currently working and residing abroad, this is the right time to start acquiring landed property because with the current rate of exchange, investing will open more opportunities for the suffering economy and also give room for people to acquire and build properties that will appreciate in the future. As we all know, there’s always a demand for residential and commercial apartment. Acquiring a property is not a bad idea. You can buy a piece of land in a developing area leave it for 2 to 3 years and resale or you can buy a land, develop it and then rent it out to tenants.
Landed property is a great form of investment with the amount growth witnessed in major cities in Nigeria it is viable to a great extent because people will always have the need to build structures so acquiring lands in areas that are yet to developed or areas that are developing is a gold mine waiting to be tapped. You can buy the lands with approximately 500,000 to 1,000,000 naira for each in semi-urban areas and within the 3-5 years, the land will surely appreciate to a great extent especially if you are in a city that is developing, such as some part of Anambra state. Another way of investing in Real estate is to acquire large expanse of land, subdivide it into layouts, liaise with construction companies; build the required infrastructures and then resale to developers. You can venture into this business if you have enough capital and wish to invest in long term projects that would yield maximum benefits in years to come.
- ONLINE IMPORTATION BUSINESS
History has it that our country Nigeria is not really a producing nation. There is always a high demand for all sorts of products especially those that are exceptionally that are required for day to day activities. Such as electronic gadgets, phone sets, Computer and accessories, wears, etc. If you can discover those products that are in high demand but not readily available in the country and begin to import them; it will surely push some income into your pocket. For instance, during the technological boom and advent of smartphones, there was high demand for memory cards (SD card) and power banks, some people were able to take hold of that advantage and made millions of naira. Online importation business can easily be started with at least 10,000 to 20, 000 naira. With BUY DIRECT service of www.1nairashop.com, you can easily get link directly to companies and manufacturers in China to purchase goods online right from the comfort of your home in Nigeria with little or no money. So far you have a laptop, a modem, etc. You can invest in this business. All you need to do is to buy the products and then find buyers that are interested in acquiring the products. You may not really need to hunt for physical buyers, Nigeria e-commerce websites like Jumia.com, Konga.com, dealdey.com, etc. are there online for you to register and sell those product. Many Nigerians are already making huge through this means.
We are in the 21st Century that is popularly regarded as the computer age and Nigeria just like any other nation is adapting to the change. Acquiring a knowledge base in computing is highly required and in high demand. Even exam bodies such as JAMB now carry out Computer based Test. Setting up a computer center where you can impact knowledge on people on how to acquire computer skills will surely be a great idea. This sort of business usually trends in areas where you have a large population of youths. Registration for job application, exam application, business center, etc can be aligned to this sort of business so as to open up more means of income.
To invest in this sort of business, you need to gain proficiency in various computer programs and softwares such as Microsoft word processing, excel spreadsheets, powerpoint presentation, data base management, Autocad, Revit and other numerous softwares that are required in one field of profession or the other. With this you can be able to teach a lot of people and get paid handsomely.
You can rent an office with about 300,000 to 500,000 naira to accommodate your student and then schedule their classes with regards to the package they booked for. Seats, office fittings and sundry might cost you about 200,000 naira while PCs (Personal Computers) about 5 will cost you 400,000 naira then add printers, photocopiers and laminating machines to the list. So, approximately 1.1million to 1.5million naira will be enough to start up this business. You can also create a marketing plan and build a website to promote your business or to give short tutorials on courses you feel are relevant to the public. Just like every other business, Computer training center business is viable in major towns and cities as the need is highly required in today’s world.
Inasmuch as there are different opportunities that abounds, care should be taken in learning and researching about a particular business before kicking off as this will help to avoid incurring unnecessary losses, but rather show that you are a master in your own trade which will bring forth more customers and more income.
I believe the 10 business ideas contained in this post will steer you up to start your own business today. The problem with start ups most times is on how to get capital; there are financial institutions and business developers out there that can help out in giving loans so far that you have a viable business plan at hand. I also written a post on how to raise fund to start up a business. If you have the capital already, now is the time to start up not tomorrow, A Chinese proverb once said; “The best time to plant a tree is 200 years ago. The second best time is now”. To start any of these businesses, you need to have the right mindset (business oriented), diligent and trustworthy.
Emmanuel Kenechukwu Nnebo