So many times, I have come across social media posts with questions like what businesses a mom can do from home with so and so amount. Lucrative businesses in Nigeria for ladies or side hustles or small businesses you can start with a little amount of money. It seems almost everyone is diversifying their sources of income and that is a good thing.
There are so many profitable businesses you can engage in as long as you do your research well and you love to do what you are getting into. Whether it is an online business or a physical one, don't follow the shiny object and fall into get-rich-quick schemes because of the hype. Carry out proper research and if you are satisfied with what you see, stay consistent. It takes a while to build trust and credibility.
That said, let's explore some lucrative business ideas you can try this new year. Begin the year on a good note and when you take stock at the end of the year, you will be happy you did something to improve your finances other than just saving
List of Lucrative Business Ideas in Nigeria
- Ankara fabric
- Crayfish and fish
- Honey
- Mini importation
- YouTube videos
- Rearing animals
- Drop shopping
- Hair business
- Crochet
- Thrift wear
- Skincare products
- Point of Sale (POS)
- Food storage
- Resell data and recharge cards
- Detergent and bleach
- Drink stand
- Affiliate marketing
- Indoor and outdoor catering
- Makeup services
- Home lessons
- Ice block
Lucrative Business Ideas in Nigeria
- Sale of Ankara Fabrics: Ankara has proven to be relevant over a long period and it is still in demand. When you attend traditional marriages, do you see how colourful the couple's friends and family look? That's the beauty of Ankara. Good enough, it comes in different grades so it's a business you can start with little capital.
- Crayfish and Fish: food items will always be in demand, you just have to find a way to repackage yours and make it neat and attractive to your customers. It is also important that you have a good supplier who will not send you goods that are bad and ruin your efforts at starting a business.
- Sale of Honey: because of its health and medicinal benefits, honey is in great demand by people who are diabetic, looking to lose some weight or practising a healthy lifestyle. It is a lucrative business to engage in.
- Mini Importation: yes, this one is still here and it doesn't look like it will be going away any time soon. Instead, Nigerians have learnt to expand the import business from China and Turkey to Bangladesh. Items such as kitchen accessories, smart watches, children's tablets, clothes, shoes and other products are in high demand. It may not be an easy business to start for a newbie, you can pair with other people until you learn the ropes and can do it yourself. Learn how to import goods from China to Nigeria using 1668 and Alipay.
- YouTube videos: making money online is much more common and easy to start. When it comes to YouTube videos, all you need to start is a smartphone and an idea of what is in demand and you are good to go. As always, learn from those who are successful at it so that you don't end up frustrated.
- Rearing Animals: animal husbandry has been around for ages, but young people are only now beginning to know how to make money from it. The more popular ones are poultry, piggery, snail, cattle, goat and rabbits. If you have the space to raise them why not start with understudying someone successful at it? You will also need a lot of space and time.
- Dropshipping: this online business idea saves you the trouble of paying for a physical shop and buying goods people may not need. This is one of the best business ideas in Nigeria. There is zero risk on your side. All it takes is a smartphone, data and registration on a platform like Shopify, WooCommerce or any other platform.
- Hair business: this is one of the most profitable businesses to start. Wigs, weavon, attachment/extensions or revamping wigs is good business.
- Crochet: woollen clothing is greatly sought especially for newborn babies. Footwear, hoodies, cardigans, and shawls are some of the items parents need for their babies. If you are skilled at crocheting you stand a greater chance of opening and running your own business and making more money than someone who buys wholesale from you.
- Thrift wear: because they are cheaper and sometimes of better quality and more stylish than brand new ones, thrift wear continues to be in demand. You can start a thrift business in footwear, trousers, shirts, skirts, gowns and even clothes for babies. You can buy from wholesalers and resell with a profit. It is a very lucrative business idea as most people cannot afford to buy from the boutique and there is also room for many people to venture into thrifts.
- Skincare products: the demand for beauty and skincare products is high due to the quest to have ageless beauty or get rid of skin disorders. You will need to train properly before you start this business.
- Point of Sale Outlet (POS): the rise in POS stands has made banking activities much easier. Many people still prefer to deal with a POS agent rather than go to the bank and waste a lot of time. I've seen streets with more than three (3) POS agents and they seem to be doing fine.
- Food Storage: this business needs a lot of expertise to avoid losing out. You must have adequate knowledge of when to buy food items in their season how to store them so that they don't get worse and when to sell them during their off-season and make profits. These food items include melon, palm oil, pepper, zobo leaves and ginger.
- Resell Data and Recharge Cards: the need to communicate with other people whether for business or personal purposes and to stay updated on trends in our community will always bring customers to your door. You buy data in bulk from VTU platforms and sell to customers with a profit.
- Detergent and Bleach: many people are earning a lot of profit from this business. If your products are of good quality, you will get customer referrals and you can also supply at hotels and schools. You will need to brand and repackage your products to make them stand out and will give you an edge over your competitors.
- Drink Stand: opening your own business as a seller of juices in the dry season can be very advantageous. Aside from water, you can prepare tiger nut drinks, zobo, ice cream, and parfait. Find a good location beside a school and be very visible, you will not lack patronage. This is one of the best small businesses to start with little money.
- Affiliate Marketing: there are several platforms and programs you can sign up for and they include Owodaily, Expertnaire, Whogohost, Fiverr, Shopify, Amazon, Payoneer and Bluehost. If you own a website, you stand a greater chance of success. If you don't own a website, you can try using WhatsApp sales funnel which is even better because your clients will be buying items from someone they know. Besides, you will be making online money from home and can keep tabs on your kids as you work.
- Indoor and Outdoor Catering Services: if you can cook tasty meals in large quantities, this one may be for you.
- Makeup Services: despite the growing number of makeup artists, the industry is still not saturated and it is one of the most lucrative businesses to start. Bridal makeup, movie set, special occasions and everyday make-up are in demand. We all desire to look our best and if someone can fulfil that wish at an affordable price, why not?
- Home Lessons: you can also start your own business by offering after-school lessons. If you have space at your home to accommodate your pupils/students, even better. That way, you will be able to reach more pupils. Parents will also need to engage their kids during the holidays too and your services will be needed.
- Ice Block: this is one of the best business ideas in Nigeria. Owing to the absence of a reliable power supply in most places, people will need ice blocks to cool their drinks at home, shops and at events.
Now you know what to do with the information at hand. If somebody asks you what lucrative businesses are available in Nigeria, you know.
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