Are you thinking of starting your own business but don’t know exactly what kind of business to do? This article is for you. It gives you a wide range of options, so you can decide the best business to invest in, and be on your way to financial stability.
The whole idea is to be financially free. Independent. Be able to pay your bills without being a burden in any way to others. In a country like this where good job opportunities are very limited, one has to explore all other ways to attain financial freedom.
These businesses are not really new businesses in Nigeria, but most of them are not well explored. The reason is that many people lack knowledge. This content is one of those you cannot afford not to read if you really want to invest your money profitably.
The good thing about the businesses listed here is that it can be ventured into with small or large capital depending on your capacity. This means that there are lucrative businesses that you can start with your small capital that can grow very big if you can properly manage it.
What really makes a business lucrative?
A business is lucrative when demand for that product or service is high, and when the market for that business is large, and not seasonal.
The benefits of starting your own business
Starting your own business is the only sure way to financial stability in this country. Even If you have a job, it’s not enough to make you stable unless you have other streams of income.
Your business affords you the opportunity to build a brand (your own brand) that could become a household name. It also affords you the opportunity to contribute to the society by creating job opportunities for people.
It frees you totally from the manipulations of employers. You have control over your life, your time, and you’ll be happier as a person.
Top 10 most lucrative businesses in Nigeria
Below are the businesses to look out for in Nigeria;
1. Oil And Gas Business
The demand for petroleum products is very high both in Nigeria, and other nations of the world. There would always be a market (a very huge market) for oil and gas business as most of the things we do require these products.
We need kerosene or gas to cook. We need fuel to move our automobiles from one place to another. We need fuel to generate power for our homes, offices, and industries, especially in a country like this where power supply is epileptic.
These are just the main products of petroleum, there are other petroleum products that are in demand.
The opportunities available in oil and gas are numerous, some of them require very huge capital while some require small capital.
If you have a huge capital you can go into oil and gas transportation in Nigeria. You can purchase tankers for transporting petroleum products from one part of the nation to another. You can also decide to set up a fuel station (filling station).
But if you don’t have a very huge capital, you can venture into sales and distribution of kerosene in small quantities as you have the capacity to.
Then again, you can set up a gas plant where cooking gases can be refilled. You can start this one small and grow it. There’s so much money in oil and gas business.
2. Agriculture Business
This is another business that I can say will remain lucrative forever. The need for agricultural products is steadily on the rise in Nigeria.
One good news about this line of business is that there are loans available for entrepreneurs who are interested in agriculture. The Bank of Agriculture, the Central Bank, and the Ministry of Agriculture have schemes that make loans available.
Some opportunities in agriculture business are;
- Cattle farming
- Fish farming
- Palm oil business
- Poultry farming
- Rabbit farming
- Snail farming
- Pig farming
- Cassava farming
- Rubber plantation
- Cocoa farming
There are other opportunities in agriculture business. Choose the one that suits you, based on your capital, location, and availability.
3. Food Business
The demand for food is a lifetime demand. There is no way food business will not thrive as long as the earth remains. The economy might be bad, but people must still eat.
It doesn’t require so much to start this business, but it definitely requires a location where people are many (A work area precisely).
To keep your customers in this business requires that you are a great cook, neat, have the right people working for you. If your food tastes good, you don’t have to preach any sermon, people will always come back to eat.
Opportunities in food business are;
- Food supply
- Local restaurant
- Foreign and intercontinental restaurant
Which ever opportunity here you explore, you will definitely make money, and become rich. As our faces differ so is our pocket sizes. Some people might not be able to afford a franchise, but can afford a local restaurant.
How many people can even afford a franchise these days? A franchise is like Shoprite, Domino, and the likes.
Talking about food supply, it is not just cooked food that can be supplied. You can also supply uncooked food. I know a lady that is into the supply of already-prepared-for-use foodstuffs.
You just order for them and use them to prepare your food directly. She even supplies already picked and washed beans you can just grind and use for moi moi or akara. And there are a lot of people who demand for her services, and she’s making money.
4. Transportation Business
Transport today has become one of the basic needs of man. People need transport to tour, to get to their offices, schools, homes, places of worship, and everywhere else that cannot be walked to. The demand for this service is on the rise.
Transportation is so important that the body system needs it to function properly. Food, oxygen, blood, all need to be moved to all parts of the internal environment of the human body for life to be sustained.
You can start by getting a car, bus, keke, motorcycle, or even a plane. The market is very large and unsaturated. If you start the business today, you can start making money right away. No special experience is required apart from knowing how to drive, and knowing the routes.
5. Fashion Business
Another thing people cannot do without is clothes. Clothing is a necessity for man, and a basic requirement. That is why fashion is a very lucrative business in Nigeria.
You can do this by becoming a fashion designer, making your own clothes. You can also do this by opening a boutique and selling already made clothes.
If you are very good at making clothes you have no worries about patronage. Even if you don’t have a shop people will still come looking for you if your work is good. This is a skill I really love because I love to look good.
And that’s how millions of other people love to look good, and dress for the occasion. And being a people that love occasions, there will always be demand for clothes.
6. Real Estate Business
Everyday people are acquiring real estate properties (landed properties). Some people are looking for good and trusted properties they can buy or rent in good locations in Nigeria.
While some people are looking for buyers or tenancy for their properties. Even if you don’t have the money to acquire and sell landed properties, you can serve as a middle man between buyers and sellers, or between landlords and tenants.
You can become an agent, helping people find properties they can buy, or apartments they can rent. You can also help property owners find buyers or tenants. And you can do all these for a very good fee.
I did the job of an agent one time, and it was not so difficult. I was in Rivers State then. A friend of mine who was posted to serve there asked me to help her look for an apartment in a specific area, and I did, and got a commission.
Other very lucrative businesses you can explore having adequate knowledge about them are;
- Blogging business
- Social media marketing
- Online video business
- Hotel business
All of these businesses are very lucrative in Nigeria. But without proper knowledge you can’t succeed in anyo them. So if you pick a business from this list, the next most important thing you have to do is a proper research about that business.
Find out all there is to know about the business before you put your money in it. Find out the risk involved, the size of the market, the capital required, and more. I hope this information helps you make the right decisions in business.