What are thousand ways of making money in Nigeria? This is an area of interest every Nigerian can identify with. How to make money in Nigeria has been a much discussed topic among Nigerians. With several investments opportunities bandied about on a daily basis, coupled with the reality of falling prey to fraudsters, a lot of Nigerians are in a fix in finding genuine ways of making money. This article comes to the rescue by providing several ways you can make money legitimately here in Nigeria.
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A Thousand Ways?
This is the question that readily comes to mind on reading the title. This is however a figure of speech. It simply refers to the several opportunities available for making money which are in the real sense above a thousand. This article will provide some of these opportunities Nigerians can exploit. However, serious dedication and diligence are key ingredients necessary for turning these into reality. Although quite challenging, Nigerians have been known to be resilient people. Overcoming these challenges requires a huge dose of drive and determination.
The Population Factor
Nigeria’s population is its biggest asset. Any business venture that gets its act right from the onset will certainly make it big. Therefore, the right strategies need to be implemented to benefit from the opportunities presented by our population. A high population means increased sales. Every business needs patronage to survive as businesses thrive on patronage. However, getting this patronage depends on first winning the trust of your clients. But why not just get to the point of stating these opportunities? Because this information is necessary for starting any business of note. We commence with the following;
Starting a Transport Business
A successful transport business depends on several factors. Of course planning is the first first ingredient to make this a reality. A thorough understanding of how this business works is very important. For the newbie, this can be overwhelming, however, seeking help from competent hands can make the difference. What does competent hands mean then? It simply means people possessing the right knowledge and experience in this field of business. An example of these include established transport companies, and old hands who have been in this business for long, and are themselves successful.
A transport business can be financially rewarding if done right. A key requirement is having a fleet of cars for big investors. However, if you are starting small, a good car is necessary. Before you start, ensure that you register with the necessary unions. The National Union of Road Transport Workers (NURTW) is where to go to. The NURTW registers all transport businesses.
Start a Catering School
Catering has become big business in Nigeria. There is an ever increasing number of people willing to learn this skill. By starting one, you will certainly attract a lot of patronage. However, you need to possess the necessary skill and expertise to run successful catering business. Getting things right from the onset is very important to profitability.
A Security Company
There are many businesses and individuals requiring the services of security companies. It is important however that you obtain clearance or licensing from the regulatory body. In Nigeria, the regulatory body vested with the issuance of licenses is the Ministry of Internal Affairs. This sector promises a lot of prospects for growth and profitability. For proper coordination, consider enlisting the services of retired security personnel. Their advice can be of great help to the business.
A Car Wash
A car wash business in a busy neighborhood can be financially rewarding. If you live in one of such neighborhoods, serious consideration should be given. In big cities where people have less time for anything outside work, this is a great business idea to make money from. The start-up costs to set up this business are considerably low.
Food is a necessity for optimal performance. Wherever there are people, food is needed. Busy neighborhoods typically attract higher patronage. Therefore, siting you eatery/restaurant in such neighborhoods should be considered. But before starting one, consider your competition, and take advantage of their weaknesses. This can give you the much needed financial breakthrough you so much desire.
A Bakery Business
A bakery business can become a money spinner if done right. The main selling point of any bakery business is the quality of products. By baking high quality bread and snack, the patronage can at times be overwhelming, which is good for business. To attain this height, proper training in baking is necessary.
A Swim School
Swimming has become an increasingly popular recreation among Nigerians. Establishing one can become financially rewarding. Affluent and middle-class neighborhoods should be considered, as they will form the bulk of your patronage. However, getting certification is an important requirement. Certification gives your patrons more confidence in your ability.
Blogging has literally changed the stories of countless Nigerians. This has continued to become a source of hope for many Nigerians. However, knowledge is a key requirement. If you put in the necessary work into this field of endeavor, the sky would be your starting point, as the income can at times be mind boggling.
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Starting this business can sometimes be financially demanding. However, the benefits are huge. Once a real estate business becomes successful, the financial rewards are immense, and in most cases continue for throughout your lifetime. There will always be tenants or buyers of houses. Once established, the turnover increases with the changing economic climate.
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In Nigeria, distributorship of major companies have become very lucrative. By becoming a distributor, the company gives you their products at highly discounted rates. This allows you have an attractive profit margin. Before committing yourself to become a distributor of any company, the profile and incentive offering should form a key consideration.
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