It is essential to consider how to make a living rather than sitting around and idling away in a world where positions in corporations or federal government establishments are getting harder to come by.
It is possible to launch and expand a small business to create employment for others.
These are some businesses that you can start in Nigeria now to improve your standard of living.
Let’s take a look at them:
1. Food Catering Service
Do you love to cook? Launching a catering business may be the perfect small-scale business idea for you. You can cook from home, do deliveries, and cater to other local events. This is a lucrative business idea that doesn’t require a lot of capital to start. Besides the cost of food items, you may also have to hire a few employees as you begin to book more events. Your bill and service charge should cover these expenses.
2. Start a Palm Oil Storage Business
Leveraging the palm oil trade can unlock a lucrative small business opportunity in Nigeria. Here’s how: From February to April, when palm kernel prices dip, buy palm oil at a lower price, then store it until July, the peak season, when demand will surge.
By reselling the stored palm oil during this high-demand period, you can enjoy substantial profit margins ranging from 50% to 60%. This strategic approach taps into the seasonal fluctuations of palm oil prices, allowing you to maximize your investment.
Embracing small business ideas like this is very simple. It is about understanding the market dynamics and timing your actions right. With careful planning and attention to price trends, you can create a sustainable source of income. This small business idea shows how a simple strategy and knowledge of local market patterns can bring impressive returns.
3. Transport Business
Many organizations in Nigeria need transportation but cannot afford to buy vehicles. Buying a bus (or several buses) can make you the go-to transportation service. Schools, religious organizations, and non-profits could outsource their transportation and logistics to you. Focusing on a sector, like education or e-commerce delivery, is a good idea. You then specialize, serve a lot of schools and retailers, and grow a lucrative small business.
4. Establish a Security Agency
Security is not the sole responsibility of the government. The need for excellent security services in Nigeria is on the rise. You can set up an agency and recruit professionals to become bodyguards. Another option is to import and sell security products.
5. Investing in Property
Property investment requires more upfront capital than some other small business ideas in Nigeria. But if you have the capital, you should definitely look into purchasing land or property in good locations. The returns can be as much as 100–200 percent profit when you resell the property. You can also lease office buildings or homes and make a reasonable passive income each month.
No business idea is a waste; if you can receive the vision, think about it, and take conscious effort to actualize it, you can achieve it. However, it is imperative to learn from those who are in the business already before launching out.
(With additional materials from businessday.ng)
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