Every day in the business world is a different day as there are newer businesses and ways of making money. Businesses in Nigeria have moved from the batter era to the markets, shops, kiosks, shopping malls and complexes, and in more recent times online stores and businesses.
While the way or method of running businesses has changed over time, the goal has always been and still is to make a profit and reasonable profit at that.
Every business is profitable but not every business yields profits. You may know of a few businesses that no longer exist. This could be for several reasons. Well, this article focuses on lucrative business ideas in Nigeria. You can also check out the best business ideas to invest in 2022.
Lucrative business.
Business is said to be lucrative when it produces targeted profit or even more. In Nigeria, most people would say business is lucrative when the profits are in hundreds of thousands or more. A lucrative business can run itself. The profit from a lucrative business is visible, left intact, is not tampered with by contingencies or emergencies, and can easily be separated from the capital. A lucrative business does not necessarily require profit to reinvest into the business. It is essential to note that lucrative businesses often require sizable capital to start up. The more you put into it the business, the more profit you get out of it.
Lucrative businesses in Nigeria.
Here are 5 lucrative businesses in Nigeria currently, invest in one or two of them and you would be happy you did.
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Hotel/Hospitality business
People would always travel and need a place to stay, food to eat, and some form of recreation or entertainment while on their journey. People would also require space to host corporate or social events. Renting halls for a day costs from 50 thousand naira depending on location and size to millions of naira still dependent on the same factors. You could invest in this and provide much-needed service and smile to the bank while at it. A hotel room for a night can cost as little as five thousand nairas to over half a million naira. It all depends on the quality of service and location.
If you do not want to deal with the hassle of running an entire hotel you could simply put up the structure and facilities in place and give out some parts of it to other people to run it and remit money to you weekly or monthly. For example, you could rent out the restaurant to someone who would be the one to decide what the menu would be, hire staff and run it generally. While you just sit back and get credited at the end of every month, the same thing could apply to the bar, the grill spot, and some other parts of the hotel.
2. Transportation
The demand for transportation services is very high in this part of the world especially as the government has not invested in this area and has left it open to private individuals. You can invest in e-hailing services such as Uber, Bolt, Rida, etc. Running an ultra or interstate transport activity is also an option.
To make the most profits of this, get as many vehicles as you can and give it out on hire purchase and have your profits coming in daily, weekly or monthly as you please. This is not restricted or limited to just cars, and buses.
Tricycles and motorbikes can also be given out on hire purchase to interested individuals in areas where it is allowed. This way you're not just generating income for yourself but you're also being an employer of labor.
3. Real estate
It is not news that land appreciates. Buy as many plots as you can, especially in places that are yet to be developed, and sell when such areas become 'hot cake'. This is one investment that could take a long time before it yields returns. While waiting, you can choose to be an agent working as a middleman between homeowner (landlord) and tenants. Helping them both to meet their needs for a fee.
Agency fee ranges between 15,000 to hundreds of thousands. You can also choose to buy land and develop properties, and put them up for rent afterward. You will be sure to make a lot of profit after a few years. The best part of this is that land and housing never go out of demand.
4. Agriculture
The entire world always needs food. Nigerians in particular can never have enough of garri, eggs, snail, milk, beef, Palm oil, etc. Do a careful study of where you reside or where you wish to invest and see what plants do well there and make your money give you more money.
Agriculture products like eggs do not require special conditions and can be invested in from any part of the country. It is quite easy to also make an artificial habitat for snails and just rear them. You should invest in snail farming because there is a constant demand for it, but the supply is never enough. This is one aspect of agriculture that is yet to be fully explored and is sure to yield profit.
5. School/Education
The concern of many parents is to give sound education to the children, especially at nursery and primary levels. You can never go wrong with running a school. To maximize profit, situate your school in the choice part of your town or state.
In many places, people pay between 50,000 naira and over a million for tuition/school fees for kids at nursery and primary schools. Imagine having 70 kids who pay 100,000 per term and a school year consisting of 3 terms. Do the math. Even after paying staff salaries and taking care of other expenses incurred, you'd still have plenty to keep you happy and satisfied. That is aside from other levies that school owners often find a way to make parents pay for.
In all of this, it is important to note that great marketing is everything. Having a great business idea and not being able to market it can run your business to the ground in no time. Smart SMS solutions offer customized bulk SMS and mobile marketing campaigns that ease communication, boost businesses and get you the desired result. Get started.