Other secondary reasons for establishing a business may be to achieve growth and enjoy other benefits accruing to business owners. Business operations would simply refer to those income-generating activities involved in the business.

 Every business would always incur expenses, however, these expenses are countered by the generated income. The extent to which the income generated exceeds the incurred expenses shows how profitable the business is. This extent is referred to as a profit margin in the business world.

Here is a list of profitable businesses in Nigeria:

1.   Real Estate Business

This business involves the management, ownership, purchase or rental, and/or sale of property for profit. In simple terms, it is just like a traditional buying and selling business but this time relating to the buying and selling of property. This business can be seen on a small scale where you purchase a property (for example, a land) in a strategic location and allow its value to appreciate over some time, usually for years, and resale the land for a substantially higher amount. This would equally yield a substantially large profit.

Why this business is on our list

·         The business has a high-profit potential as a single sale could yield substantial profits. For example, a land you purchase today in 2022 for N500,000 can be sold in 2025 for N3 Million, making a profit of N2.5million.

·         The business is fragmented such that you can choose to specialize in one area of the industry as a whole. For example, you may choose to specialize in the selling of lands, in the selling of buildings, or the rental or leasing of property.

·         Due to constant migration, the target market is never in short supply. Individuals will always need to acquire property (either lands or buildings) for various purposes.

If you already have a real estate business, check out how Bulk SMS can help you in real estate management here: 

2.   Food Business

As you can tell by the name, this business involves providing food for your customers. Many people venture into this business because they have discovered the vital role food plays in human survival. You can also start this business on a small scale where you prepare and deliver food to your customers on a per-order basis. A large-scale view of this business can be seen where you decide to franchise an already existing fast food business or where you decide to open your local restaurant.

Why this business is on our list

·         There is always an avenue to make sales as customers are never scarce. They will always want to eat.

·         You will always be in control of your profitability. For example, you may choose to earn a certain percentage (say 25%) of costs as your profit or you may charge different amounts for different classes of your products.

·         You can venture into this business with little capital and grow it over time to yield massive profits.

3.   Transportation Business

You would likely have needed to travel from one place to another, usually between states. In your journey, you would have either boarded a mass transit vehicle or a private vehicle (e.g. Uber) in which you were charged a reasonable amount of money. This is what we mean when we talk about the transportation business. It involves providing transportation services for individuals in return for income.

Why this business is on our list

·         Even though there may seem a lot of competitors in this market, you may choose to specialize in an area that has been overlooked by these competitors, for example, intercity transportation.

·         You will always have customers as people always commute between places now and then.

·         This business would tend to bring reasonable profits as costs incurred in this business are relatively low.

Already have a transport business? Learn how to use Bulk SMS for your transport business here: 

4. Poultry Farming

This business is no longer strange to individuals as they come in contact with poultry farmers now and then to attend to their needs for poultry and poultry products. Arguably, this market is yet to be fully exploited. 

This market tends to be more favorable during the festive periods as this causes an increased demand for poultry and its products.

You can venture into this business with as low as N300,000 and by the end of the year, you would have sold 80% of your poultry for as much as N600,000 thus yielding a profit of N300,000. By this, you have regained your initial investment in the business.

5.Laundry Business

The beauty of this business stems from the fact that it can be established right from the comfort of your home. You just need to acquire a washing machine and some other equipment and you’re good to go. 

With less than N100,000 you can begin this business from your home, charging customers per laundry job. In a month, you can end up making up to N30,000 in profits without having to incur other unnecessary costs like rent.

6.  Mini-Importation

This business involves buying and importing goods from overseas, directly from the suppliers, and re-selling them at a higher price. These goods are imported on a small scale, as the name implies. This is majorly an online business venture and still involves the traditional buying and selling concept which many are familiar with.

You could start this business with a capital as low as N30,000. Depending on the pricing of your merchandise, in a week you could sell goods worth N30,000 for as much as N50,000. That’s an 80% profit of N20,000.

7.  Blogging

This is very common in the online environment. Virtually all the news and latest updates we receive online are from blogs. A blog is a type of website, run by an individual or a small group of people, in which content is regularly presented in an informative and conversational manner. Hence, blogging would simply mean to write about something or to add new material or content to a blog.

Income from blogging is generated from the volume of traffic and activity on your blog. With the right target and design, a blog created with as low as N50,000 would yield up to N100,000 in 1-3 months.

8. Furniture Sales

You may decide to sell high-end furniture or average quality furniture. Each category of furniture is profitable. This business may have high costs depending on the area you venture into.

Generally, you can kick off this business with as low as N200,000 and target well-to-do individuals. In 14 days, you would have made a profit of up to N100,000 or more depending on the pricing of your goods. 

Conclusion

The level of profit for any given business will always depend on the level of income generated from the business as well as the level of general costs associated with the business. It is important to consider these things when deciding on which business to venture into.

You may view a list of other related articles here.

We are here to assist you in starting up your business. Leave a comment on which of the businesses you would like to start up and we will reach out to you.