Business Opportunities for Low-Income Earners in Nigeria

Contrary to widespread assumption, there are a variety of approaches to launching a firm that allows you to focus more on launching your ideas rather than on the financial commitments and administrative details. Let’s go beyond the first significant mental barrier, which is not having a business idea. This article lists small business ideas that make a great entry point for beginners and low-income earners.

Profitable Business Opportunities for Low-Income Earners in Nigeria

  1. Create and market t-shirts with print-on-demand:

You may express your creativity on t-shirts, hats, phone covers, sweatshirts, skirts, tote bags, and more. If a community has passion and pride, you may create a t-shirt business by developing clever slogans for developers or references that appeal to cat owners.

To avoid spending extra money on a whole photo shoot for each new design, you can even employ t-shirt mock-up templates.

You can use a variety of print-on-demand platforms, and many of them can be seamlessly integrated with your Shopify store to fulfill orders. To ensure that your customized products look good, always order a sample of the item (sometimes available at a discount).

  1. Publish a book of your own:

If you have the knowledge or the creativity, you can publish a wide range of original publications, including cookbooks, picture books, comic books, poetry books, photo books, coffee table books, and novels. When starting out with self-publishing, print-on-demand is a reasonably risk-free option. Additionally, it allows you control over your book’s appearance and calibre.

Create, order, and distribute your own books as tangible and digital goods using Lulu xPress and Blurb, two well-liked platforms. Additionally, consider selling it on online stores like Powell’s or Amazon.

 

While you can get a book one at a time, buying in bulk automatically lowers prices. If you already have a blog or are seeking to start one, publishing your own book can be a terrific monetisation method.

  1. Make online courses or digital items

On this list of low-investment small-company ideas, digital products like music, courses, podcasts, and templates are exceptional examples. They lack the same quality materials as the others. Because there aren’t any continuing production or shipping costs to worry about, your margins may stay healthy, making it one of the best businesses to start.

The responses include various things, including original musical beats, stock pictures that can be licensed to other artists, and instructional goods and templates that assist people in advancing their skill sets in a specific industry.

Consider packaging a talent that you have that may be used to create a digital product to create a new source of revenue.

The free Digital Downloads software from Shopify makes selling digital goods in your business just as simple as selling real ones.

  1. Offer greeting cards, prints, and posters that are produced on demand

If you have an eye for photography or are artistically minded, drop-ship employing a print-on-demand business model so that others can actually possess a piece of your artwork. Just make sure you either own the rights to the information you wish to print or that you are using public domain assets that you are free to monetize.

If you already have a sizable internet audience, such as if you’re a cartoonist or urban photographer, you’re in a particularly strong position to test out this small business concept.

You can produce your work as posters, framed wall art, greeting cards, or other items depending on your printer. You may promote your products without printing out each one and setting up your own photo shoots by using several free digital templates and mockup makers like Placeit.

  1. Start a nonprofit organization:

A better world can be funded in various ways, including by establishing a non-profit organization.

You can use a blog post about your community involvement or a live impact calculator on your website to demonstrate your consumers’ influence by patronizing your business as part of your marketing strategy.

It’s simple to collaborate with nonprofits and integrate your purpose into your business, thanks to the Give & Grow Shopify app. You can program it to donate a particular amount or a percentage of sales, or you can request that consumers add a donation when they check out.

  1. Promote a service:

Although providing services isn’t passive, it can be a successful approach to becoming self-employed. Regarding service-based small company ideas, “time” is your biggest investment and your inventory. You may start a consulting business to provide project assistance, or you could continue to provide these services on an ongoing basis.

It offers one of the best opportunities for business growth because it can be used with any of the other ideas described above to create additional revenue streams by “provide” services through physical or intangible goods.

An example might be a photographer covering a nearby event while also promoting prints on Instagram. A copywriting swipe file containing compelling sales copy can be purchased from an independent author for a fee. To make it simple for customers to book an appointment with you through your store or purchase tickets for a class, you can use BookThatApp or Acerill Appointment Booking for Shopify.

  1. Open a fashion store online:

You can open your own online clothing store if you enjoy dressing up and sharing your style online. You can just select products from other merchants into your own web store; you don’t need to learn how to design clothing (using the dropshipping model we discussed earlier).

Using one of the many product-sourcing apps, you can create your own fashion brand, model it yourself for product images and social media posts, and gain an online following as a trendsetter. Your brand can include dresses, shoes, swimsuits, accessories, and more. You may add a variety of styles to your Shopify store with apps like MyOnlineFashionStore.

  1. Sell your handmade and homemade products:

Making your own candles, soap, sauces, or pottery puts you in a unique position to develop a small business idea because you have complete control over product creation and sourcing.

Many creators on Shopify really started out with a home-based business idea, selling on Etsy or eBay, or through word-of-mouth to friends and family, and blossomed into full-time small-business owners after proving there was a market need for their products.

Just be aware of any rules governing your product category, particularly for anything clients will ingest, breathe in, or apply to their skin.

One of the numerous maker-owned companies on Shopify that originated on Etsy is Brooklyn Candle Studio.

  1. Launch a pet-related business:

All types of small company opportunities are abundant in the pet sector. There is a lot of demand, and the sector is worth more than $100 billion. In your pet store, you may provide products like accessories, food, or toys in addition to services like grooming, training, or walking.

  1. Make a membership scheme:

Online memberships aren’t just a trending new industry that emerged due to individuals being forced to stay at home during the COVID-19 issue. Online memberships are perfect for business owners with a well-established, vibrant network. Similar to subscription-based businesses, they operate by having clients make ongoing payments in exchange for a virtual good or service.

The management of content on a website that is solely accessible to members is made easy by memberships, and this is true even for offline businesses that do online sessions with a facilitator. Businesses benefiting from this business model include yoga studios, fitness centres, clubs, and art schools.

You can offer exclusive live streams in addition to (or instead of) downloadable content because this content is protected behind a gate that only paying subscribers can access.

Whatever path you choose, ensure you record in a quiet area for crystal-clear audio without any background noise.

Utilizing email marketing to remind your members of fresh information is another smart move. The best ways to generate interest for new launches are through emails, video teasers, and client endorsements.

Additionally, Shopify makes it simple to launch your membership-based business. Just as you would for a real item, create a new product and give it a name and description that mentions your subscription services.

  1. Work as a virtual event coordinator:

Starting a virtual event planning firm could be lucrative if you enjoy creating events and bringing people together. You’ll be in charge of organizing virtual conferences, networking events, and training sessions for businesses worldwide as a virtual event planner.

  1. Take up handyman work:

The market value of the home renovation and repair sector is approximately $500 billion. If you’re a handyman who enjoys mending things, whether it’s repairing a furnace or creating a patio deck, this may be a successful company for you.

  1. Market your pictures:

Do you love capturing pictures? Create a full-time photography business out of your pastime. These days, marketing services aren’t just for weddings and company advertising efforts. Setting up a business and selling prints, posters, NFTs, and other items is simple. Alternatively, you might make money while taking pictures by selling them on stock photography websites.

  1. Launch a beauty salon:

The beauty industry really pulled through during the pandemic. Our research shows that 55% of health and beauty business founders reported being satisfied with business performance in 2020. Businesses that sell online and offer different delivery services will continue to win.

Some product ideas with high demand are:

  • Personal care products like hand soap and sanitizer
  • At-home spa rituals like face masks
  • Beauty technology like massage guns, smart mirrors, and makeup refrigerators

  1. Stand up comedy:

If you think yourself to be humorous, you should seek a career in stand-up comedy. You can plan your own performances. For example, a student with good money management skills will undoubtedly become quite wealthy.

  1. Social media influencing:

Social media influencer marketing is another excellent approach for people with modest incomes to make money. Influencing on social media is a type of advertising. In this instance, social media users with significant followings use the platform to connect with their audience and promote the goods and services of contracting firms. As a result, if you are a social media influencer, businesses may hire you to promote their goods or services. This is an excellent, carefree method to make money, particularly for students.

  1. Office and home cleaning:

Maintaining cleanliness is crucial for a healthy atmosphere. The majority of those who were unduly busy with their jobs hired others to clean their homes, shops, or offices. It is an easy chore that anyone can complete if they are willing to try. All you really need are a few flyers advertising your services and a few inexpensive cleaning supplies, including mops, brooms, and buckets.

  1. Producing resumes:

Writing resumes, CVs, and business proposals is a fantastic stress-free method of generating millions in Nigeria. You would be surprised to learn how many Nigerians are illiterate in CV writing.

As soon as you have given them a thorough framework and have mastered the creation of resumes, CVs, and small business plans, you will have the chance to assist hundreds of business owners and organizations in achieving their goals. This business concept is also straightforward to establish and quite profitable.

  1. Consultancy:

You should launch your own consulting company if you have any experience in industries like agriculture, business, or relationships. This is a significant business opportunity that you should seize. You can earn a lot of money with this business idea, depending on your area of specialization. You get to make money in addition to assisting other people. How awesome is that?

In conclusion, have you ever had severe financial difficulties while attending school? If you said yes, you are not the only one. Consider the effects of both being in school and having little money. Certainly stressful. University students may find life to be at best difficult and, at worst irritating because the Nigerian system doesn’t actually allow for earning and studying at the same time. Setting and achieving financial objectives while still enrolled in school is a smart move, especially given the alarmingly high unemployment rate among college graduates in the nation. This post offers you the chance, as a student and low-income earner, to empower yourself with a small business you may launch to make a living. yourself with a small-scale business, you can start to earn a living.

22 Business Opportunities for High-Income Earners in Nigeria 2023

People are looking for alternate sources of income due to employers of labour providing their employees with a static salary and the rising cost of goods and services. Consequently, setting up a firm is crucial.

Nigeria is a country that encourages commerce, and its population growth enhances business growth rates, which, if taken seriously, can multiply profits. The next great thing in this country is starting a business, especially if you have the cash to do so. This is much better than working twenty-two hours a day for pitiful wages or slaving away in foreign countries as an immigrant. We shall cover business opportunities for high earners in this article. Some business opportunities for high-income earners in Nigeria include;

Business Opportunities for High Income Earners in Nigeria

1. Oil and Gas

One industry that Nigerian billionaire investors deal in is oil and gas. The industry generates wealth and provides a favourable environment for new investors.

Consider oil and gas seriously while deciding which investment opportunity to pursue in Nigeria. It’s a game for billionaires, and to recover your investments, turn a profit, and win over your counterparts’ faith in doing business, you’ll need a long chain of investors.

2. Mining

Mother nature is to thank for preventing us from wreaking severe devastation on the tectonic plates that currently support our country. That is a more significant factor in why we don’t frequently experience naturally induced disturbances.

Despite this, mining is still a lucrative investment option in Nigeria. To extract oil and gas, mine coal, metal ore, and nonmetallic minerals, you can establish a mining company. You might also invest in setting up a business that deals in or sell minerals.

3. Petrol Station

Starting a gas station just costs a few million naira. You can always get consumers because there are so many automobiles in Nigeria. Additionally, many individuals rely on gas stations to supply electricity for their generators.

4. Cooking Gas Business

Nigeria has enormous potential in this industry. Many people ignore cooking gas because they are so preoccupied with gasoline. I was just talking to a buddy of mine who owns a medium-sized petroleum company. They consume anything manufactured of petroleum. He asserted that they generate more money from cooking gas than they do from other enterprises.

You have two options: either become a store and refuel gas for end users or supply cooking gas to businesses. This company is incredibly profitable, and starting it doesn’t cost anything. You can begin modestly and develop!

5. Oil and Gas Transportation

Petroleum products need to be lifted, just like any other commodity. You can buy tankers and start a company that lifts petroleum products that might also be shipped. These are some business opportunities in the oil and gas sector. Fleet management possibilities are also available within this business chain. It’s possible to locate more if you do your research. However, one thing is for sure: oil and gas continue to be among the most lucrative industries in Nigeria.

6. Foreign and Intercontinental restaurants

Food from other countries and continents is growing in popularity in Nigeria. Celebrities, foreigners, and high-net-worth individuals frequent eateries that serve these kinds of food.

You might start a Chinese, Italian, Indian, or other types of restaurant. You can work with someone knowledgeable about it all or learn how to prepare dishes that are frequently served in these establishments.

7. Real Estate Business

Real estate is among the most lucrative industries on a national and international scale. A roof over one’s head will always be necessary for people. Real estate will continue to flourish as long as the population keeps rising. This industry keeps expanding as more people relocate to cities.

Numerous alternatives are available in the real estate sector. As an agent, you can work finding homes and apartments for renters while receiving a fee or commission. Additionally, for a fee, assist landlords and property owners in finding tenants or buyers.

You can create homes in highly desired locations for sale or rental. Additionally, you can purchase land to develop or sell for a profit.

8. Hotel Business

One of the most lucrative industries in Nigeria is the hotel industry, which is highly profitable. Nigeria has a sizable population, and people frequently travel for both work and pleasure. Hotel offers them a place to stay. Additionally, travelers use motels.

To flourish in the hotel industry, you must either locate your firm in a less competitive area and expand there or provide superior or more affordable services in a crowded market. As a supplementary revenue stream, each hotel must include a space that can be hired out for events.

9. Services for Renting Car

The desire to drive oneself or one’s belongings from place to place is shared by only some who own a car. When someone rents a car, they rent it to them for a set period. It could last for a few hours, a few weeks, or even a day. Nevertheless, the car must be returned within the agreed-upon deadline; otherwise, the person who rented it could be sued.

Usually, the cars are returned to the location where they were rented or to a different office of the car rental company that is closer to the renter.

Having functional and appealing vehicles is crucial to starting a car rental business. Additionally, this is based on the services you intend to offer. No matter whether it’s a luxurious car or not, consider your target customers before making your car choice.

10. Property Investment:

This entails purchasing real estate, primarily buildings, and then reselling them after some time, at a time when the value must have significantly improved. This kind of employment necessitates extensive research and competent agents who can aid in the search for properties or lands in desirable areas. One with an immediate likelihood of increasing value.

11. Gym Business

Another expanding industry is the gym industry, which caters to young people who want to get muscular and fit and obese women who want to regain their bodies after having a child. The gym fills this need since people would spend any amount for anything that produces results. Ownership of a gym is not a requirement for personal training. While earning money, you can always hire a trainer to assist in training your customers. When successful, it would generate more business and more revenue. The most important thing is to hire an experienced personal trainer and modern gym equipment in a fair price range. This type of business will suit a person with empathy for consumers and handsome.

12. Uberpreneur – Driving for Uber

Many factors influence people’s decisions to drive for Uber. Some people do it so they can drive whenever and wherever they want. Since they are in charge, they can choose their hours and can work as much or as little as they like. The weekly salary for an Uber driver is from 80,000 to 120,000 Naira on average.

In Lagos and a few other Nigerian cities, Uber driving is currently one of the most profitable business ventures. You are given the freedom to work whenever you like, whether it be during the day, at night, or on the weekend, and you can also make some extra money doing it. Some drivers work as drivers full-time, while others only work as drivers on the weekends and in the evenings after their day jobs.

13. Film Production Business

Currently, one of the industries with the quickest growth is Nollywood. Blockbuster movies are regularly created, and those in charge of the industry are doing everything possible to ensure that outstanding movies are also made. When you launch a film production company, you can also jump on board. To board the train, you don’t need any qualifications.

14. Internet Radio Business

You should know how internet radio differs from classic radio sets if you’re interested in starting an internet radio station, especially given that a computer will serve as the business’s source of power. You should have a clear understanding of the types of business you will be focusing on and the subjects you will need to cover to attract your target audience before starting this venture.

15. Hospital

It is interesting to know that you don’t have to be a doctor to own a hospital. People visit doctors every day, making the health industry immensely profitable. Health is a significant value. Why not construct a hospital if you have the means to do so? The next item on your to-do list will be to hire a doctor, nurses, hospital cleaners, and every other team member a hospital needs to function. You can start working after paying the employee’s weekly or monthly wage.

16.  Tracking & Security Services

In Nigeria, launching a tracking and security firm is a quick way to get rich due to the amount of insecurity there. In Nigeria, selling security tools, including cellphone trackers, CCTV cameras, car tracking devices, alarm systems, and other tools, has proven to be a lucrative industry. Anyone passionate about security and safety should check out this company.

17.  Sales and Supplies of Safety Equipment

In Nigeria, this is still one of the untouched markets where you can invest and prosper. To launch this firm, you do not need to acquire specialization or expertise in safety. You need to know enough about the product to succeed. The company sells safety gear such as hard helmets, lanyards, harnesses, safety shoes, and various other items.

18.  Exportation Business

You may believe that exportation businesses do not exist in Nigeria. I’m going to pop your bubble and tell you that exporting is still a very profitable business in Nigeria. Exporting raw goods, including vegetable oil, palm oil,  textiles,  cocoa, yam, cassava, groundnuts, and other products, is one of Africa’s most lucrative worldwide companies. There is still a substantial demand for these products on the global market. You can successfully start an exporting company in Nigeria as a result. If you want to engage in profitable buying and selling in Nigeria, consider establishing an exportation business.

19.  Car Dealership

Sales of autos, including trucks, cars, and other vehicles, have unquestionably proven profitable in Nigeria. Starting a car dealership business, particularly in Lagos, Nigeria, is sufficient to bring you a respectable quantity of profit, given the people there. Suppose you need more money to start. In that case, you can work with Nigerian car dealers who are already well-known until you can attract clients and generate enough money to operate independently.

20.  Starting a Pharmacy

One of the best businesses in Nigeria to start if you want to succeed financially is this one. Nigeria is a very profitable country to open a pharmacy, especially if you locate your business in a densely populated area. Setting up a pharmacy business in Nigeria doesn’t require you to be a doctor. But to be accepted, you might require a license.

21.  Printing Press

This is one of the oldest and most active small businesses in Nigeria that is still profitable. Starting a printing press operation where you can produce products like news bulletins, magazines, banners, and flyers in quantity is one of the well-known and lucrative business ideas in Nigeria. If you have the necessary resources and the right location, one of the best business ideas to become wealthy quickly in Nigeria is the printing press.

22.  Airbnb Rental Services

A short-term house rental is one of the quickest ways to make money in Nigeria. The population is growing in most Nigerian cities, especially Lagos, making it profitable to start an Airbnb rental business. All you need to do is post your home on websites like Airbnb and other platforms for vacation rentals; then, you can begin accepting paying guests.

Conclusion

Investing in unexplored investment opportunities, like most of those explained in this article, is typical practice to build a solid financial future and achieve financial independence. However, you need a sizable sum of money to invest if you can choose from the list of lucrative investment possibilities in Nigeria listed here and get started right now.