Lucrative business that will make you money
If you're looking for a low-maintenance career or side hustle that will allow you to free up time while earning a consistent income, you've come to the right place.
The entrepreneurial scene is brimming with opportunity and excitement. To start a business, you no longer need a large amount of money or a physical location. Today, with a little ingenuity and determination, you can start a new business.
In an world where entrepreneurship is more accessible than ever, coming up with the proper business idea can be both exciting and overwhelming. Whether you want to establish a little side hustle or a large-scale enterprise, the goal is to look for low-cost business ideas that may quickly make a profit without breaking the bank.
From online business ideas to unique service offerings, this guide presents low-cost and easy business ideas that not only make money but also have the potential to grow and adapt to the ever-changing business landscape.
If you're wondering how to take charge of your life but are stuck because you don't have any money, you're not alone. Many ambitious individuals around the world, particularly in developing economies such as Nigeria, Ghana, India, Kenya, and the African diaspora, are looking for profitable enterprises that may be started with little or no cash.
The truth is that, while finance may be restricted, opportunities are not. You don't need a bank loan or a large investment to get started. You need clarity, a willingness to start small, and the correct guidance, which we offer through the Entrepreneurs Success Blueprint program.
Accounting and tax services
Experience, training or licensing may be needed
At some point, most people seek the advice of a good bookkeeper or accountant, whether to prepare for tax season, get advice for starting a business or simply plan for the future. If you're already a Certified Public Accountant, you can earn good money by going out on your own.
If you're not already trained as an accountant or licensed by the state you live in, you'll want to explore the recommended educational prerequisites and plan to obtain the appropriate credentials. Most tax preparation franchise offer courses, seminars and training to get you ready to work for them.
Laundry Services
In urban centers across Nigeria, the demand for laundry services has increased. As people increasingly lead hectic lifestyles, the need for convenient and reliable laundry solutions has grown substantially.
Entrepreneurs can tap into this market by establishing laundry businesses that offer dry cleaning, ironing, and garment alterations. The key to success in this industry lies in providing quality service, timely delivery, and leveraging digital platforms for marketing and customer engagement.
Laundry service is a popular and profitable business idea that can cater to people’s busy lifestyles. With the increasing demand for convenient and time-saving solutions, laundry service businesses have become more relevant than ever before.
The laundry industry offers various services, including dry cleaning, washing, folding, ironing, and more. The business model is best suited if it is a storefront or delivery-based service, depending on the customers’ preferences.
It requires a minimal upfront investment in equipment and supplies, making it a viable option for entrepreneurs looking to start a business without much capital. However, the competition in the industry can be fierce, and to succeed, one must provide high-quality services, competitive pricing, and excellent customer service.
Vending machines
Vending machines are the unsung heroes of convenience, delivering treats to the masses while their owners sit back and watch the profits roll in. With a well-placed machine, a variety of products and occasional restocking visits, you can keep the hunger pangs satisfied while taking advantage of an effective passive income data.
Setting up a vending machine business requires an initial investment in machines, product inventory and securing suitable locations. The cost of a single machine can range from $1,000 to $6,000 or more, depending on its size and features. You'll also need to budget for purchasing snacks or beverages to stock the machines initially.
Once your vending machines are up and running, the beauty of this low-maintenance operation shines through. You don’t need a wealth of knowledge on how to start business to make it work. Your primary responsibilities involve restocking the machines when necessary and addressing any maintenance or repair needs that may arise. With a well-designed system in place, you can streamline these tasks and ensure a smooth operation that continues to generate revenue with minimal effort on your part.
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Data entry
If you are proficient with spreadsheets or skilled in organizing systems and processes, running a data entry business could be a perfect fit for you. Since every business relies on data, data entry clerks are vital for compiling, storing, and managing large amounts of information.
Get started by reaching out to local companies to offer your expertise. You can also join freelance platforms such as upwork and fiverr to find clients.
Real Estate Business
The real estate sector in Nigeria has experienced significant growth, driven by population expansion and increased urbanization. Entrepreneurs can explore opportunities in property development, leasing, and sales. Investing in affordable housing projects or catering to the luxury market are potential avenues for success. Leveraging technology for property listings and sales can enhance visibility and attract a wider clientele.
The real estate industry in Nigeria has experienced significant growth in recent years, with over 200 million people demanding housing and commercial properties. Lagos, Abuja, and Port Harcourt are the most active markets for real estate investments.
The Nigerian government has implemented policies that make it easier for foreign investors to participate in the industry. However, there are several challenges, such as high costs of construction materials, limited access to financing, and a need for proper land documentation. Despite these challenges, many investors are optimistic about the future of the real estate industry in Nigeria.
Business consulting
With a consulting business, you can work with a wide range of businesses on a variety of business problems. You could help new entities get off the ground by creating business plans, conducting market research and organizing a management structure.
Depending on your level of experience, you could also help large organizations through difficult transitions and periods of restructuring or outline a successful exit strategy by providing executive-level advice and guidance on an array of matters core to the business' mission.
A good calender app will likely come in handy as time tracking is crucial to accurate billing.
Dropshipping
If you want to sell products online but don’t want to deal with the hassle of managing inventory or fulfilling orders, then dropshipping is perfect for you.
With this online business model, all you need to do is manage your website and marketing materials. When customers purchase something through your ecommerce site or mobile commerce app, the items get shipped directly from the manufacturer to the consumers so you never actually touch the products.
You don’t have to pay for inventory upfront either. Your supplier charges you the wholesale rate of an item once it’s been sold to the customer and you earn profits based on the markup of the sales price.
Car wash
A car wash can be an excellent option for entrepreneurs interested in a business that practically runs itself. Automate the payment and wash process or hire attendants and you'll enjoy a consistent revenue stream.
That being said, starting a car wash business requires upfront investment in equipment, location and supplies. Costs can vary depending on whether you opt for a self-service car wash or an automated system. A self-service car wash may require a lower initial investment, while automated car wash equipment can cost upwards of $50,000.
In terms of sweat equity, you'll want to spend time setting up the car wash infrastructure and securing permits. You’ll also need to hire your staff if you plan to have any and promote your services to establish a strong customer base.
Rental properties
By investing in residential or commercial properties, you can generate passive income through rental payments. Hiring a property manager or using online platforms can help handle tenant inquiries, repairs and collecting rent, leaving you with the freedom to explore new investment opportunities or enjoy the fruits of your real estate empire.
It’s important to note that investing in rental properties requires upfront capital for property acquisition, down payments and renovation costs, if necessary. Additionally, you’ll need to consider ongoing expenses such as property taxes, insurance, maintenance and property management fees.
In addition to monetary investment, rental properties require initial effort in terms of property acquisition, tenant screening and property management. That being said, the return on investment can be substantial. If you’re interested in starting your real estate empire, creating a website is a great place to start. With a website, you can showcase your properties, provide rental information and even enable online applications all from one centralized dashboard.
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Affiliate marketing
Affiliate marketing involves promoting products or services through affiliate links. When someone clicks on your link and makes a purchase, you earn a commission.
Before joining an affiliate marketing program, consider various factors to find the best fit for your needs. Evaluate the commission rates, payment terms, and cookie duration offered by each program. Taking these things into account will help you choose the most suitable program to maximize your earning potential.
Transport Business
With the country’s growing population and urbanization, there is a constant demand for efficient transportation services. Entrepreneurs can venture into the transport business by starting taxi services, ride-sharing platforms, or even establishing logistics companies. Technology integration, such as mobile apps for booking and tracking, can set businesses apart in this competitive market.
Transportation plays a crucial role in Nigeria’s economy, and it’s a thriving industry. With a population of over 200 million people and a land area of about 923,768 square kilometers, Nigeria has a vast transportation network, including road, rail, air, and water.
The road transportation sector is Nigeria’s most developed and dominant means of transportation. It comprises various modes of transportation, including buses, taxis, motorcycles, and trucks. Bus transport is the most popular, with private operators offering intercity and intracity transport services.
Air transportation is also a significant aspect of the transport business in Nigeria for those with substantial capital. The country has over 30 airports, with Lagos’s busiest, Murtala Muhammed International Airport.
The aviation industry in Nigeria is experiencing rapid growth, with several local and international airlines operating in the country. Overall, the transport business in Nigeria is a significant contributor to the country’s economy, and there are many opportunities for entrepreneurs and investors to invest in the industry.
Landscaping
Experience, training or licensing may be needed
Put your green thumb to work. Most people want their yards tidied up in the spring, their lawns mowed in the summer, their leaves removed in the fall, their shrubs trimmed and their trees cared for. Your landscaping business could also offer irrigation services, including the installation and repair of sprinkler lines, as well as blowing them out before winter.
Garden work, such as planting annuals and perennials and vegetable garden preparation, can also be a lucrative business. There is plenty to do in the yard that has nothing to do with plants: stone wall restoration, fencing, artificial turf installation and more.
Mental health and wellness coaching
People have begun to recognize the value of good mental health and are more willing to take actions to improve it. Many people, however, are unsure where to begin, which is where coaching may help.
This company idea provides a unique combination of personal fulfillment and financial opportunities. So, if you're passionate about helping others while also want to make a profit, this could be a good fit.
The initial expenditure is typically modest, and even obtaining a certification in coaching or a related profession can help boost your credibility. However, it is not technically required. The most important investment here is non-monetary. It is the ability to get a thorough understanding of mental health procedures and communicate effectively.
You can structure your coaching around individual sessions, group workshops, or even online courses. Just make sure they cater to a broad audience seeking guidance and support through their wellness journeys.
Promoting your business shouldn’t be too expensive either. You can start by growing an organic social media following before experimenting with some low-cost ads driving people to your website or mobile app.
With such a high demand for these services on the rise, there’s plenty of room to make money in this niche without having to spend a fortune.
Blogging
The digital age has created numerous opportunities, and blogging is one that has gained popularity in Nigeria. Individuals who enjoy writing or have expertise in a specific sector can develop compelling material and monetize their blogs through advertising, sponsored content, and affiliate marketing. Establishing a strong online presence and consistently producing high-quality content are key components of blogging success.
Blogging has become a popular way to make money in recent years. If you enjoy writing and can create fascinating content, you can convert your blog into a successful company. However, operating a successful blog entails more than simply writing entries.
To begin with, could you identify your target audience and create content that caters to their interests and needs? Do this to attract and retain a loyal following. Secondly, you need to monetize your blog. There are various methods to do so, such as advertising, sponsored content, affiliate marketing, and selling digital products or services.
Having a solid brand identity and establishing yourself as an authority in your niche is also essential to consistent branding, networking with other bloggers, and providing value to your audience through informative and entertaining content.
Agriculture as a Business
Nigeria's enormous arable area and varied climate make it a great location for agricultural businesses. Crop farming, livestock raising, and agribusiness are all potential options for entrepreneurs. Organic farming and aquaculture businesses are growing more popular as the emphasis moves to sustainable agriculture.
Agribusiness, often known as agricultural business, involves the cultivation, management, production, and sale of agricultural commodities such as crops and cattle. This field encompasses resource management, conservation, ranching, agriculture, and sales.
With technical improvements and market globalization, the agricultural business sector has grown to meet and answer high-tech farming requirements and problems.