One of the hardest things in setting up a business most especially in this part of the world is getting the right idea. Knowing what you can invest in and fetch you money.
It is no longer a news that only the long legged individuals get the privates paid employments now while other scrambled for the little available government job offers. This sucks and make it obvious that the only means of survival is by being self employed, setting up a business.
Your search for untapped lucrative business ideas in Nigeria shows you are ready to pass the rubicon or perhaps you are looking for another stream of income. A researcher studied
the daily habits of the rich and poor, he found out that most self-made millionaires generated their income from many baskets
65% had three streams of income
45% had four streams of income and
29% had five or more streams of income. Having multiple income streams makes a lot of sense.
So if you are still holding on to just one stream of income either it is a paid job or your business, you need to start thinking of another one, well you can pick from our list of untapped lucrative business ideas in Nigeria list below.
If you are determined to start your own business, you can do this even if you do not have much money in your account.
Here, I have carefully listed out some untapped and very lucrative business ideas you can start and how you can get started with them with a low-cost.
Untapped Lucrative Business Ideas in Nigeria
Ever wondered how that your friend travelled out of the country, without any hiccups? Or how people just get updates on cheap flights? Those are few functions of a travel agency.
A travel and tour agency involves dealing with products and services that has to do with traveling documents, Airline tickets, hotel reservations, car rental services, tour and recreation, providing information on customs, etc.
Starting a travel and tour agency business can be rewarding provided you know exactly what to do and how to do it.
Obviously, starting a travel agency company would require you alot of money before you register your business either with trade association or IATA, employing manpower and securing an office space would gulp alot of money.
But come to think of it, you can earn some cash from referrals, some agency pay as much as 10% to 20% for referrals, that is, you get paid when you get them a client. Don’t forget you are as well building a customer base when you do this.
Social Media Influencer/ Strategist
The joy of every company is to get more and more customers or clients. With technology growing so fast in the world, which Nigeria is not left out, thousands of companies are taking there businesses online to leverage on the massive online community.
There are many social media influncers or Digital media strategists earning big money from clients, just by advertising on their own platform. Twitter, Facebook, Instagram hypes and advertisements. You can learn all these online by taking some online courses or even buying ebooks.
The only asset you would need to invest on is a smartphone and mobile data. Build any of your social media handles (This is one of the services I render as well, you can contact me for this), have a brand name, package yourself well and jump on campaigns for small and local companies.
If you are diligent and hardworking, you too will start making some cool cash.
Buying and selling of Bitcoin
We are in the era of digital currencies and one of the most famous is bitcoin. Bitcoin is a Cryptocurrency also known as digital currency. Ever since the world of cryptocurrency emerged 8 years ago, Bitcoin has taken the lead. A lot of other digital currencies have also been popping up here and there such as Litecoin, Ethereum, Ripple e.t.c.
You will be wondering, how can you start earning with this bitcoin? The most interesting thing about this business idea is that you can start with no or little cash. If you do not have money to start this business, you can stand as a middle man between buyer and the seller. You may need to open an account with the bitcoin trading platforms such as Localbitcoin or Luno.
After this, you would have a ‘bitcoin wallet’ (like your bank account). So to start as a middleman between the seller and buyer, you can start advertising on your social media platforms that you buy and sell bitcoin (you can hire me to build your social media pages and advertise for you). You get the seller’s price, you add a little money and sell when you get buyers.
Companies are always looking for freelancers able to provide contents that are SEO-friendly and can transform website visitors into leads and, eventually, customers. In addition to that, you could offer to upload the content to their websites and improve their SEO further with:
The right titles
The correct keyword density
Tags and categories
Relevant images with SEO captions and alt tags
Branding and Graphic Designing
I can boldly say more graphics designers are still needed, the skill is advancing each day, from picasa days to coral draw days to photoshop and alots of other graphics designing applications. We now have motion designs, cartoons and of course you would have heard of 3D designs before.
Many companies are always in search for branding that tells people about what they do. Branding is a big field but if you can master your game well as a graphics designer, you are good to take up branding as well.
I know alot of designers that charge nothing less than 10 thousand naira per design, if such individual should do just 5 designs in a day, you know how much money gets into his account daily.
Companies also pay graphics designers well, if you can follow company guidelines and customer needs, all you will need to get started is a computer and applications such as Photoshop or Illustrator. You will be responsible for creating the company’s logo, fliers, newsletters, advert banners and many more. I have worked in a company that their graphics designer works from home, so you do not even need to start jumping buses every morning to resume work.
Dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product.
All you may need is a website to showcase the products you choose. This is a very lucrative business that you need to give a trial. You can try Websites like amazon, shopify.
You do not need money to start this business and running an ecommerce business is much easier when you don’t have to deal with physical products. With dropshipping, you don’t have to worry about Managing or paying for a store or warehouse, Packing and shipping your orders (manufacturers will ship the goods for you), tracking inventory for accounting reasons, handling returns and inbound shipments, continually ordering products and managing stock level. Sweet like sugar! One thing you should also take into considerations is that you need to choose the right products, observe your environment, no thier needs and pick such goods and let the money start rolling into the account
I could have tagged this as ‘blogging’ but no I didn’t do that, you know why? Because bloggers are now seen as set of people who do not know what to do with thier time. There are alot of ways you can earn from blogging such as Google adsense, song distribution, affiliate marketing, writing reviews and many more. I have chosen to talk about affiliate marketing because only few bloggers understand how affiliate marketing works and if they know, only few are into it therefore this justify that it is still untapped business in nigeria.
Affiliate marketing is extremely easy to get into and involves you earning a commission by promoting other companies’ products and services. You can do affiliate marketing with so many companies and e-commerce brands even here in Nigeria.
Jumia, konga, web4africa are examples of brands you can try in Nigeria while aliexpress, grammarly are foreign brands you can try affiliate marketing with. Basically, you choose a product you like, promote it, and make a profit on each sale that stems from your marketing efforts. An affiliate marketing business is especially easy to start if:
You have a blog or website of your own
You can prove your success through visitor statistics
You have already successfully undertaken affiliate marketing and can show this to your potential clients
Tester or Reviewer
This is also freelancers work. But it is a niche that just few people are into in Nigeria. Individuals or startups especially film producers and mobile phone brands often look for people to review their products to encourage others to buy them. Even apart from the monetary aspect of this business, you can get products for free from these big brands, they can sponsor giveaways for your brand thereby making your brand or name more credible and gain more awareness. A typical example is Sisiyemmie, she has written several reviews for various brands.
Now how do you start? You can either get started with a profile on freelancing websites or approach companies directly, offering them a review in exchange for a monetary reward by becoming an influencer. Even better, if you have your own website or blog, you could write entire posts about their products, thus allowing you to charge more money in the long run and build a portfolio with tangible results to show future clients.
I have not exhausted all the untapped lucrative business ideas in Nigeria but with these few, you can make something big out of them and you will be glad you did. You will need to be committed and hardworking and please be patient.
Acquire more knowledge or skills about the one you want go into and remain prudent to your business. I wish you good luck.
Drop comments if you need more information about any of the above listed businesses.