There are businesses that are highly lucrative and can bring you profit in a short amount of time. These fast-moving businesses are great for individuals looking to cash out immediately or to continue cashing out.
Fast Moving Businesses in Nigeria & Startup Costs
In this piece, we have made a list of the fastest-moving businesses in Nigeria. These businesses are very lucrative and some of them will only require little capital to startup.
1. Palm Oil Business
The palm oil business is becoming increasingly popular and that is because many people are becoming aware of its importance. In fact, palm oil is used in the production of many cosmetic products including beauty creams. Companies that make use of palm oil have to import it from outside the country. Going into palm oil farming, you could make huge gains by selling to these companies.
2. Poultry Farming
Chicken and Turkey meat is in high demand in Nigeria and consumed on a daily basis. This makes poultry farming one of the best businesses in the country. To maximize your profits, you could start the business close to the festive season. During that time, you would make more gains than if you were to sell during the regular seasons. Poultry moves quite fast and can be run with small capital. Within N70,000-N200,000, you could get enough for small poultry with more than 50 birds.
3. Food Business
Eating out is quite common in Nigeria especially among students and people in the working class. This makes the food business among the fast-moving businesses to start in Nigeria. You could either open a fast food business or a restaurant. Fast food businesses have more competition and require more capital to start.
Restaurants are more likely to succeed, require less capital, and you could make a profit every day. Depending on the type of food business you want to run, you may have to spend between N50,000 – N900,000 (depending on the scale at which you prefer to operate) to get it started.
4. Social Media Marketing
Social media marketing is a job that requires some special kind of skill. You need to be able to pull a crowd to yourself using social media platforms and get them to buy from you. As a social media marketer, you will be required to build the social media pages of brands. Your duties include giving the brand more exposure, getting new targeted customers, as well as making sales. You may have to spend between N3,500 – N20,000 to get it started.
Freelance involves working for companies on a short-term basis. You won’t work as a full-time employee but you will continue to get contracts from different clients while working for one. This business is great for you if you’re able to manage your time properly and if you’ve got an internet-based skills.
Freelancing skills include video animation, copywriting, programming, graphics design, and many more. You could learn any of the popular freelancing skills and then go to freelancing websites where you can register and begin offering your services to clients.
You can start out on sites like Freelancer, Fiverr, and Upwork. You won’t begin making money right away if you don’t apply the right tactics. You will need to market yourself as a freelancer and edge out the other numerous freelancers in the market. Take note, that this business has the potential to make you a millionaire if you apply the right effort.
6. Ebook Creation
If you’re a great writer, you can not only make money as a freelancer, but you could also earn from writing ebooks. This is the same as writing a book, but it would be sold online and read on mobile phones rather than in hard copies.
You can write a book on just about anything or check markets like KDP. While you can take care of the writing part, you might need a graphic designer to handle the book cover. This would make it look more professional. You may have to spend between N1,500 – N5,000 to get it started.
7. Dry Cleaning Business
The dry cleaning business could fetch you daily income is set up in the right location. This is a big business idea if you live in the city. There, you can find many working-class individuals that are too busy to do their laundry by themselves and would rather pay someone to get it done for them. Starting this business would cost from N15,000 to N100,000.
8. Pure Water Business
Water is a necessity that humans cannot do without. This makes the water business very lucrative. While you could go into bottled water, pure water is the better option as it is more affordable. However, you should take note that this business would require some serious funds, a registration number from NAFDAC, and a less competitive market to progress. Starting this business would cost from N1 million to N3.5 million (depending on the scale at which you prefer to operate).
9. Filling Station
Today, Nigerians make use of fuel almost the same way they drink water. This is due to the erratic power supply in the country. If you have about 100 million naira, you can set up a filling station. It is important to place it in the right location and in areas with less competition.
10. Bread Production
Bread is another highly-consumed commodity in Nigeria and one that is quite easy to produce. You can even purchase a fairly used bakery and get started. Starting this business would cost from N150,000 to N200,000.
11. Real Estate Business
The real estate business is a great way to make passive income. This income source can bring great rewards if you’re in the right location and know your market. Some of the biggest real estate areas in Nigeria include Abuja, Lagos, Delta, and Rivers states. Starting this business would cost between N2 million – N500 million (depending on the scale at which you prefer to operate).
If you find yourself telling stories off your head or writing stories, you might consider turning them into scripts. The good thing about this business is that Nigeria has a booming film industry where hundreds of movies are being released every week. Being a scriptwriter would require some skill and experience so you might want to read up books and watch YouTube videos before taking up positions. You may have to spend between N2,000 – N5,000 to get it started.
13. Forex Trading
Foreign exchange is a big deal in Nigeria such that there are so many people cashing out on a monthly basis from this business. However, starting forex trading would require some sort of intelligence and tactics which can be learned from training or by purchasing online courses. You should know that this business is not a get-rich-quick scheme and it could take a while before you start seeing a significant profit. You may have to spend between N10,000 – N70,000 to get it started.
14. Sale of Fairly Used Clothes and Shoes (Okrika)
While there are more people looking for new clothes, there are many more that are ready to purchase fairly used or Okrika clothes. The clothes are quite cheap for these groups of people and for you the business won’t require much to start.
You will need to know the right places to import the clothes at cheap prices, then you should set up shop in the right location. This should be in a market area where people would most likely come to buy clothes.
Overall, the startup is cheap and will cost between N50,000 and N120,000. You will see sales from this daily if you’re able to set up shop in the right location.
15. Tutoring Business
If you’re great at science subjects like Mathematics, Chemistry, Physics, and Biology, you could start tutoring secondary school students preparing for WAEC, JAMB, and other important exams.
If you’re in the university, you could also tutor university students in their first and second year that require guidance on their courses. This business can make you some good profit if you’re able to get a lot of students under your tutoring program. You may have to spend between N10,000 – N30,000 to get it started.