Tell me there’s something better than being your own boss and the following 6 realistic reasons to be your own boss shared below will tell you FEM… in the most logical way.
- First off, being your own boss enables you to realize your self-worth and your special abilities (yes, you’re a guy with reasons and a babe with sauce)
- You have the freedom to explore your own creativity (who doesn’t want that?)
- You have a feeling of accomplishment through the lifetime of being a business holder or an entrepreneur (that good golden vibe, ah!)
- You will enjoy working (working is fun when you’re doing what you love)
- Your schedule and time planning is in your control (whoever is controlling your time is controlling your life, let that sink deeply in you)
- You have work-from-home possibilities (no boss to cut off your salary or bullshit you for being 30 minutes late or for taking a day off. Yay!)
- And the list goes on…
But while all that may be true, what’s important is that you’re into a viable business. That is exactly why I have shared these 5 investment opportunities in Nigeria down below. These business opportunities are particularly profitable in Nigeria, they are the secret portals to financial success to the successful Nigerians, some of which you know. So, let’s get to it.
Investment number one…
Investment Opportunity 1; Mini Importation
Before giving you the walkthrough of how to start your own mini importation business in Nigeria, here are some hard facts to knock the socks off your feet. Fact one, you can get up and running with a capital as low as 10, 000 Nigeria Naira. Yes, you read that right. But here’s something more interesting. The average mini importer in Nigeria generates an average ROI (Return On Investment) of 85%. Finally, mini importation is an easy business, you don’t need 600years of experience to start making money with it. The entire business is all about buying products in bulk from oversea and selling in Nigeria in small units. Don’t worry, the blueprint is shared below.
How To Start Your Own Mini Importation In Nigeria
- Create Your Capital; the first step to any business is to have a realistic capital secured in a place. And as I have previously mentioned, you can start mini importation with as low as 10, 000naira. But just if you can’t come up with even that, I’ll be sharing ways to acquire good small and big loans in Nigeria very soon.
- Select A Niche; after securing your starting capital, you want to select a particular line of products to focus on out of the hundreds available. This is what I mean by selecting a niche. Your niche must be such that you’re passionate about, it aligns with your starting capital, and, well, you have a set of potential customers for. Types of niches of products that you can pick from are; ladies’ fashion wears, baby foods, men’s fashions wear, gadgets, and so on.
- Buy From A Supplier; check out the price of these sneakers I bought from a friend who is into mini importation at the price of 25, 000naira. The actual price, when converted to naira, is 4, 278 as of when this article was written. Yes, my good friend gained more than 20, 000naira off of me from just one pair of sneakers. Ah, God will judge him. In essence, some of the sites where you can buy all kinds of products at a ridiculously low price are 1688.com and Aliexpress.com.
- Buy And Import; after buying the products you want to sell, the next thing to do is to buy and import. One of the importation service companies you can use is in Nigeria is Chrisvicmall.com. Just sign up and follow the step-by-step process on the official page to get started. It’s easy.
- Start selling; selling and marketing, here we come. You can start marketing your products to your social media friends on your timeline, your social media groups and pages, and other places. You might as well push a call to your call list to inform your family-friends, friends, and family about your offerings.
- Choose A Delivery Service; if you want to sell just within your State, choose a delivery service provider within your state. If you want to target customers all over the 36 States in Nigeria, you must be looking for a delivery service provider that operates all over Nigeria. Also, I don’t know if you’re a better person, but my friend made me pay for the delivery service just like every other person on his customer list does. Fu** him.
Investment Opportunity 2; Inland Waterway transportation
According to a journal written by Usman Bolaji Abdulhadir (a student of the faculty of social sciences at the University of Ilorin) and published by the GEOSFERA Indonesia by 27/April/2020, 71.3% of Lagosians transport their goods by water. You can download the full journal here titled Inland Water Transport And Urban Mobility In Ikorodu-Ebutte Ero Route, Lagos, Nigeria.
According to that journal and other internationally published journals, Lagos state particularly has abundant navigable inland waterways that can improve the overall transportation experience of the city if fully harnessed. And as there is low attention given to this transportation all over Nigeria, stepping in as a business holder is exactly stepping into a market with low competition but with high possibilities. So, it makes sense to include it as one of the best investment opportunities in Nigeria. Down below, I have explained everything you need to know to start your own inland waterway transportation business.
How To Start Your Own Inland Waterway Transportation
- Carry Out Feasibility Studies; always remember. Regardless of what kind of business you’re looking to push into, feasibility studies must be done first. It will not only give you a clear-cut vision of how the business will be run but it is also a stage where you know your business targets, goals, and how to achieve them. During this stage, some of the questions you want to answer carefully include;
- How do you intend to fund the business?
- What name will you give your business or brand?
- Do you intend to buy the ferries you need or you’d rather build new ones?
- Are you starting the business from the scratch or you’re buying a franchise?
- How many ferries do you need and what type?
- Which of the water routes in Nigeria do you want to target?
- Who is your target audience? Goods transporters? Just people? Livestock? Or what?
- What should your employment plan be?
- What kind of policy are you employing for billing and ticketing?
- What’s your expectation about cash flow?
Note; Those are just a few of them. In fact, you may need the help of a financial advisor for your business plan and feasibility studies if you can afford the costs.
- Raise Funds; from your feasibility studies above, you already have a realistic and accurate summation of the capital you need to get started. Right? In this second stage, you want to source for the funds either through loan acquisition or in some other legally approved ways to acquire funds in Nigeria.
- Perform The Needful Registration And Licensing; okay, I know you probably know how imperative it is to register your business with the CAC (Corporate Affairs Commission). But it doesn’t end there. Some of the other permits that you need to get started include seaworthiness, validation for fire safety, insurance, validation for passenger safety, and more.
- Purchase Your Ferries; forgive me but the last time I checked on Jumia (yes, Jumia sells watercraft and canoes), more than 284 watercraft and canoes are available for purchase starting from the price of 60, 000naira. But before you start clicking on all the “buy now” buttons you find on Jumia, make sure you’re sticking to a budget while buying the number of and the type of ferries on your feasibility studies report. E get why.
- Choose Your Location; visit the locations selected on your feasibility studies physically to see the look of things yourself. Don’t just rely on what Google says. E fit shock you!
- Determine What Service You Want To Render; as previously mentioned, endeavor to stick to a particular niche of service. If you want to be transporting goods for traders, stick to it. If you want to be transporting humans, stick to it. It’s fairly simple and will help you to concentrate your resources on one thing for business effectiveness.
- Buy Equipment; depending on your service of choice, buy the needful pieces of equipment needed to ease operations, and give maximum satisfaction to your target customers.
- Employ Staff; this is quite straightforward but let me come in a bit. If you’re transporting humans alone, you just need expert drivers for your ferries. On the flip side, you’ll need even a team of offloaders onboard with the ferry driver if you’re transporting goods by water. Maybe you will need a team of shippers to?
- Other things to do; determine how you want to get paid for your services, define the pieces of routes you’ll be faring, know your maintenance schedule, and prepare for challenges. Goodluck.
Investment Opportunity 3; Construction Industry Investment
As far as I know, there are about 5 investment opportunities in the construction industry in Nigeria. So, to keep this article as short as I’d like to, I won’t be sharing the complete startup guide to each of the 3 types I will be sharing below. But don’t worry, I’ll be creating separate posts for each of them in the future. What I will rather do here is discuss some of the business opportunities in Nigeria $3.15 billion construction industry. Let’s get started.
- Residential Housing; residential housing is one of the most profitable investment opportunities in Nigeria. In a country populated by over 168 million people and a record of more than 17 million house unit deficit, it is no brainer that the demand for high-quality housing is on the rise. Start your own housing project in Nigeria or become a partner with an established firm to tap into the benefits offered in this sub-industry.
- Infrastructure; the Nigeria market has continued to attract a lot of investors around the world. This increase in business activities and the expansion in the market requires that more market infrastructures should be raised. That is more of the reason the Nigerian government has been allocating more funds to the development of the market. If you’re a builder or a contractor into commercial infrastructure development, this is where you want to be.
- Retails; look around you and you will notice how rapidly different kinds of retail stores are popping up here and there. Brands like Shoprite, Nestle, and Unilever Plc are continuously opening up new retails. And that is where retail store builders become important.
Investment Opportunity 4; Setting Up A Radio Station In Nigeria
Scream it loud and hard, communication is the gold of this generation. How informed you are and how rapidly you can consume information will determine your place in society. Yes, read that again. It’s not about going to school alone. The big question is, do you have the information and skills needed and that is in high demand right now in the world of today?
The accumulation of relevant information is exactly why people spend most of their days scrolling through their social media newsfeed, subscribing to a podcast show or program, reading blogs, tuning in to their favorite radio station even in the car, and watching the TV. So, if you notice the diversion of entrepreneurs, business tycoons, and investors into radio station development, you might as well want to make that smart move. No worries, I have shared a step-by-step guide below on how to start your own radio station in Nigeria down below.
How To Start A Radio Station in Nigeria
- Feasibility Study; like I will always say, start your business planning with a feasibility study. In your radio station feasibility studies, you want to find out the number and the kind of people to employ, the capital needed to kickstart and how to get it, where your radio station location will be, and the kind of audience you want to target. Sports news? Comedy? Culture? Pop-culture? You get to it.
- Your Broadcast Format Plan; read this part carefully as though it appears to be a repetition of the previously highlighted feasibility study but it is not. This is the stage where you carve out your operation system. You are to create a broadcast format plan that explains the realistic genre of radio casting your station will concentrate on, the exact language for broadcasting your content, your unique intro and closing, and so on.
- Business Plan; this is the stage where you have a written copy of your business. Your brand name, your logo, your competitors and how to beat them, and your brand awareness strategy. Also, you should clearly define your strength, weakness, opportunities, and threat.
- Get Funded; at this stage, you already know the size of capital needed to start. But that’s not enough. As a serious business holder or entrepreneur who is expecting to start a business with high chances of growth and establishment, you also need at least the funds needed to run your business for a year in savings. More than knowing the actuality of the funds needed, know your sources of funds and acquire the funds before moving to the next stage below.
- Secure A Location; from your secured funds and following your feasibility study, secure a facility accordingly.
- Get Equipped; also following your feasibility studies and budget, buy all the needed equipment to make your facility functional.
- Purchase An Open Frequency; read this article by the federal communication commission on how to apply for a radio or television broadcast station.
- Hire Your Workers; this is not a complete list but here are some of the professionals you need to hire to get started. You need newscaster, production managers, script managers, marketers, journalists, disc jockeys, security men, and engineers.
- Become Licenced To Operate; other than getting registered with the CAC (Corporate Affairs Commission), you also need to get registered with the NBC (Nigeria Broadcasting Commission).
- Test-Drive; before launching your first broadcast, test-run it first to see if there’s the need for tweaking or not.
- Launch; get started after test-driving.
- Create Brand Awareness; other than launching, market yourself to reach a large audience through an effective brand awareness strategy.
Investment Opportunity 5; Become A Private Tutor
I intentionally saved this one for the end. Imagine being able to connect with a tutor who is experienced in all the investment opportunities shared so far and is ready to hold your hand and walk you through whichever of the investment you want to dive into. With a tutor, you have high chances of success and can minimize failure.
A lot of people are seeing this and are connecting with online gurus. I am not against paying an online guru but the thing is most of these gurus don’t have the time to really help you. As they are mostly busy running their respective businesses (spoilers; most of them control 10 businesses), they can hardly be dedicated to you. But with a tutor whose area of specialty is to not only pass on what they have learned from materials and real-life experiences but to also guide you to success, you’re in good hands.
If you have a highly-demanded skill-set or knowledge, being a private tutor will fetch you a lot of money. Though this is a huge responsibility, the average computer tutor in Nigeria earns an average monthly income of 269, 000naira according to Salaryexplorer.com.
Look it up on Google and you’ll find an endless list of investment opportunities in Nigeria. Having too much information and choices can bring about frustration and non-action. That is why I have taken my time to separate the wheat from the chaff to give the 5 most-profitable investment opportunities in Nigeria. I can only hope you get to action after leaving here. It’s not just about reading all the articles on the Web.