Starting a business is not as easy as it seems. You may think all you need to become a successful entrepreneur is money. But it’s not true. There’s more to starting a business than money can do. Of course, finance is important. But it’s just a variable in the business equation. Before money comes in, you need to ask yourself the question – what business should I start?
If you start a business without proper research and creative strategies, it may not stand the test of time. So, if you are one of the aspiring entrepreneurs asking the question – what business should I start? This article answers your question.
Let me quickly clarify an impression before I continue. Anybody can start a business. It doesn’t matter whether you are an unemployed graduate, a salary earner, or an undergraduate, you can start your own business.
Arguably, a small business owner is better than a six figures salary earner. After all, no job is secured, not even that of the President of the United States.
Below are some of the lucrative businesses you can start doing right now. Interestingly, these businesses require little or no capital.
What Business Should I Start? 19 Lucrative Businesses Anyone Can do
#1, Data Reselling, Cable Subscription, and Prepaid Meter Recharge Business
Data reselling, cable subscription, and prepaid meter recharge is a goldmine that most people don’t take seriously. The profit margin may be small, but the sales turnover is usually very high.
According to Worldometers, Nigeria has over 200 million people in 2020. Interestingly, 46.6% of this population are internet users. That means over 93 million people are using the internet in Nigeria.
Are you thinking what I’m thinking? If you are a data reseller, you have about 93 million potential customers.
So, the market is very large. You can’t capture the entire 93 million people. There are other major players in the industry.
Try to target 0.02% of the Nigerian internet users that will give you over 18 thousand people. Try to come up with a plan to enable you to conquer the 0.02% you can to capture.
Even though the profit margin per transaction is as low as 100 naira, if you can sell data to 5000 people in one month, you earn 500,000naira.
My focus is on Data reselling. Because once you get customers for your data, you can easily upsell them to subscribe to their cable and prepaid meters.
I hope you are getting the answer to your question – what business should I start? If not, you can always ask your drop a comment in the comment box. I will be glad to assist.
The question now is, how do you get customers for your data reselling business?
How To Get Customers For Your Data Reselling Business
Don’t allow anybody to deceive you. Data reselling business requires a level of hard work, commitment from your end. It’s not a get rich quick scheme. But if you are ready to put in the work, trust me, your effort will pay off.
#1. Family and Friend
Like every other business person, your greatest fans should be your family and friends.
Notify your friends and family that you now sell data, handle cable subscriptions, and prepaid meter recharge. Also, appeal to them to send you referrals.
#2. Advertise Your Business on Whatsapp Status
You can also create awareness for your data reselling business by post about it on your Whatsapp status. Who knows, someone on your contact may need data.
#3. Take Advantage of Social Media
Your social media account is a great marketing tool. Advertise your data reselling business on all the Facebook groups you belong to. Trust me; people will start contacting you in no distance time.
#4. If you have the means Use Facebook Ads
If you have the means, you can use Facebook ads for marketing your data reselling business. This will expose your business to a new and larger audience.
You see! Data reselling business is a good business if you are strategic about it.
#2. Dropshipping Business
Dropshipping is one of the fastest-growing businesses around the world. Interestingly, you can start doing this business with little or no capital.
Dropshipping is the business of selling products without actually having them in stock. It’s strange, right? Well, it’s one of the trending businesses in the 21st century.
Are you still asking the question, “what business should I start?” Well, dropshipping is a great business choice.
Whether you are a salary worker earning peanuts, a graduate without a job, or an undergraduate in any university, dropshipping is an excellent hustle for you.
How does it work?
It’s easy, visit any shop that sells frequently demanded products online. It could be furniture products, wristwatches, lady wears, etc. Snap some of these pictures and advertise the products online.
It’s as easy as that. Put a price tag, once you get a buyer, visit the shop you took the pictures and get the products.
Check out: Amazing Jobs that Make a Lot of Money
Blogging is another lucrative business you can start. However, it’s not a get rich quick scheme. It may take a while before you start earning from your blog.
But it’s an amazing business idea you should consider doing.
Think of any area you genuinely have an interest in and start writing engaging articles on the topic.
Unlike in the past, there are several ways you can monetize your blog these days.
But before you think of monetizing your blog, ensure you have a reasonable amount of traffic. Don’t forget that traffic is the lifeblood of blogging business.
As a rule, write SEO optimized articles and implement technical, off-page, and on-page SEO techniques on your website.
Also, ensure every article you post on your website is unique and original.
When you are strategic about every aspect of your blog, your chances of succeeding will be high.
Let me tell the truth, gone are those days when people blog as hobbies and still make it.
The blogging industry is becoming very lucrative. There are several monetization options available to every blogger out there.
You can earn from affiliate marketing, sell courses to your audience, Google Adsense, direct marketing, etc.
Just focus on getting high-quality traffic first, preferably organic traffic. Once you establish an authority in your niche, the earning potential is endless. Some people earn as high as $100000 per year.
#4. Mobile Phone Accessories
You see those guys selling phone accessories in popular marketplaces? They are making a whole lot of profit. They sometimes make as high as 200% profit from selling a phone accessory.
If you are genuinely interested in this business, you should learn it from someone for a few months. This will give you a basic understanding of the business. And it will also give you an idea of the best place to get high-quality accessories at an affordable price.
Once you understand the interplay of demand and supply in the phone accessories business, the next step is to locate your shop close to mobile phone technicians. Try this business, and thank me later.
#5. Mobile Phone Repairs
Mobile phone repairs business is one of the most trending businesses in Nigeria today. However, you need to learn the skills before you can start doing the business.
But if you have a passion for tech, mobile phone repairs could be the perfect answer to the question, “what business should I start.”
You could become a mobile phone repair expert within six months if you are serious about it. You can be making as high as 200k a month as a mobile phone repairs professional.
Mobile Phone Repairs is one of the 21 Skills Every Jambite Should Learn Before Getting Admission.
#6. Plantain Chips Production and Sales
Plantain chips production and sales is another business you can do. If you are a stay at home mom looking for something to do, this could be a perfect business for you.
You don’t need any special skills to produce plantain chips. But you should package it very well so that you can differentiate it from ‘kpekere.’ With proper packaging, you can supply your plantain chips to big supermarkets and shops.
#7. Car Wash
People often underestimate the car wash business. But it’s a goldmine that could earn you a fortune. Look for a spacious land in a busy environment, get car washing tools and machines, hire one or two boys, you are good to go.
If you have the financial wherewithal, you can decide to open a mini-bar close to your car wash site. It’s like using one pebble to kill two birds. You can sell cold beer to people who want to wash their cars.
#8. Mini Importation
Mini importation is a lucrative business anybody can do. If you understand mini importation, you could make millions of dollars from it. But you must learn how it works and how to import any product from china and sell it here in Nigeria.
Interestingly, it doesn’t cost much to start a mini importation. With as low as N50,000, you can start a mini importation business and earn twice your capital as profit within a month.
I recently met someone who made 80 million naira in revenue from mini-importation in 2019. Like I told you, the business has excellent earning potential. But you have to be strategic about it.
Before you import any product, you must carry out extensive research. The research will enable you to know if it’s a product that people will buy.
Here are some of the hottest selling products you can import from china and sell in Nigeria;
- Wireless earpod
- Toilet let light
- Skin tag remover
- Warm and cooling cup holder
- Ace-blue light pen
- Air purifying odor exterminator
- Car accessories
- Door and window burglar alarm
- Anti-gravity phone
- Water-proof case for iPhone and Samsung Galaxy etc.
#9. Information Marketing
Information marketing is another business with great earning potential. Information marketing is the business of creating, promoting, and selling information products.
It involves creating an eBook about particular information people are searching for and selling it for a token. Sometimes in December 2018, one of my friends made over 5 million naira from selling an Ebook about marriage.
So, you can market information in any area. But it must be valuable and solve a particular problem.
Before you can make waves in the information marketing business, you must be able to identify a problem. Once you identify the problem, analyze your audience, and write an Ebook that they will love.
For instance, my friend, who made over 5 million naira in December 2018, discovered that several single ladies are looking for a husband.
He did thorough research and came up with a book titled “How to Marry a Rich Man even If you are Ugly.”
After writing the eBook, he promoted it using Facebook ads. Interestingly, Facebook ads have features that enable you to target particular demography. And my friend took advantage of this feature, and he made serious sales that year.
I also know some who did a course on how Nigerian Doctors can Relocate to Canada. The guy made over 50 million naira worth of revenue.
The information marketing business has great earning potential. All you need is the idea. Even if you aren’t a good writer, you can always outsource your writing gig experts.
Let me tell you a secret. Most of the successful information marketers you see out there outsource most of their writing tasks. Of course, they have the ideas, but they outsource the ebook writing to ghostwriters.
#10. What Business Should I Start? Try Affiliate Marketing
Affiliate marketing is one of the modern trends in marketing activities. It’s a business model anybody can start irrespective of their experience and qualifications.
If you are looking for a business model that will continue to earn you income even while you sleep, you should try affiliate marketing. It’s a type of business in which you earn a commission from promoting other people’s products.
Affiliate marketing is simple, search for a product you know people will like, promote it, and earn part of the profit.
Every affiliate marketing activity involves three parties – the merchant, the affiliate, and the customer.
Parties Involved in Affiliate Marketing
Merchant: In the affiliate marketing cycle, a merchant refers to the creator, brand, seller, or vendor. A merchant is a party who creates the product. They could be a 500 fortune company, a solo entrepreneur, or start-ups.
Affiliate: You that’s promoting the product for a commission is the affiliate. If you have a good business model, you could earn thousands of dollars a month as commission. But it requires hard work and consistency from your ends.
Customer: Like every other business, the customers are the most important parties in affiliate marketing. Without them, the affiliate cycle won’t complete because they won’t be sales. Don’t forget that your earning in commission depends on the number of sales you make.
So, it’s your job as an affiliate to market customers using different channels, including social networks, digital billboards, SEO optimize contents on a niche blog, etc.
#11. Sport Betting
Are you passionate about sports? Have you ever asked yourself the question – “what business should I start”? You should consider setting up a sports betting agency business.
The sports betting industry is growing rapidly. Interestingly, it’s fast becoming one of the most lucrative businesses in the country.
According to recent statistics, over 60 million Nigerians between the ages of 18 and 40 actively participate in sports betting. Surprisingly, these people spend about 2 billion naira every day.
Come to think of it, won’t it be nice to tap from the 730 billion naira that the industry generates annually? Of course, you can’t.
Don’t get me wrong; I’m not asking you to start a betting company like Bet9ja, Betway. But you can become their betting agent. Register with them, have a small shop with few systems, display a banner, and you are good to go.
If possible, you can have a viewing center inside the betting shop where people can watch their favorite games for free. With this business, you don’t need to ask yourself the question “what business should I start” again.
#12. Fashion Designing
I know someone reading this right now will be like “tailoring ke”? How will I learn tailoring after spending four years in school?
Well, let me disappoint you. If you package your tailoring business very well, you could become the next fashion celebrity in Nigeria.
Fashion designing is taking a whole new level. If you always ask yourself, “what business should I start”? Fashion designing is a good business for you.
However, you need to learn it for a while. If you are serious-minded, you could learn fashion designing within six months or one year.
Once you are ready to start your fashion shop, have an online presence. And build a brand for yourself. Always think outside the box and come up with styles nobody has done before. Post them on your social media platforms, and the rest will be history.
#13. Okrika Bale Business (Selling Fairly Used products)
Okrika bale business is one of the most underestimated businesses in Nigeria. But it’s a goldmine that could earn anybody a fortune.
If you understand how Okrika business works, you will start asking yourself, “what business should I start.”
Generally, the okrika bale selling business involves selling used clothes, shoes, and other ‘tokumbo’ products. Interestingly, anybody can start this business because it requires little capital to start.
Even though the profit margin in this business is high, it has a low risk of business failure. With as little as 5000 naira, you can start your okrika bale business in Nigeria.
Still asking what business should I start? Here’s why you should consider Okrika bale selling business;
- Nigeria has over 200 million population, and a larger percentage of the population prefers used clothes.
- They are relatively cheap compared to new clothes. And Nigerians within the low-income strata will always prefer okrika wares.
- Okrika clothes come in grade. There’s grade A, B, and C depending on your budget. So, if you have the means, you can get grade A quality Okrika clothes.
- The business has a high return on investment. You could turn your 5000 naira capital to 100 thousand naira if you are consistent about it.
- It requires little capital.
So, anybody asking themselves the question “what business should I start” should consider okrika business. It’s easy to start and requires little capital.
What Business Should I start? How to Start Okrika Bale Business
I know of a few people who started Okrika bale business, but failed after a few months. Does that mean that the business isn’t as lucrative as it sounds? No, but these people weren’t strategic in their approach to the business.
So, here are some tips on how to start an Okrika Bale Business in Nigeria;
Learn the Business
The truth is, you can’t give what you don’t have. There’s no way you can be successful in an okrika bale business if you don’t understand it. So, before you start this trade, learn more about it.
Even though you can find several resources about the business online, you should learn from the field. Trust me, there are unwritten laws of doing okrika business you won’t find anywhere except on the field. Therefore, work with someone who is already doing the business.
When you work with a professional in the business, you will learn the markets; you can buy these used clothes.
In Nigeria today, here are the major markets for Used Clothes;
- Okrika Market in River State
- Tejeosho Market in Yaba
- Asawani Weekly Market in Isolo, Lagos.
Furthermore, partnering with someone in the business will teach you how to grade used clothes. You will also know what okrika bale contains.
For instance; most bale contains the following;
- Gowns and tops for women (chiffon)
- Women leggings
- Men and women suits
- Jeans and chinos trousers
- Complete baby wares
- Children wares
But there is no way you could know the detailed content of a bale if you haven’t done the business before.
If your answer to the question “what business should I start is okrika bale business, you should consider the location you want to use for the business. You can use a roadside, open market, lockup shops, etc.
Of course, you need capital to start your okrika bale business. With as low as 5000 naira, you can kick start your okrika bale business. It’s that simple.
Marketing and Sales
Your okrika wares won’t sell themselves. You have to market them aggressively for a quick turnover and profit. There are several ways you can market your fairly used clothes business.
You can use social media like Facebook, Instagram, your WhatsApp status, websites nairaland, jiji.ng, olx.com.ng, etc.
#14. Baking Business
Do you love baking? Have you been asking yourself what business should I do? Well, baking could be a great business idea for you.
There are several people out there making money baking cakes and snacks for people during events. But you will need to learn how to bake first before you start the business.
#15. Market Health Products
Do you know you can make money marketing health products? Hey guys, don’t get me wrong, it’s not GNLD I’m referring to. You don’t need to pass through the painful process of network marketing.
If you understand how social media works and ask yourself, “what business should I start, you can market health products.
It’s easy, research a reputable brand that sells reliable health products. It could be medication for ulcers, rheumatism, diabetes, etc.
Once you are convinced that the product works, use Facebook ads for marketing it. Trust me; it works like magic.
If you are selling the right health product, you could make as high as 900k per week. I have met several guys who are doing this business, and they are doing great. Give it a try.
I sincerely hope this article answers the question, “what business should I start”? You can start any of the business outlined above and start making money within a short while. But you need to be consistent.
If you want to succeed in your business quest truly, start doing something today. It’s as simple at that. It’s not about asking the question – what business should I start? But what you do after getting the answers you need.
There are several people out there with beautiful ideas. Sadly these ideas are all in the dream world because they failed to take action.
If you genuinely like any of the business ideas mentioned above, take action today. Not tomorrow, not next week.
If you really want to be a successful entrepreneur, don’t just ask yourself, “what business should I do and relax.” Dreamers have no space in the world of entrepreneurs. Either you are a doer or you nothing.
Let me leave you with the popular Denzel Washington’s post “Without Commitment you will never start. And without consistency, you will never finish”.