2018 has been a fantastic year so far for entrepreneurs in Nigeria. The year has not only served as ice breaker for lots of start-up businesses, it has also been a revelation for most established businesses all around the country. The market isn’t getting any less competitive and while some people have found a way around the market and have taken their businesses to another level, some still find themselves stock in the “what business should I start that will make me money” zone.
It is true, starting a business is not really easy in this part of the world. While raising capitals, setting up your business and following up on already set plans can be daunting, the most important task of all is getting that business idea that will lighten up the market and carry you all the way. All business ideas are good but not all will be successful. When setting up a business idea, there are some basic factors one need to put into consideration including the problem(s) the idea will address and the solutions it brings. Environment, rate of demand and target audiences are also basic factors to put into consideration when thinking about a business to venture into.
With these factors in mind, let us take a look at the top 10 hottest business ideas in Nigeria at the moment. Although these business ideas don’t guarantee a hundred percent success as lots of factors as stated earlier are involved, they pose a higher success rate than most other business ideas in the part of the world at the moment. Shall we begin?
Fashion Design: No one will tell you this but fashion design is one of the most lucrative businesses to venture into. Call it old school; call the idea stale; but the truth is, fashion evolves, so is the business. If you are the fashion type, you have an added advantage in the business as you will be more innovative, creative and energetic as you run the business. To be successful in this business, you need to find a niche and stick with it. Where making and designing men’s clothes, women’s clothes, dinner gowns or men’s blazers and suits, focus on a particular aspect and be known for that. Creativity is key in this field and so is you flare for fashion. This year has seen lots of fashion designers make it big time to the stage. Guess the best place to sell your products? Yea right! Social Media. Make an amazing dress, get a model and organize and photoshoot, post pictures on instagram, Facebook and Twitter with the necessary harsh-tags. You’d be surprised how many orders you’d get.
Digital Marketing: Talk about identifying and fixing a problem! There was a time last year this business seemed to have lost its magic because lots of people were into it. Early 2018 brought a new dimension to this business and sparked life back into it. The great news is, this business has opened lots of opportunities to young lads that have passion for online marketing. Digital marketing is divided into several sectors but the most lucrative at the moment are social media marketing and email marketing. With 2019 elections drawing close, social media marketers are in for some nice business.
Transportation: Transportation is one of the oldest businesses in the world. Thanks to technology, this business has been revamped into something everyone envies. The introduction of the likes of Taxify, Uber, Oga Taxi, Protaxi and the likes have taken the transportation business to another level. With Taxify and Uber, you can make up to N18, 000 daily on a steady. The beauty of this business is that it allows for flexibility and dynamism. Even people with white collar jobs venture into it. If you need to start a business and you have a car, transportation business is not something you’d regret.
Real Estate: This business has always been a hot cake but had not commanded the market as much as it has over the past year. There is a higher demand for properties in recent times and venturing into Real Estate is worth it. All you need to do as an agent is to advertise properties and get buyers. Once the property is sold, you get a fair share of the income. That’s all!
Event Management: One event deal can make you a millionaire. That is how huge and big the business is. Although being an event manager does not involve so much, there are some basic things and strategies to learn before you can be established as an event manager. Know the right people and let your work speak for you. Nigeria and events are inseparable. This business is one of the easiest ways to make money in Nigeria right now.
Graphics Design: Do you know how much it takes to design a flyer or design a magazine template for a top company? If you do, you wouldn’t be surprised this business idea is on this list. Although a lot of people have ventured into this business, tarnishing the value and sometimes credibility of the business, it still remains among the top earning businesses in Nigeria in 2018. Identify your target audience and constantly deliver as expected. Target corporate organizations and offer them reasonable discount for a start. With a well-strategized business plan, you can make a whole lot from this business.
Programming and Data Analytics: While Data Analytics have been the backbone of major businesses in developed countries all over the world, the field is gradually taking over the business in this part of the country. This comes as a very big opportunity for people looking to start a business in that line. If you are tech inclined, you have upper advantage and should grasp the opportunity as soon as it presents itself. Multi-million companies need outsourced analysts and developing a business in line with that puts you in a frame of making it big time.
Mini Importation: Mini importation is a business you can start with a very low capital. This starts with identifying a need and fixing it. The process is simple, identify products you want to buy from online stores outside the country, buy as much as you can, you get your products and resell at a higher rate. Most people involved in this business deal with shoes, belts, socks and other accessories that people constantly request for. Although this business may not bring in as much cash as you’d want at a start, it is worth investing in.
Agriculture: If we had treated this topic few years back, agriculture business would have probably topped the list for lots of good reasons. Although agriculture still remains a core part of the nation’s economy, it has lost some touch to technology in recent times. Notwithstanding agriculture still opens opportunities for people willing to venture into the field. Production of bean flours and other agricultural products still rank among the most promising business ideas.
Beauty or Fitness Professional: You will be surprised by how much money you can make as a beauty or fitness specialist. Nigerians are gradually paying more attention to their health and how they look. Beauty consultancy opens you up to lots of various opportunities in various fields. You can decide to specialize on skin treatment, hair and even body lotions. Most companies now consult fitness instructors to train their staffs monthly or quarterly as the case may be on aerobics and general workouts. Going into the beauty or fitness business as a pro is a great and reasonable shot you should consider.
Other business ideas worth mentioning include;
Selling of foodstuffs
Cryptocurrency and Forex trading
Mobile food business
Travel agency etc.