Keeping Your Business Afloat This Hard Times

How To Keep Your Business Afloat

From my research and experience, there are three (3) key elements responsible for the sustainability of your business. The first is your staff, the second is your customers and the third is your P&L. However, in this article I will be talking about the first two.

Your Staff: To a large extent your staff is easy to manage, especially if you take the following things into consideration.

1. Hiring: Hire the person that best fits. Someone who understands what is expected of him/her and who is ready to work within your budget.

2. Pay a competitive salary that grows based on productivity and length of stay.

3. Reward productivity and celebrate staff contribution.

4. Train your staff: Organize training for your staff; training on new products, do refresher training for old ones, train on company’s ideals, mission and vision.

5. Get feedbacks from staff and take actions on them.

6. Weed out the non-performing staff before they infect others. You cannot afford to attach sentiments to this one.

Your Customers: Customers are a bit more complex to manage, especially considering the human psychology and how we respond to different situations. However there some basics your customers want from you

1. Quality: Be it service or product what customers crave for is quality. Somehow customers have expectations set which they hope your products or services would meet.

2. Customer Experience: Every customer wants to be treated right. From the moment they have their first contact with you till they are done with consuming your product or service.

3. Loyalty Rewards: Just like your staff, you customers also wants to be rewarded for their loyalty. Simple things such as a call on their birthday, discounts for returning customers, season raffles draws etc can go a long way in delighting your customers.

4. Complaint Handling: Customers want their complaints to be treated as critical and resolved as urgently as possible. No complaint is irrelevant just as no customer is insignificant. What a customer can do to your business with bad publicity may not be undone by millions of sweet ads.

On this basis, I will like to introduce to you psalmselahs.com an outfit designed to help you train you and your staff on how to get the best out of yourselves and out of your customers. We give you practical examples of all that have been cited above and more, and also teach you how to personalize them to suit your business. At Psalmselahs.com, our training program schedules are flexible and available both physically and online. Visit our webpage at http://www.psalmselahs.com for more information.

WhatsApp Sales

WhatsApp Sales allow you to sell items such as wears, shoes, hair wigs, artworks, perfumes, devices, other consumables and services such as training programs, home installation, tailoring services, cake baking etc to people on your Whatsapp contact while showcasing these items on your WhatsApp status.

ZERO COST: This is a zero cost business depending on how you set it up. If you decide to take people’s orders before you make your procurements then you would be trading with their money, at zero cost to you.

EXPECTED INCOME: With a modest estimate of 20% profit per transaction depending on the calibre of people on your contact list. If you make a daily sales of 10,000 per day, I.e average of 200,000 per month, your profit should be at 40,000 per month. Remember at zero cost of capital or start up.

BASIC OPERATIONS

1. Decide what you want to sell; product or service. Based on the needs of people on your contact list and their friends
2. Convert your personal WhatsApp to Business Whatsapp (available on appstores)
3. Find out wholesale shops where you can get the products at the cheapest rates in case of products while for services be sure you can deliver those services or have people who can.
4. Get pictures of those items and start posting on your WhatsApp status.
5. If a buyer picks any item or orders a service, ensure they preorder with at least 75% of the price, which should cover at least your original cost (cost of procurement)
6. Get to your wholesale plug for the item requested.
7. Deliver and get your 25% balance which must cover your cost of delivery and profit.

PRICING: Your pricing is made up of two cost parts: 1) Original cost which is the total cost of the product or service 2) Gross profit markup which is your profit plus expenses incurred in getting the product delivered. So for instance, a product say shoe, if the shoe is sold at 5000 wholesale price (original cost) and your cost of delivery is 1000 while your profit is marked at 2000. This means that your Price for the shoe is 8000. Your preorder price (75% of price) is 6000 while the balance of (25% of price) 2000 should paid on delivery. Same working goes for services

COMMON MISTAKES PEOPLE MAKE

• Posting too much at the same time: when you post too many products at the same time, people easily lose interest in checking. The best way is to post few then have a website where you can refer people to, to check more items. This would also help you build your business outside your WhatsApp
• Selling on credit: this is one business you can’t afford to sell on credit. You are better off having one cash sale a week than seven credit sale a day.
• Not getting reviews: People believe what others have to say about you more than what you have to say about yourself. So get reviews from your customers and share same on your status for others to see.
• Deciding to use a different number: Whatsapp sales business is built around your current connection so you need to use your personal phone number most people know you with. You can decide to get cute when you have grown the business.
• Being shy: This business means you have to be in people’s faces all the time. So you have to post, talk about it to people, add new contacts everyday and get busy with your preorders.
• Not posting prices: When you post a product please post the price. Not all potential customers want to start asking for prices, so post the price, it saves time and also ensures only serious buyers approach you.

It is advisable to use WhatsApp Business for your WhatsApp sales because it has functions that would enhance your sales such as

1.Business Profile
2. Quick Replies
3. Automatic Greeting Message
4. Automatic Away Message
5. Contacts Labels
6. Message Statistics
7. Catalogs
8. Interactive Business Message. 

9. List Messages and Reply Buttons

10. Facebook Shops Integration
11. WhatsApp Payments (available only in India.

Get a website where people can access all the items you are offering for sale, free webpages such as WordPress would do, and you can share the link on your Whatsapp, Facebook, twitter and Instagram just to widen your reach. Your website should have a contact button which would allow people chat you up directly on your WhatsApp or email.

If this article has been helpful, please share with friends using the buttons below. For enquires or other requests you can email me at selahsgroup@gmail.com

MEDIA PRESENCE AND YOUR BUSINESS

MEDIA PRESENCE AND YOUR BUSINESS

The most important aspect of any business is getting to the final consumer, be it merchant, production, re-packaging, medical services, solicitor, consulting services, religious services, any business you can think of, you want the final consumer to be aware of what you have to offer, what makes yours different and why you should be patronized instead of many others offering same goods or services.

Media presence is one of the cheapest way to achieve the above another effective way is through referrals; however the focus of this article is Media Presence. Media presence refers to being represented in good light in the media.

There are 4 types of media businesses can take advantage of

1. Print Media – Newspaper, magazines

2. Broadcast Media – Television, radio

3. Outdoor Media/displays – Bill board, Banners, Posters etc

4. Social or Internet Media – Social media apps; Facebook, Whatsapp, Twitter, Instagram, Tiktok, Blogs, online Radio, Online TV, YouTube and so on

While the first three can be a big budget yet less effective while the fourth one (Internet Media) can be well manipulated to get more effective results even with a very low budget.

Media presence is a must for a business that is determined to survive time. Continuing in business or business survival is predicated on the business’ continued relevance, this makes Social media very important as the feedback process is very effective to help business continually reposition its products and services to keep-up with the expectations of the customers.

PROMOTING YOUR BUSINESS ON MEDIA

1. Get a business account: One thing most business owners fail to do one time is separating their business from themselves. As much as we want people to know we are the owner of the business, it is also in the interest of the business that it stands as an entity. So your business should have its own social media account that should be well managed to project the image of the business and encourage feedbacks. Note, feedbacks are not personal; it is often a review after consumption of product or service. If you separate your personality from your business, this reality gets easier to understand.

2. Get a media manager: It is always a herculean task managing the business and managing the media presence at the same time, in as much as this is doable if you are not sure you can handle it, then it is best you get a manager. Pictures, posts, write-ups and comments on your business account must be carefully crafted, weighed and no cost spared to ensure perfection. Every effort on your account says something about your product or services.

3. Link up Established Online platforms: Link up with established platforms to grow your business, if you produce something like shoes, clothes, bags etc. you can link up with platforms like Konga, Jumia and sell your products there. So also podcast, music can link up with itunes, Doctors can link-up with Sermo; there is always an established platform you can link up with to grow your brand, you just have to identify it and make the best use of it.

4. Get professionals to do a review for you: Professional review also helps you promote your business. For example, most people visit Rottentomatoes to see movie review before going to watch, download or buy the movie. There are notable bloggers and professional writers who could do reviews on your products and services and share it on their platforms. This would grow your business, help convince skeptics about what you have to offer and you would also get feedbacks on areas to improve.

5. Do Paid Promotion: Paid promotion would improve people’s visit to your media account, however to convert this to volume and sales depends on how convincing your products look and the testimonies your service has. I maintain, it is wise to let a professional manage your business account because managing a business account takes as much time and energy as it is required to produce what you produce deliver the services you have to offer. Having said that a well-tailored paid promotion would get you as many hit has possible.

Things to also factor in

A. Logistics: Having a media presence means your business is no longer bound by location, hence you would need a solid logistic to ensure prompt deliveries of goods or services to your customers.

B. Mode of Payment: You should have a payment platform that is easily accessible to your customers either pay before dispatch or payment on delivery or percentage payment before and after service; it should be in line with what your customers want and best practice.

C. Process of Return/refund: You should also have a way returning goods that do not meet customer’s expectations, given a specific period as well as a refund policy that should be well spelt out.

D. Feedbacks and testimonies: Most people look for reviews of previous buyers before they buy. You need to have your testimonies in an accessible format for new customers to see and also demand feedbacks as part of your business transaction.

E. Spare no expense: When it comes to media presence, spare no expense, I can’t say this enough. People see everything and they factor everything into making their purchasing decision, allow professional input.

SIM REGISTRATION BUSINESS

SIM REGISTRATION BUSINESS

Average Capital requirement: Less than N100,000

Telecom is the next big thing after Petroleum in Nigeria, and unlike Petroleum, Telecom allows small players to cash-out big; the rules are very relaxed and with as low as N100,000 as startup capital you can be grossing N300,000/month working full time on your laptop or phone or employing someone to do the work full time for you.

Introduction

SIM registration business is a thriving business in Nigeria and the truth is most people doing this business would not want you to know how much they make on monthly basis. Do you know that telecoms pay those that register you a certain percentage of your recharge within the first month of purchasing the SIM? Those boys you see selling SIM and registering them, make from 50% to 90% on your recharge. For Instance if you buy a new Glo Sim for N100 and register then recharge N1000 for data, the man that registers you earn a commission of N900 on that recharge and that is not all, he also earns commission on all your recharges for the first 30days.

That’s the kind of money in Telecoms and all you need is a small capital to start, even without connections, you can just walk into any telecoms friendship centers or outlets and make enquiries on how you can be a business partner.

Required Resources

Assets

A shop/outlet: Preferably a place where there is so much traffic

A laptop (Netbook) or A Tablet to install the registration application

A registration Code (You can get this from Dealers or Directly for Telecom’s sales team)

Others; Finger print scanner, webcam, modem to supply internet, source of power to charge your system

Personnel

You can start by yourself but if it is meant to be a secondary source of income you can employ someone and give them sales target

Capital

N100,000

Required Skills

Basic reading and writing skills are compulsory

Full description of Operation

Click the link below to download

SIM REGISTRATION BUSINESSDownload

5 mistakes start-up Businesses Make

5 mistakes start-up Businesses Make

Amongst other mistakes, here are 5 popular mistakes I have noticed most start ups and small businesses make. By small businesses and startups, I mean people going into personal businesses like selling clothes, accessories, hair, hair products, weight loss products, fashion business, online sales, small scale productions, packaging and repackaging business and so on.

1. Not keeping records

Most small businesses don’t keep records. Records of cost of production, cost of purchases, cost of logistics, selling prices, expected profit, cost of promoting business, data used for online promotion etc. Basically your profit and loss account and your daily purchases and sales book. Aside from keeping you focused on the realities of the business, these books help you know which direction your business is heading, rather than waiting till you suddenly realize you have spent your capital while trying to accommodate friends in your sales. It also helps you predict the future of your business and let’s you know when you need to expand the business or cut your losses. Lastly, these records could also be used to negotiate loans with banks in case you want to expand the business.

2. Thinking you can do it all alone

From my time analysis (read the text), going into business alone is a recipe for failure. As a business person, you would have noticed that often times your problem is TIME. Ask any other business person, sales, marketing, manufacturing or distribution, it is often same complaint, “I wish I can have more than 24hrs in a day”. The simple solution to that is getting more hands. As a business person, you would realize, your job is divided into two, things you have to do yourself and things people can help you to do. So why not hire someone to assist you. You might say your business is not big enough to hire someone, trust me when you hire someone, your profit would double because you will have more hours on your hand to double your revenue.

3. Thinking you can scheme on price

Especially people advertising on Social media, you post products without adding the price. Do you know that the decision to buy is often a split second decision? Most potential buyers, won’t press to find out the price, once it is not stated, they just move on. I have had some business owner say, not disclosing the price is so that they can scheme customers and negotiate different prices, sorry it doesn’t work that way. It is better you state the price then add “negotiable”, it gives the potential buyer an idea of what s/he is walking into. Always quote a price on your product, you can even range it e.g. price from #5000, that simple.

4. Refusing to spend on adverts

Advertising is as important as starting a business. The truth is advertising on your WhatsApp status can only guarantee less than 5% of the sales you would need to breakeven, you need more sales if you want your business to survive. So you would need to use all your social media might to advertise and also do promoting via social media. Your customers are out there, reality is, over a million people are looking for what you have to offer but they don’t know you offer it. Advertising is the only way for you to connect with your market.

5. Focusing more on Production than Marketing

Lastly, the focus of many business is wrong, people are so eager to produce, buy goods from the market to sell, sew ready made clothes, import things for sale and so on but that shouldn’t be the focus. The soul of business is marketing. Someone with few goods and excellent marketing would have higher turnover than someone with many goods or products and zero marketing, same way someone with an average product or service with excellent marketing would sell more and have larger market share than someone with quality products or services and zero marketing. Marketing is the soul of the business, I repeat, if you want to stay in business then you must take marketing seriously. Go out talk to people, meet people, show them samples, sieze moments to talk about your business, get people committed to doing business with you, advertise, display, let your business radiate around you wherever you go.

Drop your comments below if this has been useful to you and your experience as business owner.

How To Keep Your Business Running

How To Keep Your Business Running

The whole essence of starting a business is that you want something that generates income for you on a regular basis. However, most business hardly survives to the point where the income becomes regular. Most Business die not because the idea failed but because the owner of the idea got exhausted.

My experience, as an entrepreneur both as a business owner and as a scholar, is that most entrepreneurs seem to have more than one idea and the moment one is instituted, they are so eager to move to the next. This is not such a bad thing only that it can defeat the whole essence of starting a business in the first place. They get overwhelmed, overworked and soon they lose interest all together.

Here is a short story:

There were two villages side by side which had water supply problems. There was a stream that ran through the boarders of these villages but it was quite a distance to where the villagers resided.

There were two business men one in each of these villages and they both got an idea of investing in tap water and bring the stream into their respective village.

Business Man “A” laid pipes that led the stream water to a tap in front of his house and there people came to fetch water and paid him. He was making good money and soon he started investing in agriculture. Eventually, he overworked himself trying to maintain both businesses then he fell sick, so sick that he couldn’t attend to either of his businesses and both died and he became broke.

Business man “B” also laid pipes and got a tap in front of his house where people paid to fetch. Soon he had enough money to lay pipes to strategic locations in the village, he employed people to man the taps and collected money. He also went into agriculture but he employed people to run the farm; he had poultry boys, those that ploughed, planted and harvested for him while all he does was to supervise both businesses. He was not overworked, and even when he was ill as nature demands, his money kept coming in because he had put a system in place to ensure that.

So what kind of an entrepreneur would you rather be? The one that does all the work and gets overworked or the one that puts system in place and money keeps coming whether or not he is there?

Entrepreneurs get overworked because the fail to put system in place to ensure otherwise. As an entrepreneur, ideas will keep coming but the only way you would not run yourself to ground is to employed people. The idea of “a one man business” is not that you run the business all alone, time has gone pass that era “of man can do it all”, you have to get hands to assist you.

It might seem expensive at first to employ hands or create a system, yes, it might deplete your profit at the initial stage but soon your profit will grow astronomically as your production increases with the more hands you have and a system that works.

See Illustration

Imagine a peanut burger maker that is able to make 10kg a day but with a demand of 25kg/day.

1 create a system: If he is able to split the process into say three stages. 1. Mixing of the ingredients, 2. Combining recipe with peanut and frying 3. Packaging and Distribution.

2 employ people: To preserve his secret recipe, he could insist on doing step one alone and employed two other people to man the two other stages.

In no time, without being overworked his output will quadruple producing over 40kg/day (increasing economies of scale), which allows him to meet current daily demands and at the same time open his business to new markets. Read Your time your life

Do you know the beauty of creating a system that works?

• You get to have more man hours (Read Your time your life; link above)
• You enjoy increasing economies of scale
• You can produce more, be more efficient, better quality, have more business outlets and multiple your source of income
• You do less and earn more
• Gives room for your creative thinking

To sustain your small business or to grow it, you have to start thinking of employing more hands and creating a system that works. That’s how to keep your business running.

​How To Test A Business Idea

How To Test A Business Idea
By Mike Kappel 
Forbes.com

You have a great idea, and you’re ready to dive into entrepreneurship. But, are you sure your idea is viable? Before investing in a new business, you need to test your idea’s true potential.

Testing your small business idea

Do you know your business idea’s chances of success ? Use these four strategies to test it.

1. Ask the right questions

Vague ideas and partial plans will likely cause a rocky start for your business venture. To get the answers you need, you must ask yourself the right questions.

First, consider each aspect of your startup. The questions you ask should help you dig deeper into your thought process and develop a plan. Resolving issues in the beginning will help you be successful.

These questions are examples of what you should think about before you start a business :

• Why do I want to start a business?
• What problem do I solve?
• Who is my target customer?
• What resources do I have?
• What are my goals?

You can write down your answers in a journal to solidify your thoughts. Once you answer general questions, you can begin the next steps in testing your business idea.

2. Know your competitors

You don’t want to get too caught up in what your competitors are doing. But, it is a good idea to understand their strategies. Before launching your startup, do an analysis of companies similar to yours.

By looking at other businesses, you can see what has worked in the past. A smart business owner learns from those who have already attempted similar ideas. You gain valuable insights without suffering any losses because of a failed plan.

Reviewing the competition will also help you define what makes your idea stand out. To get a solid customer base, you need to show consumers how your business is unique. This could be anything from disrupting the market with a new product to offering a one-of-a-kind experience.

3. Evaluate your capital

We’ve all heard the saying, “It takes money to make money.” The phrase has become a cliche for a reason—in most cases, it’s true. You will need business capital to get your startup off the ground.

Startup capital can come from a number of sources. Many entrepreneurs cover the cost to start a small business with personal funds, such as a savings account or credit card. Others rely on the help of friends and family. Banks and private lenders also offer loan programs for small businesses.

Chances are, you will use a combination of capital solutions to fund your business. The road to securing startup funds could be difficult because you have not yet established yourself as a profitable business. To convince others that your idea is viable, create a small business plan that maps out how you will spend the money and how much you expect to earn.

4. Assess the market

One of the best sources to test your business idea is your target market. Define your ideal customer to hone in on who will be interested in your offerings. Then, do a market analysis on a small group.

Here are some ways you can test your business idea with target customers:

Have a focus group: A focus group involves a small number of consumers who use your offerings and provide feedback. Focus groups, surveys, and interviews show what consumers think before you go all in.

Ask groups on social media: The internet puts your target market at your fingertips. Find online groups that might be interested in your business. Find out their general impressions and if they think you should do anything differently.

Set up a crowdfunding page: Crowdfunding websites offer more than just investors. You can also gain valuable reactions, observations, and advice from like-minded individuals. Bonus: you might find someone who wants to invest in your idea.

Testing your idea on a small group shows whether consumers care about your offerings. If the small market tests are successful, there’s a good possibility your idea will be a hit with a larger audience.

How do you really know if your business idea is viable?

Unfortunately, there’s no definitive way to tell if a company will be successful. While it takes careful planning, the right marketing strategy, and enough capital to get an idea off the ground, every startup story is different.

When it comes down to it, remember this—if you put out a quality offering that solves a problem and reflects your passions, you can create a profitable business.

8 – 4 is a Scam

8 – 4 is a Scam Find a Way to Get out now!

All paid jobs absorb and degrade the mind. – Aristotle

The drive for self-employment, skill acquisition and development in the last few decades is unprecedented, you may wonder why but over time, many people have come to see the truth, “8 – 4 is a Scam”.

Yes! 8 to 4 is the biggest scam since paper money. The whole essense of working is not only to meet basic daily needs but to get value for efforts. However, the working template for most business organizations is to help their employees meet basic needs by paying a salary just about enough to maintain their social status, that is, salary enough to keep you coming back for more and too small to take them to the next level. The truth is only very few business Enterprise would actually pay you what you truly deserve. 

Some days ago I got the news that a bluechip company in Nigeria sacked over 100 women and couple of men, whatever the reasons are one thing is obvious over 100 breadwinners thrown back to labor market after investing over 10years of their lives to building another man’s dream, without severance benefits or gratuities. And someone will tell me self employment is risky. Here is what I know, there is no personal business you would invest 10years in that won’t have been self sufficient.

Why Paid Job is a Scam

1. Job security

When you work for someone, your job is as secured as not getting on the wrong side of your boss’ decision. Asides  Civil Service job that is a little bit secured, no other job gives you that “go home and rest, then resume tomorrow” feeling like your own business. With paid job nothing is assured, you could get back to your 8-4 job and the company tells you your service is no longer needed and that would be the end.

2. Scope Limitations

Nothing limits an open mind like a paid job. Most organizations have Standards of Operations which is actually meant to guide workers on how each operation is handled, as beautiful as this is, it also limits creativity and self development. Working a paid job limits what you are exposed to, how you handle challenges and how you can use your creativity on the job. Ultimately you begin to lose interest in job and end up either being disgruntled or become lackadaisical to the job and eventually to life.

3. You don’t get what you deserve

As earlier pointed out, only very few paid jobs would actually pay you what you deserve for the efforts you are putting in. There is a saying that “a man that is not building his own dream would be hired to build another man’s dream”. Imagine this, if you dedicate 8 hours daily building something with all sense of discipline and purpose, how far do you think you would have gone in a year not to talk of 5 or more years, then compare this to what you make per annum from your paid job. Is it worth it?

4. Zero Future

A paid job is as loyal to you as much as you are able to deliver on the job. Forget what you have achieved in the past for the business or the commendations you have been given, if you can no longer deliver in your assigned role, then you are gone. Give or take, no matter how excellent you are on the job after 35years of service you would have to retire and if you are not used to being idle (that is if you are lucky to retire to good savings) then boredom is inevitable. However, with your own personal business this cannot happen, even if it does, it would be on your own terms.

5. The Risk is Higher 

Risk is measured by what one stands to lose when the unexpected happens. What is the worst that can happen when you own your own business? Probably losing your capital and with this you can always build on the links or connections you have already established. However, with a paid job starting over is as painful as it is almost impossible. Back to the people I pointed out earlier that were sacked, do you think starting over will be easy? The risk of paid job is unprecedented, and as risky as starting your business is, let me assure you, 10 years down the line you would be better than those on paid job who have spent same number of years build other people’s dream.

Do you know that no one with paid job has ever been on Forbes richest people top list? Paid job is never worth it, no matter how much you are being paid.  However, if you so much enjoy your paid job then have something on the side that you can always fall back to. Listen, nothing beats having your life in your hands, putting it in another man’s hand is the biggest risk you can ever take. Save yourself future heartaches, invest in yourself and build your own dreams.

​Point of Sale/Service Terminal Agent

​Point of Sale/Service Terminal Agent

• Average Capital Requirement: N100,000

• Summary:

This business is about meeting Financial transaction needs of people at a fee of between 5 -10% using a POS terminal. With proper location of your business you can make over N40,000 in 2 weeks and with an N100,000 business per day, you can double your capital in just one month.

• Introduction:

POS terminal is a portable device that allows you as a retailer or merchant collect payment from customers using debit card. The kind of transactions that are covered includes transfer from one account to another, payment of bills, balance enquiry, and drawings; it is a kind of mobile ATM. This becomes a business for you as an entrepreneur if you understand how you can use this device to meet these financial transaction needs of people for a token.

• Required Resources

• Assets

An outlet; a shop or Kiosk

At least 2 different banks Personal debit cards, preferably savings account with only email alerts to avoid cost of SMS alerts

A POS terminal (Free to Current account holders upon request at most banks but with between 0.75 to 1% service charge per transaction).

• Personnel

One personnel is okay

• Capital

Average of 100,000

• Required Skills

Ability to operate the machine effectively. If you are very conversant with the ATM, you are halfway there.

Interested? Download full breakdown POS BUSINESS

Top 20 Most Lucrative Businesses In Nigeria

The trend of business changes from time to time, even though some by nature of geographical location and level of development would always be relevant. The choice of business to go into, however depends on how long you want to be in such business, your long term plans and availability of capital. Find below 20 most lucrative businesses in Nigeria as listed by WealthResult.com. 

List Of Top 20 Most Lucrative Businesses In Nigeria

By WealthResult.com

1. Agriculture

This is the next revolutionary industry in Nigeria where millionaires are currently being made. Nigerians both home and oversea are beginning to wake up to the huge potentials in Agribusiness, a sector we have been neglecting over the years due to the discovery of oil. Now that the oil is drying up, people are beginning to look into other sectors of the economy to create wealth. Below are some of the farming in Nigeria that are serious making profit for people now:-

Poultry Farming

This business is making average Nigerians rich. It is so lucrative that even outsiders are coming in to invest in poultry farming the business in Nigeria. And why not, In a country of more than 150 million people, what would you expect? If you start with 1,000 birds and manage your poultry farm properly, when the turnover on investment begins to come, you will be making millions annually.

Cassava Production

People are beginning to turn their attention to this aspect of farming in Nigeria that have been neglected for years. Cassava derived foods are some of the most consumed in Nigeria. If you can invest in cultivating 50 – 100 Acre in a fertile area like Ondo State, your harvest will be great.

Snail Rearing

Snail farming is one of the choice Animal farming for many reasons. It is a low capital investment with high yield and the market is big. There are few people currently doing this – and most of them are doing it in a very low scale. If someone invest heavily in Snail farming, he is sure to make good money in Millions within a year.

Rice Farming

Rice remains the most consumed food staple in Nigeria and Billions of dollars goes into importation of this product yearly from China and Thailand because the local farmer are unable to meet up the demand due to poor funding and limited knowledge. 

2. Sale of Furniture

Buying and selling of Locally made furniture is a goldmine. You don’t need to be a carpenter to do this, just arrange for regular supply from reliable Carpenters while you display and sale in your showroom. It is a very big business in Nigeria as only few can afford the imported designers.

3. Making of Fruit Juice

Nigerians drink fruit juice more than any other people. That’s why companies like La Carcella and Chivita who came into the country as nobody are today making billions of naira annually. This business is capital intensive but if you can afford it, it’s well worth it.

4. Pure Water Production

You know how popular this is in Nigeria and how many that are dispensed daily. Though this business is capital intensive but well worth investing into, especially if you can manage it properly with professionalism.

5. Oil and Gas Business

We are blessed  with huge deposit of oil in our land which presents some of the finest business opportunity for Nigerians and Foreigners. Owning a Petrol Filling Station, Supplying of Diesel , and Distribution of Kerosene are some the areas you can invest easily and make good money for yourself. Petroleum product marketing have been making millions for people and creating millionaires in Nigeria for years.

6. Haulage Services

The cost of taking a truck from one place to the other in Nigeria is between N20,000 to N200,000 per trip. Due to poor rail transport system, most of the Nigerian goods are transported through the road, making haulage business in Nigeria a viable one. Petroleum products haulage and movement of goods from manufacturers and importers are the aspect of haulage in Nigeria that is very lucrative now.

7. Hotel Business

This is probably the coolest money making opportunity in Nigeria. Invest in small scale hotel of just 10 suites and watch as the money flows in. This has nothing to do with tourism boom of any kind; there is just something in Nigerians system that make this business very lucrative – Nigerians are jolly people!

8. Fast Food Eatery

Eatery business is another goldmine though poor management can kill it fast! If you wish to go into this business, be sure to get everything right and don’t forget it’s a bit capital intensive and requires good management skills. But if you get everything right, free money is yours.

9. Importation Of Tokunbo Spare Parts

If you are in USA, Germany, or Denmark, this business is especially good for you. Don’t just keep importing exotic cars, gather tokunbo spare parts in containers and ship it down to Nigeria. There is huge market for used (tokunbo) spare parts in Nigeria.

10. Investing in Property

Property appreciate everyday in Nigeria. Right now, Nigeria is one of the countries in the world where landed property is most expensive. If you buy land now anywhere in Lagos, you are sure to make 100% profit within two years. You can buy and quickly resell and make profit. Or you buy keep and sell later.

11. Dry Cleaning

Professional dry cleaners at affordable prices are scarce in Nigeria. What we have are professional Dry Cleaners whose service fees are extremely high or mediocre dry cleaners who can never keep with time. Give them cloths today and meet it unwashed after one week. This business is a money maker if you balance it up.

12. Professional Car Wash

This business is good if you can set it up in a strategic location in a place like Lagos where there are good number of cars. 

13. Sales Of Building Materials

The rate at which new houses are springing up in Nigeria, you get to wonder why many people still complain of housing problem. Investing in building material is a good business in Nigeria. I can count some guys who are making millions almost daily in this business.

14. Transport Business

What we have in this sector of the economy is transport companies badly managed by local chiefs and touts. Invest in this business with good management and you will be wondering what hits you with bags of money. 

15. Nursery And Primary School

School business has no rival among it’s mate. My little kids school fees take away close to a million naira per term just to learn ABC! School business in any level is a serious business in Nigeria that generate millions of naira.

16. Exporting Of Raw Materials

There is no better way to grow the economy than to exporting some of the raw materials that are abundant in the country. So with this business you would be doing both the country and yourself a whole lot of good.

17. Online Advertising Agency

As the Nigeria’s online presence keeps increasing, so is its advertisers. Thousands of businesses in Nigeria are taking their business online to leverage the massive community of Nigerian internet users and market their products. This influx has created another business opportunity in Nigeria for savvy digital marketing experts. You too can setup your own online advertising agency in Nigeria today and make millions.

18. Fashion Business

Nigerian people are probably some of the trendiest people in the world. Fashion designers are becoming millionaires on daily basis in Nigeria, thanks to the revolution in the Nigerian fashion business orchestrated by the boom in the entertainment industry in Nigeria.

19. Media And Show Biz

You and knows Nigeria is the capital of entertainment in Africa? You also knows Nigeria is the highest consumers of media content in Africa? Now you can see how viable and lucrative media and show biz can be in Nigeria.

20. Investing In Internet Companies

This is a new crop of investment opportunity that is creating Billionaires around the world including Nigeria. It is simple. You don’t have to be a Tech person, look for a creative online tech startup with good ideas and invest. Within 1 to 2 years you will be counting your profits in millions.