Top 5 Paying Businesses In Nigeria
The changes in economic trends suggest that one should be able to have multiple streams of income, so as to remain financially buoyant. Starting a business is one of the keys to achieving financial freedom. Kindly read with keen interest as this article carefully picks out the Top 5 Paying Businesses in Nigeria, as of today.
Business in itself is an age-long activity, dated far back since the existence of man. The first form of business we all know is trade by barter, an approach whereby an individual exchange what he/she has with another person on the mutual interest of their possessions.
Although, on daily basis, the business world is being modified by new, better, and excellent forms. Before starting any business, it is expected that you have to do your due diligence by understudying the dynamics of your area of interest.
The key to having a successful business is solely dependent on managerial decisions, either by a person running a one-man business or by a team of persons running a limited liability company.
For the purpose of this article on Top 5 paying businesses in Nigeria, our focus is on what you can be able to do for yourself running a business or partnering with already existing businesses.
Top 5 Paying Businesses in Nigeria
Logistics businesses have been thriving over the years. However, in recent times the business model has gained more attention as it should. The logistics business simply entails moving goods from one location to another for people and getting paid in return. In essence, it is a sub-sector of the transportation sector.
One may want to ask, is the Logistics business lucrative? Yes!
Initially, big players in the transportation sector started off by conveying people to their various destinations. In the long run, they incorporated the delivery of goods. It’s safe to say a good number of transportation outlets have a courier department.
To partake actively in this model, one has to first register with the Corporate Affairs Commission (CAC), obtain a license from The Regulatory Department of the Nigerian Postal Service (NIPOST); the license enables you to operate lawfully.
The least you can do is either buy a new bike or hire one, brand it, hire the services of a dispatch rider. Your business is up and running. This explains the increase of dispatch riders in cities like Abuja and Lagos. Interestingly, through the use of social media platforms, you can be able to advertise your company with detailed information therein.
Real Estate Marketing
Another business that is worthy of the list of Top 5 Paying Businesses in Nigeria is Real Estate Marketing. This business model is a goldmine and anyone playing in this sector plays big. You don’t necessarily need to own a real estate firm to play.
One of the fundamental needs of man is shelter. Housing is a type of shelter and hence, is a NEED. In essence, everyone with a roof over his/her head is better off than a rough sleeper on the streets and under the bridges.
Every day new estate development firms emerge with a unique model and plan. This further confirms the money in the housing sector. Getting on board can be easier than imagined. Back in 2014, I was actively involved so I can guarantee you experientially it’s worth taking a shot at.
All you have to do is find a real estate development company duly registered and operating lawfully. These companies need marketers in their numbers to help sell either lands or houses.
To be efficient, you would have to research properly about leasing, renting…concisely, everything about the sector. You cannot market what you know nothing about.
The good thing about real estate development firms is that a good number of them have a good commission percentage. One can be able to get up to 5-6% per sale from marketing houses.
Lands and houses can be sold outright/full payment or in installments. However, in most cases, people tend to prefer making outright payments so as to enjoy other bonuses accruable.
For example, assuming a two-bedroom flat apartment sells for N10, 000 000 with 5% commission. You sell the idea to 5 persons. In the end, 3 persons buy the apartment through you. 5% of N10, 000, 000 is N500, 000 multiplied by 3 persons, you will have N1, 500, 000 say in a month. It’s doable.
Thankfully, you are not boxed into an ‘8-5’ kind of work. You have your time all by yourself. Although, a person hungry to make money should be up and doing. An individual with good bargaining power has an advantage in this sector.
In a time where everything can be done over the internet, you can gainfully take advantage of social media and advertise these products.
Affiliate marketing entails recommending the products and services of an organization to people and get paid. Basically, there is a commission (percentage) you get when people patronize the services of the organization.
The reason why I have chosen to include affiliate marketing on the list of Top 5 Paying Businesses in Nigeria is that while a lot of people complained about financial problems during the lockdown period, there were others who got paid and earned big.
One of our writers who is a Pro in affiliate marketing has written a concise article on how to become an affiliate marketer. Read How To Make Money With Affiliate Marketing Programs In Nigeria.
Importation / Exportation business
The importation business has been there for years. How does the importation business work? People source goods from abroad especially China at cheaper rates and resell in Nigeria. Another country is Dubai.
When it comes to the importation business, people mostly deal with clothes, bags, shoes, perfumes, and jewelry. Others deal on fairly used phones, laptops, and cars.
To participate in this business model will entail understudying an expert in the field so as to know what is expected of you financially and otherwise. However, you should consider expenses, also the prices of goods are subject dollar increase or decrease.
My friend, David, imports both fairly used and brand new Andriod and iPhones from overseas. As a young man who’s just completed one year of compulsory National service, he’s been doing great. Maybe, on personal terms, I could link interested persons to him.
Another interesting model attached to this is the Exportation of foodstuffs. You will agree with me that Nigerians are scattered around the world. Most of them who have been raised with local foods still prefer them over continental foods eaten over there.
If you have been opportune to travel out to one of these European countries or have a friend or family member over there, they can confirm there are restaurants that sell specifically African dishes. More so, in grocery markets, African foodstuffs constitute a section.
The big question is, ‘How do they get foodstuffs for African dishes?’
There are Nigerians procuring and exporting these foodstuffs to their family members and friends resident overseas. They, in turn, supply to food vendors thereby making a profit. The right people to inquire about foodstuffs exportation business are foodstuff vendors.
For example, a bag of crayfish sells between N60,000-N65,000 locally. Do you know the thing about buying goods in bulk? There will always be a discount. Hence, you stand to procure at discounted prices when purchasing in bulk.
Social media marketing
There’s no way the list of Top 5 Paying Businesses in Nigeria will be complete without social media marketing making the list. Gone are the days when social media served the purpose of picture uploads, chats, comments, and ‘likes.’
Social media has become a huge source of income for people who are conversant with these social media platforms. Social media marketing is multifaceted and whichever facet you choose; the aim remains to earn.
Social media marketing includes Facebook marketing, Instagram marketing, Twitter marketing, YouTube marketing, etc. Each of these has sub-categories attached to them.
The interesting thing about social media marketing is that you don’t necessarily need to manufacture your own products before you can sell, but if you do have, that’s perfect. You ever heard of Social media brand influencers?
These are people who solely monetize their social media handles by promoting brands. They do not necessarily have direct contact with customers, their job is to promote brands and drop direct links to the owners of these brands so a potential customer can deal with. That’s all.
If you have a good ‘followership’ on any of the aforementioned social media platforms, it’s in order for you to search google; a lot has been written on social media marketing, read up, ask questions, follow-up the guidelines.
The internet has done more good than harm in this regard. This explains why a lot have their goods and services on constant display online via Ads. A person with a smartphone and data has all it takes to engage in social media marketing.
In conclusion, this list of Top 5 Paying Businesses in Nigeria was written from observation of trends, and interviews from players in the discussed models. The models were arranged in no particular order. As such, whichever one you find interesting is worth the try.
In a time where the quest to make fast money is in vogue, an impatient person may want to think twice before venturing into any of the discussed business models. Dedication, diligence, and consistency are the virtues needed to succeed in ANY money-making venture. The same applies to these models.