Lagos is clearly the most populated city in Nigeria, with over 20 million people. According to the World Economic Forum (WEF), Lagos population rises by 85 people every hour. With the high population comes the high opportunity for profitable capitalism. Many products and services are already in demand. The only thing left is for you to recognize and determine which area of expertize you can handle. Also, with vast varieties and level of needs, you can easily fit into any market without stress.
The amount of money you have doesn’t matter as much as your determination to build a business, because it is easy to grow a business in Lagos, make the necessary profit and expand into bigger ventures.
On other note, people say there is nothing you can’t find in Lagos, so how do you still start a new business and make money?
Starting with a new idea might be the magic way for instant profit especially among a demanding high population, but new ideas involve risks, and based on my experience in entrepreneurship, it is better to start with the conventional ways, once you have created a balance, then you can deviate and create your own authority. In other words, you should be in the market first, know the behaviour of the customers, what they need most, the weaknesses, competitors, price factors and other related but important details a regular businessman needs.
Profitable Business Ideas to Make Money in Lagos
1. Internet Café
Most people assume that the emergence of smart phones have made internet café business unprofitable, surprisingly the emergence of smart phones and tablets has only changed the way people patronize cafes.
Today, you don’t need too many desktops or laptops in order to run a successful café. The most important thing is providing a cheaper and unlimited internet connection, so people with phones and tablet can also visit, buy internet-time and still make downloads.
2. Food Business
With the population count in Lagos, there is no other sure-fire business venture than restaurant business. According to a survey, a significant number of people are making a living by just selling breakfast. Take advantage of the fact that must people are into businesses and other time demanding jobs and don’t have time for cooking. Provide a solution to their problem with style by providing quality and well prepared food.
In restaurant business, apart from the quality and quantity of food, your location also matters. The best location include school premises or nearby, markets, mini-markets, nearby banks, or offices. Opening a restaurant in the neighbourhood where people live with families might not bring the speedy income required to help boost your business.
You can start a food business with less than ₦50,000
3. Importation Business
This is among the best, common and assumed–to-be complicated businesses in Lagos but with the internet and everything, importation has never gotten this easier.
The experts say it doesn’t matter what you import, just focus on providing what people need.
What do people need?
Apart from targeting the needs of people, we are going to; look into goods and accessories that are of high demand in this new age of technology. Our first guesses are phones, phone accessories, laptops and other digital accessories.
Importation business is very profitable; you can just focus on importing simple ear piece and make a reasonable profit. Imagine all the ear pieces you see in various shops around town, multiply the number and imagine you are one of the suppliers.
The new age importers use the power of the internet to sell their products at a cheaper price directly to customers who order goods online. Most Nigerians use Jumia, and the process is simple;
Signup as a merchant;
Provide a clear picture and description of your products;
Wait for others to trickle in.
Also, you are going to use delivery services such as DHL to deliver your product to the customers all over the country.
Once you become focused on improving your marketing strategies, you will be making millions within the period of 12 months.
Startup can be ₦50,000 or more.
4. Printing Recharge Cards
Selling recharge cards was one of the good businesses in the beginning of the GSM and telecommunication era in Nigeria. Today, the most profitable business is not selling them but printing them.
With a good capital as a startup, you can partner with MTN, GLO, ETISALAT or AIRTEL and reserve a good percentage for every amount of cards you printed.
All you need is to connect with retailers and other petty recharge card sellers in order to have a constant flow of demand.
Recharge cards are always in demand, based on the network providers patronized most by the people in that location.
It is easier to combine this business with data resale. You can advertise your data business for costumers in order to capitalize fully on the potential.
5. Computer Center
This is to provide computer services apart from internet browsing. Services such as typing, printing, photocopy etc., and can be merged in one shop. Other people have expanded to providing research services for students, writing their projects and for assignments.
You can combine this with internet café or internet services where you can help people create online accounts and registrations. I have a friend that charge ₦200 for creating a simple Gmail and other registrations for ₦300 to ₦500. At worst, if you are able to make ₦1000 a day, you will be making ₦30,000 a month, if you can manage to make ₦2,000 = ₦60,000… still better than most graduates.
The beauty of business is, the deeper you dig in, the better you understand the exact steps to take for high “Return on Investment” (ROI). So it is easier to expand because you have power over your income.
6. Retail Business
Retail business is among the oldest on the list but still the evergreen type of business in a populous city like Lagos. It is simply buying products in bulk and selling to normal people for profit.
To start retail business you may need a shop in the form of a building just large enough to contain your products.
These products maybe fashion, books or provisions. These 3 categories sell faster.
7. Show business
Whenever showbiz is mentioned our minds stray directly to “having talent”, becoming famous and leaving school to chase music or acting career. Show business is not only profitable for the people that sing or act, in fact the most profit is made by those behind the scene—these people organize shows, recognize artistes, invest in the promising ones and let go of the ones who cannot make them any more money.
I will go deeper on show business in my next posts but for starters, organizing show, be it talent show, acting, rapping, vocal or dancing, is the first step into show business.
Lagos is the home for talents. Young people from all over the country rush to Lagos just to make it in music and acting. Do not follow the crowd; create a pattern of business to capitalize on the high demand for entertainment and high number of artiste wannabes.
8. Transport Business
A successful transport businessman refers to transport as “untapped potential.” Rufus, now 38, has been in the transport business for more than 10 years and he is one of the prominent Lagos millionaires. He started in 2006 with just a taxi, now he owns dozens of long-distance travel buses spread all over the country.
Lagos was his starting point because of the high movement of people in and out of the city. And when we talk about Lagos, we are also talking about sea transport, not just land. Although it may require bigger capital, starting slow and dreaming big is very important.
9. Home Tutoring
Alade Olawale, 27 year old Lagos citizen was an ex primary school teacher who started home tutoring by the year 2011. Before the end of the year she was making about ₦60,000 monthly just by going house to house, attending to clients and home-teaching kids. She was able to secure 5 clients, which she was able to squeeze in-between schedules; some towards the weekend, and some on weekdays.
She gets paid ₦10,000 minimum, but also up to ₦20,000, according to how they negotiate her salary.
Although it was a rough start, she was able to quit her teaching job to focus on home tutoring. Now she is making up to ₦130,000 to ₦150,000 monthly.
Teaching skill and resilience are the major requirements one needs for this kind of business. According to her, she doesn’t settle for less and she has a minimum price based on time demand.
10. Internet Business
If you have visited the internet more than twice this year you must have heard about internet business, being advertised or said in one way or the other. People make the mistake of assuming that internet business is the easiest and fastest way to become rich. I can agree with the latter but not the former.
Internet business is the fastest way to get rich but not the easiest. Be it freelancing, blogging, writing, programming, affiliate marketing or information marketing, you will need to feed yourself with the best of information about your business, be ready to take risks, be current and also be fast to act.
Internet business can be done anywhere with internet connection and a device.
I never thought this post will be as long, and still there are more businesses out there that you can explore and start making it like others.
You should not worry about when, be more concerned about whether you are doing something or not, and make sure you are growing with every step you take.