Top Ten (10) Most profitable Small Scale Businesses In Nigeria
Top Ten (10) Most profitable Small Scale Businesses In Nigeria– Today, I will be introducing you to the top ten (10) highly lucrative or profitable small scale business anyone can start here in Nigeria. I can assure that I am either presently doing one of these businesses or involved with a friend who is involved in them. I tell you, they are easy to my do, profitable and has great potential for growth. So, sit back and relax as I take you through this highly educative and enterprising tour.
First of all, what is a small scale business?
A small-scale enterprise is a business that employs a small number of workers and does not have a high volume of sales. Such enterprises are generally privately owned and operated sole proprietorships, corporations or partnerships. The legal definition of a small-scale enterprise varies by industry and country.. They have also proven to reduces the level of unemployment in every country where they are encouraged.
In Nigeria, Small and Medium Enterprises (SMEs) accounts for 48% of total Gross Domestic Product (GDP) generated in the nation which represents about half of Nigeria’s GDP. SMEs also accounts for over 25% of employment in Nigeria which makes it suitable for business people to venture into successfully. Hence, it is of no doubt that small firms are the backbone of any economy.
Tips To Begin Your own small Scale Business
1.Write a business plan, any business plan
2. Determine how you’ll make a profit
3. Start with as much of your own money as possible
4. Protect yourself
5. Start small
6. Get it in writing
7. Hire the right people
8. Make sure you create the right kind of employee relationship
9. Pay your bills and taxes on time.
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While I have listed most of the important things necessary to kick start a small scale business, let’s look at top ten (10) most profitable small scale businesses in Nigeria. These businesses are as follows:
Cakes represents seasons and times especially birthday celebrations. Most people would use cake for birthday celebration, but it is also mostly use for wedding celebrations as well. All you need to do is print some flyers if you want to go mobile or do a word-of-mouth awareness within your vicinity. You can also start by giving out little cupcake as free gift to people to start their day.
Other customers are sure to come by referrals from those that enjoyed the delicious cake. There are diverse kinds of cakes to try your hands on depending on its flavor and make-up ingredients, they range from spiced cakes, raspberry coffee cake, cupcakes, coconut cake, butter cake, fruit cake and so on.
There are still several young students and a few adults without computer literacy. Your target market can begin with fresh secondary school graduates who need computer knowledge for university exams. Charge them daily, weekly or monthly as you teach them the skills they need to know.
This is one of the businesses that need no capital at all for raw materials. All you need is your passion to pass adequate knowledge to younger students. You can expand your coast by pasting a few flyers and telling the children you are teaching to inform their friends who will in turn inform their parents. For instance, getting to teach a student for a minimum of #15000 per month, just thrice a week. Now imagine taking two students, that’s #30000 a month, 4 students, that’s #60,000.
Hair styling / Barbing
All you need to remain relevant in this business is your skill. Your joviality and closeness to your customers is an added advantage. Most people like being in a good conversation with their stylist which removes boredom from the environment, however, it is necessary to study your customers to know their nature, some people might like to keep to themselves or read a book or newspaper. Don’t try to be a constant bug to such consistently quiet people, it could lead to a loss of customer.
This business entails investing your little cash into the purchase of party materials such as canopies, plastic chairs, plastic tables, standing fans, mobile air condition, decoration materials, flowers, coolers, plates and spoons, plastic drums, fire potential, etc. Once this investment has been done, the rest of the story is getting your profits as people hire your materials per quantity for events. All you need to emphasize on is the good maintenance of the materials once it gets into the custody of your customers.
Drinks also vary in methods and taste to fulfill the desire of every potential customer while you count your bucks. Diverse kinds of local and inter-continental drinks which you can invest your time and skills into are spicy chocolate drink, ice cream, yoghurt, fruit wine, spiced tea, smoothie, kunun zaki, zobo drink.
Bakery – Bread
Almost every junction in our society has a bread seller but you can distinguish yourself by taking advantage of the existing varieties of bread. Varieties of bread include chocolate bread, milk bread, fish bread, wheat bread, whole grain bread, coconut bread, honey bread, sausage bread etc. Provision, of oven grilled sandwiches can also be incorporated into this bakery business as bread and sandwich appears to be from the same parent. Sandwich basically consist of vegetables, sliced cheese or meat, placed on or between slices of bread, or more generally any dish wherein two or more pieces of bread serve as a container or wrapper.
Apart from personal consumption, these small chops (such as sausage rolls, peppered gizzards, puff puff, goat meat, fish rolls, meat pies, fish pies, samosa, plantain chips, doughnuts, potato chips, spring rolls, snails, chicken strips etc.) are usually used to celebrate birthdays, weddings, burials, gatherings, events, business meetings, conferences and so on. Once you are known for delicious small chops, your first set of customers will do the referrals and marketing on your behalf and all you have to do is keep up with the date, get helping hands as a team depending on the quantity and start counting your profit.
This entails the provision of party foods (continental dishes and local dishes) for big events and celebrations. This can be in the form of mobile food canteen or operated strictly by demand. This particular business requires skilled hands as a team with a good level of experience because a single mistake in this business can lead to its end. One advantage of this business as well is that part if not all of the cost of the service must have been calculated by quantity and paid by the customer for the purchase of ingredients needed and logistics purpose. This means that, apart from your innate skills, you only need the fixed assets (which can be rented) such as cooking pots, cutleries, etc. to start this business.
Makeup/Head gear tying
This is the 21st century business as everyone is concerned about their looks and head gears. Having this skill implies that you can get to any event location with a tag (Head gear/ Gele expert). When you get called, tie the Head gear professionally, ensure the person loves it, and then name your price while convincing the person that it is your business. You can also market your business with your looks, which is your head gear and make up. As people compliment you, you tell them it is your job and hand over your business cards to them.