There are some businesses that are incredibly profitable and can make you money quickly. These quick-moving industries are excellent for those who want to withdraw money right away or keep doing so.
Fast Moving Businesses in Nigeria & Startup Costs
1. Food Business:
In Nigeria, eating out is highly popular, particularly among students and members of the working class. This places the food industry among the lucrative and quick-to-start enterprises in Nigeria. You may start a restaurant or a fast food joint. Fast food establishments face greater competition and start-up costs.
Restaurants are more likely to thrive, cost less startup money, and offer the potential for daily profits. You may need to invest between N50,000 and N900,000 (depending on the scale at which you choose to operate) to get the type of food business you want off the ground.
Working as a freelancer entails doing temporary labor for businesses. While working for one client, you will continue to receive contracts from other clients even if you won’t be working there full-time. If you can effectively manage your time and have computer skills, this business is ideal for you.
Skills for freelancing include writing copy, programming, graphics design, and many more. You might acquire any of the in-demand freelancing talents, then head to websites for freelancers to sign up and start soliciting clients.
On websites like Freelancer, Fiverr, and Upwork, you can start out. If you don’t use the proper strategies, you won’t start making money right immediately. To stand out from the many other freelancers in the market, you will need to sell yourself as one. Be aware that if you put in the necessary effort, this business has the potential to make you a billionaire.
3. Real Estate Business:
A wonderful approach to get passive income is through the real estate industry. If you’re in the correct place and are familiar with your market, this kind of income can be quite rewarding. Abuja, Lagos, Delta, and Rivers states are among of Nigeria’s largest real estate markets. It would cost between N2 million and N500 million to launch this firm (depending on the scale at which you prefer to operate).
4. Forex Trading:
In Nigeria, foreign exchange is so important that a large number of people profit from it on a monthly basis. But in order to begin forex trading, you’d need a certain level of knowledge and skills, which you may acquire through training or by paying for online courses. You should be aware that this is not a get-rich-quick plan and that it can take some time before you begin to make a sizable profit. To start things off, you could need to invest anything from N10,000 to N70,000.
5. Palm Oil Business:
Because more people are learning about the value of palm oil, the industry is growing in popularity. In fact, palm oil is used to make a variety of cosmetics, including lotions for beauty. Palm oil must be imported from abroad by businesses that use it. You might generate significant profits from palm oil farming by selling to these businesses.
6. Poultry Farming:
Nigerians regularly eat chicken and turkey meat, which is in high demand. As a result, raising poultry is one of the best industries in the nation. You might launch the enterprise just before the holiday season to increase your income. You would profit more from selling during that period than you would if you did so during regular seasons. Poultry may be operated with little money and moves pretty quickly. You might buy enough for small poultry with more than 50 birds for between N70,000 and N200,000.
7. Bread Production
Another commonly consumed good in Nigeria is bread, which is also quite simple to produce. Even a reasonably used bakery can be bought to get started. It would cost from N150,000 to N200,000 to launch this business.