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LIST OF PROFITABLE BUSINESSES YOU CAN START AMIDST NIGERIA’S POOR ECONOMY (Part 2)

Hello there! This is the second part of my last post on the list of profitable businesses you can start that will thrive well even in the current poor economic situation of the country. If you missed the last post, I advise you go over to view some of the businesses I listed there.

List of profitable businesses you can start amidst Nigeria’s poor economy (PART 1)

ONLINE P.R and MARKETING

Have you ever heard of the 4 hour work week? It’s a concept that shows how you can dedicate 4 hours of your week into making an extra income apart from your regular job salary. Think about it for a minute. A lot of workers close from work anytime from 5pm, often getting home before 7pm. What do you do with the rest of the day? What if you spare 30 minutes in offering an online PR (public relations) service for a friend, new business or company and you get paid for it. All you need is an internet enabled device. A lot of young people just tweet time away, snap chatting and scrolling through Instagram for hours. If you are so good with social media, why don’t you turn it into money?

When I started this out, I was charging anywhere between N25,000 to N75,000 for P.R alone and over N75,000 if active marketing is involved per client. It never took me more than a total of 4 hours a week to get the job done.

How to go about it: Take time to get familiar with social media platforms (there are articles all over the internet to help you with this). Find companies around you and submit proposals on how you can help them create more awareness for their products and services by managing their social media profiles.

You don’t need any special expertise, For example if you are offering PR services for a GYM Center; All you need is to post a picture of a well-built man and or fit woman. And write about the how the Gym center can helps people achieve the form in the pictures.

I should add that you need to know your onions well before you venture into this; How to get pictures needed, composing an attractive headline, knowing what social media platform is best for what type of business.

I have a 3 hour course on online PR services and marketing you can take if you are interested in this. You would be a guru in just few hours. Kindly contact me.

Rationale: Every business is in need of more customers and online marketing is today the most effective and cheapest means of advertisement.

Challenge: You must know the online terrain well to do this quickly and effectively.

 

PHOTOGRAPHY

How to go about it: Just get a good camera. Might cost a significant amount but it’s worth it on the long run. You don’t have to be an apprentice anywhere to start. Just get good photography and photo editing training videos you can watch at the comfort of your home and come up with your own brand. That’s all. (Contact me if you need help getting these training videos)

Rationale: Lesser capital risk. No need to set up office or studio. Most shoots today are outdoor location based. You can sell off the camera if you decide to quit. But with good branding, creativity and adequate marketing, I see no reason why anyone should quit. If your business isn’t moving, remember you are the primary reason. If some people are doing it and making it big in it, there has to be something you are doing wrong.

Challenge: A good camera with studio equipment and lights would cost close to N300,000-N400,000.

 

HOME BAKING

How to go about it: Learn how to bake. There are videos all over the net. You can specialize on things like; cookies, cupcakes, stone cakes, chin chin, brownies, etc. All of which you can do from the comfort of your home without having to set up a bakery. It doesn’t even disturb your regular office job. Just bake in small quantities and select Government primary and secondary schools too market it to especially during break or closing hours. You don’t have to do this yourself. You can employ someone to do it for you.

That way, you would have created employment for someone and also provide yourself with extra income. With time it can enlarge to something bigger than you imagine.

Rationale: Doesn’t cost much to get the ingredients and start the business. You can do it alongside with your regular business at your less busy hours.

Challenge: Might be time consuming if you’re to produce variety of products.

 

VIRTUAL BOUTIQUE BUSINESS

This one is surprisingly the easiest to start. By virtual, it means the boutique does not actually exist physically. You build the boutique in the mind of the public through social media.

How to go about it: Search for boutiques in your locality, tell them you can help market their products but they will have to give you the clothes at discounted rates. Then take pictures of the dresses and post them online stating your own price (after adding your desired profit) and offering home delivery. When you get an order, go to the boutique to pick up the dress and go deliver.

Rationale: You don’t need to invest cash by buying the clothes to store up. You purchase only when an order comes and if you have a good relationship with the boutique, they might even allow you have the clothes and go deliver without any cash. And once you do, you pay in the cost of the dress. Isn’t that what online malls like Jumia and Konga do?

Challenge: This market is quite saturated. Cost of delivery can sometimes rival your profit so profit margin fluctuates.

 

REAL ESTATE

How to go about: Again I won’t be able to give full details here, but you can contact me for proper consultation.

Rationale: Less economy impact. Rate of value appreciation is extremely huge.

Challenge: Large capital investment

 

All information provided here are brief and might not answer all the questions on your mind. However, you can contact me privately should you need further consultation on any of the outlined businesses.

Email: info@saleswithraphael.com

Tel: 08029326700

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3 Comments
  • TOYIN BABALOLA Sep 14,2016 at 6:57 pm

    HELLO DR. EGBEWUMI. I WILL NEED YOU TOWARDS TRANSFORMING MY BOOK WRITING BIZ TO A LIFE CHANGING VENTURE. THANKS FOR BEING THERE FOR PEOPLE LIKE ME.

    • Raphael Egbewunmi Sep 14,2016 at 7:56 pm

      Hi Toyin, thank you for contacting. I would gladly support you in achieving that. However, you might have to book an appointment to enable me help you. Kindly call 08029326700 to fix one.

    • Raphael Egbewunmi Sep 14,2016 at 8:08 pm

      Alternatively, you can also send me a brief on what you do and I can get back to you. Email: info@saleswithraphael.com

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