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Markets

Side hustles you can try out in 2018

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  • It is no more advisable to be solely dependent on monthly stipends got from our 8-5 jobs as standard of living and rising costs won’t let that happen.
  • With the way things are headed, most people need side hustles right now.
  • This article outlines side hustles that have unlimited clientele as well as great monetary gains. 

Another year has just begun and this is usually the best time to take stock of achievements in the previous year, while mapping out new goals for the future. One can give some thought to side hustles for augmenting his/her normal monthly income this year. As needs keep piling up and cost of living keeps escalating, creating multiple streams of income is one sure way to overcome the twin problems of lack and poverty in Nigeria.

We will be going through a list of 10 side hustles (small businesses one can do alongside normal jobs) and you can decide which of them will be suitable for implementation depending on your passion or funds available.


Manage social media platforms

Startup capital: N150,000

Payback period: 8-12 months

Estimated Income: N20k/Month

Market – Blogs, Small Businesses, Entertainers

The internet world has become a veritable marketing tool and more individuals are using social media to create a steady stream of income. Celebrities, companies and businesses are using these social media platforms to create profitable brands for themselves. All you need to do is study how these platforms work. Facebook, Twitter, LinkedIn, Pinterest, Instagram and YouTube are just a few social media platforms you can manage on behalf of clients which would make you earn serious money this year.


Online Tutor

Startup capital: N80,000 – N100,000

Payback period: 6 months

Estimated Income – N15k/Month

Market – Students, White Collar Workers, Job Seekers

By using Skype and other online platforms, one can become an online tutor and start making some serious cash regularly. People desire knowledge and information in some specific fields and are ready to pay for the information. For example, the current business in demand in Nigeria is the cryptocurrency business and lots of guys are still not aware of how it works. If you are knowledgeable about it, this is an opportunity to earn some money by teaching others who are interested in making profit from cryptocurrencies, at a fixed rate or fee.


Lesson Teacher

Startup Capital: None

Payback Period – Immediately

Likely Income – N100k/Month

Jaiz bank

Market – Students (Primary, Secondary, Professional)

The demand for specialised lesson teachers is on the increase. Parents increasingly want their children to excel in subjects such as Math, English and Science as they prepare for their common entrance or JAMB exams (or even ICAN exams). If you have a skill in any of these subjects, you can join a freelance tutoring ring, where you can be called upon to teach children an anyone looking to write an exam. You can also start on your own by teaching children in your estate or street.


Create an online course

Startup capital: N70,000

Payback period: 4 months

Estimated Income – N10k/Month

Market –  Job Seekers, Students

This is another internet related side hustle that won’t disrupt the normal 8-5 job you do on week days. It is convenient, easy and hugely profitable. Create a blog or website and upload a specific course around a field you are an expert in. It can be an online course on creating income streams from fish farming, poultry farming or agro allied products. You can even create an online course on mastering Mathematics for students. The possibilities are endless. After uploading the course outline, you set your rate, then those who are interested will subscribe and start the course.


Write and sell profitable eBooks online

Startup capital:  N20,000

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Payback period: 7-8 months

Estimated Income – N30k monthly

Market – Students, Job seekers, Career Seekers, Entrepreneurs

An eBook is simply an electronic book. The world is diverging from paperback to electronic books and more people are keying into the eBook niche market. All you need to do is package information that people are willing to pay for and convert it into an eBook using free Microsoft Word to PDF converter online. Ensure that you are packaging very profitable information. Some years ago, I saw an eBook titled, “How to immigrate to Canada without spending a dime”. It was being sold for N5, 000 and feedback from buyers showed that it sold out.


Become an affiliate marketer

Startup capital: N50,000

Payback period: 5-6 months

Estimated Income – N15K/month

Market – Forex trading websites, Cryptocurrency websites, fashion sites, merchants etc.

There are thousands of companies online that are willing to pay you a commission for promoting their products and services; it’s called affiliate marketing. All you have to do is register free of charge on the affiliate site and get affiliate links which you can add to your website or blog, thereby pushing traffic to the sites. These sites have cookies installed that can track your affiliate links and record your sales. Once your affiliate sales get to a $100 threshold, you get paid.


Computer repair services

Startup capital: N30,000

Payback period: 4 months

Estimated Income – N10k/month

Market – Neighbours, Colleagues, Church Members, Friends and Family

Virtually everyone is becoming computer literate in Nigeria. The need for computer repairs is more in demand as computer users encounter one challenge or the other during the course of using their laptop or desktop systems. The computer repair person basically helps to restore faulty computer systems to their normal status, by using simple diagnostic equipment. It is a specialised skill that can add extra income to an individual’s pocket.


Refuse disposal service

Startup capital: N1million

Payback period: 7-9 months

Estimated Income – N120k/month

Market – State/LGA, Private Estates, Offices

This is a controversial one due to the fact that the mere mention of refuse irritates many people. Funny enough, there is a lot money that can be made from refuse disposal business as Nigerians ‘love’ dumping refuse indiscriminately around their surroundings. The job of a refuse disposal agent is to ensure that refuse is evacuated regularly by using a refuse disposal van. Payment is usually done monthly, and there are enough clients to keep one busy throughout the month. You don’t necessarily have to be involved directly in the business, as you can employ a driver and two boys to do the job while you supervise. 


Proofreading

Startup capital: Nil

Payback period: Instantaneous

Estimated Income : N40k/Month

Market – Blogs, Script Writers (movie makers), PHD Students, Book authors, Speech writers

This is an online side hustle that anyone with an excellent knowledge of MS Word and specific software can profit from. Proofreading jobs focus on editing already typed works with the aim of correcting spellings, grammar and sentences. The finished work is usually vetted for errors through the usage of special proofreading tools which are available for free online. It requires a good knowledge of English and grammar as one may alter some of the sentence constructions. You can even advertise your proofreading service on Fiverr and other online freelance sites if you want.


Become a fitness/sports coach

Startup capital: N100,000 or above

Payback period: 6-7 months

Estimated Income – N15k/Month

Market – Friends, Family, Colleagues, Neighbours

You can make extra cash from becoming a coach and helping others to attain their goals in their areas of sports interests. Fitness coaches earn huge pay weekly or monthly depending on their rates. You can also be an athletic, basketball or even dancing/ Zumba coach. These coaching sessions are usually done on weekends and are tailored according to preferences of the groups or individuals involved.


Rent musical instruments

Startup capital: N500,000 or above

Payback period: 10 months or more

Estimated Income – N50k/Month

Market – Students, Churches, Musicians

You can buy some musical instruments like keyboards, microphones, speakers and amplifiers for rental purposes. These instruments are needed by churches, companies and individuals for organizing programs or parties. There are various rates for the different instruments and the rental manager usually prints forms which must be signed by those renting the instruments as agreements to guide against their damage or theft.


In conclusion…

This list is not exhaustive but you can agree that it is a step towards what you want to decide on. Your side hustle shouldn’t interfere with your job. The aim of your side hustle is to help cater to those needs that crop up unexpectedly.

Note: Estimated Income is the minimum we believe you can earn per month if you know your grand. With a little more effort, you can earn much more.

Article contribution Chacha Wabara, Ugo Obi-chukwu, Anna Urieto, Chris Pemu

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience.Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

Company Results

Airtel grows revenue from Nigeria by 21.9% in 2020

Airtel recorded a 21.9% growth in revenue from Nigeria in its 2020 full year report.

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Regulation forces Airtel Africa to initiate shares listing in Malawi , Airtel Africa’s profit up 12.9%, customer base reaches 111.5 million in Q2

Airtel Africa Plc has posted a revenue growth of 21.9% in its Nigeria business to stand at $1.55 billion in 2020, with 23.5% growth in East Africa, and 10% in Francophone Africa. The telco reported an increase of 14.2% in its gross revenue in its 2020 earnings.

This was disclosed in the telco’s year ended March 30 earnings, which was released on Wednesday.

Highlights of the result

  • Revenue from voice was up by 11%, data revenue grew by 31.2% and mobile money was up 35.5% in 2020.
  • Reported revenue grew by 14.2% to $3.91 billion in 2020, while Q4 2020 revenue stood at $1.04 billion, indicating a 15.4% increase (year-on-year).
  • Constant currency underlying revenue growth was 19.4%, with Q4 2020 growth of 21.7%.
  • Growth was recorded across all regions: Nigeria up 21.9%, East Africa up 23.5%, and Francophone Africa up 10%; and across key services, with revenues for voice up 11.0%, data up 31.2%, and mobile money up 35.5%.
  • Underlying EBITDA was $1.79 billion, up by 18.3% in reported currency, and 25.2% in constant currency.
  • The underlying EBITDA margin was 46.1%, adding 181 basis points (210 basis points higher in constant currency). The underlying EBITDA margin for the quarter ended March 2021 was 47.7%, an increase of 389 basis points in constant currency.
  • Operating profit increased by 24.2% to $1.12 billion in reported currency, and 32.8% in constant currency.
  • Free cash flow was $647 million, up by 42.8% from the prior year.
  • Basic EPS was 9.0 cents, down by 12.6%, largely due to last year’s exceptional items and a one-off derivative gain. Excluding these, basic restated EPS rose 44.5%. EPS before exceptional items was 8.2 cents.
  • The telco’s customer base grew by 6.9% to 118.2 million, with increased penetration across mobile data (customer base up 14.5%) and mobile money services (customer base up 18.5%). The recent slowdown in customer base growth has been due to new SIM registration regulations in Nigeria.
  • The Board recommended a final dividend of 2.5 cents per share, making the total dividend for the year to be 4.0 cents per share.

What Airtel is saying

Chief Executive Officer, Airtel Africa Plc, Raghunath Mandava, said, “In these challenging times, I want to say a huge thank you to all our employees, our business partners, and governments and regulators who have supported us, and in turn facilitated our continued support to the economies and communities we serve.

Our performance has been strong, with reported growth of 13.6% in underlying revenue and 18.3% in underlying EBITDA, and constant currency growth of 19.4% and 25.2% respectively.”

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Currencies

“Don’t deposit more than $5k monthly,” banks inform customers

Reports reaching Nairametrics indicate some commercial banks have started sending new transfer limits to their customers.

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The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar slumps against major currencies, investors become optimistic about global demand, U.S Dollar Stands Firm, Foreign Exchange Traders Remain Neutral 

Reports reaching Nairametrics indicate some commercial banks have started sending new transfer limits to their customers.

Emails sent to some customers that were shared with Nairametrics reveal banks are informing customers that they can only deposit $5,000 in cash into their accounts monthly. They also advised the customers to transfer electronically instead of cash deposits. One of the banks also indicated that cash deposits are no longer allowed for some account holders.

“There is a $5,000 monthly cash deposit limit. We encourage you to make more deposits via electronic transfers. Cash funded transfers to beneficiaries with accounts in other banks in Nigeria are no longer allowed. There will be no restriction to the frequency or value of transactions for accounts funded through inflows but supporting documents are required before payments are processed. Cash deposits are no longer allowed for Wealth Management Investments.”

Some of these rules are actually not new as they contain forex transaction guidelines issued by the central bank last year as part of its efforts to curtail demand for forex and reduce the utilization of the banking system to facilitate black market dealing in forex.

What this Bank Transfer Limit means

  • You cannot deposit more than $5,000 cash monthly (cumulative) into your bank domiciliary accounts.
  • However, you can deposit more than this if it is an electronic transfer. This is a lot more difficult to achieve for retail buyers of forex and the exchange rate is often higher.
  • You are also required to provide supporting documents backing the inflow of dollars into your account especially if the transfers are from one personal account to another.

Last week, the CBN announced it was indefinitely extending its Naira 4-dollar scheme for diaspora remittances which was introduced in March, suggesting the program may have achieved success by its standards.

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