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15 Lucrative businesses one can own as a side hustle

Many people are looking to leave their 9 to 5 job for something that feeds their passion or something that supplements income from their regular jobs.

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Side Hustle Business

Today, many people are looking to leave the daily “9-God-knows-when” grind for something that feeds their passion, or at best, something that supplements income from their regular jobs.

While working on your side business idea is without a doubt a risk, it also requires way more sacrifice. However, once you get it right, you will be making your way majestically into significantly more money for yourself. So, let’s examine a few of these lucrative businesses one can own as a side hustle.

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Transportation Business

People must move from place to place every day. You can decide to set up your own intra-city or inter-city transportation company or you can enroll on either Uber, Taxify or the other available ride sharing platforms and earn money on nights and weekends, working only when you want.

An average Uber driver earns N75,000 – N100,000 a week. An average Toyota Corolla is good for this business because it is cost-effective and fuel-efficient. Also, the parts are very affordable in case of repairs. A Toyota Corolla costs approximately N1.3 million for a Nigerian-used one and the directly imported one cost about N2 million or less, depending on the dealer.

You also don’t need to drive it yourself as you can give it out for hire purchase to a driver. The driver would pay you an agreed sum of money until he pays up a total agreed cumulative amount. This method is usually preferred by many people, as it ensures that the driver takes good care of the vehicle and it motivates the driver to put in his best into the business since he knows that after completing the total agreed cumulative sum, the vehicle would be his.

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If you don’t have the needed funds for a car, you can also consider getting a tricycle which costs below N1 million for a brand new one.

Poultry Farming

Everyday, people consume poultry products like chicken, turkey and eggs. This gives you an idea of how large the market for poultry products is. There are numerous business opportunities in poultry farming that anyone can venture into. They are as follows:

-Rearing of broilers for meat production  –

With proper marketing plan, you don’t need to only rely on festive seasons’ sales. You can produce and under special agreement, supply to restaurants, hotels and even to the local market.

Rearing of layers for egg production

To start the layers poultry farms, you can buy layers day-old chicks from a reliable hatchery or buy already grown layers that have just started laying. It is better starting with day-old chicks, as it may be more economical and less capital-intensive.

Setting up a hatchery

Poultry hatcheries are set up to produce chicks of several breeds for sale by artificial means of incubation of eggs. Most broilers and layers farmers source their day-old chicks from hatcheries.  A large hatchery can produce thousands of chicks daily.

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Setting up a poultry feed milling plant

Experienced poultry farmers don’t compromise on the quality and quantity of feed that they give to their birds, as it has major impact on the growth and egg yield of the birds. Therefore, the market for poultry feeds is available.

  1. Setting up a cold room for storage & sales of frozen poultry meat.
  2. Veterinary services for poultry farms.
  3. Sales and distribution of poultry feeds.

Tools needed – Brooders – for providing heat for the birds; Crates – for collecting and storing eggs; Perch – used in deep litter system to provide resting places for the birds; Drinkers – Used to provide drinking water for the birds; Feeders – used to provide feeds for the birds and miscellaneous tools like wheel barrows, shovel, buckets, scoops, saws, hammers, rakes, etc.

Barbing salon

Most men go to a barbershop every week to cut their hair or shave their beard and they part with at least N300 on each of the visit as most services rendered at barbershops in Nigeria cost between N300 and N1000, depending on the kind of service rendered and location.

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This business has a ready market and is relatively easy to set up with a moderate startup cost. With a capital of N300,000 to N500,000 you can set up a decent salon. You can set up a chain of barbershops at several locations across your city and employ people to run the business for you.

You are also guaranteed returns as you could be making up to N10,000 – N25,000 everyday and perhaps even more on weekends, depending on the location.

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The major things to take into consideration are:

  • Get a business office – this should be in a residential area where people can easily access.
  • Furnish your office – install a good television, wall mirrors, standing fans, wall cabinet for keeping cosmetics and some equipment, sound system, rotating leather chairs, chairs for waiting customers, cover clothes, towels etc.
  • Get all other necessary equipment & materials – The equipment you need for your barbershop include: combs, good clippers, hand gloves, brushes, dusters, and cosmetics like hair relaxers, hair sprays and dyes, aftershave, towel warmers, etc.
  • Get a good source of power – If there is no reliable electricity in that area, then you would need an alternative source of power.

Additionally, you can sell some products in the barbershop – like aftershave, shampoo, hair and body creams, perfumes, shaving sticks and powders, DVD and VCDs.

Professional car wash

Just think of the number of cars in your city or locality. Think of dirty and dusty roads that vehicles in Nigeria ply daily. Think of the busy schedules of many car owners. All these factors make the services of a car wash expert always needed.

The cheapest car wash outlets cost about N1000 and even more depending on the locality, just to wash a car’s interior and exterior.   If you want an extra service like steam washing your radiator, you would have to pay an extra fee for that.

If you wash about 10 cars at a cost of N1000 each, you would make a monthly gross income of about N300,000. You can recruit experienced personnel to run the business for you while you also go to the business premises on your days off work or weekends.

The basic equipment you need include hand brushes, sponges, towels, buckets, hoses, vacuum cleaners, polished, etc. You will also need steam and pressure washing machines.

Laundry and dry cleaning services

A medium scale laundry/dry cleaning shop will cost between N400,000 and N1,000,000 depending on the locality. Most of this cost would be for renting an office, buying a power generating set, washing machine and other accessories. If you really want to cut down costs, you can just use your home as the office.

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Basic Materials:

  1. Washing machine – You can get a 14kg top or front loader washing machine which can take more clothes and save time and resources.
  2. Pressing iron and Iron board
  3. Buckets and water storage tank – you would need this to store up some water, so as to ensure uninterrupted operations in case of public water supply outages.
  4. Hangers, cloth pegs, chemicals, soaps and detergents for washing.
  5. Plastic or polythene bags – used for packaging your finished products and getting them ready for pick up by your customers. You can customize the bags to include your business logo and contact.
  6. Tagging gun, pin and papers and as the business grows and expands, you would need a delivery van for home delivery services.

Sports viewing centres

Nigerians love football and most football matches take place during the weekends or evenings, so this is a perfect business for people in employment to make money.

You basically need a space of N200,000 to N800,000, depending on location, and 2- 5 television sets that are big enough to see. You will also need a generator, chairs and a Premium DSTV subscription.

Sports viewing centres typically charge between N150 and N300 depending on the location and importance of the match. If you have a space that comfortably takes 200 people, you will be making from N30,000 to N40,000 every time there is a football match.

Also, there are other good businesses you can blend with this, like sports betting which is a natural fit for sports lovers and a side-bar where people can have drinks while they enjoy their football. In any case, it’s a winning affair for you.

Phones, laptops and accessories shop

Phones are among the fastest selling products in the market. Mobile and electronic accessories such as pouches, chargers, USB cables, HDMI cables, earphones and more, can be sourced on Alibaba, Ali Express, etc. The more you buy, the lower the price. And they are light so shipping won’t be a burden.

Many chargers and phone cases sold for N1,500 to N2,000 online are bought on international e-commerce sites for less than N500. You can sell them physically, via social media channels, or through e-commerce websites.

Restaurant/Buka

Well established and properly set up restaurants attract more people and make more proceeds for the business owners. If you open a restaurant business, ensure good quality and high standard of the meals produced, by employing experienced cooks. Also ensure well set up and clean environment.

To get started, capital can vary according to your scope of business and target customers. If your potential customers would be high-income level customers in highbrow areas, you can open an eatery, but if you wish to serve low and medium income customers, then you could simply set up a small roadside “buka”.

Get the basic materials:

The basic materials needed in this business include: cooking pots, plates, spoons, trays, bowls, knives, catering trays and food boxes, coolers, chopping boards, oven, serving utensils, catering plates and glass racks, table decorations, table top accessories, linens and table coverings, uniforms for cooks and waitresses, hand gloves, refrigerator, garbage bags for dirty linen, micro wave, deep freezers, mixers, delivery van, blenders, cooling vans, rolling carts, dispensers, foil etc.

Other ideas include providing catering services at ceremonies, mobile catering services, home delivery services, etc.

POS Payments

If you live in a place where banks aren’t many or the ATM rarely works, you can handle e-payments for people and make some money. You can charge between N200 and N500 per transaction and you will gradually be making a lot of money from the teeming population.

Makeup artist

If you love makeup but aren’t an expert, consider investing in a class or certificate program. Talk to professionals to find what they recommend. Makeup artists earn between N5,000 naira and N200,000 or more, depending on the occasion. You don’t necessarily need to have a shop in the early stages as you can make use of social media to showcase your skills and gradually build your following. You will also need to invest in a good camera phone or a small digital camera so you can post great pictures of your work online.

Additionally, you can combine this with sale of basic and medicated cosmetics like creams, make-up items and beauty products.

Online Advertising Agency

Thousands of businesses in Nigeria are taking their businesses online to leverage the massive community of Nigerian internet users and market their products. This influx has created another business opportunity in Nigeria for savvy digital marketing experts. You too can setup your own online advertising agency in Nigeria today and make millions.

Build up a following on any of the social media platforms and you could quickly be approached by major brands that sell products or services related to the type of content you share. If you have hundreds of thousands of followers, you can easily charge anywhere from N15,000 – N100,000 per post or more. Lasisi Elenu and Maraji are reportedly said to charge within the region of N500,000 and N2m per post.

Freelance Writing

Freelance writing is one of the best low cost business ideas to venture into because it literally requires an investment of almost N0, but great writing skills and enough time to spend on the internet looking for writing gigs.

Some freelance writers who write for international clients get paid as high as $150 to $2000 per article, while some others could make as high as $50,000 from ghost writing books. The most exciting part of this side business idea is that you can offer your writing, proofreading, and editing services from the comfort of your home, working only after work and leveraging the power of the internet.

Plantain Chips Making

Move around the street and you will see different brands of plantain chips on sale, selling at a fast pace. So, if you can engage in the business of producing and supplying it to retailers and hawkers, you will be making good money on daily basis.

What you need: big frying pan (N3,000) small sealing machine (N15,000),  nylons and labels (N2,000), other utensils (N5, 000). The rest N30,000 goes into buying of plantains and logistics. Supply to the shops and to hawkers and make money on a regular basis.

Photography

Photography is big in Nigeria. Look around you, there is an event every other day and this tells you how often the services of a photographer is needed. You can become a mobile photographer by selling your services at weddings, birthdays, photo-shoots, and other events without owning a studio or having expensive equipment. Simply expand gradually!

Photographers charge N200 – N500 to take pictures at events and charge even more if it is a photoshoot session or they are providing you with a framed or photo book version.

What you need: A good camera (Which typically costs N50,000 – N750,000), a camera bag, lenses, memory card, photo printer, photo editing software, etc.

Tutoring

If there’s any business that you can get into and be sure of almost not spending a dime, it has to be tutoring. All you need to get you started is to be knowledgeable in any subject and show a mastery of that subject and you’re good to go.

You can use the outside of your home and teach kids around your locality or offer private home lessons. As a tutor, you can earn as much as ₦40,000 in a month by teaching a single student in the comfort of his home. Imagine the possibilities when you have 3 or 4 students to teach.

Knowledge without action won’t do you any good. Start now. You can start small and expand with time.

Before starting your own business, ask yourself:

  • Are you cut out to be an entrepreneur or small business owner?
  • What is your passion or expertise?
  • Do you have the capital to start the business?
  • Who is going to be on your team?
  • Do you have a strong business plan?

Answering the above questions won’t determine your fate, but they will guide you in determining your business idea and whether or not it should be pursued.

Patricia
10 Comments

10 Comments

  1. King

    November 26, 2018 at 5:01 pm

    Do you think you have what it takes to be a part time real estate consultant?
    Do you desire to earn extra income (over 100,000 monthly)
    If yes what’sapp me on 09055511165 or visit http://www.buylekkinownow.com

  2. Wisdom

    November 27, 2018 at 7:50 pm

    This is a well thought out article you have here we’ll done.

  3. Anonymous

    November 30, 2018 at 10:20 pm

    How about going into subscription business, like gotv,dstv,and startimes,and data

  4. Dili

    January 4, 2019 at 11:52 am

    This is awesome.
    God bless you…

  5. Prisca

    April 19, 2019 at 4:48 pm

    Comment: I so much love you motivational post keep it on.I will grap one now.

  6. veektoh jae

    July 10, 2019 at 12:18 pm

    EPIC💯💯💯

  7. Anonymous

    November 9, 2019 at 11:14 am

    Comment:fabulous

  8. young

    February 22, 2020 at 2:25 pm

    most of this are not side hustles they are full time carrier i

  9. Otu Precious Eucharia

    April 9, 2020 at 8:22 pm

    tanks 4 ur advice.l am encourage

  10. Solo

    June 6, 2020 at 3:06 pm

    What about multi level marketing. Some people are making millions with it. And it costs almost nothing to start up. Please research on that and educate people to embrace it too.

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Currencies

Daily Parallel Market exchange rate – ₦480/$1

The US dollar stands at ₦480/US$1 in the parallel market

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Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar as of Tuesday, August 4th 2020 stands at 480/US$1 on the parallel market. The exchange rate closed at 480/$1 on Monday 3rd August 2020.

  • Naira:480
  • Dollar: $1
  • Date: August 4th, 2020

The exchange rate between the naira and the British pound sterling stands at  ₦570/₤1 on Tuesday 4th August same as recorded on Monday 3rd August 2020.

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  • Naira: ₦570
  • Pounds Sterling: ₤1
  • Date: August 4th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦530/€1 on Tuesday 4th August 2020. The exchange rate also closed at ₦530/€1 on Monday 3rd August 2020.

  • Naira: ₦530
  • Euro: €1
  • Date: August 4th, 2020

Activity: USD sells for an average of 480/US$1 in the parallel market

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READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
8/4/2020Dollar470480
8/4/2020Pounds560570
8/4/2020Euro520530
8/3/2020Dollar470480470480Low
8/3/2020Pounds560570560570Low
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13/07/2019Pounds460464460463Low
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28/06/2019Pounds457460457462Low
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16/05/2018Euro400404400404Low
15/05/2019Pounds470475470475Low
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13/05/2019Pounds470475470475Low
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29/04/2019Pounds470475470475Low
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19/04/2019Pounds467471470475Low
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19/04/2019Euro395400402406Low
18/04/2019Pounds470475470475Low
18/04/2019Dollar357360357360Low
18/04/2019Euro402406402406Low
17/04/2019Pounds470475470475Low
17/04/2019Dollar357360357360Low
17/04/2019Euro402406402406Low
16/04/2019Pounds465470470475Low
16/04/2019Dollar360365357360Low
16/04/2019Euro400405402405Low

Data is collated from various black market dealers on the mainland and island of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

Patricia
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FEATURED

Edo, Rivers, Ondo, Katsina, 17 others attract zero investment in 4 months

Lagos topped the list of states that attracted investments during the period under consideration.

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Ekiti, Jigawa, Abia, 10 others record no investment in 2019

About 21 states in Nigeria attracted zero investments in the last 4 months according to data from the Central Bank of Nigeria.

According to data, the following states, Rivers, Ondo, Edo, Sokoto, Oyo, Abia, and Anambra recorded zero capital importation in the last 4 months. Others are Adamawa, Bauchi, Benue, Borno, Cross River, Delta, Ebonyi, Enugu, Imo, Kastina, Kogi, Kwara, Osun, Oyo, Yobe, and Nassarawa states.

UBA ADS

This information is contained in the Capital importation report obtained from the Central Bank of Nigeria, CBN. The report also detailed the total amount of fresh investments attracted to the Nigerian economy during the period.

[READ MORE: States’ IGR hits N691 billion as Osun, others recorded biggest growth]

Note that most of the states that failed to attract investments during the period under review also failed to attract any investments in 2019. This means that it is either the necessary steps were not taken by the governments, or foreign investors could not find attraction in the states or the environments were simply not conducive for investment.

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Lagos outshines FCT, Niger, 5 other states

As expected, Lagos topped the list of states that attracted investments during the period under consideration. Lagos attracted the highest amount of $5.39 billion during the period. The investment inflow into the state represents over 87% of the $6.17 billion.

Lagos is followed by the Federal Capital Territory which attracted a total investment inflow of $754.01 million.

Niger State attracted a total investment inflow of $11.60 million. Sokoto State also attracted $2.50 million, while Kaduna State attracted the sum of $1.98 million and Ogun attracted $1.70 million.

Kano and Akwa Ibom states recorded investment inflow of about $700,000 and about $237,000 respectively among others.

The limited investment inflows into some of these states clearly indicate that the states are not really attractive to the investors, even before the pandemic. The Managing Partner, FA Consult, Peter Adebayo, explained that the nation’s economy is not attractive enough to pull investments to states that lack the desired viability.

“Most of the investors are scared of insurgencies in the country, though such is limited to some parts of the nation, except for the well-connected investors that are given special attention,” he said.

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Back story: Last March, Nairametrics reported that Ekiti, Kogi, Sokoto, Bayelsa, Ebonyi, Gombe, Jigawa, Abia, and five other state governments failed to attract investments in 2019.

Patricia
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Corporate deals

DEAL: Custodian Investment agrees to buy majority stake in UPDC

Custodian Investment announced on Monday to acquire a 51% stake in UPDC, a real estate company owned by UACN.

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DEAL: Custodian Investment agrees to buy majority stake in UPDC

Custodian Investment announced on Monday to acquire a 51% stake in UPDC, a real estate company owned by UACN. This is confirmed in a press release posted on the website of the Nigerian Stock Exchange.

UACN announced plans to spin off its investment in UPDC in 2019 after multiple years of losses and value accretion threatening to undermine the going concern status of the parent. Last June, UPDC announced it has raised N16 billion from the right issue as it prepared for its unbundling.

UBA ADS

In separate press releases between Custodian and UACN, the duo agreed to a sale of 51% or 9, 465, 584, 668 ordinary shares of UPDC in a transaction that will occur in two phases.

Deal Details

  • An initial sale of 5.1% of UPDC will be sold to Custodian Investment
  • The second sale of 45.9% of UPDC will then be sold to Custodian Investment
  • The companies did not reveal timelines for the consummation of the deal
  • Due to this deal, UACN will stop its unbundling plans for UPDC
  • The deal is subject to regulatory approvals.
  • The purchase consideration was yet to be disclosed, however, UPDC has a market capitalization of N15 billion while Custodian has a Market Capitalization of N30 billion as at press time.

What they are saying

The CEO of Custodian, Wole Oshin and his counterpart in UACN, Folasope Aiyesimoju also commented on the transaction providing reasons for consummating the deal.

  • According to Wole Oshin of Custodian Investment, “The rationale for the Transaction is that Custodian and UAC share the view that their ambitions for capturing opportunity in the real estate industry will be better achieved working in partnership.”
  • Custodian also believes the transaction “will provide Custodian with a platform to capture arising real estate opportunities. It also immediately provides recurring cash flow visibility and attractive yields as a result of its direct exposure to Nigeria’s leading real estate investment trust (“UPDC REIT”) with a track record of profitability and annual dividend distribution which offers a good compliment for our product portfolio.”
  • According to Folasope Aiyesimoju, Group Managing Director of UAC, “UAC received a credible offer from Custodian. The terms of the offer compelled the Board to re-evaluate the planned approach to de-consolidate UPDC and influenced the Board’s decision to proceed with the sale of a portion of UAC’s interest in UPDC to Custodian, effectively putting an end to the UPDC Unbundling.”

What they stand to gain from this deal

The two companies also revealed what they stand to gain from this transaction. According to Custodian, it decided to acquire for the following reasons;

GTBank 728 x 90
  • The company claims it is attracted to the ‘recurring cashflow visibility from UPDC REIT citing the huge cash flow it hopes to enjoy from rental income
  • “The UPDC REIT is highly cash generative with recurring income streams. It has distributed an average of N1.4 billion p.a. over the last five years. Rental income from UPDC REIT is underpinned by leases with first-tier tenants. This presents a good match for our business.”
  • Custodian also mentions the N10 billion in assets for sale on the books of UPDC which it will focus on “realising”.
  • For UAC, while it will no longer be pursuing its deconsolidation strategy for UPDC, it will still retain part ownership of the company but will cease to have it as a subsidiary of UAC operating as a standalone.
  • UPDC will now be a subsidiary of Custodian Investment.

UPDC’s Challenges

  • UPDC reported a loss after tax of N15.8 billion in 2019 and has accumulated over N33 billion in losses since 2016.
  • However, its REIT business has faired better reporting a pre-tax profit of N816.5 million in the first half of 2020. It has consistently declared dividends.
  • UPDC collected about N956 million in cash distribution from UPDC Reit in 2019 alone.
  • UPDC has undergone several restructuring since Themis Capital acquired majority ownership in UACN in 2018. However, it was unable to stop the hemorrhaging of losses.

Patricia
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