- 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.
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.
Startup Capital: None
Payback Period – Immediately
Likely Income – N100k/Month
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
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.
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.
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