When it comes to making money, be it small or large scale, online or physical, one thing is certain, you must look for the perfect one that suits you.
By perfect, I do not mean that the others ain’t perfect or are terrible. What I meant by perfect is; choosing the business that best suits your strength and is Lucrative enough to pay you 100k to 500k monthly.
All kinds of businesses, you can imagine in this world, can be placed into 2 categories;
- High Demand Businesses
- Low Demand Businesses
High Demand Businesses are centered on consumers’ necessities. And for that reason, they attract high turnover.
Because of the high turnover, the profit margin is always low per item. But if the margins are accumulated monthly/yearly it is mouth-watering.
Examples of High Demand Businesses are; Banking sector, food items, gas, electricity, transportation, Saloon, eateries, and so on
While Low Demand Businesses are not so much of consumers’ necessities. And as such, they attract Low turnover but the profit margin is always high.
Examples of Low Demand Businesses are; Furniture, most service businesses ( eg contractors, plumbing, electronic repairs, consultants, etc), and so on
If you are given a chance to choose from both, I know most of you will choose “Low Demand” because it has a high margin, which is fine.
But as for me, I love the High Demand business. I don’t mind the low margin as long as the turnover is high, I am certain at the end of each month I will have something tangible.
The good thing about both categories is that they can generate good returns on profit if you are diligent enough. Meaning one is not more profitable or lucrative than the other!
That intro is to guide you on the type of business you should consider before finally settling on a particular type of business you want to go into.
Without further ado, here are the Top 6 Most Profitable Businesses that can pay you 100k to 500k monthly
1. Dry Cleaning
Dry cleaning also known as the laundry business is a very profitable business. In fact, if you are good at it, you can attract more patronage without any publicity expenses from you.
One thing you should never do in the dry cleaning business is to disappoint.
This business has no room for disappointment, if you finalize with a customer to come to pick up his clothes by Friday or you are to deliver the clothes to them, don’t end up crafting excuses on that day because it might be that the event the clothes is meant for is that same day.
Let it be known to you that disappointment can ruin this business faster than it rose.
This business can generate 100k to 200k monthly from the first 6th month (if you are not that good) but from the 3rd month ( if your services are exceptional).
And please get the machines to help with the labor if not your body will not remain the same after 3 months
More on Dry cleaning business in Nigeria
2. Driving School
Driving school is a lucrative business that can generate 3ook from just 10 students monthly, which is 30k per student.
In some places, it cost 40 to 50k per student to learn how to drive for 3 weeks. And the driving lesson is not every day, it is mostly three times a week, so you can imagine how easy it is to run this business!
The reason for the high charge is that the school provides the car, fuels it, and takes care of all maintenance apart from the one caused by a student.
Most of the time, the school eventually bears the cost of repair caused by a student.
But before you can start this business, you need a certificate from the Federal Road Safety Corps (FRSC).
An additional way to also make money from your student is by helping them register their vehicle papers.
3. Event Planer
The event planner business is one of the under-considered businesses by so many.
The primary reason why it happens to be so is that it takes a lot of creativity.
To succeed in this business you must have an open mind to diverse design ideas.
It is not the kind of business that requires laws like; “this is how it should be done”
It is an Art, meaning your job is basically to be creative enough to wow the host and the guests.
One easy way to build your creativity is by doing diligent research on other event planners’ previous and latest work.
One of the best research tools that can help is Youtube and Social Media.
By watching other event planners’ videos on Youtube, you can end up becoming the number one patronized event planner in your city.
And by following other event planners on social media you also get to feed your mind with perfect designs.
Event planning is in the category of Low demand business; because it is not every day that an event is held. If It is every day in the world, at least we know not in your city.
So because of that, the cost of booking an event planner is high. And as such, quality should be your utmost priority.
As a starter, you can start making as low as 100k per event if you are good at the art and you are being recommended by others.
But others who have been in the business for a long time, earn up to millions of naira per event. Their high prices come as a result of high exposure in this line of business
And finally, this business is not something you research about and start because you feel you have watched a lot of videos and read a lot of articles on Event Planning.
This Business requires practical knowledge, and you can only get that by learning directly under someone as an employee or trainee.
4. Interior Designers
This kind of business is not common in every city.
Like in my city Benin, there are a few interior designers with very little to no publicity, and I have not seen anyone.
Because when I wanted to launch my office, I looked for an interior designer, but none was within reach.
So as an interior designer make sure your publicity is loud.
Never build your publicity around close friends —You will never make it!
And just like event planning, interior design comes with its own creativity.
Do proper research, update yourself with the latest trends, and keep developing your skills.
I also advise you to work under someone who has been in the business for a long time. That will guide you in price valuation when it comes to placing charges on your customers’ requirements.
Read More: Interior Design Business in Nigeria: A Complete Guide
5. Fitness Instructor
As an instructor, you can place as high as 10k per trainee and normally most people in Africa go to the gym 6 days a week.
Even if you are bad at being a fitness instructor, as long as you have good training equipment in place, you will always see people patronizing you.
But it is recommended that you are not bad! So to help yourself, go on youtube and watch as many videos as you can to develop your fitness instructive skills.
Read More: How to be a successful Fitness Trainer
6. Barbing Salon
Barbing salon business is one lucrative business that can pay you over 300k monthly.
It is a business that requires skills and an open mind.
By “open mind” I mean, when you see an error or you make one, admit it (even if you don’t have to say it out loud) and make sure not to repeat it again.
We Africans like our hair neatly cut. And for some of us (me included), even though we don’t know how to barb, yet, if you make as much as a tiny mistake on my hair I can spot it.
And you don’t want to lose customers as a newbie. So it is advised you learn from someone who you know is extremely good.
As good as your trainer might be, don’t accept his managerial flaws or his ability not to accept mistakes.
And because this business is a skilled business, it requires you to update yourself on the latest trends through Youtube and Social media.
Try as much as possible to get the best barbing kits and maintain a good customer relationship.
As I often say; “Your Craft pays more than your white-collar job”
For more knowledge on barbing salon business, you can read out my article on how to start barbing salon business
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Conclusion
I hope you’ve benefited from this article: “Earn ₦100k to ₦500k from these 6 Lucrative Business Ideas”
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