In Business

10 Lucrative Businesses You Can Start in Nigeria with Small Capital

March 18, 2022 No Comments

Everyone wants to make more money. Even if you have a job you still want to have a side hustle, business etc that generates extra income for you.

The challenge for most people is that most lucrative businesses require capital which most people don’t have. What if there are businesses you can start with little money, so you may not need to borrow the capital to start?

We did some research to come up with low cost, lucrative businesses you can start with small capital, to generate reasonable income for yourself.

1. Blogging

When people hear blogging they think it’s all about writing articles or posts. No, blogging consists of creating any different type of content on a platform such as website, social media (eg Instagram) etc.

Your blog can be photo focused or video focused (otherwise called vlogging). Blogging can be creating unique content (articles, photos, videos) of your own or posting snippets of other people’s content and directing people to those content.

The key thing to start is to decide

(a) the type of content you want or will be comfortable creating eg a current affairs blog on Instagram showing interesting photos and videos, a blog writing about opportunities & careers, a photo blog on travel and interesting places etc.

You can choose what to blog about and the medium you wish to use to blog.

(b) Which platform to use for your blog: If you are social media person you can use Instagram for your blog especially if it’s picture, video focused and you are familiar with social media. The advantage is you will spend zero on a website, hosting etc. You just create content, grow your followers etc. If you choose to create a written blog then you will need a website (or use any free website provider), then host your blog site. You can host your blogs free on WordPress.

How to Monetise Your Blog Site

If you are creating a blog website you will need good content and some traffic before you can start making money. When you have created a lot of good content and finally have some traffic (at least 1,000 visitors per month) you can start exploring any of the below monetisation methods.

Google Adsense: Adsense is usually the easiest and first means of monetising a blog website. You simply sign up to the Adsense program and then place the ad codes on your website/blog. Adsense serves ads from different advertisers on your blog and shares the revenue with you (the publisher).
Affiliates: You can sign up to ecommerce, software or online business sites that have affiliate program especially for products that are relevant to the content on your site. You put affiliate links on your blog articles so people may click to go to the website selling those items or products. When people referred from your site make a purchase you can make as much as 50% commission in some cases (depending on the commission set by the Affiliate website/seller)
Direct Ads: If you have built up some level of users and traffic to your blog you can start attracting interest from companies looking to advertise directly on your site. You can create an advertising rate card and sell ad space on your website.

For Other Types of Blog like an Instagram Blog you can monetise by charging sponsored post fees and adverts.

2. Information Marketing

Much of what goes on in the internet is actually one form of selling information or the other. Starting an information marketing business is straightforward.

If you have an expertise area or something you know that others will be willing to pay for you can easily start a business selling that information.

You can sell information in the form of software, templates, ebooks, video course etc. Today there are lots of platforms that can help you sell so you don’t need to go through the hassle of setting up a website and payment collection system.

Globally you can sell digital information in any format (ebook, video, downloadable software, pdf etc) via several global and local platforms which include Flutterwave store, Paystack storefront, Selar, Gumroad, DPD, Ejunkie, Easy Digital Downloads etc.

You follow the major steps of

finding the right product to create
create the product in the best format for easy delivery and consumption for buyers
choose a digital platform to sell your information product
Set up an account, upload your digital product and create copy for the landing page
devise a marketing plan that will attract the right prospects to your digital products page(s)

3. Affiliate Marketing

Affiliate marketing can be a profitable business that requires little or no capital to start but will demand lots of effort from you.

Affiliate marketing can come in various forms but it basically means finding and promoting products for 3rd parties where you get paid a commission per sale. The commission you earn can vary depending on the affiliate program and even on the particular product you promote.

Different products in the same affiliate program/website can have different commissions. Usually high priced software products or digital products pay higher commission than say ecommerce or physical products with lower profit margins.

Earning from affiliate marketing starts from finding and choosing the best affiliate program. For Nigerians and many Africans there are very little options to choose from.

One Affiliate program however which admits Nigerians and can become profitable is Amazon Affiliate Program. You will need a website or a social media account on a platform like Twitter which significant following and engagement.

Then you will need to regularly create quality content around a particular niche which will enable you attract thousands of people and pageviews. You can insert affiliate links to several quality products with good reviews so some of your targeted visitors may follow these links to make purchases.

4. Freelance Writing

If you have decent writing skills you can pull off a decent income from freelance writing. The opportunities are now abundant. There are now many platforms where you can sign up, bid for writing jobs and earn for each writing project you complete.

You can also set up your own web page detailing what writing services you offer and promote them via strategic articles and guest posts.

Asides the popular freelance sites where you can get freelance writing gigs such as Upwork and Fiverr you can also join other sites such as Freelancer, Contently, Freelance Writing Jobs, Contena, Guru.com.

You can also apply for full time, part time, contract freelance writing gigs on websites such as Flexjobs, Remote.io etc.

5. Social Media Management

If you know your way around major social media platforms/sites you can make good steady income helping small businesses create content on and manage their social media handles.

The major social media sites you can help businesses manage are Instagram, Twitter and sometimes Facebook.

You just need to be organised, learn basic content creation and design skills for the particular social media site you want to focus on. You may want to just zero in on businesses on Instagram (such as ecommerce, fashion/clothing etc).

Help them create a content calender, create/design content and post for them based on schedule. Use hashtags to attract and grow followers or fans for the pages.

As a social media manager you can handle social media accounts of several businesses and charge a monthly retainer to create content and grow their pages.

See an example of a social media management agency helping other businesses manage their social media pages – https://pejasdigital.com/

To start you don’t even need a paid website of your own. You can create a free page on any free website hosting service so people can go there to read what you offer and how to contact you.

6. Virtual Assistant

If you have little money and plenty of time on your hands, one business you can start with almost nothing and start earning decent income is a Virtual Assistant business.

As a virtual assistant you help people or businesses handle certain administrative or specific tasks like writing, research, running errands etc.

To start as a virtual assistant you may first define the scope of services you offer. Limit them to services or tasks you will have little problems offering because reputation is important if you are to get repeat business.

Next create a profile. No need spending money to do this. You can create a social media profile/page for the business or set up a free About page describing what you do, services/tasks you render as a virtual assistant and how to contact you. It may also help to have handy a rate card that shows your fees for different tasks.

You can also sign up on some sites where you can find and apply for virtual assistant tasks. TaskRabbot, PeopleperHour etc are a few of the websites where you can get virtual assistant work.

7. Real Estate Agency

You can start your own real estate agency with no capital in your current city. As a real estate agent you simply connect buyer/renters with sellers and owners looking to lease/rent out their properties.

You can, for a start specialise in rental properties – apartments, duplexes etc.

You can register your business name and start building your rental property database by reaching to people building new houses or looking to rent out their houses. Check if there are any licenses or registrations required to be an agent in your location/country.

When you have a decent collection of properties you can start looking for renters. Join forums, post on social media. Real Estate agencies earn commission on any property rented or bought through them.

As your network grows you stand to make more money as you match more property owners with buyers or renters.

8. Tutoring

If you are very good in one or more academic subjects or even non-academic subjects like playing a musical instrument (piano, guitar etc) you can actually create a decent business as a tutor.

Your biggest challenge will be to identify your ideal buyers and convince a few to take you on. You can tutor kids of a couple parents (and build a schedule that allows you have at least a handful of clients). Your tutoring can be done several times a week at specific times so you create a calendar that enables you take on a few clients.

The interesting thing is that asides your knowledge you do not need to spend on things like a venue. Most of your prospective clients will be happy for a hime tutoring arrangement.

You only need at least 3 clients that you bill a decent monthly amount to make it a worthwhile business.

9. CV/Cover Letter Writing

Even if you are not a HR expert or very skilled in CV Writing you can actually acquire the skills very quickly by accessing free online resources on CV writing.

To get samples you need to use in selling your CV writing service you can create new CVs for a few friends. These samples can be proof that you can help anyone rewrite or re-create their CV.

The key is to price your CV writing services appropriately. You can charge very affordable prices for the entry level, mid and senior level respectively.

You can also easily find and build your own diverse library of CV templates that you can then use to create attractive, professional CVs for your customers.

If you have a laptop already and can access reliable internet you are halfway there. If you can write well then all you need is

find good resources and templates on CV writing
Do sample CV writing jobs (even if for free) to get initial testimonials and test your skill
Start creating simple content and advice around CV writing, post them in relevant forums and social media targeting jobseekers/career individuals
Have a simple web page where you can link to for anyone to reach you or contact you

10. Event Planning

If you are highly organised and love planning events, parties, weddings etc this could be turned into a lucrative event planning business for you.

Lots of people are busy with their day jobs or are too lazy to plan significant events in their lives like birthday parties, weddings, traditional marriage events, child dedication parties etc.

You can create a very good cashflow positive business helping people plan and execute their events if you live in a big city.

Of course you may need to take more courses to learn more about event planning and especially the aspects of finance, how to charge fees and how to use tools that help you stay organised and effective.

But these are no big deals. You can find event planning courses online and plenty of guides on how to start your event planning business.

By having the passion/interest and researching a few guides on event planning business you should be ready for your first client. Start by reaching out to friends, create a business name/card or a simple webpage that tells people what you do. You might even offer to waive your fees to help a couple of friends plan/organise their next events.

This way you have videos and photos you can use as your sample when talking to future clients. And also you may need to be more outgoing, attend events, network, give out your cards and meet potential clients.

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In Money

Personal Finance Tip: 3 Money Saving Apps to Earn at Least 10-15% Annual Interest on Your Money

January 2, 2022 No Comments

I had a chat with a friend a few weeks ago and somehow the discussion veered into personal finance a la money saving apps and investments etc.

Now I’m the first to raise my hands and say I suck at saving/investing. I feel like I save too little and too irregularly. But I’m deciding to do something about it like learning tricks to save money on things like electricity.

Back to the story I asked, out of curiousity, whether she has somewhere she puts away money. She mentioned a certain bank/insurance saving product that pays, wait for it! 5% per annum. I was surprised and then upset. Then I realised there was likely a lot of people like her – putting money into savings or investment plans that paid too little and below the inflation rate. Save N1 million that way and after one year the N1 million plus the interest will be worth less than it is today.

So what are the ways you can save/invest your money to yield the highest possible annual interest while being sure your money is relatively save? Note that an investment/savings product should have a high level of security and return decent interest.

Let’s look at a few we dug up from research;

Money Saving Apps

Over the past few years several fin-tech companies with focus on helping people save and earn decent interest on their saved money have become even more popular. It is easy to see why. Before now you could leave N1 million in your bank savings account without withdrawing/touching it and you will be lucky to get a paltry 1 or 2% interest annually on it.

Enter Savings app that encourage people to save their money and earn anywhere between 10 – 15% interest on it. So basically in one way they promise much higher interest if you save your money with them than with a traditional bank. And for some of them is the beauty of monitoring your accumulating interests via the digital app.

The more popular ones include;

Piggyvest: Piggyvest started as Piggybank in 2016 as a savings only platform. It offers customers/users between 10 – 15% interest on saved amount per annum. Users can transfer money they intend to save or fund their savings account with a credit/debit card. The app lets you save in Naira and also in US dollar with the dollar savings paying 6% interest annually. There is also the Safelock feature which allows you lock away money you don’t want to be tempted to touch in return for up to 15% interest.
Cowrywise: Cowrywise is yet another savings app launched in 2017. It offers users the opportunity to save their money and earn interest. The app allows you choose different savings options to meet your goals. On Cowrywise you can earn up to 15% annual interest on the amount you save.
ALAT (by Wema Bank): ALAT is a digital only bank set up by Wema Bank. Launched in 2017 ALAT lets you set savings goals. You receive a physical debit card which lets you withdraw money from anywhere. You can earn up to 10% annual interest when you save money on ALAT.

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NOTE: This article does not constitute financial advice. Nairabrains will not be responsible for any decisions taken as a result of reading this article. Kindly consult your financial advisor or seek professional financial advice.

In Personal Finance & Investments

How Much are You Worth? Here’s How to Calculate Your Networth

July 1, 2021 No Comments

Your total assets or net worth, essentially, is the dollar measure of your resources or assets minus your liabilities. You can work out your total assets by taking away your liabilities (debts) from your resources. On the off chance that your resources/assets surpass your liabilities, you will have a positive total asset. On the other hand, if your liabilities are more prominent than your resources, you will have a negative net worth.

For specific applications, be that as it may, this fundamental total assets computation may not be sufficient. In the event that you hold copyrights, licenses or other intellectual property (IP), you might have to work out your “tangible” total assets (net worth), which is the amount of all your tangible resources minus the aggregate sum of your liabilities.

What is Tangible Net Worth

In the sense that it totals your assets and liabilities, your physical or tangible net worth is similar to your financial net worth, but it goes a step further. Any intangible assets, such as copyrights, goodwill, patents, and other intellectual property, are subtracted.

For example, businesses compute tangible net worth to evaluate the company’s liquidation value if it were to discontinue operations or be sold. Individuals who are looking for personal or small business loans and the lender requires a “genuine” net worth figure may find this figure useful. Your lender might be interested in your monetary assets – and how much the lender could reclaim if you failed on your debt and had to liquidate your possessions.

Tangible Versus Intangible Assets

The difference between net worth and tangible net worth assessments is that the former includes all assets, while the latter excludes non-tangible assets. All you have that can be converted into cash is referred to as an asset. Assets, according to this definition, include cash, investments, and real estate. (land and permanent structures linked to the property, such as houses), and personal goods (everything else that you own such as cars, jewellery, boats and furniture).

Intangible assets, on the other hand, are assets that cannot be held in your hands. Intangible assets include trademarks, goodwill, copyrights, patents, trademarks, and intellectual property, which cannot be seen or touched but are nonetheless valuable.

Calculating Your Tangible Net Worth

The following is a simple formula for measuring your tangible net worth:

Tangible Assets (Net Worth) = Total Assets – Intangible Assets – Liabilities

Calculating your net worth for the first time will most likely take the longest. The approach will likely take less time if you figure out the methodology and how to appraise your assets. Here’s how to do it step by step.

You can also keep track of your net worth using tools like Google or Excel Spreadsheets, and other online personal finance apps available below:

Personal Capital

Best free automated net worth tracking app. Personal Capital has a high level of automation. You can see your net worth in near real-time by syncing your asset and liability accounts (bank accounts, brokerage accounts, mortgages, and so on). Personal Capital is the simplest solution on the list because it requires no effort from you once your bank accounts are linked.
Ynab

Best budget integration. My favourite budgeting app is YNAB (and the one I use). Its zero-based budgeting concepts make it simple to manage and remain on track with your spending. An integrated net worth tracking solution is available within YNAB. This is how it goes.

All of your accounts, assets, and liabilities should be linked. YNAB then generates reports that reflect your net worth. The most significant disadvantage of YNAB’s net worth tracking is that you must manually change the balances of your investment accounts.
Tiller Money

Best spreadsheet net worth tracking. Tiller Money is the way to go if you want to track your net worth using Google Sheets or Excel rather than an app. Tiller is a program that automates the download of financial data into your preferred spreadsheet application.

It simplifies the most inconvenient aspect of using spreadsheets for personal finances: manually adding transactions. You’ll get a template spreadsheet with net worth tracking when you sign up with Tiller.

Final Thoughts

Even if you intend to calculate your net worth using one of the many online tools or applications, it’s a good idea to do it manually at least once—you’ll get the most out of the statistics that way. While you can do the work using a pencil and paper and a calculator, a spreadsheet tool like Microsoft Excel or Google Sheets can handle the calculation for you and lessen the chances of making a mistake.

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