by Michelle Anama Abari | Jan 24, 2022 | Business & Finance
We all have to acknowledge that the financial stability of the country hasn’t been all that great but with the emergence of the Point Of Sales (POS) business in Nigeria, it has been better and has given more Nigerians options to choose where to withdraw their money.
POS business began to spread in Nigeria in 2013 after the CBN introduced the agent banking system in 2013. It opened up a new portal for financial services to reach bank customers in remote, unbanked, and underbanked societies.
Often at times, the questions ‘How to start a POS business in Nigeria?’, ‘How do I start a POS business in Nigeria?’, ‘How much do I need to start a POS business in Nigeria?’… have popped up on search engines and have also been asked in conversations… Well, to answer all these questions and more, let this article help enlighten you on this business journey.
POS Business in Nigeria
Before I dive deep into the POS business in Nigeria, it is good to note that a key or some key benefit of the POS business is that POS businesses serve as a way to extend the services offered by financial institutions to relatively unreached parts of society. Asides from queuing up at the ATM, irregular network services, etc, it also helps consumers withdraw money with ease when the nearest ATMs are far away. In other words, POS businesses make it easy for consumers to get the money they need in exchange for a commission.
I’m sure you must be asking how much you need to start up a POS business in Nigeria. Well, that depends on some defining factors and these factors are…
How Much Do You Need To Start Up A POS Business In Nigeria
To start a POS business in Nigeria, you need anywhere between 50000-200000 Naira (50 thousand to 200 thousand naira) depending on your location, means and other factors.
How to Start a POS Business in Nigeria
As I have said before, to start a POS business in Nigeria, there are some defining factors and these factors include:
1. The Location
You don’t want to start a business in a remote area. Location matters a lot in business because it has to do with the flowing in of customers. Densely populated areas work great for a business such as this. Look for crowded areas with pedestrian traffic such as markets, motor parks, residential areas, and so on.
2. Start with Enough Money
The definition of ‘enough’ here does not have a specific figure. Often at times, I’ve heard questions like ‘Can I start a POS business with 50 thousand naira?’ The actual truth is that the price you want to start with depends on the area and the demand for money in that area.
I have this friend who is also into the POS business. When he started this business, he started with 200 thousand naira. As huge as it was, it was too small because there was a particular customer who needed exactly 200 thousand naira and he was forced to give everything out because he was new to the business and didn’t know the ins and outs of the business.
The truth is that to start a POS business is quite strategic and tactful.
3. Applying for the POS Machine
This is also one of the most important tasks of the business. According to experts, there are two ways of getting a POS machine; through commercial banks and or other finance agents. The cost of acquiring the POS machine varies from issuing agents and how strong or advanced the connection runs.
To get a POS machine from a bank, some requirements ought to be met per the CBN directives. However, whichever bank you decide to approach, it is to your advantage that you own an active account with them.
Requirements for Starting a POS Business in Nigeria
According to CBN, the requirements for starting a POS business include:
- A valid means of identification, for example, a national ID card, voters card, active driver’s license, or an international passport.
- A registered business name
- A passport photograph
- Account number
- Phone number
- Business email address, and
- Bank Verification Number (BVN).
Some of the designated banks assigned to issue POS machines include First Bank, United Bank for Africa, Guaranty Trust Bank, Diamond Access Bank, Zenith Bank, Wema Bank, Fidelity Bank, Union Bank, Keystone Bank among others. Owners of these accounts in any listed banks have an advantage.
One can get the machine at a very low cost and the banks also accept instalment payments if the potential business operators cannot pay at once. However, there are alternative options to get the POS machines from which include microfinance banks, and mobile operators like Interswitch, Quickteller, Paga, FirstMonie, Opay, Palmpay etc. In the case of the latter, the business operators get to work as agents while the mobile operators act as hosts.
Other major requirements include passport photographs, Bank Verification Number (BVN), Current Account references, and evidence of business registration (CAC Certificate). Once your application is approved, you will receive the POS machine and you may begin offering your services to customers.
4. Get a Shop or Kiosk
This will serve as the local or nearest financial institution to the people where they can perform simple transactions like withdrawal, payment, bank transfer, etc. Your shop or kiosk should be designed in such a manner that it notifies people you’re running a POS business. You can achieve this with a small board put in front of your shop to alert customers from a far distance who are looking for a POS terminal.
It is very important to consider these defining factors when planning to start a POS business.
Now, with the knowledge of the defining factors laid out, one may be asking about a Business Plan for their POS business. And the answer to this question does not need much. If you recall when reading the article, all you have read is a business plan for your POS business! Just make sure your business is at the right location which has a high demand for money.
Having said all these, there are some beneficial companies and banks which I would recommend to someone planning to start a POS business.
How to Start a POS Business with Access Bank
Starting a POS business with an Access Bank is very beneficial. Like any other bank in recent times, Access Bank on its quest to deepen financial inclusion, make funds available to the under-banked and unbanked. It has also introduced agency banking services centred on mobile money. It then stands that as a mobile money agent; you represent the bank by carrying out services that would have been ordinarily sourced by the bank.
While doing this, you are entitled to a certain commission from the bank and also from the customers. Some requirements to become an Access Bank POS agent include a visible business location that is easily accessible, minimum working capital of 50,000 naira, valid ID card – mainly voter’s card, driver’s license, international passport, national ID card, utility bills, business registration documents for corporate bodies.
Once you meet the requirements, step in to any Access bank branch and fill in the necessary forms.
How to Start a POS Business with Firstbank
The First Bank POS agent business is a way of providing a source for employment to many Nigerians as it curbs unemployment in Nigeria. Many banks will charge you for a POS terminal after meeting the requirements to operate the business.
However, with FirstBank Nigeria, it cost 0 naira to set up your POS business. Once you meet the requirements, the financial institution will give out a free POS terminal for your business, and that’s amazing and hard to find from any other bank in Nigeria.
Some of the requirements include an existing business, a visible and accessible business location, a valid ID card, Biometric Verification Number (BVN), 1-3 months utility bill. Corporate bodies must have their business registration documents.
How to Start a POS Businesss with Opay
To register to become a POS agent for Opay does not take much. In fact, it is very beneficial, said one of my friends. People who are POS agents for Opay are paid daily unlike some other banks e.g. Zenith Bank or monetary Institutions. A way to register is:
- Log into the OPay app on your device.
- Choose the merchant application icon.
- Enter all necessary information as requested.
- Upload your transaction history for the past 3 months.
- Upload a valid ID card or Driver’s license.
- Take a snapshot of your business station and upload it to the portal
- Submit your OPay POS application for review
The OPay POS is free. However, agents must have a caution fee of 20,000 naira available in their OPay wallets. Immediately, the POS application is approved, the caution fee charge will take effect. This sum will be refunded to the agents when the agent returns the POS terminal.
Conclusion
POS business is a side income that is very lucrative to anyone who starts or who has started this business. The services offered here include:
- Withdrawing money from any bank account.
- Opening a bank account
- Depositing money into any bank account
- Paying utility bills such as electricity, airtime, water, and so on.
With all these services and benefits of POS business, who would not want to start this business? So to start this business is a good idea and I highly recommend this business to anyone looking to get out of the unemployment group in Nigeria.
by Michelle Anama Abari | Jan 10, 2022 | Business & Finance
There is a saying that goes…everything you set out to do begins with your mindset. Most upcoming businesses crumble immediately after they start because they find entrepreneurship hard. Entrepreneurship may seem to be hard because most entrepreneurs do not do their “why” and “how”.
A lot of wannabe entrepreneurs have often asked why entrepreneurship is hard? The truth is that it all depends on what you set your mind to do. So the better question to ask is… why is entrepreneurship hard for me? Once you’ve answered this question, you get to see a different picture of entrepreneurship.
In this literature, you will get to understand that the qualities of an entrepreneur are not the only pillar to entrepreneurship but there are more pillars and without these pillars, entrepreneurship is set to be hard…
Why Entrepreneurship Is Hard
1. Lack of Focus
Entrepreneurs are known for constantly brainstorming and having new ideas on how they can capitalize and make money. While having these unique ideas is a good thing, they can become overwhelming if you lack enough focus to narrow down your options to the ones with the most potential.
Having a focus for your plan entails you having a vision and a mission for your business. Sadly, some entrepreneurs lack focus and because of this, find entrepreneurship hard.
Once you have a focus on what you want to do, entrepreneurship opens other shades to its paradigm. You also get to realize that your small-scale business will blossom in the long run.
2. Self-doubt Makes Entreprenuership Hard
The biggest challenge that entrepreneurs face is not from the outside. It is an internal struggle. The constant self-doubt keeps screaming at you and makes you question if you have it in you to succeed. The solution to this is to learn something new for at least one hour a day.
Read books, listen to audiobooks and spend some time following the tweets of successful entrepreneurs. The best way to eliminate self-doubt is to see others who have done it and get the belief that if they can do it, you can too.
3. Managing Complexity
Another big problem for entrepreneurs is managing the complexity that comes with running a business. Compliance and taxation will be high. Navigating your business through such complexity can be depressing. Work will come in small chunks and there will be many things to get done. If you make a to-do list, it will be an infinite to-do list. Since the to-do lists may be lengthy, you need to constantly prioritize tasks, outsource and even ignore some until they are urgent and important. The solution to managing complexity is that you have to work your butt off. This would mean working on weekends, early mornings, late nights, and getting work done while working on something.
I remember this time, I had assignments to get done and also articles to write and finish up. I mean that week was hectic for me, but what I did was I prioritized everything, put the major ones first and I beat my deadlines for both my assignments and articles and even had spare time!
Managing complexity is one sure entrepreneurship guide most young entrepreneurs do not know and that’s why they find entrepreneurship hard.
4. Poor Marketing
People like to think that marketing is more important now than it was in the past, but it has always been the main driver in any business. Creating awareness for a brand and business is the only way you can succeed. Without marketing, no one is going to buy into it, no matter how fantastic your product or service is. Marketing is a complex undertaking on which many would-be and even seasoned entrepreneurs spend too few resources.
Digital marketing is a very logical and strategic thing that most upcoming entrepreneurs fail to understand and know which is why they fail early in business and blame entrepreneurship for being hard.
5. Failure to Go Back to the ‘Why’
If you’ve watched Simon Sinek’s TED Talk How Great Leaders Inspire Action, you know that most great companies start with the “why” behind their existence as opposed to “what” they do.
For me, my “why” has always been;
To transport you to a better place with every experience, make you feel love, and bring you moments of joy.
Find your “why”. Paste it in your room, look at it when you’re lost and confused (this happens a lot). Once you do this, your perspective on why entrepreneurship is hard will change.
6. Because You Think It’s a Path to Quick Money
Most ‘entrepreneurs’ go into the market to make money and this will only help them dig their graves faster. Entering and starting a should not all be about making money, although money should be part of it. It should not be the driving force of your business. sadly entrepreneurs make this mistake every time.
I cant imagine a slower way to make money than being an entrepreneur. You could work for years without ever seeing a dime. I have this friend who started up a small-scale business, and before 2 months the business rolled up and when I asked about it, all this friend could say was that it was not making enough money and the business was too hard.
The saying “Rome wasn’t built in a day” very much applies to this point. You can’t say you want something and start expecting results immediately, everything takes time.
Bottom Line…
Entrepreneurship entails logic, brainstorming, strategies, teamwork, determination, leadership, risk-taking amongst others and if you do not have these qualities and more, then entrepreneurship is sure to be hard for you.
No successful entrepreneur made it fast, it takes time and sacrifices to get to what you want…
Why entrepreneurship is hard? It’s because you haven’t put your “why” and “how to work. Put it to work and every other thing will be alright.
by Michelle Anama Abari | Dec 20, 2021 | Business & Finance
We do a lot of little things in life which lead to a much bigger effect in the long run. This feeling that the challenge of starting a business is a big primary obstacle many young entrepreneurs see blocking their road to financial independence. They fail to realize that there are positive tips for starting a small business.
Every small-scale business starts as a big idea, but you have to be able to execute the plan into action and by doing this, you have to know the rudiments and tips for starting a small business. The execution is what gets new entrepreneurs overwhelmed and makes them give up before it even starts.
With little dedication and knowledge on the tips for starting a small business, getting started is easier than you think. Breaking your idea into smaller tasks will help you tackle most of the challenges in getting started.
Here are some tips for starting a small business.
Tips For Starting a Small Business
1. Consider Your Skillset First
You may be wondering how your skills relate to starting a small business, the truth is it does relate. Considering and building on your skillsets is a good way to start a small business because it gives your business a good and strong foundation.
Some skills include marketing skills, managerial skills, digital marketing skills amongst others. These are ‘simple’ skills that need to be considered when planning to start a business. A lot of young entrepreneurs fail to take this point in. they just get a business and expect their ‘friends’ to patronize failing to realize that one needs to understand what their skills and crafts are before venturing into a business.
To start a small business of your own, you should consider your skill set and what you’re good at, and also what your product can bring to the market.
2. Get A Strategic Business Plan
A business plan is the living structure of your company. It creates a pathway for success and lays out strategies for revenue, marketing, and even budgeting.
It does not matter how great your business plan is, the most important thing is making sure it captures your intended actions over some time. Your business plan does not have to be the best before you set out to realistically achieve your goals. A business plan is a blueprint for any business, the business has to have a strong foundation.
Although your business plan does not have to be spontaneous, all it has to be is good and lays a good foundation for your business.
3. Find Your Market
Most entrepreneurs fall victim to this very important point which puts their small-scale business in jeopardy. Finding your market encompasses just your friends and contact list, you have to set out to build a strong and reliable network and also means to get more customers.
A good way to achieve this is through the popular WhatsApp business group chat. One can find their buyers through social media most of the time. Most small-scale business owners who have made it will tell you that they got most of their customers through social media.
Once you’ve found your market, you’re good to go to start your business. Another way of finding your market could be reaching out to friends who have mutuals who require your product. Once you’ve sold to one, the rest is history because buyers will be sure to come.
4. Know and Understand Your Market
After you must have found your market, the next step is to acknowledge and understand your market. Weird right? This is very relevant to starting a small business.
You may be aspiring to sell a product but your market may have a preference for other varieties, you may think this is a bad thing, the truth is it is a good thing. You have to understand your customers, what they like and what they prefer. The saying, ‘your customer is always right’ is perhaps common. This is a way of getting and listening to the preferences of your customers.
Acknowledging your market is another thing, you have to make it a ‘must-do” if you want to start up your business. Acknowledging your market requires acquiring massive and beneficial knowledge on your market which is also where comprehension of your market comes in. you have to acknowledge the information gotten on your customers, then you comprehend that information before setting out to execute your plan of starting your business.
5. Another Tip for Starting a Small Business Is Creating a Brand
Not to be too personal, but I will say this. I have asked a lot of people, especially my friends about their brands and they go along the lines of “oh I gave it to a graphic designer to do” or “ I will just draft a logo I have been thinking about that will fit my business”.
Most wannabe entrepreneurs fall into this category. They fail to understand that creating a brand does not only mean the logo of the company or just creating a very fanciful logo that. They may not even know the meaning of it.
Creating a brand encompasses not just logos, it talks about your vision and mission, your motto, and most of all, you as the owner. You may not know this, but the secret to a small but strong business is the face of the owner. The owner of that business is the brand of that business. Take, for instance, Elon Musk the owner of the automobile Tesla. The brand’s name is Tesla but the owner, Elon Musk. But when people are acknowledging Tesla, they also regard the CEO and owner Elon Musk.
This should be the same as your business, be your brand and treat your potential business as your own body, create yourself and you have a brand for your future business.
6. Have a Budget
It is highly recommended you keep your costs at the barest minimum. However, you still need a budget to determine how much you will be needing to spend to start the business. If you are funding your business yourself, be realistic about your costs and whatever anticipation you expect from your budget.
You have to keep the budget of your business in check before it shoots out, that is knowing how much and how much equipment is needed to start your business. You should also keep tabs on how much your budget would be when wanting to start another business in the long run.
7. Start With Your Money
Even with so much availability of platforms where you can access a loan in Nigeria, it is not so advisable to cover the cost of starting a business entirely through loans.
Many small business entrepreneurs cover the cost of starting up through loans, intending to pay back the loans from the profits from the new business. Many new companies can take months or years to start making a profit. Not to be a bad luck giver, but some businesses never even gain profit and they are forced to close down.
What would you say to those sorts of businesses? Well, I would say, do not start your business with a loan, save before you start your business and use that to start a business in order to gain your profit.
Most businesses that start with loans never go anywhere, all their profits are put into paying debts instead of saving to boost your small business. Start YOUR business with YOUR money.
Finally…
Starting up a small business can be tactful but not hard to do, it all begins with that entrepreneur’s mindset. Entrepreneurs are risk-takers but they should also take calculated risks, think with their heads and be very calculative.
There are a lot of tips for starting a small business, these are just a few which have been neglected but need to be used to start a small business. To potential entrepreneurs, pick your business niche study the losses and gains you will come in contact weigh the former and the latter and know what the outcome will be, and pitch your decision on starting that business.
To wannabe entrepreneurs, know your skill set, build on it and let your business plan be your blueprint for a strong business foundation, and lastly but most importantly, be your brand.
by Michelle Anama Abari | Dec 20, 2021 | Business & Finance
Your name is an extension and representation of yourself. Your name speaks for you when you are not there. Your name is a symbol of you, your name is you, your name is your brand. Your name can reinforce the value you provide or distance you from it.
A lot of people start up a business without knowing how to brand their business and this leads to a lot of loss from them. Knowing how to name your business brand should be very essential when starting up your business. Your brand name can either make or break your company, you have to be very critical and logical when naming your company.
When you are developing a name for a business, a product, or a service, you have several options:
- Use the founder or inventor’s name (Hewlett-Packard)
- Describe what you do (Southwest Airlines)
- Describe an experience or image (S Print)
- Take a word out of context (Apple)
- Make up a word(Google)
A clear, powerful name can be extremely helpful in your marketing and brand efforts. This is because it says a lot about you and it speaks for you, for instance…
Storytelling
Fundamentally, stories are about connection. They offer universals for everyone to relate to, and they establish common experiences between people.
In business, storytelling can be a powerful tool, especially when it comes to branding. But, what if I told you that you can also use your brand name to tell a story?
Story-driven names use metaphors and references, like Nike and Amazon. Nike is the Greek goddess of victory. Amazon refers to the largest forest on earth. From these metaphorical names, we can tease out intriguing stories.
- Nike’s story leads us on a journey of powerful achievement and victory-powerful associations for an athletic wear brand.
- Amazon’s metaphor speaks to discovery and the endless, nourishing variety found in the rainforest.
Story-driven business names are intriguing. They draw people in. they also have the bonus of setting up an association between your brand and an established story. Every story provides a foundation of connection and values.
Storytelling in its form helps you to know how to name your business brand.
Some other ways on how to name your business brand include…
Make Sure the Name Can be Carried Over to Your Logo, Slogans, and Taglines
Brand consistency is critical to growth, and it all starts with your brand name. The name should look and sound great alongside the rest of your branding: logos, taglines, slogans, etc.
To put these tips into perspective, you can take inspiration from successful brands and their taglines:
Apple: Think Different.
Before it became synonymous with a world-class company, ‘Apple’ did not sound like much of a tech name. Despite sharing its name with a fruit, Apple successfully entrenched itself in the digital technology industry. And the slogan “Think Different” reflects what Apple stands for: an innovative tech company that differentiates itself from other brands in every way-including its unorthodox brand name.
Another Way of Knowing How to Name your Business Brand is by Using a Name that Conveys Some Meaning
Let your brand name have a meaning, it could be an acronym or just a word meaning something. For instance the Nigerian skincare product, Arami. Arami is a Yoruba word meaning my body.
Another is example is that of one of the biggest tech companies, Samsung. Samsung is a Korean word meaning “three stars”. The name was chosen by Samsung founder Lee Byung-Chull whose vision was for his company to become powerful and everlasting like stars in the sky. And Samsung is today the best android tech company in the world and it is often compared with Apple products. Samsung is a successful large company today because of the meaning behind its name.
If you are looking for how to name your business brand, a sure way is making sure that the name you come up with has a good meaning, it draws customers.
Personalize Your Brand Name
I have this very good friend of mine who owns a paint company and he used the initials of his name to get his brand name for his business. This is because he is very big on family, thereby promoting his family name by putting his family name into business. And because of this, he is excelling very well in his business. if I do say so myself!
Other well-known brands around the world are also known to personalize business by using their names. For instance, Versace makes bags, clothes, shoes, scarves, and other luxurious accessories. Versace is an Italian name that happens to be the surname of a small Italian family. They personalized their businesses by using their family names and today, these brands are one of the most luxurious brands in the world.
Other brands that use their family names are Gucci, Louis Vuitton, Channel, etc. all these are brands that used their names, and today they are excelling financially. Want to know to name your business brand? Make sure you personalize your business, it must not be the name you use, but the name is personal to you and your business.
Another Good Way to Name your Brand is by Relating it to Your Business
You own a fashion store and your brand name will read “divine food”. That does not make sense at all. Whatever business you are going into, let your brand name relate to your business.
I have a good friend of mine who is into pastries and she does make good pastries. When she started her business, she actually did not have a name and all, but then as time went on, she got a very good name from her relative which very much relates to her business. And today, her business is doing well, mainly because the name is very catchy and it relates to her line of business.
Let your brand name relate to your business and your business plan. This will bring the right customers to you.
Avoid Hard to Spell Names
Keeping your brand name simple, short, and meaningful is something you should know about branding your business. You do not need a long name like an encyclopedia. Let your name be simple to spell. For example, the automobile company owned by one of the richest men in the world, Elon Musk is called Tesla. The name is very simple and easy to spell and pronounce. This is what a brand name should be like, simple and easy to pronounce.
The thing about customers is that they are attracted to your brand name and your logo. So once either your brand name or logo has an issue with them, they lose interest in whatever products you are selling. So having an easy brand name is key to knowing how to name your business brand.
Make Sure your Brand Name is Unique
The last issue you want to face is trademarks suit, so before setting your heart on a brand name, do some research to see whether other brands are already using it.
There are times you get an exact match, there might still be some issues, for example, is the business in the same industry or location? Even if it is or is not you can add something like extra symbols or extra words or numbers to the brand name. This way, the brand is unique and stands out from every other industry in that line of business you are venturing into.
And Finally…
Naming your business brand is a whole lot of work. It is not something that one thinks of overnight and thinks it is the best. Branding your business should be more than just a name, you should research and link the name to the business in such a way that it is very unique and captivating. I mean, look at brands like Google. Google was a made-up word but today, it made its way into the English dictionary.
Let your brand name be different but simple and very catchy. It will bring customers to you. Your brand name represents you and it lures people who would be very much proud to wear your name on them. For example, Gucci, Versace, Aldo amongst others.
Think hard and explore names before you find that name that speaks volumes of your business, your logo, your slogan, and most especially of you.
by Michelle Anama Abari | Dec 13, 2021 | Business & Finance
Everyone knows that you need more than one stream of income to survive and cater to all your needs. If your day job salary isn’t enough for rent and groceries and bills have been pulling up too high, it’s time to think about supplementing with an additional side income while managing business. A side hustle is a person’s first step toward financial independence and flexibility.
Personally speaking, I will say that having a side hustle is a very essential and beneficial way to increase the number of funds coming into your pocket. I’ve been in situations where I had to keep waiting to be paid my monthly salary or sometimes allowance from my parents.
Having a side hustle must not be something serious that ends up overshadowing your main job, it can be a hobby that you love doing. It could be drawing, singing, or even writing.
In this article, you will get to know and understand that there are a lot of opportunities to explore as a side income while managing a business.
1. Drawing
I have this friend who is into drawing, or rather, who has a passion for drawing and he earns about 10 thousand to 50 thousand Naira, depending on who sponsor them. He is also into other businesses and all, but knowing that his passion for drawing puts some funds in his pocket makes him happy.
Drawing must not necessarily have to be a serious deal before you can include it as a side hustle. All you have to do is schedule time to draw and paint then have an art dealer who can help sell your work for you. No matter the job you are doing or the school you attend as a student, you can dedicate at least one or two days to drawing and selling your work to people.
Like I said, your side hustle does not have to overshadow your work or school, as far as it puts capital in your pocket, you’re good to go.
2. Know a language? Teach it!
You may be better in one or more than one language and people around you may not know how to speak that language. That’s a good thing because you can capitalize on that, teach people, and get paid for it, or sometimes you could serve as an interpreter for someone or even a small company. By doing this you can get an estimated income of about 100 thousand Naira depending on the contract.
Or better still, apply on tutoring websites to teach languages online to people around the world and get paid for it instantly! It does not have to be a serious business, it can be part-time and at your convenience, this way, you have a side income while managing your business.
3. Manage Social Media for Others
Managing someone’s social media account is a good side hustle for anyone looking for side income. All you have to do is search for websites or apps that have jobs like this.
For instance, the app Linkedin has a lot of job opportunities, all you have to do is sign in and then search for jobs that interest you, and most of the time, you find jobs like social media manager or even digital marketer. This particular experience has favoured me at one point in my life.
This job is a very lucrative business because what most people with small businesses need is someone who can help talk to customers and also answer customers’ questions. I have a friend who is into this business and she is doing very well if I do say so myself. She earns about 20 thousand Naira to about 80 thousand Naira a month.
4. Write for a Blog
Writing, to most people looking for a side hustle is very tedious and tiring. To an extent, it may be, but it is a very profitable side hustle that a lot of people underrate. Writing small articles and also publishing them online is good because these days people are looking for writers who have commendable diction who can write well for their companies and blogs.
By writing, you are not only improving on your skills but you are also making writing a side hustle, and the more readers, the more potential customers who want to employ you as their writer. Most writers I know, write as a part-time job and they get an income of about 2 thousand naira to about 20 thousand naira which depends on the blog and also the contract you go into with that blog or company.
If you are looking for a profitable side income while managing your business, writing should be an option for your side hustle list.
5. You Can Drive While Managing Your Business
Driving is another good side hustle, especially in Nigeria. The amount of money paid as salaries to drivers depends on the number of passengers carried that day and the percentage issued on that day. Sometimes, the price of online taxis varies and because of that the drivers’ pay also varies.
You can rent a car from any rental company or if you already have a car, you can register as a driver on Bolt Driver or Uber. Whichever one is a very lucrative side hustle. All you have to do is get the car that meets the requirements for any of these driving companies, then you are good to go. You get a percentage of the profit gotten from the profits made by the other drivers and the pay is quite good for a side hustle.
Driving is just one of the profitable transport business ideas out there.
6. Being a POS Agent is a Profitable Side Income
With the current state of the Nigerian economy, a POS business in Nigeria is likened to a small and portable bank. This business saves the average Nigerian from the stress of going to the bank for withdrawals and every simple bank transaction. Every single bank transaction ranges from paying light bills to depositing money into your account and even paying for TV bills.
Although this POS business is the “in thing” now, it is still something worth starting and putting in as a side hustle, you earn enough, and by earning, you can get about 10 to 20 thousand naira monthly, but it also varies.
7. Mobile Food Delivery
If you have amazing cooking skills, this is a very lucrative side hustle for you, especially as a Nigerian. There are times when people are too tired to cook because of their long and tiring day at work, this is where you come in! You serve as a saviour to such people.
With your great cooking skills, people never fail to patronize you because of your good cooking skills and tasty meal! I have this friend who makes pancakes during weekends and her pancakes are amazing, I and some of my friends do not even cook breakfast during the weekends because of how amazing her pancakes her. We do not even mind giving her our last money just for that pancake. The good thing is that it is her side hustle and because she cooks well, she has permanent customers (me) who are willing to buy her pancakes.
Cooking is a skill, do not underestimate it because it can be a profitable side income while managing your business. You can earn about 50 thousand naira monthly, just imagine how much more you can get if you have great cooking skills and have customer demands!
8. Another Profitable Side Income is Event Planning
People love parties, whether it is birthdays, weddings or even naming ceremonies. The event market in Nigeria is so huge that if you decide to start planning events, you can make some people’s salaries in one week for a few days of work. Try doing it for a family member for free as a startup and see where it leads you.
You can get paid up to 200 thousand naira, depending on how large the contract could be.
9. Stock Photography
If you love taking photos, not just of yourself but of different things, you can start making money off being a lobbyist and amateur photographer and you get paid about 40 thousand to 60 thousand, depending on the contract. Take pictures of people, places, landmarks, events, and nature and upload them to paying stock photography platforms.
Photography is a very beautiful and profitable side hustle, all you have to do is get a good camera and the rest will fall into place. Photography is a very lucrative side income that can be profitable in the long run.
I also have this friend who got his camera a while ago and started this profitable business and he is getting paid quite well, he earns about 80 thousand naira, depending on the shoot he is doing.
Conclusion
Having a side hustle does not have to be something very serious and tedious, it all entails turning what you love doing into bringing capital for you while still going to work or even going to school. All students can testify to the fact that the amount of allowance gotten from our parents is too little to sustain us for a certain period. We need more money and by doing that, you look for a side hustle that can help you get more money. Other side hustles could include sewing, singing, babysitting, and lots more. Look for a side income today and double or even triple your streams of income, it will benefit you in the long run.
The amount of income you are paid depends on the company, your contract, and most importantly, the demand for your skills. Honestly, the amount of income you get from your side hustle varies.
