10 Innovative Business Ideas for Startups to Make Money 2024
One of the problems faced by business startups in Nigeria have been the lack of innovative skills to do existing businesses differently and that has to a large extent, hindered the development of the country.
Although people get inspired daily with unique business ideas, but the problem of execution which borders on insufficient capital to fund these ideas has been a bigger problem. Optionally, the high rate of unemployment in the labour market today has made many Nigerians give up their fantastic ideas on the altar of low-paying jobs (be it the white collar or menial ones). In fact, according to statistics recorded in the previous years, about 67,000,000 people were unemployed and the most heartbreaking thing about it is that the population continues to increase every single year.
Nevertheless, the rise of the COVID-19 virus made it worse and even when there are speculations of another phase of lockdown, many people are not yet skilled or qualified for some of the jobs that employers request for these days and because of that, more and more people continue to stay unemployed while others lose their jobs to machines in this computer age. As if this is not enough, many graduates enter the labor market in their numbers with no chance of job opportunities nocking on their doors.
What then is the way out? Critically looking at the whole situation, you can agree with me that business innovation is the way forward. As we continue to hope, dream and pray for high paying jobs to come our way, we should not also forget to create the employment opportunities that we crave for no matter how small it may seem. For this, I have gone through many nights of research to come up with 10 businesses you can start this year that will fetch you money steadily without stressing you out.
Top 10 money making business ideas you need to know
Before we proceed, you need to note that some of these businesses may not make you as much profit if you don’t up your marketing game. And why is this, you may wonder. The truth is, these business ideas are the type that a lot of people are doing already in varying ways. Therefore, breaking into the market might require you to do things differently to enable you to gain as much ground as possible; hence, the need for a solid marketing plan.
Therefore, if you don’t have plans to do business and do it excellently, then you should stop reading this article immediately. But if you’re ready to give it all it takes, congratulations to you, you’re on your way to being successful this year.
So let’s take a look at the ten below.
Thrift business
Laundry services
POS agents
Mini importation
Picture editing
Makeup artist
Disinfectants
eBook publishing
Data/Airtime services
Cleaning services/Fumigation.
1. Thrift store business
Not many people can afford first hand designers and because of that, a lot of people consider thrift clothes as something within their frame of budget. As a result, used wears are practically dominating in the statistics of bought and sold clothes in the country’s market places.
The interesting thing about it is that there is this side of this business that many people do not pay attention to, that is, thrift clothing for men. While it is true that women consider fashion more important than men do, it doesn’t negate the fact that men love to look good too. And since most men do not like the idea of going to the market to shop for clothes, men are most probably the ideal target audience for the thrift business in Nigeria.
2. Laundry services
If you know your way around this space, then I guarantee you success in this space as there is a lot of money involved. Your ideal target audience is busy professionals. Many are combining two to three jobs and it’s almost impossible to dedicate time to do laundry. Laundry has become a lucrative business in most Nigerian big cities like Lagos, Abuja, Port Harcourt & Kaduna and you too can earn steady income with it.
3. POS agents
It is no longer news that queues at banks are not very encouraging and because of that, many are looking for easy ways to get things done, and this is where POS agents come in. Not only do people make money transactions through point of sale services, but it is also an avenue to pay bills such as electricity and cable subscriptions. As long as you understand the technical know-how, starting a POS business is very easy. To get started, you just need to walk up to your bank and request a POS machine.
4. Mini importation
Every day, people buy items without necessarily having to go to a physical store or shop. The pandemic has opened our eyes to the comfort of having things delivered at our doorsteps. Before you delve into this business, you’ll need to carry out market research on the most pressing needs of people in your community to solve that problem. You’ll also need to learn the skills of mini importation and then, you’re just good to go.
5. Picture editing
As I write this, I remember a friend of mine who connected with a fan on Instagram and according to him, she looked different from what she looked like in pictures. And this experience is not strange. People want to look great in pictures these days, that’s indisputable especially since the advent of social media. Therefore, if you’re planning to venture into the business, success is assured because money-making opportunities abound.
6. MakeUp artist
From birthdays to house parties and Owambes, there’s always an event to attend every weekend and there is a high demand for people to look good. You’ll make it big especially if you’re good at your craft.
7. Disinfectants
Since the time of the COVID-19 outbreak, both young and old are now conscious of personal hygiene. If people were careful before the pandemic, people are now more careful and there’s more increase in how many disinfectants people buy every day. Creatively venturing into this business can fetch you a lot of money daily.
8. eBook publishing
If you have authority and or in-depth knowledge in any field, the best way to make money from it is to put it into a book and publish it on platforms like Amazon Kindle, OkadaBooks and others you’ll get to know more as you begin to make your independent research on this.
9. Data/Airtime services
Do you often wonder why banks and other institutions market, sell data and airtime themselves?. If there wasn’t money in it, an “almighty” bank won’t have a platform for such. Many platforms enable a person to become a data or airtime agent. When you get the one that suits you best, by all means, begin the business for they are profitable.
10. Cleaning services/Fumigation
General cleaning, maintenance and fumigation can be back-breaking (so stressful and time consuming) most times. So, a lot of people prefer to outsource (pay someone to do these things for them) subcontractors or cleaners to do the work for them. Not only can you offer these cleaning services for people in their homes, but you can also do the same in organizations as well.
In Conclusion
In addition to all the things written in here, I will add that you make your decisions based on which business you will not easily give up on especially when the money have not started flowing in yet. I’ll strongly advise that you also do your own research before embarking on anyone of them. In all, I wish you success in whatever field you choose.
Pretty! This was an incredibly wonderful post. Thank you for supplying these details.
Thanks Andbenzhub
This is indeed a very good information thank you am a mother of six children i really need to financially independent
Thank you Basira Umar