The Best Side Hustles in Lagos, Nigeria
Nigeria is a country with an ever-growing population that has been faced with the challenge of unemployment. The current rate is at about 35%. In order to address this issue, Nigerians have come up with creative ways to make money on the side. This blog post will introduce you to some of these side hustles and how they can work for you or your company if you are looking for extra income opportunities in Nigeria.
Nigerian entrepreneurs have created many different types of businesses from car washing services, food delivery apps, taxi companies and more. Whatever your interests may be there is likely something out there that will suit your needs as well as offer a healthy business opportunity for those who want it!
The Nigerian Economy
Nigerian economy has been on the decline for a while. There have been job losses, cuts in social services, and attempts to contain inflation with various types of price controls. However, because the economy has been so unstable, the chances of securing a full-time job have become slim. The situation is expected to get worse in the near future, as the effects of the current economic crisis are predicted to get worse.
The current crisis means that those without a stable source of income are scrambling to make money on the side. A lack of opportunities for employees means that many people are likely to turn to creative, part-time side hustles.
What is a Side Hustle?
Side hustles are part time jobs that one might conduct as an alternative to full-time employment.
These are the best side hustles in Nigeria. Each of these ventures can provide you with some income and expand your network. A lot of time and effort goes into building a successful side hustle in Nigeria, so be sure to select a company that has your best interest in mind.
Sometimes it can be hard to find reliable transportation services in the United States or the UK. As a result, many people are turning to courier services to get the job done efficiently and at a fair price. It can be a great option for you to provide an in-home service. Once you have been selected as a courier driver you will need to undergo a training course to ensure you are fully equipped.
Just about anyone can sell a car online.
Monetizing your Passion
If you are an entrepreneur and your hobby or passion is social media, think of your time spent in front of a computer screen as the equivalent of watching TV. Social media has been found to bring significant rewards as an entrepreneur. The social media network Vine was created in 2012 and quickly gained popularity. It was a short looping video website used by many famous celebrities and was purchased by Twitter in January 2015 for $30m. There are now over 100m active users on Vine, and it is estimated that the network has brought in over $100m in advertising revenue.
Do you love to cook? One interesting way to monetize your hobby is by opening your own restaurant. BookingBuddy is an online platform that connects travellers to available hotel bookings on Airbnb, Hotels.com and HomeAway.
Food Delivery Apps
With the growing population of residents in Nigeria, with the intention of feeding people on a daily basis, fast food delivery apps have sprung up throughout the country. Some of the most popular food delivery apps include Jumia Food, Place and Uber Eats. The options for fast food delivery are very limited in Lagos, which is the biggest city in Nigeria. Uber Eats is a great option for those who don’t have much time but want to have an option to quickly get food. This is a particularly good option for delivery in Lagos because of its minimal traffic and pedestrian access in some neighborhoods. The cost for a delivery is $5 – $10 USD.
In Nigeria, most Nigerians are known to be busy people who don’t always have time to prepare for events.
How to Get Started
There are several things you need to keep in mind in order to begin a profitable side hustle in Nigeria. The first thing you must decide is what you want to sell. You can choose to sell your product and take a cut of the profits, or you can offer your services to a wider audience. You can make more money if you choose the latter option. The second thing you must do is set up a website to launch your business. Then you can advertise your services to a wider audience and wait for customers to contact you. If you want to make money from your business quickly, you can register it with a local government, and once they have reviewed your details you will receive your business registration number. You can then put in a public advertisement or even go door-to-door to find clients.
Find your niche
Before you set out on any business venture, you need to know what you are going to do, where you are going to do it, and who you are going to do it for. Go through your thoughts and ideas and come up with an actionable plan on what you are going to do and who you are going to do it for.
Consider your target market
Consider what is going to be most appealing to your target market. As Nigerians are not only big on consuming but also the number one producers of the world, most of us like to buy local. Local goods and services are usually best for this type of market. Being able to provide local products or services is a great way to reduce costs and increase sales.
Decide on the proper business name and location
Having a proper business name and location is important.
Choose a business model
The initial idea for a business is always the most challenging part, and although all businesses are a little bit different this is your business so it is all about finding what works best for you. As a business owner, you will need to be sure to choose a business model that will fit your personal and business goals and objectives. The first thing you will need to decide is what your customers want or what you are good at. For example, some entrepreneurs decide to set up the business to sell bulk herbs or creams, so that they can get a higher margin and be their own bosses, rather than freelancing for someone else.