Profitable Businesses You Can Start With N20,000 And Make Over A Million Naira In Less Than A Year
Coming up with a good idea isn’t a static process; it involves a lot of trial and error. To help, I had come up with the list of businesses you can do to build up your finances in no distance time. Most of these businesses I still do till today, and they are very lucrative and profitable, judging from my experience over the years. You can start of the the business with capital of about N20,000 and you can generate up to N2million in net profit within a year, if you put your time and be dedicated.
Most of these can be done at home in your spare time, and in your spare space, too. See if there are any ideas below that fit you well. If you find an idea you like, do more reading to know more and then, take action.
1. Dropshipping Business
Dropshipping is a supply chain management method in which the retailer does not keep goods in stock but instead transfers the customer orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer.
The main concept of dropshipping is selling products you don’t actually own. Working with dropship partners is not only a product acquisition model, but also includes product fulfillment. The process works by taking orders from your online business and forwarding them to your supplier/dropship partner. They in return, ship the product to your customer on behalf of your company.
The key to making money with drop shipping is making a profit on the price difference between what you charge and what your dropshipping partners charge you. The biggest benefit to dropshipping is the ability to offer a large selection of product without purchasing inventory upfront and managing that inventory.
This is one of the most lucrative business anyone can do. You can be an owner of a Dropship store even without lifting a finger and, you will be making massive profit daily.
Read more: How To Start A Dropshipping Business And Own Dropshipping Store
2. Oil And Gas Brokerage/Marketing Business
In the oil and gas business, product trading is where the wealth is and, it has a wide scope, from the Automotive gas oil(AGO- Diesel) to PMS(petrol), DPK(kerosene) and LPFO( low pour fuel oil- black oil). You will find opportunities from estates, banks, factories, workshops, eateries/hotels and business centres, factories, companies, government offices, filling stations and depots. All these places are where you can supply petroleum products for millions even on your first delivery.
You can completely start the business without capital as an independent broker. The business is completely free to start. This is made possible by payment-on-delivery system of the business. The buyer issues LPO(local purchase order) to you and, with the LPO which you will send to the supplying company, the company then supplies and, when the buyer pays, you will get your commission from the supplying company. You will also get the money you must have added to each litre.
What I mean is, if the supplying company say they are supplying at N130 per litre of PMS, you as an independent broker can tell the buyer that you are selling at N135. That means, each N5 from every litre belongs to you. Each full truck of product contain 33,000 litres, some trucks can also contain 45,000 litres. You will make more money if the buyer is buying more than 1 truck. The supplying company also pays you commission for bringing the business.
You can run the business as a full time business or as part-time business. You are the boss of your own.
Read more: How To Start Oil And Gas Brokerage/Marketing Business Without Capital
3. Email Marketing Business
Email marketing is the act of sending a commercial message, typically to a group of people, using email. In its broadest sense, every email sent to a potential or current customer could be considered email marketing.
The term usually refers to sending email messages with the purpose of enhancing a merchant's relationship with current or previous customers, encouraging customer loyalty and repeat business, acquiring new customers or convincing current customers to purchase something immediately, and sharing third-party ads.
Why Email Marketers Make More Money Than Other Forms Of Marketers?
The reason is clear– for ten years in a row, email is the category generating the highest ROI for marketers. For every N100 spent, email marketing generates N3,800 in ROI and gives marketers the broadest reach of all the channels available to them. Despite the plethora of tools available to marketers, email marketing is simply the best bet for business growth. And it offers email marketer great monthly profit.
However, there are some challenges associated with email marketing. These include, difficulty in getting the email addresses of individuals, verification of the email addresses, updating the database, having effective way of sending out the messages, categorizing the email addresses (location, age, occupation) and the techniques in generating revenue through email marketing, among others.
These challenges are easily overcome if you can reach out to those already in the business who can provide you with relevant information and resources.
Read more: How To Make Money Regularly Through Email Marketing Business
4. Simple Website Designing/Building Business
Most people run away from this business before they lack coding/programming skills. I included this as a business one can go into because, I'm not referring to a robust website, but a simple or single page website.
In recent times, small businesses are on the increase and each want to be noticed and recognized online. Most of this small businesses lack capital to go for robust website and therefore, they settle for a more cheaper and easier to maintain website know as single page website.
Anyone that can operate a computer and type words on Microsoft office suite can venture into this business as creating this kind of website doesn't require coding. Lots of small and medium scale businesses are all around us and, you can approach them, tell them about the benefits of going online and how cheap the price it. Creating a one page website may cost about N4,000 and you can create one in less than an hour.
Creating this kind of website requires the use of software to make it easier. The software eliminates the need for coding and programming. One of such software is Microsoft FrontPage which you can get at about N12,000 on Amazon or locally.
Read more: How To Start A Single Website Designing Business And How To Get Microsoft FrontPage Cheaper
5. Cryptocurrency Trading
Buying and selling bitcoins is probably the fastest and easiest way to try and make good money with bitcoin. The value of the currency fluctuates so much each day, it's a perfect target for traders. The volatility nature, makes Bitcoin a perfect market for trading.
It's little risk, high reward and super exciting because absolutely no one knows how high or low this coin can go. Lots of money to be made in trading bitcoin. You can learn from availabe information, safe ways to trade and with daily profit. Successfully trading can earn you upto 10% profit of you capital especially when you trade up to 4 time daily. If you take it more serious and dedicate more time to it, you can make more money daily.
You can start with as little as N10,000 and build your capital overtime. This business involves constant monitoring of Bitcoin price and ability to read price trend which you can learn easily from availabe resources (see the link below). You can successfully do this business with your smartphone. One of the trusted platform where you can trade on is LUNO and you can buy Bitcoin directly from your Nigerian bank and withdraw your money directly into your bank without going through exchangers.
Read more: How To Make Money Daily Trading Bitcoin On Luno Exchange Platform
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