A few days ago, the IMF confirmed what everyone had feared for a long time now – Nigeria has officially slipped into recession. There is widespread anger, despair, confusion and frustration. We see massive loss of jobs, companies are shutting down and aspiring entrepreneurs put their business ideas on hold to see how things turn out.
I’m a wealth evangelist. I don’t know what the government should or should not do to get the country out of recession and frankly, I don’t think it’s my job. What I do know is: in the face of economic adversity, there are endless opportunities for the smart entrepreneur to make money. The purpose of this article is to bring those opportunities to your attention.
THE ONLY WAY TO SURVIVE IN A RECESSION IS TO MAKE MORE MONEY!
1. FOOD BUSINESS
Food business, in any capacity, is evergreen. People must eat. There are some ways you can get involved in the food business. You can set up a small restaurant. If you focus of quality and best service, you will never run out of business. You can also start an outdoor catering service for weddings, events and whatnot. Here is a first-hand account on how to start a small catering business. If cooking is not your thing, you can start foodstuff business as a wholesaler or retailer. You can also export foodstuff to other parts of the world. No matter how you decide to start, food is a necessity and that is why it is at the top of the list.
Transportation is another sector that booms in a recession. With increased fuel prices, massive loss of jobs and high inflation rates, some people would prefer public transport over driving their own cars. You can tap into this opportunity and drive your way out of recession. I know a lot of bankers who lost their jobs and started a taxi service business out of their savings. They earn more now than they did at the bank. Companies like Uber are changing the way people think about taxi service business. If you cannot afford a vehicle, you can enter into a hire-purchase deal with someone who can afford it. With determination and focus you make progress and get a vehicle of your own.
3. TECHNOLOGY BASED SERVICES
Following Mark Zuckerberg’s visit to Lagos, the Nigerian tech industry has come under the spotlight after the Facebook founder’s interest in companies like Andela and CCHub. The future is tech! People need more creative and automated ways of getting things done. You don’t have to be a tech geek to tap into this industry growth. You can take part as an angel investor and partner with tech founders who are in need of capital investment. Vc4a.com offers you such opportunities to locate and invest in emerging tech startups.
4. INFORMATION MARKETING
Information is the most expensive commodity in the world. Recession is usually a time of confusion. Prices are skyrocketing, jobs are being lost and a lot of people are wondering: what do we do next? How do I get another job? How do I get more money to make ends meet? How do I stay ahead of the competition in business? If you have valuable information that answers any of the questions above, you are in business. How to go about it? Start a blog, organize seminars, package your information product (e-book, videos, podcasts, and webinars, etc) and people will pay you to get them. In a later article, I will show you everything you need to start your own information marketing business.
Freelancers never go out of business. There are lots bloggers who have no time to write, companies who need better copywriters, startups who need graphics designers, etc. Whatever you are good at, there are people who are willing to pay you for it. Nigerians make money on sites like Fiverr and Upwork. Fiverr is a great platform for freelancers to make money and has become rather very competitive lately because more people are getting into the system. People who have been there for long usually provide training for starters, helping them stay ahead of the competition and make more money. Emmanuel Riches (+234 803 385 5240) is one of such people. If you need training on getting started with Fiverr, get in touch with him. SourceGig is a freelance sites for Nigerians. It’s not as busy as Fiverr which is also a good thing. You can sign-up with them and get early bird’s advantage.
6. FMCG MANUFACTURING
Fast Moving Consumers Goods (FMCG) are products people use daily like Soaps, tissue paper, toothpicks, matches, etc. If you can find what people need, especially items they used to import, and offer same quality and standard in Nigeria, you are in business. Nigerians are learning to buy Naija to grow the Naira. Dangote, the richest man in Africa, realized the huge potentials in this lucrative sector and has largely dominated the FMCG market. Fortunately you don’t have to be a Dangote to start FMCG production. This entrepreneur started his tissue manufacturing company 5 years ago from almost nothing.
7. FINANCIAL ADVISORY
If you are a financial expert, you can advise people on how to make wise investments. A banker who just lost his job would be faced with the question of what to do next. So would an importer who just lost business because of the embarrassing forex situation. You can start a small consulting firm to fill this need. You can also set up yourself as an expert in this field by starting a blog that educates people on what to do with their money. Starting a blog is easier than you may think. You can contact me and we will get started creating your own money-making blog in no time.
You can export commodities to other countries and make money. To export or not to export is no longer the question. The question is how to export. There are lots of materials available on how to start your own exportation business. Over time, we will make those information available here.
I am a strong advocate of agriculture as a tool for economic diversification and prosperity. There is something in agriculture for everyone no matter the budget or ability. To get you started, I put together a list of 50 agricultural business ideas for entrepreneurs. There’s bound to be something in there that will make you rich.
10. REAL ESTATE
Importers who cannot import anymore because of the FOREX instability usually take their money and invest in real estate. Your part could be to advise them on where to get the best deals and where to get available property for purchase.
11. FUNERAL SERVICES
This is one of the most underutilized business sectors in Nigeria. Probably has to do with the fact that they deal mostly with dead people. But for those who are able to get around it, funeral services is really a lucrative source of income no matter the economic weather.
12. SPORTS BETTING
I don’t advocate gambling as a business model. But having a shop where gamblers gamble is one of the most lucrative businesses yet because people turn to betting as a means of raising easy money. You can start as an agent with a sports betting agency and work your way up from there.
13. ENTERTAINMENT BUSINESS
Entertainment is another sector that sees progression in a recession. You don’t have to be a comedian or an artiste to get involved. You can organize an event that pulls artistes and comedians. People will pay you just to make them laugh and have a good time.
Source: Next Naija Enterpreneur