With so many business ideas in 2020, it can be hard to figure out which are worth pursuing. While jumping on a new trend can sometimes be risky – it can also be highly rewarding. You may notice that the ideas on this list have been growing in popularity recently. Others have been popular for a long time making them more competitive but less risky.
In this post, we outline the best small scale business ideas in Nigeria. Some of them can be started with very little capital. It covers ideas that can help you make money online and offline.
FIVE TYPES OF BUSINESSES MAKING MONEY RIGHT NOW
1. Home Bakery
The only thing better than the smell of grandma’s chocolate-chip cookie recipe baking in the oven is watching cash roll in as customers order those delectable treats. Home baking is an approachable business idea in that it involves doing what you’re probably doing a lot of, anyway, if you love to bake. You probably have all the equipment and expertise you need to get started.
But be wary. Food service—even a delivery service, which is the most likely scenario for home bakers, as opposed to setting up a storefront—comes with built-in risks. Prepare yourself, and read up on your local insurance requirements. And don’t be afraid to start out by making just one or two really great treats. Consistency is more important than variety in the baking business.
2. Wedding Photographer
Soon-to-be-wed couples are always on the hunt for a talented photographer to snap unforgettable shots on their special day. The generally higher rates for wedding related products and services presents an excellent opportunity for wedding photographers to generate great income.
3. Agribusiness
The growing world population is going to need to eat. Whether if it’s growing fruits and vegetables, raising livestock, or starting a fish farm, the agribusiness is primed to explode.
Agribusiness is always profitable as people and even industries need agricultural products to eat and manufacture certain goods in industries.
4. Selling Ebooks
If you’re finding yourself with time on your hands, your mind racing, then writing can be a great outlet. You might just find that your words can be packaged into an ebook that’s worth buying.
This doesn’t have to be your life’s work. Mind you, it should be good. But you don’t have to make it perfect. There’s always version updates.
5. Website Testing
Did you know that brands with a digital footprint hire real people to give feedback on their websites? The opinions allow them to address issues that their developers may have failed to identify. You can hire a bunch of people on a freelance basis and create your own website testing company. During projects, your employees will receive a set of questions that they need to answer as they navigate a company’s website. Through video, they’ll community their initial thoughts on the current user experience and how the site could be improved.
Frequently Asked Questions when about to start a business and making money.
What do I need to start a business?
The basic things you need to do are to conduct a market research, write a business plan, choose a business name, register your business, and fund it.
What businesses are high in demand?
Online businesses are currently high in demand, and this may not be changing anytime soon.
