I guess you want to have an idea of profitable businesses in Nigeria. This article gives you a deep dive into not just profitable businesses, it focuses on the fastest growing businesses in Nigeria today and how you may successfully venture into them and become profitable.
As Africa’s largest economy, the Nigerian economy abounds many opportunities for business growth. There are different businesses you can invest in, but there are fast-growing businesses that do not take so long to become profitable.
Notwithstanding their growth rate, there is still the need to work on your marketing efforts alongside other growth strategies to get these businesses to grow. They, however, grow faster than others due to certain peculiarities to Nigeria and Africa as a whole.
If you’re looking for fast-growing businesses that you can invest your time, money, efforts and resources in, this article is for you.
This article is on a collection of fast-growth businesses that is worth your investment. Though there are several fast-growth businesses, the following are amongst the top on the list:
- Laundry/Dry Cleaning
- Poultry Farming
- Car Wash
- Cassava Farming Business
- Laundry/Dry Cleaning
- How to Start Laundry/Dry Cleaning Business
- How to Keep the Business Successful
- Other essential tips to effectively run a laundry/dry cleaning business:
- Poultry Farming
- Why’s Poultry Farming a Thriving Business?
- How to Start This Business Idea
- Structuring the farm can be done in three ways:
- How to Keep This Business Idea Successful
- Financial Capital Needed
- Other Essential Tips
- CAR WASH
- How to Start A Car Wash Business
- How to Keep A Car Wash Business Idea Successful
- Financial Capital Needed For A Car Wash Business
- Other Essential Tips To Aid The Car wash Business
- Cassava Farming Business
Recommended: Top Selling Products in Nigeria
Contents
Laundry/Dry Cleaning
Fast-paced life in the cities has made laundry and dry cleaning business a prosperous one. Little wonder that it claims its spot on this list of the leading fastest growing businesses in Nigeria. People are so busy that they would instead outsource their laundry than to do it themselves.
Even the less active people hate to do their laundry themselves.
If you’re passionate about laundry and dry cleaning, this might be the business for you.
How to Start Laundry/Dry Cleaning Business
The first thing needed to start laundry and dry cleaning business is to be passionate about cleaning to come extent. Usually, laundry is a hated chore, so if you want to build a business empire out of it, you must be passionate about it.
It is also vital you understand the difference between laundry and dry cleaning. Laundry is washing clothes and other materials with soap and water, while dry cleaning is more technical. Dry cleaning involves cleaning without water; mostly with chemicals such as Perchloroethylene, Glycol Ethers, etc.
The above-mentioned difference between the two will require you learning the techniques. The best way to learn is by going to a physical laundry/dry cleaning shop for a few months. It might sound tasking, but there are tricks those professionals dry cleaners know that you might not know.
You can leverage some YouTube videos to learn the techniques needed to run a dry cleaning business successfully.
How to Keep the Business Successful
The best way to successfully run this business is by learning the ropes and going professional. Just because it’s fast-growing doesn’t mean you should jump into it without equipping yourself with the needed skills and knowledge.
Tell people about your business and the value you’re giving to them. You must be ready to bring something new to the table. You should be able to answer prospective customers’ questions on why they should use your services.
People are entirely mindful of their clothes. They may not like doing the laundry themselves, but they’re concerned about who’s doing their laundry.
Use social media to your advantage. You mustn’t have a fat bank account to push your business on social media platforms. You can start with Facebook, where you have friends, relatives, former colleagues and former schoolmates. You can run Facebook promotions on your business page with 1,500 Naira.
You can later extend to Instagram and Twitter. If you can’t create time to manage your business pages yourself, some influencers can help you out for a token.
You can register the business name with the CAC for only 5,000 Naira. People trust registered businesses more than unregistered ones.
Do all that’s needed to put your business out there.
Financial Capital Needed
How you start depends on your capital. The beautiful thing about this business is that you can start from your house with some essential items needed for laundry/dry cleaning. If you intend getting a shop, it will cost you more depending on your location.
Here are some things you’d be needing to start a laundry/dry cleaning business:
| Item Needed | Cost Price |
|---|---|
| Washing machine | 50,000 |
| Dryer | 98,000 |
| Iron board | 30,000 |
| Electronic iron | 6,000 |
| Hangers | 15,000 |
| Pegs | 3,000 |
| Buckets | 2,000 |
| Basins | 3,000 |
| Laundry soaps and detergent | 3,000 |
| Brushes | 4,000 |
| Garment conveyor | 25,000 |
| Bleach | 1,000 |
| Power generator | 85,000 |
| Banner | 10,000 |
| Stickers | 5,000 |
| Business name registration | 5,000 |
| Social media promotions | 5,000 |
Other essential tips to effectively run a laundry/dry cleaning business:
If you have a car, you can add “Pick and deliver” to laundry business. Customers prefer a laundry service coming to pick up their clothes and return them.
It’s a competitive advantage if you have a car and employ other hands.
Find out what your competitors are charging and know how to fix your prices.
Poultry Farming
Poultry farming is a very profitable business, and that’s why it is speedily climbing up the fastest growing businesses in Nigeria ladder.
Unlike what many people think, poultry farming isn’t only about breeding chickens or egg production. There are four significant activities and possibilities with Poultry farming:
- Layer breeding
- Broiler breeding
- Poultry feeds production
- Poultry equipment production.
Poultry farming, as a business is broader than people think. And that’s the reason it’s essential to understand whichever branch you decide to venture.
Know that every branch is profitable, depending on how you run and manage the business.
Why’s Poultry Farming a Thriving Business?
Considering the profit poultry farming yields, it is only logical to understand why it’s thriving. The increase in the consumption of white meat which includes chicken, turkey, duck and other birds fall into is due to the health implications red meat has. All age groups consume white meat, unlike red meat. Apart from that, it’s affordable and readily available.
How to Start This Business Idea
The first step to take when starting this business is to take time to learn about the business. You might think breeding chicks and layers is all about feeding them, but that’s not the case. Have it in mind that one single mistake can lead to the death of thousands of chicks. There are tricks in every business you have to learn to succeed, know them.
After researching and learning about the different branches of poultry farming, you have to decide if you will be breeding chicks, breeding layers, or both. This decision is a result of the knowledge you’ve acquired from your trainer. Specialize in the area you’re good at.
Set up the poultry farm. This can be done in your house, rented land or acquired property. It depends on your budget. But wherever you choose, make sure it’s conducive for the chicks, layers and eggs.
Another factor to consider when setting up your poultry farm is your access to water, power supply, motorable roads.
Structuring the farm can be done in three ways:
- Fencing system: This is a poultry farming system where the birds freely roam around in a fenced area fending for themselves. This structure isn’t advisable for a business.
- Sawdust system: This is a poultry farming system that use sawdust as the main cage system. It allows the chickens to move freely. It’s imperative to change the sawdust regularly to prevent the spread of diseases.
- Caging system: The is the most common system when structuring a poultry farm. Birds are caged according to their sizes.
Buying of equipment depends on the structure of your poultry farm. We’ll look at the needed equipment and their prices in the starting cost outlay.
When buying the chicks, make sure you’re buying from trusted dealers. This is one of many perks of being trained by a professional. You will be able to different healthy, malnourished and unhealthy chicks.
Already prepared feeds are highly recommended when you’re just starting. As you progress with time, you’ll be able to produce the feeds yourself.
All things being equal, your turnover will depend on your marketing strategy. You are to build a network of retailers before your first harvest. Market to the retailers around your area and let them know when the products will be ready.
How to Keep This Business Idea Successful
The business will be successful if you don’t make crucial decisions from a greedy point of view. Start with a few chicks and see your progress. You don’t test the depth of a river with both feet.
Employ helping hands if you are breeding more than 400 chicks. Poultry farming requires utmost attention, so don’t give the business less attention.
Aggressively market the business to friends, family, colleagues, neighbours, retailers, food vendors, grill vendors, etc.
Financial Capital Needed
You can start with the sum of 100,000 with a well-structured cage. You’ll increase the chicks as time progresses.
| Item | Cost |
|---|---|
| Business name registration | 5,000 |
| Banners/stickers | 15,000 |
| Social media promotions | 5,000 |
| Leased land | 100,000 |
| Feeders | 12,000 |
| Chicks (N200x40) | 80,000 |
| Waterers | 30,600 |
| Cages | 92,000 |
| Incubators | 48,420 |
| Nests | 50,000 |
| Coops | 50, 000 |
| Waste disposal | 25,000 |
| Brooders | 55,000 |
| Perches | 30,000 |
| Power generator | 100,000 |
| bags Feeds (10) | 30,000 |
Other Essential Tips
To breed healthy birds, you must employ the services of a vet. A vet will advise you on what to do to make the birds healthier.
Partner with eateries, beer parlours, cuisines and local kitchens to provide them with fresh eggs, turkeys, and chickens.
CAR WASH
The increase in the number of busy car owners is making car wash business more profitable. Many car owners would prefer to take their vehicles to the car wash for thorough washing instead of washing their cars themselves.
This article writes on all the key essentials that you must consider before you start your car wash business – one of the leading fastest growing businesses in Nigeria.
The most exciting thing about the car wash business is that you can start at any scale, even small.
You don’t necessarily need to have big washing equipment to kick it off. With little capital, determination and hard work, you can scale that business into something big.
How to Start A Car Wash Business
Learn about the business before jumping into it. Many startups fail not because they weren’t profitable, but because the owners didn’t take time to learn about the business.
Startup-Business-Plan-TemplateDownload
There are tricks in every business you’ll have to learn in order to excel.
Choosing the right location for the car wash is of utmost importance.
A majority of car washes are situated close to the roads. It would help if you situated your business close to your customers. Seek an open space close to a significant or busy highway.
Get the right equipment. As a starter, you mustn’t have ample equipment, but there is some essential equipment to have. We’ll be looking at some of the equipment in the starting cost outlay.
How to Keep A Car Wash Business Idea Successful
First of all, you need to have the foresight to be able to keep it thriving. Have a well-thought growth map you’re working with.
I’ve also noticed that having a sitting area where your customers (A lounge or something similar where car owners) can sit and chill while you wash their cars will increase your customer base—adding something like a lounge or a minibar to the car wash will improve patronage.
The location alone won’t draw customers. You have to market the business every chance you get, aggressively. Tell friends, family, colleagues, neighbours, cliques, and every car owner you meet about the services you offer.
Collaborating with auto repair shops, barbershops, salons, and other businesses around will help boost your clientele.
Employing experienced car washers is very important. It would help if you had a team of professionals with integrity around your business.
If the cars are thoroughly cleaned, your customers are more likely to come back.
Financial Capital Needed For A Car Wash Business
How much you need to start depends on how big or small a car wash business you’re creating. You can start with small machines in a not so ample space.
| Item | Cost |
|---|---|
| Business name registration | 5,000 |
| Rented space | 250,000 |
| Social media promotions | 5,000 |
| Car wash machine | 100,000 |
| Water (Borehole) | 400,000 |
| Water tanks | 45,000 |
| Water Hose | 10,000 |
| Power generator | 100,000 |
| Brushes, Buckets, towels | 7,000 |
| Robber boots and gloves | 6,400 |
| Soaps and detergent | 2000 |
| Blowers/dryers | 350,000 |
| Vacuums | 40,000 |
| Perches | 30,000 |
| Prep guns/pressure water | 100,000 |
Other Essential Tips To Aid The Car wash Business
Strategically partner with barbershops, salons, eateries, spare parts dealers to increase your customers. Use social media to create online awareness for your business.
You may also wish to start a membership subscription plan.
Cassava Farming Business
Cassava is the source for most of the food Nigerians eat. Fufu, Garri, Abacha, Amala, Cassava flour, etc. are the products of cassava. And this has made cassava farming a fast growing business in Nigeria. Aside from the products being locally consumed, it also serve as foreign export since Nigeria produce cassava in high quantity. Statistics have it that 24 out of 36 states in Nigeria grow cassava.
Cassava production might sound like a huge task, but it’s one of the easiest things to plant. The quantity you’re planting is where the work lies.
Suggested Read: How To Plant Watermelon
Selecting The Best Location For Your Cassava Farm
Before choosing a location, it should be perfect for cassava farming. Go for fertile land that is well-drained. You won’t be able to tell the real nature of the soil, and this is why you should take the soil for testing to find out if it will favour cassava farming.
Check for the following:
- Adequate rainfall, sunshine or access to water
- Landscape topography
- Proneness to pest invasion
- Proneness to soil erosion
Choose Cassava Stems for Planting
Understand that planting cassava for private use is different from commercial planting. When planting for private use, you may not be so particular about the stems you’re planting, but this doesn’t apply to planting cassava for business. In planting cassava for commercial use, you have to consider the stems to know if they are high yield stems.
Different cassava stems don’t grow well on the same soil. After testing your soil you should have better knowledge of the kind of cassava stems the soil can accommodate.
Check the stems for the following:
- The quality of the root they produce.
- If the stems are healthy and fast-growing.
- Whether the stems have a strong resistance to pests.
Rapid and rich growing stems for commercial cassava planting
- NR 8082
- NR 8083
- TMS (2) 1425
- TMS 30572
- TMS 81/00110
Prepare the Soil
Well-prepared soil aid the growth of healthy of the cassava.
How do you achieve this?
- Adequate use of manure and fertilizer.
- Prepare the soil for irrigation because you can’t be too sure about rainfall.
- Prepare the ridges to prevent rain from washing away the soil.
Prepare For Cultivation
You’re to prepare for cultivation from the very first day you planted the stems. It is highly recommended that you take good records of your activities to help you know the next step to take.
Before preparing the land, you’re to apply herbicide on the soil. Liming is also another thing to do during land preparation. You’re to apply agricultural lime of 5 (50kg) bags on the stems and land.
Plant the Stems
The Nigerian time for cassava planting is April. It takes 6-7 months to harvest early-maturing cassava, while it takes 12 months after planting the stems to harvest late-maturing cassava. It is advisable to apply fertilizer to the soil 8 weeks after planting the stems.
Weed the soil regularly to make sure the stems aren’t chocked by weed.
Harvest the Cassava
The best way to know that the cassava is ready for harvest is when the leaves turn yellow and fall to the ground, and when the root (cassava) is mature. To harvest faster, cut off the stems and preserve them for another planting season.
You can carefully use hoes to dig out the cassava root from the soil.
Marketing Cassava Products
You can either sell the cassava in its raw form or process and sell it yourself. Whatever you decide to do, make sure you have built a network of buyers for your product. There’s a big market for cassava products in Nigeria, so it won’t be that difficult to sell.
How to Keep The Cassava Farming Business Idea Successful
Your success is dependent on many factors, but you must have adequate knowledge of the business. Cassava makes our list of the leading fastest growing businesses in Nigeria because of many factors, one of which is her success rate amongst Nigerian farmers. Little wonder we are a leading producer of the tuber in the world.
Take time to learn the business by visiting cassava plantations and ask the farmers in charge questions.
Learn about the market for your product and how to sell them.
When you’re applying any chemical on the land or cassava stems, do it rightly. Wrong measurements can cost you a lot.
Have a senior in the business you consult in case anything goes wrong.
Financial Capital Needed
Cassava farming is capital intensive. You have to own or lease a plot of land to do this business.
| Item | Cost |
|---|---|
| Rented land (1 hectare) | 250,000 |
| Land preparation | 50,000 |
| Cassava Stems (60 bundles) | 10,000 |
| Cassava cutting | 5,000 |
| Planting cost | 12,000 |
| Fertilizer (10 bags) | 50,000 |
| Fertilizer application | 7,000 |
| Herbicide application | 12,000 |
| Weeding | 15,000 |
| Insecticide | 5,000 |
| Harvesting | 20,000 |
Suggested Read: Sources Of Funding For Small Business Owners in Nigeria
Other Essential Tips
As a farmer, you’ll be needing all the patience and consistency you can get to make something out of this business. Learn how to store and preserve the products and get ready buyers before harvest.
Conclusion:
These businesses are not on this list of the leading fastest growing businesses in Nigeria by accident; they are easy to venture, highly profitable and with minimal risk.
Do you know any other business that is worthy of this list? Please give your suggestion using the comment section and I will write on them.
Hello Anakor,
I quite understand your position, please consider reading this article on business ideas https://experts.ng/blog/sme-business-ideas/ , I believe you should be able to afford the take-off capital. Moreso, I have a writeup on how to get funding for your business – https://experts.ng/blog/source-funding-nigeria-business/
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