There are many business that you can do today and start earning passive income in some months time.
Starting a business may belabourous while starting a lucrative business demands many skill, investment and commitment.
In today’s article, we are going to discuss the top 5 businesses that you can make a million naira monthly. Let’s get started.
The more you imagine, the more the responsibility you have. This also applies to business organizations. If you want to earn big, you will also have to invest big.
In a nutshell, the following are the top 5 businesses that can earn you 1 million naira monthly.
- E-commerce store
- Offering vehicle rental or concierge services
- medical or dental services
- Creative film or video production services.
- Investing in cryptocurrency
Let’s explain this one after the other.
1. Start an E-commerce store.
An E-commerce store is an online store that provides services for customers. These stores are based on different niches, so if you want to start any, make sure you have a clear niche.
Making 1 million Naira per month through an e-commerce store is no easy at all. It requires a lot of work and dedication to be successful. there are different steps you must follow in other to navigate through.
The very first step is to focus on building a strong brand and offering unique, high-quality products that meet a specific market demand.
In addition to this, you will need to invest in effective marketing and customer acquisition strategies in order to drive traffic to your store such as SEO and massive advertising. This is the method I used when setting up one of website which is helping me make passive income today.
Once you have established a strong presence and are receiving orders, you should focus on building relationships with suppliers of the products you sell to secure competitive pricing and ensure a steady supply of goods.
Last but not the least, you must ensure that your logistics and operations are efficient in order to fulfill orders quickly and accurately. This will make customers cling to your business and recommend it.
Building a successful e-commerce business takes time and effort, but by focusing on these key areas, you can increase your chances of success and generate significant revenue. With the right strategies in place, it is entirely possible to make 1 million Naira per month from an e-commerce store.
Indeed, It’s an online business that is very lucrative and can fetch you thousands of dollars if properly implemented.
In Nigeria, there is various E-commerce store that is currently making six figures in money. They include Jumia, JIJI, and Konga, to mention but a few.
Let’s move to the second subject matter
2. Offering vehicle rental services
Another great way to make money as a Nigerian is to offer vehicle rental services. This business is highly profitable and in high demand because in most cases vehicles are needed to carry out some functions.
There are companies that provides these service. If you want to start this business, you need high capital like 900 million naira. How? Why?
Nine hundred million naira is the adequate amount of money needed because you will be required to buy a fleet of different cars, buses, and trucks.
After buying, you will need to register your business name and do a promotion so that you can be noticed.
For cars and buses, you can rent them for individuals or organizations who need them for ceremonial or business purposes. With this alone, you can earn nothing less than 10 million daily.
On the other hand, if you focus to lease or rent trucks, your target audience is big firms that need trucks for the carriage of goods to their target. With this, you can make nothing less than 50 million daily.
Note that, you will have to insure your vehicles against loss and ready to withstand any liability.
3. Offering medical services to people
If you are looking to make a million Naira per month, you should consider offering medical services. You can open a small medical store like a pharmacy depending on your area.
Let me borrow you an idea, you can open a pharmacy on a tertiary institution campus and offer essential medical services to students.
On the other hand, If you’re looking for large audiences, you can utilize digital marketing, social media, and targeted advertising will help you reach potential patients and establish your brand.
4. Offering film or video production services.
Video or film production is currently experiencing a revolution in Nigeria.
The demand for videographers by musicians and actors is currently in high demand.
A notable person in Nigeria commonly known as T G Omori earns more than 1 million naira from a video.
So, with the right approach and investment, you can earn more than a thousand naira from video production.
5. Investing in cryptocurrency
Thanks for reading to this end. Last but not least is Investing in cryptocurrency.
It’s a great way to make 1 million naira in no time.
The key to success with cryptocurrency is to diversify your investments and use appropriate risk management techniques.
With the volatile nature of the market, you should never invest more than you can afford to lose and be sure to research any project you are considering investing in thoroughly before doing so.
You may be interested: How to Make Money in Real Estate Without Investment
Before I wrap up, don’t forget to take advantage of any available opportunities to buy cryptocurrency at a discount or through reward programs.
With this, you can make the required money mentioned in this article.
FAQ
What business can I do in Nigeria with 1 million?
One of the most popular and profitable business ventures you can start with one million Naira in Nigeria is vehicle rental or concierge service.
Vehicle rental services are in high demand in Nigeria, and the good thing is that you don’t need to own a fleet of cars to get started.
You can partner with car owners who have their cars and offer your services as a middleman.
Also, you can set up your own rental service by buying cars and trucks. Typically, this business usually requires more capital for set up.
Which business is the most profitable in Nigeria?
When it comes to choosing the most profitable business in Nigeria, real estate is at the top of the list.
Real estate investment has been one of the most reliable and profitable sources of income for Nigerians over the years. Not only does it provide excellent returns on investments, but it also requires minimal effort to maintain.
Thanks for reading.
