In the world of today, a lot of people are still job hunting, while few fend for themselves through self owned businesses. These set of self employed people otherwise called entrepreneurs mostly focus on establishing heavy line of business which might in turn produce loss and lead to a deficit turnover.
However, there are businesses that are very much underrated and tagged as ‘ non or low profit making’, but on the long run, they seem to yield more profits than these heavy line of businesses.
Few of such businesses one should start up or invest in are:
Laundry/dry cleaning business:
This is one of the tagged ‘low profit making’ business and most people feel and think it is stressful and has a low income rate. But on the long run, it cost roughly 100 to 150,000 naira to start up which I believe is minimal. The equipments needed are basically
A generator and a shelve
These are the basic and necessary equipments needed to run a laundry/dry cleaning business which at the end of the day might not even amount to 100 thousand naira. Washing/ ironing a shirt cost 200 or 250 naira as the case may be. Calculating 200 * 20 shirts amounts to 4000 naira, which is roughly what you make daily. 4000 in 30 days = 120,000
This is yet another business with a high profit rate, but only operated by a few. The basic equipments needed are
Chair and a generator.
Calculating the turnover rate, a good barber on an average cuts minimally 20-30 people in a day. 200 to 300 is the minimum price range for a haircut. 200 * 300 = 6000 naira in a day. 6000 multiplied by 30 days = 180,000 naira. One tends to make roughly 180,000 or more in a month which most graduates don’t receive as salary
Goat meat is one of the most consumed meat in Nigeria which is expensive due to an increased demand and perhaps very less expensive to manage. It costs and average of 15,000 naira to purchase a matured goat. In rearing a goat, one doesn’t need to buy feeds as goats feed on mainly grass which costs nothing. A female goat gives birth at least three times a year with an average of 2-3 kids per birth which keeps multiplying. With a capital of just 15,000, one can make 100-200,000 in months. The basic and perhaps only requirement is just a shade for the goats.
A trip of firewood cost 20-23,000 containing over 1500 sticks. This business is mostly advisable to run in rural areas where people still cook with firewoods.
In this line of business, one basically needs a store house to keep the woods. Calculating the turnover rate, a bundle of firewood cost 100-200 naira, selling over a thousand sticks, (100 * 1000) amounts to 100,000 which could be achieved in few months, with a profit of 80,000 naira or more.
The four listed businesses have been tested and proven correct and true to yield profits over time. As young graduates or an idle man, it is advisable to take risks and start a business and I bet, you would be glad you did.