If you have a day job, you would have to wait till the end of the month to earn. If you are lucky, you could get a job that pays at the end of every week. Unfortunately, human needs do not come on a weekly or monthly basis. There are always needs to be met daily. It is only right that you find a way to get the kind of income that meets those everyday needs. Having a 5,000 Naira daily income business in Nigeria is definitely a good way to start.
Joblessness is on the rise in Nigeria. According to a post by Bloomberg, as at December 2020, Nigeria’s jobless rate increased from 27% to more than 33%, making us the second highest on the global list. To make matters worse, the price of things, especially food, has been on the rise lately even though the salary of Nigerian employees has remained the same.
READ MORE: 5 Businesses You Can Start With 30,000 Naira
The good news is, even if you are employed, you can own a side business that can get you up to 5,000 Naira daily income in Nigeria. This will obviously supplement your salary significantly. You can hire someone to operate the business and all you will need to do is delegate and supervise.
READ MORE: See why your small business is failing here
Imagine getting a daily income of 5,000 Naira from your business in Nigeria, that is approximately 150,000 Naira a month. The amazing thing is that it doesn’t cost so much to start some of these businesses.
This article is aimed at showing you businesses you can start to get a daily income of 5,000 Naira, how much it would cost to start and tips to successfully run the businesses and even expand eventually.
Note that the kind of goods or services you provide should be things that are needed on a daily basis. That being said, these are five things you can sell to earn as much as 5,000 Naira a day;
1. Food Business
Everyone eats on a daily basis. Not just that, almost everyone eats at least twice a day but not everyone has the ability or time to prepare their own food. This is why people are willing to give their money to whoever will provide them with well prepared food and food prepared in minutes or already made food. A 2019 study showed that Nigerian families spent up to 40 trillion Naira a year on consumption1. These families spent more than 50% of this amount on food and food items.
There are several types of already made food that a lot of people will buy such as cooked foods (rice, beans, all kinds of swallow with stew and soup). You could make breakfast for people by selling noodles and tea and bread (what is popularly known as Mai shayi). Another breakfast favourite of many Nigerians are Akara and Okpa. You could also sell snacks like egg roll, meat pie, buns and puff-puff.
For cooked foods:
First things first, you need to find a good location. Somewhere that has very high foot traffic or where there are a lot of corporate offices. You should also do a survey first to know what the people who will likely patronize your business will want. For example, you should not sell foods like rice in a rural area where there is a higher demand for swallow.
You do not need to pay a high price for rent if you do not have the funds for it. You could set up a food stand with a canopy and tables and chairs. These are the things you will need to start and their average price:
- Cooking utensils – ₦40,000
- Chairs/ Tables – ₦10,000
- Table Cover – ₦500
- Wash hand bowls/ Towel – ₦1,000
You will also need
- At least 1 sales person/ cleaner (increase by demand)
- At least a cook if you can not do it yourself
Tips To Run A Successful Food Business:
You have to invest in a very good cook. You will easily get repeat customers if your food is exceptional, and they will recommend you to everyone they know.
Make sure your food stand environment is clean and hygienic at all times.
You have to have books for your finances to record your cash flow. You should always know how much is coming in and going out.
2. Water Business
Everyone drinks water every day. Selling sachet water is quite profitable especially at retail level. A bag of sachet water cost 100 Naira and there are 20 sachets in it. If you sell each at 10 Naira you make a 100% profit on it. You can also buy bottled water really cheap from wholesale and sell it at a very good retail price.
3. P.O.S Business
The rise of POS stands has greatly reduced the stress of going to queue at a bank or ATM to perform transactions. It saves people’s time and they are always willing to pay a small service charge for the convenience. With the lowest service charge being 100 Naira and the hundreds of people that need to make a financial transaction daily you can make a lot of money every day from this service. Besides this, POS can provide other services like recharging phones with airtime credit, paying for utilities like NEPA bills and subscriptions.
It is pretty easy to set up.
- Register with an agent and get a POS machine. It costs just ₦30,000
- Put your plastic table and chair under a mango tree or get an umbrella if you cannot afford a container or store.
- A bag to store your money
- At least 50k cash for customers for a start
- And a book to keep records (Very important).
4. Provision Store Business
Besides food, water and financial transactions, there are many other items people need daily. Things such as bathing and washing soap, milk, beverages, matches, drinks, batteries, detergents, sweets and candy, toilet roll, toothpaste, sugar, salt, seasoning and much more. It is something you can do close to your residence or right in front of your house. This is especially good if your neighborhood is far from a market. A lot of people will patronize you because it saves them the time and stress of going a long way to get those same things.
5. Transportation Business
People move every single day. From home to work and back. People go to visit family and friends. People even have large amounts of goods that need to be transported on a daily basis. Being able to provide this service will bring a very large income to you on a daily basis. You could transport people on bikes, cars or Keke Napep. Keke and bike riders make an average of 6,000 Naira daily and bolt riders can make up to 9000 Naira a day. It is a very lucrative business and the only thing that is required is being able to drive. You can even hire someone else to drive for you if you don’t have the time.
Meanwhile, you can look below to find some of our recent articles specially curated for you;
Just in case you don’t have the capital to start don’t worry, there is a fast and easily accessible micro lending company that will not only speedily provide you with the funds you need but will also provide you with a well detailed plan for your business to ensure that it thrives. Contact OG Capital and get a soft loan and business advisory so you can begin that business immediately.
My name is Emmanuel Ejiga. Content lead of OG Capital
I am a writer. Technical writer, song writer, and sometimes fictional writer.