There are still so many stigmas regarding a local business. Most people think that you can’t earn a lot of money with a small startup. But these twenty ideas will prove them wrong.
Top 20 Lucrative Local Business Ideas
To be fair, there are hundreds of ideas that you can have for your startup. We have selected the top 20 ideas that can ensure you a big income. At first glance, these ventures may not seem much. But when you maximize its potential, they’re highly lucrative.
1. Catering Service
Being in the hospitality industry can be very lucrative. Every event needs a caterer, no matter how small. Of course, you need to start small first to establish your brand. Then you can get bigger contracts and serve more people.
2. Palm Oil Storage
In Nigeria, palm oil is a lucrative commodity. You can stock up on palm oil when the prices dip during February-April, and sell them when the price is at its peak. This business may need a big capital compared to the rest, but you can be sure that the profit is also as big.
3. Security Agency
There are many things that you can do as a security personnel. However, you need to have the necessary experience and background in the industry. Being an ex-military can help you start the necessary connection for the venture.
4. Property Broker
Helping people find new homes also can bring you extra income. The best part is, you can start as a freelancer to know the industry better. As you gain more knowledge, you can start your business using the connections you make throughout your tenure as a freelance broker.
5. Copywriting Service
Writing is one highly lucrative skill. All companies need a good copywriter to promote their venture. And you can benefit by providing the service for high-end companies.
6. Snail Farming
Did you know that every year, Nigerians consume 7.5 million snails? That sure sounds like a lot. Snail farming is one of the businesses that is always in demand. You can earn a lot of revenue since it has a small capital.
7. Laundry Service
Keep in mind that a good laundry is always high in demand. You can start the business near the business area. Forming a partnership with a hotel or similar service also can be a good idea to promote your business.
8. Hairdresser / Barbershop
Everyone is keeping up their appearances, and that makes being a hairdresser one of the most lucrative ideas. However, to gain more customers, you need to keep up with the trend and prove that you can be a trendsetter.
9. Social Media Marketing
Specializing in social media marketing can bring a lot of revenue. The best part is, that you don’t have to start big or hire so many people. To be an effective marketer for a small business, you can start with one or two people.
Photography is an example of how a hobby can be a lucrative business. Anyhow, you need to set your niche from the start. Whether you want to specialize in weddings and birthdays, baby and family photography, or maybe nature and fashion photography. Each niche has its uniqueness that can suit your skill.
11. Makeup Artist
Did you know that being a make-up artist is also lucrative? Your first fee may not be much. But as soon as you grow your clientele and explore new communities, you also can increase your rate.
12. Frozen Food Business
This is one lucrative business with endless possibilities. You can be part of the frozen food production. Or maybe a transport company that specializes in frozen food. Being a retailer also can guarantee a high profit.
13. Logistics and Transportation Business
This business may sound like a big idea. But you should know that you can start small and have short-route delivery. This is crucial for you to know whether your target market is available nearby or if should you expand your search.
Being a drop shipper means you don’t need to spend a lot on capital. You can always set your service to be on a request basis, to reduce the cost. However, you need to find the best supplier to keep your customers happy.
15. Fast Food
Today, you can be part of a franchise or start your own fast-food business. There are so many meals that you can turn into fast food. Whether it’s a snack, coffee, or a whole meal, you can gain a lot from this venture.
16. Food Delivery Service
This business means you need to work with several restaurants in the nearby area. First, you need to set your range area for the food vendors. This business proves that you need to start small to know more about customer’s expectations.
17. Drink Production
There are several popular drinks in Nigeria that you can capitalize on. For example, you can start producing tiger nuts or hibiscus drinks. You need to have unique packaging so your brand will stand out even more.
18. Event Management
As an event planner, you are responsible for the event’s success. While it may sound difficult, did you know that most planners started with minimum capital? Their key is to have the right connections and friends in the right places to help them build their brand and customers’ trust.
19. Web-App Developer
One of the most sought-after positions is an app developer. So you can seize this chance by launching your company as a developer. You can start by being active in the programmer community to build your portfolio.
20. Fashion Boutique
If you love fashion, then this one is right up your alley. You can focus on a single brand, or maybe even a specific style. You need to showcase your uniqueness from the get-go to get the most loyal customers.
After reading about these local business ideas, we won’t be surprised if you come up with a new start-up. Do let us know what your idea is by leaving a comment.
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