"I Earn N1m Per Month": Side Hustles Millionaire Says You Can Start With N50,000 And Earn Extra Cash
- According to financial experts, Nigerians grappling with what business to start with little capital have various options.
- Such businesses as Point of Sale (PoS) have proven lucrative and attractive ventures.
- Also, other ventures, such as the sale of used clothing and perfume business, among others, are sure sources of income.
According to research, Nigeria is home to 41 million micro-businesses and 73,000 small and medium businesses.
The research shows that an average Nigerian is entrepreneurially inclined because of the unpleasant financial stability risk caused by poverty, illiteracy, and insecurity.
Source: Getty Images
For those pressed for funds, here are some businesses Nigerians can start with N50,000 and below and earn mouthwatering sums monthly.
Point of Sale (PoS) business
PoS operators held sway during the cash crisis caused by the naira redesign by the Central Bank of Nigeria.
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The business has proven lucrative as many Nigerians rely on it for primary sources of income.
At the peak of the cash crisis, reports of PoS operators making huge profits and acquiring other assets became commonplace.
Some operators recommend that newbies in the business need a start-up capital of between N25,000 and above.
Perfume business
Perfume sellers are some of those who simile to the bank regularly. Perfume sellers say it takes between N36,000 to N50,000 to set but cautioned that it requires a lot of hard work to break into the high-end segment of the market.
Some perfume sellers say they make between 40 to 60% profit from the business.
Used clothes
Used clothes, popularly called the Okrika business, have proven lucrative for vendors and sellers in Nigeria over the years.
The business is patronized by many Nigerians who are tight on a budget. It is also considered easy to use due to its affordability for Nigerians.
According to Jeff Lerner, he went from being a broke musician to becoming a self-made millionaire. He said one of the keys he used was growing his wealth through side hustles.
His side hustles, ranging from affiliate marketing to selling goods online to product testing, did not just pay off his colossal debt but made him enough money to begin his multimillion-dollar financial education firm.
Lerner said he has helped hundreds of clients acquire highly lucrative business opportunities.
He recommends his favorite in-demand side businesses and where to find them.
Make $500 every month selling stock photos.
Those who love photography or have great photos can get paid to post them on stock photo platforms. The photos could be scenic travel photos or just regular ones shot daily that can be easily stored on phones.
Bloggers or online marketers always search for photos for their sites that comply with copywriting regulations. Sites like Shutterstock and Depositphotos always want to expand their photo library of copyright-free images.
Depending on the quality and quantity, you can earn between $200 and $500 monthly.
Audio transcribing
Good typists can earn up to $20 an hour transcribing audio and more if they have legal or medical experience.
Sites like TranscribeMe allow users to cash in on the skill and earn as much or as little transcription work as they want. Users of Speakwrite get paid up to $5 to $6 per post with top earners, which makes them about $3000 a month.
Renting out your car
Those who don’t drive their cars regularly can rent them out to move to use on Uber, Bolt, or other platforms. Sites like Turo and Getaround allow you to do that.
Product testing and research studies
One woman earns from $3 to $500 testing products. Some sites like Survey Junkie offer paid focus groups where participants can make up to $150 an hour.
Selling unwanted things
You can make cool cash from your storage locker if you are filled with old stuff you no longer need. Old furniture, appliances, or collectibles can be disposed of on sites like OfferUp and eBay.
Some sell old clothes on Poshmark and make as much as $5000 to $6000 monthly.
Writing CVs for others
Consider starting a resume-writing service if your friends come to you for resumes and cover letters. I recommend posting your services on sites like Fiverr and Upwork.
You can build a track record and increase your rates over time. Sites like Writing Guru pay up to $150 per hour, and you can increase your rates to $500.
Creating Playlists
People will pay for well-collected playlists, and musicians and DJs want to get their work out there and pay to get songs on playlists.
Websites like PlaylistPush are made to help independent acts get their music out and let Spotify playlist curators and Youtube content creators make as much as $6 per track.
User testing
Sites like UserTesting and UserZoom allow users to download their testing software and record themselves with a webcam during the test.
Site owners want to see and hear you interact with their websites. If you are thorough in your testing and provide feedback the client finds useful; opportunities may come where live tests are required with clients in real-time.
30-year-old man who makes N75.2 million monthly in passive income gives 4 business ideas to start with N65k
Legit.ng reported that After going through a wave of rejections from prospective medical schools, Charly Chang began to search for a new career path.
He spent a few years making money as a model, tutoring and working as a real estate agent.
However, in 2018, he began to post personal finance videos on YouTube. It was not fetching enough money, but in the heat of the COVID-19 pandemic, as stimulus packages were released, the topic of personal finance and what they mean for people's purses began to attract attention.
Source: Legit.ng
