Nigeria’s economy so far has been a bad turnover with the rise in price of every commodity in the market. Ever since the renouncement of the state of the economy to be in recession, 50% of Nigerians have been forced to adjust to the demands of the current economic crisis with the incessant rise in price. While most have been forced to stay at home due to retrenchment in various companies and lack of sales, Nigeria’s economy doesn’t seem to be in a promising phase. Although, many are discouraged by the ugliness of the country’s economy, all hope is not lost. There are other ways that Nigerians can adapt and still live a good life regardless of the frown the economy is looking at us. With so many business ventures to establish with little or no capital, one can still smile in these rainy days and even in the sunny days as they are not affected by the economic meltdown.
Here are some interesting and profitable business ideas that will interest you;
Food and beverages
I love the food business because no matter the economic situation; people must eat and Nigerians love to eat. But I am not talking about pooling your hard earned money and starting a restaurant business; although if that seems like a possible thing to do, it just might work.
However, going into the restaurant business still has its risk and a very high one at that. Instead, you might consider going into a food and beverage business by focusing on offering healthier stuffs. These days, going into a recession is even a better excuse to eat healthy because it encourages people to cut down on their consumption and to avoid unnecessary purchases.
Organic food products
Most of the food products available nowadays are harmful to health because they have either been preserved with chemicals that are harmful or they are not pesticide free. And people are becoming more aware of the health benefits of pesticide-free farm produce such as vegetables, fruits, sauces, condiments, and so on. So, you can start a small farm and adopt strictly organic methods, which would be your unique selling point.
You can also consider alternative menus that are tasty and creative or specialized cafes and diners or even start up your own vegetable shop. Concept plus good taste are usually the best ingredients to a successful recession proof food business.
People will always take snacks and fast foods, regardless of the economic trends. So, if you start a business that produces cookies, bread, pastries, cakes, and so on, you will have a steady stream of income. You can easily expand your services to restaurants, schools, cafeterias, cafes etc where you are bound to get many customers. Even if you are not good at baking, consider hiring one or two individuals for a start.
Even in tough times, people want to look clean and good. And they will manage to squeeze out some bucks just for that. So, starting a laundry business is a very good idea, as it is also immune to the harsh effects of economic meltdowns. To start this business, you will need a washing machine, dryers, pressing irons, etc and you may need to hire one or two people. It is very easy to set up as it doesn’t need a large capital.
When the economy is grim, people get frustrated. And out of desperation to get some quick bucks, they indulge in various forms of crime, especially burglary. Even when the economy is smiling, homeowners and owners of other valuable property hire security guards to protect their assets. And this becomes even more necessary during recession. So, the demand for security guards is always on the high.
Most people love pets and could spend any amount to keep them healthy. So, starting a business that renders veterinary services is a good way to make steady profit. Even if you are not a vet, you can hire one to work with you.
Health care services
Regardless of the times, someone somewhere will always be in need of good, professional health service. This is an industry that has experienced some significant growth over the last few years. And it doesn’t show any signs of slowing down any time soon.
If you have the resources, training, manpower and capital; then becoming involved in a business that offers health services will assure you of a comfortable market. Consider businesses that focus on offering affordable preventive solutions to people, alternative health care and home health.
Couples enjoy sex all the time even though they don’t want babies most of the time. Similarly, teens and young adults engage in casual sex all the time. These are the reasons why there is always a huge demand for contraceptives; whether or not the economy is fine. So, if you start a business that focuses on selling contraceptive devices and pills, you will never feel the impact of a recession.
People apply cosmetics religiously. In fact, some people apply their facial treatments and make-ups several times a day. Of course, recession is no excuse for anyone to look ugly. So, people will always pay the price for retaining their good looks. A cosmetic business is, therefore, a money-spinner anytime.
Garbage or waste collection
Though this may seem a dirty job, it’s a very lucrative one that is immune to the adverse effects of recession. People always need to dispose of wastes and garbage, and they usually find this difficult. If you start a business that relieves them of this hardship, you will make lots of profit in return.
Yes, this is a recession proof business, morbid as it may sound. It deals with an inevitability, which means you will never run out of customers. Funeral services get a steady stream of income no matter how the economy is performing.
People die every day, and the only way for people to give their dead ones a befitting burial is to engage the services of funeral homes. So, the economy doesn’t have an impact on the fortune of funeral services. You could either get involved in selling services or offering related products. Cremation service, which has increased in popularity in the last few years, is also a good option.
Repair services are also recession proof businesses. There will always be people whose kitchen sinks clog, whose air-conditioning breaks down , whose roof starts leaking or whose car suffers from overheating. What these mean is pure business opportunity, even when economic times seem shaky. And even if potential clients try to delay much needed repair, they will still come to you for help eventually.
But it’s worthwhile you note that many, if not all, of these businesses require specialized training, skills and equipment. However, once you have these resources, you will have access to a recession proof business that does not only offer a potential for high margins, it’s also a venture that won’t require you to wait too long for a return on your investment. Provided your services are tops, it’s likely that you could be in business for a very long time.
Whether you are good at teaching academic subjects or vocational skills, you will always get people who would pay to learn from you if you start a tutoring business. Start by approaching potential students in your neighbourhood and telling them about your tutoring service. Probably later, you will advertise using broader media.
In conclusion, if you are looking to start a business that would guarantee peace of mind even when other businesses are facing hard times, consider any of the businesses discussed above. But before venturing into any business, it’s very important that you find out more about it to know the likely challenges you may face as well as other necessary information about it.