Connect with us

Business

Profitable Food Business Ideas That You Can Start-Up In Nigeria

Ossi Samuel

Published

on

profitable food business ideas

Profitable Food Business Ideas That You Can Start-Up In Nigeria

There are various profitable food business ideas that have the potential to fetch you real money in Nigeria.

You should know that the food industry is one industry that has a niche for everyone in it. What is required is hard work and discipline to give the customers what they are asking from you.

Related: Top 8 service business ideas you should start in 2018 in Nigeria

The food industry is very rewarding, especially when you see positive reactions from your customers to your dishes.

If you wish to launch a profitable food business, this article is geared to helping you identify those profitable food business ideas in Nigeria that you can invest your money, time, and energy for fulfilling rewards.

Some Profitable Food Business Ideas In Nigeria

profitable food business ideas

  1. Owning a farm-to-table restaurant

With the knowledge that fresh ingredients make the best meals you can find anywhere in the world, you can become a farm-to-table restaurateur.

Also Read: 10 most lucrative business ideas in Nigeria

Here, your target market is everyone since there is no one that doesn’t like fresh and healthy foods that are nutritious to the body.  It also helps to strengthen the local farmers by patronizing their farm produce.

There is no margin for failure in the farm-to-table restaurant if you really know how to cook and serve people your meals.

  1. Opening your own bakery

    profitable food business ideas

This is also one of the profitable food business ideas that can really fetch you money in Nigeria. Here, you can use other people’s recipes or you can create your own if you are really into baking.

To make your own brand different from the others, you can make desserts that are really delicious every time.

The cost of production can be quiet high because you will need a retail space and equipment to go with it. You can as well make orders online and then transport them to your local retail space for your baking business.

You can also run this business in your spare time as you can fill orders in the evening and weekends.

  1. Catering serviceprofitable food business ideass

Do you find yourself skilled in-home cooking and can serve a large group of people; maybe you should consider catering services as a business venture where you can use your ability to make money.

Aside from the monetary benefits of being a caterer, it also affords you the chance to meet people from different works of life.

These include the people you prepare food for their wedding parties, birthday parties, etc. the things you must be sure about is having enough manpower and transportation to meet up with the requirements of your clients.

For wonderful customer service delivery, you can offer to help clean the environment after the event. This is also one of the profitable business ideas in Nigeria that you can make money from.

  1. Delivering groceries to homes

    profitable food business ideas

There are many people that work round the clock in Nigeria that they barely have time to take care of their children, let alone shopping for groceries.

You can take advantage of this opportunity to be delivering groceries to these homes. You will be amazed at the number of homes that will be in need of your services.

Clients will give you the list of the things they want you to buy, and then pay for the items and also for your services.

You should compare prices for the best deals so as to save money for your clients and at the same time earn their trust.

  1. Preparing special dishes

    profitable food business ideas

This is a very lucrative business to start-up in Nigeria. There are increasing numbers of people with food allergies that need special meals to stay healthy.

You can be their help in going through their allergies and dietary restrictions. All you need do is to a little research on how to prepare these special dishes, and then you package and sell.

You can as well create an online presence where you can advertise and reach a higher number of customers with little effort and time.

  1. Food truck business

    profitable food business ideas

This is an alternative to the brick and mortar based restaurants. It is cost-effective and has a lower risk of failure.

All need is a truck in place of the retail space and a small-scale food preparation station.

You should pick a particular food cuisine that you are perfect at preparing and then sell them at your mobile eatery.

Another tricky thing is identifying the location that you will have maximum sales. Before you start your food truck business, I suggest that you carry out a survey to determine where your customers are majorly located.

When you focus on a particular cuisine, it helps your specialty while at the same time reducing competition as well as helping your branding efforts.

  1. Buying franchise

Though it is very costly to own a franchise, the good and wonderful thing is that there is already a successful system in place, a product, and a marketing strategy to you to key into and make your money.

You will also need a very good location to start. Most of the time, a franchise is already a proven business model, you stand a great chance of accessing a loan to start it off.

  1. Become a personal chef

    profitable food business ideas

This is another one of the profitable business ideas that generate money in Nigeria. For you to become a personal chef to someone, you must be a proven personality.

This is to say that you must have a certification that will really tell your employer that you are really a chef and not just someone in desperate need of employment.

You have to prepare food timetable for your clients. Their daily and weekly cuisines must be in place at all times.

You should know that this is no stroll in the park; you really need to always be at your best in order to stay relevant to your employer.

Although there are many profitable business ideas to look into in Nigeria, these eight above should get you thinking about which particular business to invest your time, energy, and money into.

Comments

comments

Business

7 Best Loan Apps of 2021

Avatar

Published

on

The inconveniences associated with accessing loans from the bank can be avoided, all thanks to the ever innovative financial technologies available today. Loan apps reduce and even eliminate the inconveniences of accessing money from traditional financial institutions such as time wastage, request for collateral and other securities.

With loan apps, anyone and everyone can access loans at any time of the day for emergencies such as bill payments, subscription renewals, school fees, even medical supplies. This article reviews 7 vest loan apps out there which anyone including you can use to access loans right now.

loans apps in nigeria

7 Best Loan Apps of 2021

Below are the 7 best loan apps of 2021:

1) Fair Money

Fair money does not demand collateral neither does it demand any processing fee. It offers loan from #1500 to #500,000. Fair Money interest rate ranges from 10% to 30%. With Fair Money, loans can be repaid by installments. All that is required to obtain a loan from Fair Money loan app is information about your education, your work details, your bank details, and your bio-data. only requires has an impressive rating of 4.4 out of 5.0 on Google play store. Hence, it is a highly-recommended loan app which you can try today.

2) Carbon

Formerly known as Paylater, Carbon app offers loans to interested customers from #1500 to #1,000,000 with interest rate between 1% and 12%. Carbon loan app offers loans without demanding any collateral. The interesting thing about Carbon loan app is that it rewards users for every bank transaction made with the app. What more? With Carbon loan app, you are offered cashbacks. These are subsidies provide to customers who repay their loan on time as a way of encouraging early loan repayment on the app.

3) Renmoney

Formerly known as Rencredits, Renmoney lends to people of 25 years of age and above. To get a loan on Renmoney, you must have a verifiable source of income as well as an active account with a commercial Bank in Nigeria. Renmoney offer loans ranging from fifty thousand naira to six million naira. You can repay your loan in a month or by installments in 12 months. Renmoney interest rate ranges from 9.8% to 40%.

4) Palmcredit

Palmcredit is owned by Transsnet, a subsidiary of Transsion Holders. This loan company is popular because it offers low interest rates ranging from 14% to 24%. Palmcredit offers loans from #2000 to #100,000. Anyone can get a loan on Palmcredit loan app without any collateral. All that is required is for the user to download the Palmcredit loan app app from the Google play store, install on his/her phone, set it up and apply for loan with the app. It’s that simple.

5) Okash

Okash is a subsidiary of Opay. They offer loans up to #50,000 with yearly interest up to 36%. Their loan approval process is really fast and requires no collateral.

6) Branch Loan

Branch is an online platform that makes it easy for people to access a loan anytime and anywhere. All it requires for you to access loans from Branch loan app is your phone number, your bank verification number, and your bank account number. Branch offers loans ranging from #1000 to #200,000, their loan amounts increase depending on how fast you repay your loan. Interest rates range from 14% to 28%.

7) Kia Kia Loan

Kia Kia is a pidgin phrase interpreted “quick, quick” or “quickly”. True to their name, Kia Kia Loan process their loan application with incredible speed. They enable peer-to- peer donation of loan. Kia Kia loan does not require documents or credentials. However, they employ chatbot in their services which requires your Email address.

Conclusion

Loan apps give a faster and easier approach to accessing loans. All you need to do is download these apps, give your details and access loans for your projects. Having gone through these 7 best loan apps of 2021, it’s easier and more convenient for you to apply for your loans now.

Comments

comments

Continue Reading

Business

5 Mistakes that Can Sabotage Your Business Credit Score

Avatar

Published

on

Business credit score is an indication of the ability of a business to repay loans as at when due. An excellent business credit score enhances your chance of expanding your business and being on track for exponential growth. You’re able to afford the necessary expenses of your business if you maintain a decent credit score.

However, there are mistakes than will sabotage your business credit. Sabotaging your credit score will disqualify you from accessing loans from credit companies, this might negatively affect your business. Avoiding these mistakes will improve your business credit scores.

5 Mistakes that Can Sabotage your Business Credit Score and How to Avoid Them

1) Inconsistency in Business Account Details.

Inconsistency in account details like email addresses, web addresses, records, taxes, etc. are mistakes that can sabotage your business credit score. These inconsistencies open up gaps which make businesses to be perceived as being non-credible. Whenever credit agencies and trade credit vendors notice these discrepancies in details, they withdraw from lending money to such a business.

2) Not Maintaining a Positive Cash Flow

A business that is unable to maintain a free cash flow (available money a company has to pay investors their dividends, when repay their creditors) and a positive cash flow (having more money coming in than going out) will earn low credit scores. It is pertinent to maintain a positive cash flow as a business owner; it communicates the value and stability of your company.

Business Credit Score

3) Irregular Deposits

Inconsistent deposits reduce a company’s rating and chance to get business loans. It is really important for a business to be making consistent bank deposits. Also it is critically important that the rate of deposits should be significantly higher than that of withdrawals.

4) Slacking on Loan Repayments

The history of payments of your past loans is a key factor in determining your credit score. This has to do with the promptness of your loans repayment – how early you repay or how late you repay your loans. To maintain a good credit score for your business, please endeavor to keep repay your past loans on time or as at when due. Failure to repay your loan on time can drastically reduce your credit score which is not good for your business. As much as possible, avoid missing any payments date as this can have a significant impact on your credit score.

Inability to keep up with your credit card payments can sabotage your credit score. Payment history is one of the most important factors considered in loaning money, thus, it’s needful to set up automatic payment in order to prevent delay in payments. Paying your loans much longer than your due date will attract a low credit score to your business by business credit agencies.

Where you forget or you are unable to repay your loan, kindly contact your creditors and ask for an extension of repayment date and/or time. This way, you save you and your business the risk of being in the black book of your creditors and the Credit bureau. Besides, it helps to prevent your credit score from dropping and going low.

5) Being in Debt

This is a costly mistake that can affect a business’s credit score. A business in debt will find it difficult to access loans. To avoid debt, ensure you pay your vendors on time and clear your outstanding debts.

Conclusion

There are numerous advantages of a good business credit score. One of the notable advantages is low interest rates on business loans. Besides, with a good credit score, you enjoy almost instant financing for your business whenever you run out of cash. Besides, with a good score you are qualified for low insurance premiums and higher credit limits, and an open access to several credit opportunities from financial house, credit lenders and vendors.

It is really important to constantly monitor your credit history, ensure your account details tally, maintain a positive cash flow and keep up with early payment of loans to avoid sabotaging your business credit score. Do not forget to clear your debts as failure to do this can sabotage your credit score history.

Comments

comments

Continue Reading

Business

6 Tips for Small Businesses Before Making a Business Partnership

Avatar

Published

on

The next line of action an entrepreneur especially someone running a small business considers to boost his/her business is partnership. This is because the main goal of every business is to make money and business partnership can offer a great deal of that.

Starting a business gives the business owner the power to choose the people he/she is willing to work with. Making the right business partnership decisions has the potential of escalating the profits and scope of a business almost overnight. However, partnering with individuals, brands or companies without the proper guide or information do not guarantee 100% profit.

There are things you should take into consideration before you go into business partnership (s). These things can make or break your business hence it is important to take note of them ahead of time.

I implore you to take your time and consider the points I am about to share with you if you truly value your business and intend to maximize your business partnership(s) and get full returns on your investment.

Useful Tips Small Businesses Should Consider Before Going Into A Business Partnership

  1. Be Clears With Your Motive(s).

When you are starting a business partnership, it is important that you have thorough understanding of your reasons for going into the business.

You should clearly define your motivation for the business venture which is to say what you hope to get out of the relationship. There should be a clear reason behind your quest for business partnership instead of running the business alone. Is it to increase your business’ income, to add more value to your products or to reach out to a greater audience?

You must have a firm reason behind your need for business partnership and why it is necessary. Be clear about your motivations or intention behind the partnership and make it clear to your prospective business partner. This will help to steer your small business partnership in the same direction.

  1. Choose A Partner With Complementary Skills.

You can’t have a partner that has the same strength as you. You have to double the power of your startup team right off the bat. For example, a shy tech expert who wants to start an Internet business would do well to find a partner with sales, marketing, and people skills. This way, both partners can focus on doing what they enjoy and are good at. So, partner someone, a company or a group with skills that are complementary to yours.

business partnership

Business partners dialogue how to move the business forward.

  1. Discuss the Long-Term Vision of the Business With Your Partner.

You have found a complementary partner, what next? Strategic business partnerships are in many ways like a marriage, and both parties must be committed to the growth and long-term development if it’s going to work. From the onset of the partnership, express your expectations and sign contracts with one another so that trust is established.

  1. Define The Job Roles Of Each Partner.

Having strategized and established a vision for the business, you proceed to discuss roles differentiations between you and your business partner(s). That is, what roles will each partner play? This is a keen move to eliminate any confusion on what each partner’s duties will be.

A business partnership is bound to fall apart soon after it is formed when one partner believes the other should be performing certain tasks other than the ones he or she is performing.

To avoid this confusion, prepare a written document with your partner stating the roles each individual plays so it can always be referred to when the need arises.

  1. Devise A Way to Measure Each Partner’s Contributions.

There will be times when partnerships experience stress and at that time one party may be tempted to assume that the other party is not pulling in the much-needed weight. To avoid mounting resentment, define clear and objective performance indicators from the beginning to measure each of your contributions to the business’s success. This way, if one or the other of you fails to meet up with his/her end, you can have a level-headed conversation based on facts instead of feelings and thoughts.

  1. Make Provision For The Demise/Exit of a Partner.

What happens if one partner is deceased or wants to leave the partnership? To manage these situations you need a buy/sell agreement document.  This establishes a method by which the partnership interest can be valued and the interest purchased either by the partnership or individual partners. In addition, it will do you extremely good to develop an exit strategy. Like a prenuptial agreement, an exit strategy should clarify what will happen to the business’s real and intellectual properties should the partnership come to dissolution.

Conclusion

Great businesses are founded on great partnerships. But great businesses can also be destroyed by bad partnerships. Small business partnerships can be harmonious, mutually beneficial relationships that help propel a business forward. You should endeavor to choose a business partner just as carefully as you’d choose a romantic partner. This could be someone you spend the rest of your life working with, so don’t go into it loosely.

Have you analyzed these tips? If you have carefully done that, you can finally say “I do” to that business partnership and go ahead to execute it.

Comments

comments

Continue Reading

Trending