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Small Business Ideas For Students In Nigeria: How To Make Money While In School

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Business Ideas for students

Small Business Ideas For Students In Nigeria: How To Make Money While In School

Business Ideas for students

There are many business ideas for students to make good money while they are still school. Are you a student running low on cash and needs the inspiration to build financial stability? We will provide you with a list of low-investment but highly profitable small business ideas for students. Starting your business as a student and working to earn some extra money will go a long way to make your life comfortable and stable.

Also read: what to do in college/university to pay school fees

You should not be reluctant to start any small scale business for students. There are lucrative businesses a student can do and this post will help explore them for you to see. Here, you will get to see business ideas for students with low investment.

Most of the big businesses and companies started small and most were started by students while still in the University. People like Mark Zuckerberg, Bill Gates, Sergey Brin, and Larry Page all started their companies while still in school.

There are many small scale businesses for students that can fetch you money as a student and you need to start exploring these options. You might not be making enough money at the initial stage but the business will guarantee a steady income for you.

How To Identify These Small Business Ideas For Students

  • Before you settle for any business, do some research to find out what people need. Expand your thinking to everyday obstacles and how to overcome these obstacles. You can start with a Google search.
  • If you have the capacity to provide something that can make life easier, better, and safer; what would it be?
  • As a student, think about business ventures that you can seamlessly engage in while performing your tasks as a student.
  • What is that thing that you really love doing? Perhaps you should start with that.

10 Small Business Ideas For Students

Here are some of the profitable and lucrative business ideas for students to start within the college.

  1. Make money off social media

In this 21st century, there is virtually no student who doesn’t have a Facebook, Twitter, Instagram, or YouTube account. You shouldn’t just be there to make friends and discuss with people on frivolities. What is preventing you from monetizing your social media accounts by advertising products for brands?

As a blogger, try to identify the companies that are relevant to your niche so that you can help them advertise on your page. Also, social media influencers can promote all kinds of products.

  1. Create your own website

As a student, you can set up your own website on any niche of your choice. However, you should identify the niche that people are more susceptible to patronize. All you have to do is select a topic that you are passionate about and start blogging about it. With the different ways to monetize your website, you can start earning good money in no time.

You must ensure that you provide your readers with rich and valuable content that will make them want to always anticipate your next post on your site.

  1. You can become a YouTuber

There is some serious money to be on this platform and you can also partake in it as well. Aside from the ads that YouTube places on their videos, you can also make good money from sponsored content. The requirement here is that you must have a successful channel that will have lots of viewers.

You must not be up to the level of the titans in the space before you start to earn from your channel. Simply start and ensure you are consistent with what you are doing and ensure it is of quality. Nobody will like to spend his/her time and data on things that are not worth it. This is one of the small business ideas for students that won’t jeopardize the time for your studies.

  1. Resell textbooks

This is one of the business ideas for students with low investment. At the end of every semester, you can offer to buy textbooks from your classmates or other departments. Chances are that they will settle for a fairly cheap price. You can then sell these books to the incoming students at a good profit.

You should sell at a price lower than a new copy but higher than the amount you bought it. This is simple supply and demand, so prepare to make money off it in the coming semester.

  1. Sell clothes to your fellow students

While in school, I know lots of students who will go to the big markets around to buy clothes and under wears at a cheap and then sell them to students. You will see these students going from one dorm to another, especially on weekends. It will surprise you at the amount of money these people make at the end of the day.

You can start with just a number of clothes and then build your customer base. If you need extra money in your pocket, then this is a good way to start building your clothing business.

  1. You can start a delivery service

This might be a little capital intensive but it is worth it if you have the financial capacity to pull it through. If you have got a bike or your private car, then it will be a lot easier to run this particular business. Evening and weekends are the perfect and ideal time to deliver your products and services so as not to clash with our student role.

In as much as you are into this business, ensure that your education doesn’t suffer, at least to a certain level.

  1. Become a photographer

I have a classmate who started off with photography and today, she has become renowned in that field. Right there in school, there are lots of activities that need to be covered by photographers.  One good thing about this is that once you have been identified to offer such services, students will always prefer one of their own.

All it takes is a good camera and a good knowledge of the job requirements. As a smart student, this wouldn’t be much of an issue for you.

Also read: How to increase your business sales with low budget

  1. Freelancing

Today, there are lots of freelancing platforms where people offer different services online and get paid. Platforms like Fiverr, Upwork, Freelancer, etc provide the avenue for such services. If you are good at writing eBooks, proposals, CVs, and what have you, just create your account on these platforms and start delivering services for a good price.

The good thing here is that it will hardly hinder your day to day activities.

  1. Deliver courses online

Do you fancy yourself to have what it takes to teach people online, then get on with it and do not let that drive go to waste. At the comfort of your home or dorm, you can teach people different things online ranging from academics, delicacies, etc. Simply identify your niche and build on that.

  1. Start a tutoring service

You can start as a tutor for school students in whichever subject you are studying at the university. It is also important that you don’t limit yourself. Try to incorporate other likeminded people who can teach other required subjects aside from your area of expertise.

Conclusion

These small business ideas for students are essential if you need to earn an income while you are still in school. Gone are the days when you only go to school depending on people to sponsor your education. You can start a side business that will augment your finances and make your life financially stable.  Kindly share your thoughts using the comment box provided below.

 

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How To Start Dropshipping Business in Nigeria

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how to start lucrative Dropshipping Business in Nigeria

Dropshipping business is basically advertising products that you don’t own or have on ground to interested buyers. There are broadly two types of dropshipping business:

  1. Product reselling
  2. Business/market extension

Product reselling is when your customer pays to you and you use the money to buy from your supplier and then you ship to your customer. So, the goods go through you to your customer

Business/Market extension is when you have your supplier ship the product to your customers when your customers place and order. So, here, your suppliers ship directly to your customers and you don’t have any contact with the goods whatsoever.

Your supplier is just going to ship like you did it such that your customer does not know that someone else but you did the shipping of the item to them. They will just think that you are the one shipping the product.

So, why would you choose this second method over Product selling?

It could be that you’re in a location that’s not convenient for you to ship at the same time. It could also be that you don’t just want to go through logistics and the stress that comes with it. Another reason could be that the cost of shipping by you is higher. So, you may want to relieve yourself of that cost and allow your supplier to handle that.

how to start lucrative Dropshipping Business in Nigeria

How to Start Lucrative Dropshipping Business in Nigeria

Now, let me breakdown how to run these two successful dropshipping business types in Nigeria

How To Start And Manage A Successful Dropshipping Business In Nigeria

1.     Do Your Research

Market research is key in every business, not just dropshipping.

For dropshipping business, your market research should focus on these 5 key things:

  1. product availability
  2. competitors
  3. suppliers availability
  4. marketing strategy
  5. pricing

2. Inform Your Supplier that You Want to Drop-ship With Them.

After your market research, the next thing that you would do is to contact your supplier and inform them that you want to drop-ship with them.

You may go ahead and negotiable the prices with them to get some discounts.

Also, find out from them their modes of delivery and the availability of the products.

3. Get Product Pictures and Videos from Your Suppliers

This is a very obvious point because you need the product pictures and videos to advertise to your customers. Of course, people need to see what you are selling and what they are paying for.

Make sure you obtain top quality pictures and videos from your suppliers because that is what is going to appeal to your customers that you’re selling something that is good.

So, even if it is a bag that is as low as 3,000 Naira tell them to send you a good quality bag that looks like 20 000 naira in worth.

Good product pictures and videos go a long way in boosting your sales as a drop-shipper.

4. Create Custom Graphics for the Product(s)

Before you ship out anybody’s item, take good pictures and make good videos about it. I know that you already have pictures and videos from your suppliers.

That aside you need to create your own custom graphics – image and videos – from what you obtained from your product suppliers.

This is what you would post on your webpages and social media handles. The reason for this is that the one you got from your supplier might contain the brand information like the phone contact details of your supplier. You want to remove that and make the product graphics unique to you.

Besides, it is the same pictures that your supplier is going to send to every other person that comes to them intending to do dropshipping with them. So, you need to create custom own pictures and videos to reflect your own business. This point is very important coming from someone who has been doing dropshipping for the past 5 years.

Once people notice that you are selling the products with unique pictures and videos they’ll begin to build trust in your business and it would be easier for you to sell to them. Listen, these days people are very smart. They can easily detect internet downloaded pictures and videos. If they notice this in your adverts, they know at a glance that you’re doing dropshipping to them and that you may not have the product on ground.

People generally hate to be sold things at a higher price – which is what dropshipping is. Besides, dropshipping comes with delay in delivery time. So, when people begin to sense that you are dropshipping to them, they might shun you and would rather contact the direct sellers or distributors for the product at a lesser price and delivery time.

5. Choose Where and How You Want to Sell

Now, let me lay emphasis on how to sell online as regards to setting up an e-commerce website for your business.

You see, there are two ways to go about it.

First, you can drop-ship your products to and sell on e-commerce website like Konga, Jumia, Amazon, eBay, etc. This works for both Nigeria dropshipping business and dropshipping overseas.

If you don’t want to do that, you can simply sell your dropshipping business on social media platforms like Instagram, Twitter, Facebook, WhatsApp and any other platform that you use.

What you do is this…

On your online platform, you simply place a launch date and tell your family and friends that you’d be launching a particular product on that date. Ask them to kindly inform their friends and even the friends of the friends of your friends about it and to follow you on social media.

Also, ask people to follow you on your page, whatever platform that you use and want to sell your product on. This way, you would be able to make people to anticipate the arrival of your product in earnest. You can post a few pictures and videos of what you’re going to sell so that people can see what they would be getting on the product launch date.

6. Create Massive Awareness and Sell.

Create anticipation for what you’re about to sell because after all you’re doing dropshipping; you don’t have the product. So, you have to create anticipation about the product so that people would know what you have to sell.

Next, select the platform that you want to sell on. I do not advise that once you’re starting a business that you want to sell on all platforms at once. Doing so can be really overwhelming and trying to manage everything at once would be quite tasking.

One of the popular places that you can sell is the social media and I recommend Instagram. To be successful selling on Instagram you need to grow your Instagram page. One of the things that you want to do to grow your Instagram page is to create a brand for yourself and your business on Instagram. This way, you would be able to build thousands of followers to whom you would sell your products to.

As a dropshipper, you have to do strong advertising for your products. You want people to trust you and come to you rather than other people including those that even have the product in stock. So, you have to do strong advertising to make good sales in this business.

Don’t just sit back and be lazy with posting your products on social media; you have to be consistent about it. Don’t just post once a week or just put it on your status alone. No! You’re going to do massive advertisement on all the social media of your choice and extend the same to other social media.

If you really want to sell, you have to do more than your competitors and build a strong advertising network so that people can know you and what you sell. The more you advertise, the more you create awareness and build trust in the mind of people about your business.

Conclusion

Dropshipping is not hard. You just have to put in the work needed for you to sell. If you followed all that I discussed here, you should be ready to drop-ship any time from now.

Now, if you have any questions or contributions to make to this, let me know in the comment box below. Thank you and have a lovely day.

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10 Best Loans Platforms In Nigeria Without Collateral

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Best Loans Platforms In Nigeria Without Collateral

A loan is money given to someone or businesses to cater to its financial needs. Most lenders need some form of collateral as security, before giving out loans.

Not every Nigerian can provide substantial collateral in order to receive loans, this is where loans without collateral comes in. Thankfully, there are now online platforms where individuals and businesses can apply for loans without the need to provide collaterals.

One major problem businesses face in Nigeria is the unavailability of capital. With these innovative online platforms, lenders can assess applicants and their ability to pay back the loans within the given time frame, and then go on to approve certain amounts of money for loan, based on their assessments.

Best Loans Platforms In Nigeria Without Collateral

One of the Best Loans Platforms In Nigeria Without Collateral, FASTCREDIT

Now, let me review ten most popular collateral-free loan platforms in Nigeria for individuals and small businesses.

  1. PAYLATER

Paylater is an online platform that provides loans to small businesses and individuals to cover urgent needs or unexpected expenses.

Clients can access up to N500, 000 worth of loan without collateral. Funds are delivered within 1 – 3 working days once approved. Endeavour to repay your loan on time to help increase your credit limits and grant you access to higher loan sums in subsequent loan applications.

  1. LYDIA.CO

This online platform gives businesses access to funding. LYDIA.CO Offers unsecured loans ranging from $500 to $15,000 to SMEs.

According to the founders, Lidya uses technology and algorithm for risk assessment that allows them offer financial services to their clients at low cost.

  1. QUICKCHECK

QuickCheck is an online lending outlet for small businesses and individuals. It helps individuals and small businesses to access financial credit by using mobile technology

According to the platform, customers can quickly and easily receive loans of up to N30, 000 without any collateral to repay within 15 – 30 days.

  1. SMEDAN

SMEDAN is more or less a federal government of Nigeria loan service or a government-backed enterprise for Small and Medium Enterprises (SMEs), hence the name (SMEDAN Small and Medium Enterprises Development Agency).

They offer quick and easy business loans to SMEs in need of funding. Their main aim is to promote entrepreneurship and provide startup capitals for businesses in Nigeria

SMEDAN also provides hands-on training and support to business owners. If you’re looking to apply for SMEDAN loan, then visit SMEDAN website and apply on the application portal – https://smedan.gov.ng/.

  1. AELLA-CREDIT

AELLA-CREDIT has been creating mediums to make funds easily accessible to individuals in Nigeria. The company is associated with 3 leading Credit Bureau Agencies in Nigeria to provide timely and affordable loans to clients. Employee empowerment and lending for business startup is the main focus of AELLA-CREDIT.

AELLA-CREDIT employs credit scoring algorithm, built after five years of market data and analysis had been gathered by the team, to assess the creditworthiness of applicants. The algorithm processes applicants’ eligibility by taking social and demographic factors as well as debit to income ratio of the applicants, into consideration.

  1. SPECTA

Specta is an online lending outlet that offers loans of up to N5 million in one deal, within the space of five minutes, without paperwork, collateral, or visit to any office. They enable users to cater for any urgent business or personal need, whenever and wherever.

Specta offers two loan services, which are (1) MySpecta which provides loan services for individuals and (2) Specta4Business which provides loan services for corporate and business owners.

  1. KIAKIA.CO

KIAKIA, taken from the Nigerian pidgin means “fast-fast” is an online lending platform for businesses in Nigeria. They employ the use of machine learning, psychometric, digital forensics, big-data, for credit risk assessments and proprietary credit scoring algorithm to help them provide immediate and compatible loans to numerous individuals without credit information.

Their services are highly efficient and effective in addition to being very simple and fast, hence their name which was derived from a Nigerian language, meaning ‘fast-fast ‘.

  1. ZEDVANCE

Zedvance is a client finance company geared toward providing individuals with consumer credit. They offer loans up to N3 million under 24 hours.

Their services are particularly for salary earners, but you could apply if you’re a salary earner with a side business.

  1. FAST CREDIT

Loan application on FastCredit is backed by guarantors although the loan itself is collateral-free. The validity period for the loan is 6 months maximum. If you are a micro, small and medium enterprises (SMES), then you are eligible to apply for this loan and use the funds to enhance the growth of your business

  1. GROFIN

If you are a small and medium enterprises (SME) in Africa and the Middle East, you may want to consider GROFIN as your choice loan platform.

Looking to grow your business rapidly and you are confident that your business meets the necessary requirements? Then, try GROFIN. This may be the perfect fit for you.

Business can access loans ranging from US$100,000 to US$1.5 million through GROFIN. You need to contact GROFIN and get the requirements. Upon reviewing the requirements and your business meets those requirements, go ahead and apply for the loan online on GROFIN website – https://grofin.com/business-loans/.

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How To Start Keke NAPEP (Tri-Cycle) Business In Nigeria

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keke napep business

Mass Transportation by Tricycles popularly known as “Keke NAPEP” was introduced on November 6, 2002, by the former president of Nigeria, Olusegun Obasanjo, as part of the government’s poverty alleviation programme called, “National Poverty Eradication Programme (NAPEP)” in a 2001. Also, the introduction of “Keke NAPEP” was a strategy by the Government to meet the ever-increasing demands for public transportation in Nigeria.

Since its introduction, the Keke NAPEP has come become a source of income for many Nigerians. It also became a safer alternative to commercial motorbikes (Okada), which were banned in many places, and is used to convey people over short distances all over the country.

Most people in Nigeria prefer the commercial tricycles to Buses and Mini-buses because the commercial tricycles have the capacity to move into the nooks and crannies of a town faster and easier compared to Buses and Mini-buses.  For example, in 2008, the Lagos State government kicked off the Lagos Bus Rapid Transit System (BRT), thinking that the transport needs of Lagosians will finally be met. The reality on ground is that that is far from it. The BRTs only reduced the problem of poor transportation by a small amount. This is so because the BRT only catered for major parts Lagos State, especially Mainland and Island routes.

If the BRTs only served those parts of Lagos, we might then ask, how will people living outside these areas fair? Knowing that low income and horrible traffic will prevent many people from getting their own vehicles, many are left with no choice but to use privately-owned commercial vehicles for movements within the city? Yes. Here is where Keke NAPEP comes to the rescue.

Some Nigerian graduates without jobs have wholeheartedly accepted riding Keke as a business. They use it to raise money for self and family and see riding keke as a better alternative to staying at home doing nothing. Also, Keke NAPEP business creates opportunities for lucrative investments and helps to lessen the burden of the poor transport network in the country presently. So, would you like to start Keke NAPEP business and make money like others? Below is a breakdown of the how-to of Keke NAPEP business.

Now, there are two parts to the Keke NAPEP riding business: either you ride it yourself or you lease it to a rider.

keke napep business

Tricycle (keke NAPEP) conveying passengers to their destinations

Option 1: Leasing Your Tricycle to a Rider (Hire Purchase)

First, you have to get the Keke, register it and lease it out to a rider. See the breakdown of how this is done below.

Price of a new tricycle: ₦400,000

Registration with the Keke riders’ union: ₦5,000

The tricycle is leased at ₦720,000

Here, you will receive a weekly payment of ₦15,000 from the rider (or hire purchaser) for a period of 12 months, that is 48 weeks making it ₦15,000 x 48 = ₦720,000

Note that this is not a hard and fast rule: some terms and conditions may be applied in your situation and things may look a bit different with the hire purchaser you’re working with.

Registration with the NAPEP riders’ union allows you to enjoy some form of freedom, support and security.

Make sure that your hire purchaser is trustworthy, has a good track record and preferably has some referees under his belt.

Doubts have held some people back and stopped them from trying out this venture. If you want to test the waters, start with one tricycle. This will help you to know whether this business is something you can comfortably go into or not. However, the most lucrative thing to do is to buy as many as you can afford at the time because that will increase your remuneration in the long run. For example, if you lease five tricycles, you can expect up to ₦1,600,000 as returns in a year.

This price analysis and breakdown is based on the realities of Lagos State at this time.

Doing it Yourself

If you choose to ride the tricycle yourself, you will be very much impressed at the outcome. In a day, you can be making anything from ₦4,000-₦7,000, depending on the number of passengers you commute.

Apart from the ₦5,000 union registration fee, you’re also expected to pay between ₦500-₦1,000 daily (known as owo itaa). Part of this daily fee goes to the government’s coffers.

Tricycle maintenance is cheap, spare parts are readily available and fuel consumption is low. One thousand naira worth of fuel can take you a whole day if you have a good carburetor.

Always remember that maintenance is the key to a long-standing tricycle. So, maintain the vehicle regularly to lengthen is lifespan.

With ₦5,000 daily earnings while operating it yourself, you can easily earn ₦1.5 in a year (grossly calculated at ₦150,000 monthly) after expenses have been made.

After a year or more of doing this business, you can decide to continue, expand, or change your line of business.

Things to Note When Putting Your Tricycle for Hire Purchase

How soon you will receive your complete returns on the tricycle depends on the following factors:

  1. The status of the tricycle when you bought it. Was it new or second hand?
  2. Does your tricycle operate during the weekends? What is the money earned during those days for (maintenance money, etc.)?

How payments are made

  1. Hire purchase. In this method, the driver takes care of routine service, minor repairs, maintenance and fueling.
  2. Daily balance.

I will not advise you to lease your Keke NAPEP on daily balance.

There is no brother in business. Be wise and open your eyes.

Hire purchase is the preferred method of payment in the North and in most parts of the country. It is the best method of receiving returns for your tricycle(s).

In Niger and Katsina states for example, daily returns are between ₦2,000 and ₦3,000 for a new tricycle. For second hand tricycles, daily returns are negotiated, but in Niger State, ₦1,500-₦1,700/1,800 is the amount paid.

Note that these are just estimates based on the present realities.

In Lagos, riders pay between ₦2,000-₦3,500.

  1. Negotiated.
  2. Standard: paying double the price. This is most popular in the North for second hand tricycles.

That is all on Keke NAPEP and how to start and operate it successfully in Nigeria. I hope you learned from this? Leave a comment below and let me know what you think about this.

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