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Top 10 Business Ideas For Young Entrepreneurs

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Business ideas for young entrepreneurs

Top 10 Business Ideas For Young Entrepreneurs

business ideas for young entrepreneurs

There are lots of business ideas for young entrepreneurs but you have got to identify the one that will be suitable for you. As a young entrepreneur who doesn’t want to be part of the 9-to-5 rat race, you need to start thinking out of the box. It is important you find a business idea that will allow you to launch your own business and determine your work time. Funny enough, the irony of the matter is that entrepreneurs often find themselves working more hours than they would as employees.

Also related: How to grow your business from scratch

You have to understand that there are certain businesses that are geared towards the young crowd. What this means is that there are businesses you will easily thrive in as a young entrepreneur. So, what this article has done is to help you outline those business ideas for young entrepreneurs. We came up with a list of industries that young people will most likely thrive in considering the current market space.

Two major reasons why the selected businesses ideas here are for the youths are:

  • You as a youth does not have much experience
  • The youths don’t have the money to start “big” businesses

These innovative business ideas that you see here have the capability to stabilize you financially if you follow the guidelines. Businesses for young entrepreneurs will expose them to things that will help shape their mentality as they go up the ladder in entrepreneurship. You think of it this way…Warren Buffet couldn’t have started Berkshire Hathaway when he was 18-21 years of age. The mad had to start from somewhere and then build his fortunes from there.

10 Business Ideas for Young Entrepreneurs

  1. Copywriting and editing services

It doesn’t require that you have a formal education to become a copywriter or editor. All you need to have a computer with internet access. You will certainly need to have the motivation, perseverance, and the right support system. If it will be possible, get your clients to write testimonials highlighting your expertise and skills. It will most likely bring in new customers for you.

Once you already have a customer base, you will notice that they always need more content from you.

  1. Blogging

If you are good at a particular skillset, why not teach others to learn about it? Blogging is a great means of sharing information with people and getting paid in the process. When you must have increased your visitor numbers, there are many opportunities for you to make money. First, you can sell advertising space to companies and even apply for Google AdSense.

Also, you can create e-books and sell on your blog page as well as through platforms like Amazon. You can decide to do your teaching through video if writing is not your thing.

  1. Graphic designer

This is also another one of the great business ideas for young entrepreneurs. If you are good with the use of design software, freelance graphic design can be a great means of making money. With the rise of digital business, there has been a rise in the demand for logos, website design, and other marketing materials.

Also read: How to source funds for your business 

If you are someone with a creative flair, you can enroll in an online short course or better still teach yourself. There are many great graphic designers today who are self-taught. All you need is patience and the time to get started.

  1. Social media marketing agency

As a young entrepreneur, you can make good money from teaching local businesses how to use social media platforms like Facebook, SnapChat, Instagram, etc. You can choose to get paid on a percentage basis based on sales or other metrics. This is a great business idea that you can leverage as a young entrepreneur.

  1. Software expert business

Innovate business ideas also include this software business and young entrepreneurs can make a fortune from it. You can make out time to learn how to make use of difficult software tools like iMovie, Infusion Soft, Garageband, QuickBooks, SalesForce, etc. After learning them, you can offer to take over all of the workflows for a business that uses that that software.

It is for such reasons that Shopify and WordPress experts exist in the first place. You can also be an expert in podcast editing.

  1. Buying and selling online assets

As a young entrepreneur, you can make good money by buying and selling online assets. One good way to make quick cash is to build up an online asset. You can identify someone that owns a larger business and would benefit from owning your asset as well. For example, if you are generating like $500 every month from the asset, you can sell it for $6,000.

  1. Service-based businesses

This is also another great and wonderful business idea for young entrepreneurs. It could be a cleaning service, laundering service, or any form of service business. In this type of business, you are exchanging your time for money. In this business, you are performing a task that your client doesn’t want to perform in exchange for money at the end.

  1. Drop shopping business

Dropshipping is an e-commerce business that does not need much of monetary investment. In this type of business, you don’t need to hold a large chunk of inventory. Whenever someone buys your product, you will have to ship the product to them directly from the manufacturer. You can decide to sell those things within your environment or online.

  1. Tutoring

This is a great job as a young entrepreneur and the good part is that you can do it completely online. In this type of business, all you need is a computer and a website to market yourself and the skill set you provide. For instance, as a math guru who knows another language or even have a college degree, you can teach students through Skype.

Aside from the fact that this business is almost free to get started, you could charge as high as $100 per hour.

  1. Labor Arbitrage

In this type of business, you make money by finding people who are willing to work for $15 per hour and clients willing to pay $25 per hour. You make your commission in the process while both parties are satisfied as well. The transcription business is a great example to start with. You can hire workers to transcribe a podcast at an agreed fee and you make a profit from them.

Conclusion

You can see that there are quite a number business ideas for young entrepreneurs. What you need to do is identify the business that you can perfectly handle and thrive in as a young entrepreneur.

You can also share your thoughts through the comment section provided below.

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Visionary, and Passionate entrepreneur who believes that greatness lies not in what you see, rather, it depends majorly on how you see. I'm that diligent and determined guy that sees things very differently. Let's make a difference people.

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Top 10 Online Savings Platforms In Nigeria 2020 With High Interest Rate

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10 Best Online Savings Platforms In Nigeria That Pays Higher Interest Rates

The need for savings especially among young Nigerians who are left to fight their way to financial freedom through the little money they earn from various sources cannot be overemphasized. We all know that commercial banks are the most popular choices for savings aside contribution and thrift schemes that mostly go on in rural areas of Nigeria, although there are now online daily contribution platform that helps automate your savings process without having to incure the risk of giving a local daily contribution collector your money.

Even though the two major reasons of saving money in digital savings platforms in Nigeria is to raise some money over a savings period and earn interest in your money, Nigerian banks seem to perform poorly are regards to interest, infact, they take from customers.

These and some other reasons have led to the emergence of other digital savings platform in Nigeria that helps Nigerian savers to save money and earn high-interest rate than commercial banks.

According to a one-stop comprehensive reference for international financing and investment, Deposits.org — the interest rate for savings accounts in Nigeria can be up to 3.6% (as at June 2018). This is way much small when compared to how much interest rate banks charge for a loan which is as high as 19% and 22% for personal loans.

Read: 10 reasons why you must start saving

Even though the banks have other packages (Like fixed deposit) that offer higher interest rates, these 10 digital savings platforms mentioned in this article are dedicated to paying a higher interest rate on savings than banks.

Are you looking for

  • where to save money in Nigeria and get higher interest payout
  • how to manage and save money in Nigeria
  • best bank to save money in Nigeria
  • how to save money every month in Nigeria
  • how to save money from Salary in Nigeria
  • best digital savings platforms in Nigeria this year
  • best online savings platform in Nigeria

Then, this article if for you. Below are;

Top 10 Online Savings Platforms In Nigeria

  1. SumoTrust

Sumotrust savings and investment platform in nigeria

SumoTrust is an online savings platform that helps you save and invest money automatically. The platform is targeted to Nigerians and pays 10-15% interest Annually. Sumotrust as one of the best online savings platform in Nigeria comes with lots of interesting features.

One of the good features that made SumoTrust number one on this list is its high taste for customer’s account security. Even if your Sumotrust account gets hacked, the hacker won’t be able to change your bank details and withdraw your money, a KYC form will be needed to be submitted before the approval to change bank details can be given. Sumotrust as the best digital savings platform also uses a powerful blockchain security protocol to protect accounts that has it activated.

It is also on a quest to raise 1 Million African entrepreneurs in partnership with Entrepreneur Platform to access discounted-free Online Business Academy for its users and African business forum to collaborate and work with like minds in building better and sustainable businesses.

With Sumotrust, you also get access to various business leaders in different industries at discounted fees (for business consultations) to help you grow and scale your business.

Even though you can use Sumo Trust to save for any reason (Business, travel, school, emergency funds, school fees, shopping, property, etc) it’s core value is tailored to helping young Africans build wealth with little efforts.

Sign up and start saving with Sumo Bank at Sumotrust.com

  1. PiggyVest

piggyvest and sumotrust are secure savings platforms

PiggyVest just like Sumotrust is an online and mobile app savings platform poised to helped young Africans save money automatically. With PiggyVest, you enjoy flexibility savings which allow you to save daily, weekly or monthly. Users on PiggyVest can save towards a specific target or choose to place a withdrawal restriction on the account. There’s is a limit to the amount of money that can be saved on one’s account at a time.

On the PiggyVest digital savings platform, there is an allowance for 4 free-of-charge withdrawals annually which comes quarterly, (the last day of every quarter). You can as well choose your own free withdrawal dates and withdrawals outside these 4 days attracts a service charge of 5% withdrawal fee.

You can also use the Piggyvest app as one of the online investment platforms in Nigeria

  1. CowryWise

Cowrywise savings platform

CowryWise is another saving and investment platform that pays higher interest rates. You can also access loans on the CowryWise platform. A high saving score increases the chances of getting a loan on CowryWise. The online savings platform pays 10-15% Interest annually and it’s paid on a daily basis to you account.

  1. Alat

Alat by wema bank savings platform

ALAT by WEMA is the first fully digital banking experience, not only offers you basic banking services but also allows you to pay bills through the Alat platform. The bank’s debit card is delivered to the account holder’s address at no cost.

Note: Just like with traditional banks, ALAT charges you a monthly debit card maintenance fee.

Also, the interest of 4.2% is paid to a user on the condition that you do not withdraw more than 3 times a month. ALAT has some savings plans that offer up to 10% interest rate. One of it allows you to make withdrawal of 50% of your savings once in every 30 days while another doesn’t allow withdrawal.

Related: Best investment opportunities in Nigeria

  1. KoloPay

kolopay savings platform

The KoloPay Savings platform in Nigeria allows you to save money towards planned goals over a period of time. One remarkable feature with KoloPay is that you can’t withdraw some part of your savings, but can only withdraw the whole amount even before a goal’s due date.

The KoloPay platform allows you to share your savings goal with anyone (friends and family) and lets them help contribute to the achievement of the set target.

The KoloPay savings platform pays you 6% interest per annum.

6.  PayDay by ARM

PayDay savings platforms

PayDay by ARM allows you to create a savings goal and invests the fund on behalf of the savers in mutual funds account.

The online savings platform in Nigeria pays you 12.6% Interest rate. Minimum withdrawal is 1000 naira with a NEFT Withdrawal charges fee of ₦52.50.

You will need a debit card to fund your PayDay account, Investors attracts a 1% convenience charge from the card payment platform provider. The charge is capped at a maximum of ₦1,500

Related: Best investment banks in Nigeria

7. KudaBank

kudabank digital banking platform in nigeria

KudaBank (Formely KUDI Money) platform, is a digital banking platform for the free. they have savings-automation which is very convenient and accurate. Just like other savings platforms, yоu will also have to link your dеbіt account to your kuda bank account and set your savings plan ѕuсh аѕ daily, weekly or monthly. Once that has been done, Kudabank automatically deducts money from your bank account on the due date and сrеdіt your savings account оn аn interest rate that іѕ uр tо 10% per annum.

It is also secure and easy to use and can go a long way to help you put your spending under control.

There’s also a Kuda Bank Spend Account that works lіkе a current account which аllоwѕ you to withdraw аt аnу tіmе and there іѕ no minimum withdraw-able bаlаnсе.  But unlike your regular current account, уоu earn an interest оf 3% реr annum, accrued dаіlу оn your bаlаnсеѕ.

And about loan opportunity, Kudabank savings and spending account users are qualified tо enjoy low-interest loans.

Platforms supported: Android, iOS and Web

Intеrеѕt rаtе: Instant save – up to 25% interest per annum, Automatic savings – up to 10% per annum, Spending account – 3% per annum (with no limit on withdrawal)

Savings rеwаrdѕ: Nоnе

Iѕѕuеѕ debit card: Yes

Withdrawal charges: No

Mіnіmum withdrawal: Nоnе

How to fund: Manual bank deposit, debit card, and online transfer from banks.

Sign up and start saving with Kuda bank at https://kudabank.com/

8. CashboxNG

cashbox and sumotrust are secure savings platforms

CashBox is a secure online savings platform that helps customers cultivate a healthy saving habit and also earn high interest on their savings. The platform helps users control when and how they save.

Platforms supported: Android, iOS and web

Intеrеѕt rаtе: up to 15% interest paid monthly.

Iѕѕuеѕ debit card: Nо

Withdrawal charges: non-free withdrawal dates

Mіnіmum withdrawal: Not clear

How to fund: Debit card and bank transfer.

Kindly read through the I-invest about page and signup at www.cashboxng.com

9. I-Invest

i-invest investment website

The I-invest platform allows potential investors to purchase securities and treasury related instruments without the aid of a broker directly from their I-Invest app. The application also provides you with a good dashboard to track diverse investment portfolios, provides a convenient way for retail investors to save money whilst earning attractive interest rates from their investments and allows retail investors to help fund infrastructure projects in Nigeria whilst earning an income.

Platforms supported: Mobile – Android and iOS

Intеrеѕt rаtе: Your Interests depends on the I-invest standard rate and the investment portfolio you have selected at a time

Savings rеwаrdѕ: Nоnе

Iѕѕuеѕ debit card: Nо

Withdrawal charges: Not clear

Mіnіmum withdrawal: Not clear

How to fund: Debit card/Account must be linked to your bank account with a BVN.

Referral bonus: Each account has a referral link that can be used to invite family and friends.

Kindly read through the I-invest about page and signup at https://i-investng.com/

The Rankings are based on my personal view and opinion which were picked from the following points below.

  • Interest payout
  • Value-added to users
  • Customer support
  • Trust

Let me know what you think in the comment section.

Related: How to save if you’re planning on buying a house

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