When you think about the fact that Lagos is the largest city in Nigeria in terms of human population as well as one of the fastest growing cities in the world, then you’d realise that this city is indeed a land of opportunities.
There are many businesses you can start in Lagos however not every business in Lagos is very lucrative. In the course of this article, we’ve highlighted our top 20 business ideas that can help you generate massive revenue.
#1 Food business
The average Lagosian barely has time to prepare a proper meal because of work-related activities and this is what makes the food business an alluring prospect.
If you can provide food on the go then you’re in business. You don’t even have to cook the food. You can partner with food vendor or employ cooks. Also, you can include a delivery service that delivers the food to customers.
#2 Taxi business
If you have a car, you can start a taxi business. In recent times, Uber which is a taxi app has revolutionized this business by providing a platform for anyone that owns a car to start a taxi business. Once you download the Uber app and get registered, you can connect to your potential clients and start making some cool cash.
This is another service that centres around the busy lifestyle of Lagosians. Most working class mothers often find it difficult getting a place to put their babies when they are at work.
If you can build an attractive and well-furnished creche in a good location, you can offer this service to working class parents and you can start earning good money.
#4 Home tutor
If you love to teach and you have a good grasp of certain subjects, you can pitch your service to parents and you can start teaching their kids for a fee.
There’s no limit to the number of students you can teach. It all depends on how much time you have.
#5 Phone sales and repair
With the exponential growth in the use of mobile phone, phone repair and sales is a very lucrative business at the moment.
You don’t need to have the skills to successfully run this business. You can employ a phone technician and a couple of sales representatives. However, it is important you supervise your business properly to ensure things run smoothly and your venture becomes profitable.
#6 Home cleaning
With an increasing aversion for house maids among Lagosians due to many unsavoury experiences, a lot of people now opt for private home cleaning service.
You can either offer this service by providing these homes with cleaners. And if you’re able to do a great job in this regard, the number of homes you serve will begin to increase. In this case, you can employ more cleaners as your business continues to grow.
You can also offer cleaning services to offices depending on your capacity.
#7 Hair stylist
Women are quite particular with how they look and one way by which they enhance their beauty is by employing the service of a hair stylist.
You can meet their needs in this aspect by starting a hair styling business. You don’t need to be a hair stylist to get started. All you need do is to rent a shop and get it equipped. Then you can employ a hair stylist to provide the styling service while you run the business.
If your stylist is really good and your customer service is excellent, in little time, your shop will be the hub of women in the neighbourhood. And it’s just a matter of time before you start counting the cash.
#8 Cat fish farming
It’s quite easy to start a cat fish farm. Unlike crop farming, you don’t need a large space to get started. Interestingly, it takes just a few days to learn the basics of this business.
Additionally, the ROI in cat fish farm is really impressive. You can earn as much as N1 000 000 during the harvest period.
If you’re starting a cat fish farm, you can reach out to restaurant and eateries. These are prospective clients for your business and if you’re able to convince them to become customers, you can become very successful in this business.
#9 Poultry business
Another good business that you can start in Lagos is poultry business. Poultry business is especially lucrative because of the egg production. You don’t need an expansive piece of land to start poultry farming.
Also, you can sell your chickens during the festive period such as Christmas. However, it is important you do the basics before you start. Once you buy your chicks, you need to get them vaccinated; it is easy to lose all your chickens to certain avian-related diseases.
If you give your chicks the right feeds and house them properly without neglecting proper supervision, it’s just a matter of time before you start smiling to the bank.
#10 Event planning
If you know how to plan and coordinate events, then you can build a business around this skill. However, you may need to fine tune your skills if you want to excel in this venture.
Also, you can learn some additional skills like decoration, catering and many more. Or you can choose to employ professionals in these aspects to join your team. This will enable you provide an all-encompassing service.
However, you’d need to increase your number of clients by networking and pitching your service to your friends and acquaintances. If you’re good at what you do, you’re sure to enjoy a steady steam of clients.
#11 Real Estate Agency
If you’ve ever had to rent or buy a house, you must have heard of the agency and commission fee. This fee is usually paid to agents that facilitate the process of getting clients in the buying or renting of apartments or homes.
You’ll need to network effectively if you want to build a successful real estate business. You can also create an online website or develop a strong social media presence through which you can post pictures of your available homes or office space to your potential customers.
Photography has evolved in the last decades and the ease at which you can start a photography business has made this venture an attraction to many.
People love good pictures; they also love photography that can capture beautiful moments. However, there are a few things you should know before you begin your photography business.
You’ll need to learn how to edit pictures on design apps like photoshop. Also, you’ll need a very good DSLR camera.
Photography can be quite lucrative, in fact you can earn as much a N100 000 in just a day for your photography skills.
#13 Online Marketing
The growth of the online media has led to many business opportunities springing up from this platform.
Some of these include affiliate marketing, blogging, information marketing and many more. A lot of people generate millions of naira easily from their online business.
However, it is very important that you’re interested in online marketing before you start because the online business has a huge rate of burnout. For instance, a lot of bloggers quit every time as a result of loss of passion.
Most times, people think it’s easy to make money, but it isn’t. It takes a lot of time, dedication and effort before you start to make a reasonable income in the online market space.
Starting an e-commerce store is another lucrative business opportunity. With the success recorded by e-commerce giants like Jumia and Konga and with a large number of their customers emanating from Lagos, certainly opening an e-commerce store can be quite lucrative.
A compelling reason to open one is the lower capital outlay required. Unlike a physical store, you can open an online store with less than N500 000. As a matter of fact, you may not need to hold the physical inventory that you sell. You just need to know the suppliers and know how to get the product once a customer makes an order.
#15 Gym or Fitness Instructor
A lot of people have become increasingly aware of their need to be physically fit. Particularly, there are several celebrities and big wigs that would prefer the convenience of an instructor rather than taking those trips to the gym.
If you’re a stickler for being fit and you have an amazing body to validate you passion, you can offer your service to these people. As a matter of fact, you can use your earnings from this service to equip and open your gym. This can further increase your revenue and as your vision expands, you can choose to open several fitness centres in different parts of the state.
#16 Beauty & Makeup
The beauty industry has exploded in recent years and almost every young lady these days seems to be interested in beauty and makeup.
With the likes of Tara Fela-Durotoye and Banke Meshida-Lawal showing that this industry can be lucrative, you just need to equip yourself with the right skills to get started.
Interestingly, you can learn the art of makeup in a few weeks. Additionally, you can include other services in your venture such as the sales of cosmetics and other beauty products.
And there are certainly several avenues to make money in this industry. One of such is via bridal make up. In this regard, make up professional charge as much as N100 000 just for working a few hours.
#17 Employment Agency
A large proportion of the Nigerian populace comprise of unemployed youths. Interestingly, many companies have a hard time getting the right set of people to fill vacancies.
A very good recruitment or employment agency should be able to bridge this gap. However, there aren’t enough agencies in this space. If you have the skills i.e interviewing and spotting talents, you can start an unemployment agency by partnering with companies to help recruit staff.
You can start by offering your service to small and medium scale business that may not have the financial capacity to advertise with large recruitment firms.
Once you start delivering quality service in terms of recruitment, you’ll start to grow your portfolio through referral.
#18 Travel Consultancy
Lagos is certainly a hub for the travel industry. The state is one of the 2 states in the country with an international airport in addition to the domestic airport.
A lot of travellers are always looking for the best prices and travel agents that can proffer solutions travel issues.
Starting a travel consultancy can be quite lucrative especially in Lagos. However, you’ll need to take some IATA training courses that will ensure you become a certified travel agent.
Also, you need to network, meet other travel consultants and get to know more about this business.
#19 Logistics Business
With the rapid rise in e-commerce business and with the need for people to move things from one place to the other, the logistics business has grown rapidly in recent years.
If you want to deliver top-notch service in the logistics business, you should have a couple of vehicles or motorcycles to ensure you can move items efficiently. Also you’ll need to employ a driver or a motor cycle rider as the case may be.
You can serve as third party logistics (3PL) for any of the thriving e-commerce platforms. However, you should do some research properly before you start business.
#20 Bakery Business
Everyone loves bread especially if it’s hot and fresh. You can start a bakery business in your neighbourhood. You just need to get the right equipment and the right sales team to get started.
You can include different delicious varieties of bread in order to give your customers many options and keep them coming back for more.
Bakery business is certainly lucrative if you do your planning and research. Also, you should have enough capital to start and maintain the business for a couple of months before you begin to break even.
Every business requires not just a reasonable amount of capital but proper supervision. No matter how great your business idea is, if it’s not properly supervised you can end up losing a lot of money.
Every one of the business opportunities highlighted in this review can be extremely lucrative if you have the right team and the right management. So what are you waiting for?