5 Lucrative Business Ideas in Lagos
Are you looking for lucrative business ideas in Lagos State? Do you know they are many lucrative businesses in Lagos you can venture into? Lagos is a city where the spirit of entrepreneurship lives. The energy, the hustle and bustle of people who run businesses are highly commendable.
Apart from being riddled with heavy traffic, it’s commercially accommodating, and many businesses seem to strive. There are many lucrative businesses with high returns you can start in Lagos.
Opportunities exist but often time not uncovered. Lagos is a promising economy with plenty of opportunities for a budding business. These opportunities can even be identified by people who wish to start small and medium scale businesses.
Building a business shouldn’t be about discovering an out-of-box idea or something that has never been done. How lucrative a business is, depends on the identified opportunity and if people want what you are selling, either product or service.
To help you get a better perspective, here is a list of lucrative business you can try your hands on:
5 Lucrative Business Ideas You start in Lagos
Laundry Business:
People in Lagos are always busy, especially 9-5 job professionals, high-power executives, even freelancers hardly have time to do their laundry. Although everyone is busy, they love to wear clean clothes, but they don’t enjoy the process of getting their clothes clean.
Running your own laundry business does not require any specific qualifications or experience. It’s a good idea when entering any business to have experience in the industry. Laundry is a small-scale business that can be operated in a residential area and requires a lot of capital. The trick is to find an area where people who live there are busy; the busier, the lazier they are.
However, before you start, it’s important to carry out market research to define your target market. This is because your target market could be fairly broad, ranging from elderly customers who aren’t able to take care of the washing themselves to busy working moms who don’t have time to wash the family’s laundry to students who don’t have their washer or dryer at home.
Food Delivery Business:
You can never go wrong in the food business. Many Lagosians, especially bachelors, depend on food in eateries and restaurants. They are probably lazy or too busy to make their meals, so they turn to food vendors.
Food entrepreneurs are everywhere, but accessibility is the problem, and this the opportunity a food delivery business offers. Delivery-only concepts are democratising access for food entrepreneurs looking to test markets without needing an existing customer base or to be physically located in a high foot traffic location to ensure visibility.
We are in a technology-obsessed era, where everyone is always on their phone. In Lagos, everywhere is often traffic-ridden, and getting food from your favourite restaurants during the workweek can often become a hassle. Food ordering and delivery business surely fills the void between busy professionals and solves the problem of not getting stuck in traffic while going to your favourite restaurant to eat.
Selling Merch:
If you have an online presence, or you are an influencer, then you might as well make money from it. The key to selling merch is figuring out what your fans will like and what you want to sell; your budget will also play a crucial role in determining your inventory.
You can ask your fans what they are willing to buy from you in a poll online. Ultimately, it doesn’t matter how excited you or your fans are about a merch item if it requires an upfront investment that you simply can’t afford. Creative merch ideas are awesome (as we’ll get into below), but you need to be certain that they fit your budget.
Once you have a better idea that matches your budget and what your fans are interested in, the next step is to figure out a balance of custom and scalable merch that works best for you. This will give you some flexibility to offer items at different price points and accommodate a wider range of fans. Scalable merch is any tangible item that can be quickly and easily produced. Stickers, phone cases, and T-shirts are great offerings for fans who might be tight on cash but want to support you.
Uberpreneur:
Ubering is a lifestyle common among upper-class Lagosians, even the middle class. This means there is an opportunity for you, just driving people to places.
Driving for Uber is one of the most lucrative business ideas in Nigeria right now. It allows you to work when you want (including nights or weekends) and give you the ability to earn some extra cash while doing so.
While some drivers are doing this full-time, some only do it at night after day jobs and weekends. Or better still, you can sign up your car and have someone else drive it for you.
Carwash Services:
This is one of the most lucrative business ideas in Lagos. There are millions of car owners in Lagos. Most car owners don’t have the time to get their car washed. You can set up a carwash shop and spread the word through platforms like social media, get clients, and over time you will make profit.
Conclusion
Choosing one of the lucrative business ideas in Lagos largely depends on what goes down well with you. You should also consider important factors like the area you are in and the demand for such a service. These businesses are good, but it is a long term investment; they don’t start yielding in the first year.
