LUCRATIVE BUSINESSES FOR YOUNG ENTREPRENUERS

Businesses for Starters with anxiety to prosper yet the capital is little

It’s becoming increasingly difficult to make ends meet with just one source of income. Thus, more and more people are investigating the possibilities of starting their own extra-income business. Most of these part-time endeavors can be started and operated from the comfort and privacy of the home.

However, before you start, the first thing you must do, is some basic market research. Find out for yourself, first-hand, just how many people in your area are interested in your proposed product or service, and would be “willing to stand in line and pay money for it.” This is known as defining your market and pinpointing your customers. The more precise and detailed your plan; covering all the bases relating to how you will do everything that needs to be done, the easier it’s going to be for you to attain success. It pays to lay it all out on paper before you get involved, and the clearer you can see everything before you start, the better your chances for success.

Have you always wanted to work at home using your backyard as an office but never had a clue of a profitable money making idea to pursue? Well, I advice you read on because one of these 18 money-making ideas can be your blueprint for success.

Profitable Businesses You Can Start to alleviate poverty

Rabbit rearing

The domestic rabbit, Oryctolagus cunniculus, are prolific breeders, which produces large quantities of tasty meat. Their rate of production is faster than that of pigs, goat or sheep. Rabbits have very short gestation period (27-33 days) and can rebreed immediately after giving birth. A breeding doe (Female) can produce at least 5 litters per year, with an average of 6 kits per litter; if well managed under simple conditions. With simple 15% mortality at most, about 25 of the kits will reach 3kg within five to six months.

Party Equipment Rentals

Renting party equipment has become big business particularly in many big cities. Public address system, Canopies, chairs, stage platform, ice block, drums, cooking utensils, table cloth and other party equipment are in hot demand by party organizers. Your initial step is to find out fees charged for items and for how long. Then you should investigate the cost of making or buying some of these items. All you need to do is to get in touch with the event managers in your area and make sure you inform your neighbor that you offer such services

Laundry/ironing service /clothes cleaning

Everyone has dirty clothes for laundry and ironing, but many of us do not have the time to do it all. This is where you would come in and make money by doing all the laundry and ironing for other people. More and more adults are in the work force, leaving less and less time for the necessities in life to be done right or even done at all. If your backyard is large enough to store all the clothes, sort the clothes and start making money, then this business could just be for you.

Firewood Service

With the price of both fuel and oil rising, many people are turning back to wood stoves and fireplaces to cook their food. Wood is easy to burn and is less expensive compared to oil and gas. If you have access to any type of timber, woodland and trees, you can make your backyard a cash cow, providing chopped and split wood to those who are using wood for cooking, you need a few things like chain saw, axe, ropes, but these are rather minimal compared to what you can be making. You will be responsible for cutting; if you are not strong enough, you can hire somebody to do this for you. You will deliver wood to houses and retailers.

Hand-Made Carton Production Business

It is amazing to know that the everyday carton that you see lying fallow by the roadside can actually be turned into wealth just with your bare hands.  A carton can also be called a box. Cartons create impact and visual interest through print, colour, surface design and shape. There are basically two types of carton package, they are heavy and light packaging cartons your customers are cosmetic shops, pharmaceutical fast-food, supermarket , cottage producers, Distillers, beverages company, etc. You do not need to fear competitors who produce with machine. Just concentrate on servicing SMEs that is gradually emerging in AFRICA. The capital needed to setup a handmade carton business could be as low as $100.

Horticulture/Gardening Business

Horticulture is the study or practice of growing flowers, fruits and vegetables. It also involves the use of iron rods in garden. The soft aspect has to do with the plants itself and it varies. It involves growing of lawns, plants, planting edges, orchard plantation, etc. The good thing about this business is that you can start with whatever you have. You can start with $2000 or less. You can even start with zero capital. You can start by planting grasses or plants in a very small portion around your home. Nurture it well. Before you know it, people are admiring it and are asking you if you can do it for them. You can also start by doing it for free. Tell them to give you three months. By the time they see the outcome, no matter how small they will be forced to give you something and even give you more jobs and contacts.

Fish farming

Over the years, quite a few people have made fortunes from fish farming, as the population is swelling and protein needs are far outstripping the available supply. Food is always a winner if done well. Fish farming is a sure bet business if you put the right structures in place. More and more people are turning to fish for its low cholesterol protein. All you need to do is to get a space in your backyard or construct tanks, buy finger lings for between $10 to $20 and feed them for 4 to 6 months, then sell from between $200 to $1,500 depending on weight and size. You should be able to monitor the tanks for hygiene issues because if it is not managed well, it could wipe out your investment.

Herb farm

Herbs are tremendously popular these days; from the smallest shop to the largest discount warehouse, you will find medicinal herbs, culinary herbs, and herbal teas, baths, candles and aromatherapy essences. You can start out small, growing your herbs in a large backyard or renting inexpensive land. You will need a solid working knowledge of growing and nurturing herbs. Your customers can be wholesale distributors buying for health product manufacturers, grocery chains and restaurants, or you can sell directly to these businesses yourself.

Chalk production

The chalk manufacturing business is very lucrative in Nigeria today because the market is large and the supplies are few. Chalk is used by government and private schools, Universities, Polytechnics, Colleges of Education, Colleges of Agriculture, Schools of Nursing etc. Most of the very few existing chalk producers today hardly produce standard chalk because they lack the expertise. You can do this business right from your backyard. It can be a one-man business, a family business, or a large enterprise.

Set up a small poultry

Poultry is a business you can start from your backyard with 50 to 500 birds, with between $1,500 to N300,000 depending on the cash at hand. These amounts include cost of birds, the pen, feed and medication. Get somebody who is experienced to help you set up the pen. You can source woods directly from sawmill to lower the cost. Waste management in poultry is very vital; if not properly handled, it will affect the growth, production and bird performance. Whatever aspect of poultry you intend to go into is profitable. A single bird can give you an average of 730 eggs within 2years before you sell it off for say $500 or $600.

Production of candle

With erratic power supply in the country, there is no doubt that production of candlestick is still a money-spinner. A sizeable group of Africans rely solely on candle to battle the erratic power supply. With $100 you can have a candle mould, which produces 16 candle sticks at a time and go about 50 times a day translating into 800 per day. This is a situation when you are starting with $100 to $500. To produce the 16 pieces does not take you more than 10 minutes, just melt your wax, throw it in the mould, and it congeals in 5 minutes, throw in another wax, which you must have melted, while the previous one congeals and you go on and on. So instead of starting with $1, 000 – $1500, you can actually start with $300. The startup requirements are mold, which cost about $75, Wax $50, Thread $50, heat source $50, Bowl, Packaging Nylons, $50, Ceiling Machine $25 and logistics.

Glasscutter farming

Grass-cutter is the second largest rodent in Nigeria and it is endemic in Africa. It breeds successfully in captivity and is capable of reproducing twice a year with litter size varying from two to six. They are primarily vegetarians and can be raised to maturity entirely on fresh grasses. They prefer plants with high moisture content and soluble carbohydrate. Field studies reveal that they do not burrow so they may be caged or reared in a fenced pen on the ground. Grass-cutters are worth considering for husbandry in the humid forest where poor grazing and harsh environment limits the performance of conventional livestock.

Liquid air freshener production

Liquid air freshener is a product that plays a strategic role in homes, offices etc. Its demand cuts across sex, age, groups and social strata. This product can be prepared from your backyard as all the chemicals involved are user friendly. Machines are also not required when producing in small or medium scale. All the chemicals required are locally available all year round. It is also heart-warming to know that the production technology is a very simple one. This product that has 80% water content has a high profit yield. There are high qualities and well-designed plastic containers that will give the product an irresistible finishing touch and they are all locally available.

Snail farming

Snail meat has been severally affirmed as a very safe and nutritious delicacy. The best period to commence snail farming is the rainy season, you can start with about 50 – 60 snails to have a good knowledge of how snail breeding works. Make sure you go for fully matured and big snails; the African giant snails are recommended. You can get these snails from the market throughout the country, or from snail farmers. Snails are sold in bunches of 20 pieces each and price depends on the size- the bigger ones are sold for between $20 – $30 per bunch. It is better to buy the big ones because they can hatch after about 35 days on location. About $100 should get a new entrant started in the business.

Ice block production

Ice block sales business involves the use of deep freezer to make ice block in plastic containers or polythene bags. The business involves the production of solid ice block by putting clean water in any small container in order to make difference sizes of ice block available to consumers of different categories. This business thrive well in areas where there is incessant power outages, and also in over-populated places like motor parks, market places, schools, commercial and business areas; any place there are human beings and activities that demand a cooling off either by a bottle of cold soft drink or a sachet of pure water. Over time, a lot of manufacturers of these pure water machines are partnering with some financial institutions and are presently providing financial assistance to interested investors.

Plantain chips

After removing the skin, unripe fruit can be sliced (1 or 2 mm thick) and fried in oil to produce chips. If the chips are made from sweeter fruits, they are called ‘Banana chips.’ They can also be sliced vertically to create a variation known as Plantain strips. Just make sure you put your label. The more you produce, the more money you make, because majority of Nigerians love plantain chips.

Yam flour

Processed yam flour is a simple method for the preservation of yam and making them available at our meal table all year round. Besides, it enhances the storage process and the movement of the product.  The preservation process may be supplemented with the usage of chemical preservatives, which are common in Nigeria markets. At the moment, only one multinational firm, Cadbury Nigeria Plc and few private investors have invested in this sector of the economy. Machinery required is available locally; they are the tuber drying machine, hammer mill, grinder sifter, and packaging materials.

Custard manufacturing

In Africa, almost every ethnic group makes a different variety of food out of corn. In Nigerian cities, people are used to what is called Ogi, Akamu; this is cornstarch. When the Europeans came, they came with what they called Custard. But it was later found out that the only difference is the coloring and flavor that was added to the corn. It is very easy to produce custards. Raw materials and formulation includes Corn starch: premix 1 and premix 2 corn starch 1Kg and corn starch 2kg. Tertrazine (T.T.Z) 200grams, Sunset yellow 50 grams, Flavor 1 litre. You can package it in sachets. It is very easy to market also, particularly in big towns and cities where people are used to modern life.