Having multiple income streams is one of the smartest ways to live, especially in Nigeria. To make a living, you have to have business ideas that work in Nigeria; you could have four job positions. You could be:
- An Employee – you have a job.
- Self Employed – you own your job.
- Business Owner – you own an organisation that works for you.
- Investor – Money works for you.
Naturally, everyone would rather be an investor but investing is not for the faint-hearted. Plus, you can’t be an investor overnight, so here are a few business ideas to help you create multiple streams of income.
- Publish Books OnlineSeveral sites pay you for your published books, for the writers, which means you get paid when any of your publications are downloaded or read. Some of those sites are
– OkadaBooks, Online bookclub, BandsNG, Post4solution, Information Guide in Nigeria, to name a few. This is one business idea that helps, especially during this pandemic. - Take part in online surveys.
An increasingly popular business idea in Nigeria is to fill out online surveys. You can do it in your spare time. Research companies are always recruiting new members to answer surveys and test new products. For a few minutes of filling online surveys, you can make some quick cash as a reward. - Websites and Apps testing.
The main aim is to improve online experiences for everyday internet users. Internet companies are always looking for real people like you to test out new or existing mobile apps and websites so that website owners, coders, and designers can see and evaluate the obstacles that real people experience with their products. Most companies reward the testers in cash for each app or website tested (Check out User Testing). - Invest in Transportation Business.
You could invest in this by enrolling in the different transportation platforms (Uber, Bolt, Taxify). That’s you use your car to get extra income. In a case where you don’t have the time or the money, you could take part in the hire-purchase method. After all, transportation is an everyday necessity. This business idea works effectively and is profitable for all parties involved. - Barbing/Hair Salon
This business has a ready market and is relatively easy to set up with a moderate startup cost. With a capital of N300,000 to N500,000, you can set up a decent salon depending on the location. You can set up a chain of barbershops/ Hair salons at several locations across your city and employ people to run the business for you. This business idea is a great way of having multiple income streams.
A common mistake people make when investing in a side hustle is that they look for a get-rich plan, which most often than not leads to Ponzi schemes and getting defrauded.
Are there other side hustles you will like to share or add? Kindly leave a comment below.
