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Saturday, January 24, 2015

7 Profitable Business Opportunities in the Nigerian Hospitality and Tourism Sector

The Nigerian hospitality industry is worth over $6 billion according to the Africa Development bank and Nigeria also has Africa’s fastest growing middle class (an average increase of 7% per annum) population in Africa with a very large market. Travel activities in Nigeria account for a huge volume of commercial activities especially trade as most of the countries imported goods arrive in Lagos from the ports while traders go the ever busy wholesale Balogun/Idumota market to buy goods for resale to other parts of the country. On the other hand according to a report monitored on Business day Nigerians spent over N161 billion renting halls and venues for events in 2013 making the hospitality industry very huge with unending opportunities. I’ll briefly describe the few business opportunities and mention potential startup capital required for one to invest in them.

Lucrative Hospitality Business Opportunities in Nigeria
Let’s analyze a few together;  

Hall Rentals: The market is worth over N160 billion per year with all manner of events from social to corporate requiring suitable venues for use. In Lagos for instance at least 800 wedding receptions happen every Saturday not including child naming ceremonies, kiddies’ theme parties, conferences, seminars, concerts and even church services. The list goes on and you could actually start this business with as little as N5 million renting out space for people to use.

Recreational Parks: These are closely related to event venues/halls in terms of making available space for rent especially birthday parties and small get together but they have other services such as restaurant and bar, suya/shawarma spot and even game centers mostly a place of relaxation for workers who would troop in after work to while away time for traffic to subside before heading home. Peak periods would be in the evenings after work on weekdays and Saturday afternoons/evenings. Startup Capital is roughly N12 million

Amusement Parks: There are only 3 fully functional amusement parks in Lagos to serve an estimated 9.8 million children and they aren’t world class. Middle class Parents value and cherish their kids happiness and wouldn’t mind paying good money for fun outdoor quality time that would impact on their kids mental and social development.

Low budget boutique Hotels and Guest Houses
There may be numerous hotels in Lagos but most of them don’t target high flying but price sensitive travellers to the city. It would appear as if they want to reach either tourists/local visitors or provide temporary accommodation with caring out customer experience. Boutique hotels offer world class services but at very affordable rates and presently there are no hotels like that in Nigeria. The 5 star hotels we have are very expensive whereas the low budget hotels are nothing to write home about. Capital outlay for this business is roughly: N250 million for a 20 room standard hotel.

Travel and Tour Services
Nigerians are among the most travelled Africans and constitute a sizable population of the continent’s business travel industry. Locally that number runs into 20,000+ daily airborne passengers and about 9,000+ international bound passengers. The market is worth over N800 million per day in revenue. Capital outlay could be as low as N500,000 if you want to operate as an IATA licensed operator.

Car Hire Services
For many Nigerians coming from overseas or other visitors, this service is very essential. They can’t do without it because it’s relatively more convenient although more expensive than regular taxi but is a major choice for them. Visitors to major cities in Nigeria also like airport shuttle service even while using local flights so there are opportunities here as well but the market is very competitive.

Inter-state Transport Services
They offer an alternative to local flights but are more risky and time consuming. The business is also highly volatile as there are periods of huge profit and also periods of huge sustained losses. Yesterday’s profits can be easily wiped out by today’s losses but it’s still overall a lucrative business but only if you can target lucrative routes and provide affordable high class services that the competition within that route will struggle to keep up with. 
Do you want a complete and professionally written business plan on any of the above listed opportunities? I’m available to write you one for a token simply call 0803 206 4106

Monday, January 19, 2015

Top 5 easy and free ways to make money online in Nigeria


According to the National Communications Commission (NCC) at least 47 million Nigerians have access to the internet but judging by websites Nigerians visit the internet is mostly a tool for socializing and reading news online. But quite a few Nigerians have discovered that they could actually use the internet as a money making tool – not referring to the 419/yahoo boys – but enterprising people who realize that they could actually reach an audience online and transact business. However not all legitimate online businesses are free and easy for Nigerians to do that is why I’ve written this article. I want you to know about 5 easy and free ways you can actually make clean/legitimate income online in Nigeria and be able to sleep with your two eyes closed with a good feeling in your heart. Kindly note that I haven’t said you’ll become rich or make a lot of money in a short time but that you’ll make money and be at peace with yourself.

5 Opportunities to make stable income online in Nigeria
Here are the 5 absolutely free opportunities I’ll recommend to you and they have worked for me in the past, so it’s not guess work, this list is made up of ideas that really work;

Article Writing
There are websites where you can actually make good money from writing articles online but I must warn you it isn’t easy initially when trying to break in. However once you scale that hurdle the money will start coming. I for instance was writing on www.freelancer.com for a while and was earning $25 a day although I did more of technical articles. The word length could vary from as little as 500 words to as much as 3,000 words. You can get paid directly into your local bank account or opt for other options.
Tip: Give yourself a little time (3 to 6 months) if you want to succeed in article writing, preferably start a blog to promote your article writing  

Blogging
Linda Ikeji is living proof that blogging can make you rich here in Nigeria. Her blog; www.lindaikeji.blogspot.com is a totally free blog where she doesn’t even pay for webhosting or domain name and yet she makes over N5 million a month through paid advertising. A blog can also be used to sell your own product or service like this blog you’re reading. I write business plans and people not only contact me to help them write but they also pay me for it and this blog is also totally free but best of all it’s convenient and easy for me to churn out content which I publish on this blog for the world to see. I have also made a lot of contacts as well as a result of blogging.
Tip: Choose a good topic to blog about, this would enable you build an audience that you can now market your service to or attract advertisers who would pay you for adverts

Affiliate Marketing
You can also make easy money online in Nigeria by helping others who have products to sell online to find paying customers and earn a commission in the process. I know someone who does real estate marketing for a particular property company in Abuja, he uses his social media accounts and blog to market these properties and whenever he gets a call he follows up and if the client makes a purchase he earns a commission. Another lady I know makes money online by promoting products sold on Jumia.com.ng through her blog. She doesn’t have her own products yet she makes cool cash for herself online here in Nigeria.
Tip: Look for genuine online stores in Nigeria, sign up with them for affiliate marketing and start promoting their products through your website or even via social media

Social Media Promotions
If you are active on twitter or BBM then you’re wasting away if you aren’t using your platform to market other people’s products. There are brands and businesses that actually pay influential social media personalities for online promotions. One good example of an influential social media person in Nigeria is @omojuwa who is very active on twitter. He has many followers and they engage him actively online. Big brands like MTN, first bank, Wema Bank and even NGOs have in the past paid him N500,000 or more to do a week of online publicity.
Tip: Build an influential social network especially on twitter and BBM and market your service as an online brand promoter and businesses will contact you. But note only do this if your network is influential

Self-publishing
Do you have an unpublished book which you are determined to get published? If publishers keep turning you down for whatever reasons there is a way out for you – the amazon self-publishing program. Here you are the author, editor and even publisher of your own book the only catch is that you’ll earn 70% royalties on income from your book sale while amazon keeps the rest and that you must meet certain minimum standards which they have set. This opportunity is good because of the potential to earn passive income – money coming into your account everyday even while you sleep – it runs on auto pilot once you get published.
Tip: Write a very good book that has an available audience, get it published on Amazon but still work on promoting it.