Profitable Business in Nigeria
The following businesses are some of the profitable business in Nigeria that when done well, it can give you huge return on your investment.
Good Business
The price of gold is often in the news—sometimes it's going up, and other times it's coming down. When its price is on the rise, many of us wonder if we should sell the gold we possess for a profit. When the price is falling, some of us consider investing in gold to profit down the line when its value rebounds.
The truth is that you can earn a living buying and selling gold, but I don't mean buying from jewelry stores. I'm referring to buying gold from the public for resale. In this article, I will walk you through the process of making money on gold and other precious metals.
Although you may think you'll need a lot of capital up-front to start this business, No you don't. A gold business can be started with just a few simple tools, which I'll cover in more detail below. Some of these—like a jewelry scale—you may be able to purchase used. Additionally, If you let friends and family know what you're doing, they may give you some jewelry to help you start your business off. If you reinvest any profit you make back into your new business, you can make your money work for you. That way, if someone brings you a piece that you know is a bargain, you'll have the cash to buy it. Now, let's dig into the details.
Steps To Buying And Selling Of Gold
Decide on the kinds of Gold you would be buying and selling
You should also make up your mind on the kinds of gold you want to be dealing in. Do you want to be buying outdated jewelries or broken jewelries, so that you can refine and resell? Wedding bands or brand new gold jewelry for resale, or would you rather deal in raw gold? Below are few niches within the gold trading business, that you can start today.
- Buying and Selling of Gold Coins
- Buying and Selling of Jewelry sales
- Trading on Broken / used jewelry sales
- Buying and Selling Scrap Gold
The next thing for you to do after deciding what type of gold you want to buy and sell is;
To Secure and protect your business
Gold business is a business that requires a high level of security. A small piece of gold may be worth millions and if it gets stolen or lost, that would lead to a huge loss, so you must take the security aspect of your business very seriously.
Apart from investing in a strong metal safe for storing your wares, you should also hire security personnel who would watch over your business premises daily.
Register your business
The first recommended step to take when planning to start your gold business is to register your business and obtain all necessary business licenses that may be required to trade in gold. You may consider registering your business as a Limited Liability Company so that you can protect your personal assets from any business liability.
Gold Testing Kit
The first thing you'll need to buy is a gold testing kit. These are reasonably priced and absolutely necessary for your new business. The majority of jewelry pieces you'll be offered won't have a hallmark, and you can't simply guess at the quality of the metal. The acids in the kit will tell you which carat of gold you're dealing with. Two additional acids are also included to test silver and platinum. With this knowledge, you can then proceed.
Another Profitable Business In Nigeria Is;
Real Estate Business
What is a real estate business?
A real estate business deals with the buying, selling, management, operation, or investment of land and buildings. Real estate can also include natural resources below or above the land, such as crops, minerals, or water.
Here’s everything you need to know to plan, start, and grow a successful real estate business – we include all the essential insights and steps to help you get started.
Is Real Estate Profitable Business In Nigeria?
The short answer is yes. It is very profitable.
Find a niche for your real estate business
When starting a real estate business, consider what specific niche is right for your real estate company to give yourself a leg up on the competition.
You may have many business ideas, but it’s important to narrow your ideas.
Do you want to sell to a particular group or segment of the population? Or perhaps you want to concentrate within a specific area of the city or specialize in buying and selling commercial properties alone.
Maybe you want to be the area expert in short sales, only focus on rental property management, or perhaps you are the go-to resource for landlord/tenant laws for your state.
You’ll have a better chance at success if you get started with a specific target audience.
Ensure you set up your real estate business to meet a specific niche’s needs to avoid overspending and underwhelming all of your potential customers.
Here are some real estate business niches to consider when starting a real estate business:
Residential real estate
Income properties (homes purchased by a real estate investor to generate income through rental or leasing)
Commercially real estate properties
Property management
Rental Property
Get a real estate license
you're going to need to have the appropriate license for your real estate business.
If you are entirely new to the business, you’ll need to get your real estate license before you can start working as a registered real estate company.
Build an online presence
The web is an essential sales and marketing tool for all small businesses, and real estate agents and brokers are no exception.
According to a study on homebuyers, 90% start their search online, and 40% contact a real estate agent after researching the web.
A web presence isn’t optional – you must be on the Internet to compete in the real estate market and build a successful real estate business.
Customers choose real estate services based on the brand, the real estate professional behind the brand, and that person’s reputation. Your business website is often the first contact point between you and potential clients. Make that first impression a good one with a well-designed site.
Conclusion
So these and many more are some of the profitable businesses you can do in Nigeria and make Huge amount of money. Feel free to drop your comments below if you have more questions to ask me.
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