The Best Small Businesses to Start in Nigeria in a Recession or Difficult Economy
Recession places a strain on businesses and the economy. In fact, during recession, companies are most likely to slowly wind down and maybe closed down their businesses. This means that the economy might also collapse and falter.
When this happens, employees stand a greater chance of being sacked because of financial difficulties. Also, a higher number of people will be forced to take pay cuts; this will lead to hardship amongst employees, employers and even among entrepreneurs.
However, there are still some businesses you can start in Nigeria when there is a recession. These small businesses have proven to make money, notwithstanding the bad state of the economy.
1. Food Business
The food business will continue to thrive, in spite of the situation of the economy of any country. This is because food is a necessity that everyone needs to survive.
Food business will always be a success even before the recession, during a recession, and after the recession. You can grab this opportunity and start this small business for you to make a living.
2. Cosmetic Business
No matter the current state of the economy, ladies will always want to look pretty, be it for their husbands, boyfriends, friends, or self-delights. Even in a recession, cosmetic shops are being flooded daily by ladies who want to have their make-ups for special occasions.
Starting this business will place you in a niche (even if overcrowded) that still drives daily income for lots of startups and established business people.
3. Hair Salon
The salon business applies to every gender. A difficult economy or recession will never stop you from going to the salon to make your hair or have a new haircut. This is because no one wants to look unkempt and more so the fashion industry is one that thrives in all economy. The salon business is quite a money making business, even during a recession.
4. Transportation Business
This is one of the most lucrative businesses to venture into in Nigeria because a large number of Nigerian residents cannot do without leaving their homes daily and transporting themselves to different places, including their workplace. So, if you can explore this business very well, it’s all yours to make a profit.
For example, if a man wants to leave his house for work by 6am and does not have a private car, what do you have him do? He would certainly need to use commercial transport. By so doing, he pays for the service offered to him just like other passengers would also do.
Since commuters on the road cannot reduce, transportation business will continue to thrive in Nigeria, even in a recession.
5. Sports Betting
Nigerians, especially the males who are lovers of sport, are always fond of flooding sports betting centres to stake their money on sporting actions for anticipated quick returns. Gambling business in Nigeria will continue to boom due to poverty and the need for money for people to survive.
While the country slide into recession, the rate at which people play sports betting increases massively. This is because people need money to sustain and cater to their needs.
This business will always boom in good and challenging times. You can sign up to become a sports betting agent or open sports betting shop for any big sporting brand out there because starting a betting outfit of yours can be quite demanding financially.
This is an evergreen business niche that will always sell, whether during economic rise or slide. Take a clue from most E-commerce sites. Most of their sales come from fashion items. And with the advent of technology, it’s even easier to dropship instead of piling up inventory which you fear you might not be able to sell. Also, social media has made the promotion and sales of fashion items a big deal in the past years to the present.
A recession should not stop you from making a living and sustaining yourself. While most big businesses may get affected because of the recession, you can stand out with the small business you have decided to start.