Entrepreneurship involves developing a business idea and converting it into a profitable venture. The most thriving businesses are often those that ordinary eyes overlook. For example, plastic recycling is one of the most lucrative businesses globally, yet many disregard it. As long as a business solves a public need, it will generate profit in the long run.
This guide aims to open your eyes to highly lucrative, hidden business opportunities. It also answers the question of how to start and grow these businesses into long-term profitability. Remember, these business ideas may appear ordinary to the public, requiring deep insight to transform them into money-making schemes.
Classification of Hidden Business Opportunities
Generally, we categorize business ideas into three main types:
- Virtual Businesses: Entrepreneurs conduct these businesses in the digital space. In most cases, an entrepreneur operates and manages this type of business from a remote location.
- Service-Based Businesses: These businesses involve providing services in exchange for payment. Entrepreneurs in this field sell their skills, time, or resources for money.
- Physical Businesses: People operate these businesses physically.
Lists of Hidden Business Opportunities in Nigeria
Virtual Businesses
Below are top digital business models you can start to earn money through the internet:
1. Digital Tutoring:
Tutoring is one of the most overlooked professions globally. Many view it as a strenuous job demanding significant dedication and energy. However, with the internet’s aid, tutors can reach students and educate them on specific topics.
Digital tutors can prepare students for school examinations, equip them with new skills, or enlighten them about various subjects. This business is in high demand, and the internet makes it easy to tutor multiple students simultaneously using platforms like Google Meet, Discord, and Zoom.
You can also write and sell courses to students on platforms such as Coursera and Allison.
Benefits:
- You can tutor students from any part of the country.
- You can choose a convenient time to tutor students.
- Students are increasingly adapting to online learning.
- A high demand market exists in countries across Africa, Asia, America, and Europe.
- You can create passive income.
How to Source for Students:
- Delivering excellent results often opens doors to referrals from other students or parents.
- Offer free classes to attract potential students.
- Post ads on educational forums.
- Join Telegram, Facebook, and Discord groups to connect with students.
Potential Earning Opportunities for Digital Tutors:
As a digital tutor, you can earn between $1,000 and $5,000 monthly.
Business Insight:
Digital tutoring is a highly profitable business that requires minimal capital. You can choose any niche to teach students. Partnering with other tutors and online schools will help you acquire more clients.
2. Mini Importation:
Mini importation appears small but offers significant profits. This business involves importing inexpensive goods in low quantities and reselling them at a higher price. You source items from manufacturers globally and from top e-commerce platforms like Amazon, eBay, Alibaba, AliExpress, and 1688.
You can import gadgets, fashion accessories, and many other items at wholesale prices and resell them for a profit.
Who Can Do Mini Importation?
Anyone can engage in this business, and you can manage it as a side hustle.
How to Start:
- You need a smartphone or laptop to create accounts on top e-commerce websites like 1688.com.
- Pick a high-demand niche market (e.g., sports equipment, weight loss equipment, tech items).
- Partner with courier companies in your country to handle goods’ shipping.
- Find or gather a potential customer base online and offline.
Skills Required:
- Negotiation or bargaining skills: These will help you buy at discounted prices.
- Basic digital marketing skills, such as WhatsApp marketing.
- Product description writing.
- Social media ads creation.
Where to Sell:
Your target audience exists both online and offline. You can liaise with nearby stores and sell your unique products to them. You have a higher chance of selling if your product is affordable.
How Much Can You Earn?
Depending on the product type, a person engaging in mini importation can earn up to 50% profit on every item sold. For instance, if you buy a product for $50, with the right bargaining and marketing skills, you can make an extra $25 after selling.
Business Insight:
- Hot-in-demand products are most likely to sell faster.
- Integrate writing, graphics, and video editing skills for advertising or marketing purposes.
3. Affiliate Marketing:
Affiliate marketing is another business entrepreneurs can secretly pursue as a side hustle. It involves promoting other people’s businesses or products with the intent of earning commissions on every sold item.
Top e-commerce websites like Amazon and Clickbank have helped several business enthusiasts earn thousands of dollars, with some generating recurring income without constant work.
Who Can Do Affiliate Marketing?
- Anyone with internet access.
- Anyone who understands social media algorithms.
- People who understand basic marketing or persuasive strategies.
- Bloggers or content creators.
How to Start Affiliate Marketing:
- Pick a high-demand market niche. Products in the health, fashion, and tech niches sell quickly.
- Registration on e-commerce platforms such as Amazon is compulsory.
- Anyone who knows how to place targeted ads can succeed.
Prerequisite Skills:
The following skills are essential to earn money as an affiliate marketer:
- E-marketing skills.
- Creative, sales, and story writing.
How Affiliate Marketers Make Money:
- By promoting the link on social platforms like WhatsApp, YouTube, and TikTok.
- By promoting affiliate links on trending websites.
- Through social or online forums like Quora.
- Via paid advertisement.
Potential Earnings:
Beginner affiliate marketers earn up to $250 every month, while professionals in the field earn above $500+ monthly.
Business Insight:
The affiliate marketing business often does not require an initial investment, but spending on reaching potential leads is important. Employing different advertising strategies will help generate more passive income.
4. Content Creation:
This business opportunity is no longer as hidden, as millions of content creators earn money by posting content in various niches. YouTube and TikTok offer the largest platforms for content creators.
These social platforms provide content creators with opportunities to earn money while having fun. You can pursue this business as a side hustle, with content creators earning through ads, fan gifting, brand ambassadorships, and monetization.
Who Is a Content Creator?
Anyone who understands the art of writing, editing, videography, and photography, and uses these skills to post engaging content in the form of videos and pictures.
How to Start:
- Research the most engaging social platform and create a free account.
- Pick a niche, and ensure your selected niche reflects in your content.
- Use high-quality cameras for shooting and utilize professional editing services to edit your content before publishing.
- Post engaging content at least thrice weekly to keep your followers glued to your page.
Required Skills:
- Photography and photo editing.
- Videography and video editing.
- Trends research and SEO.
- Sound production or editing.
How Much Can You Earn?
Content creation opens doors to multiple income streams, and content creators can earn up to $5,000 every month.
Business Insight: Always keep your profile buzzing with relevant content. This will make your profile visible to potential partners and followers.
5. Freelance Writing:
Freelance writing is another overlooked business idea with growing demand, making it one of the most sought-after jobs. Many entrepreneurs fail to recognize the earning potential in this business.
Freelance writing is easy to start and requires no capital. You only need to define your niche, and you can work remotely.
Benefits:
- Freelance writing does not interfere with your day-to-day job.
- Individuals with no prior writing skills can learn while earning by gaining insights from clients.
- You can choose to write in any niche.
Who Can Become a Freelance Writer?
Anyone can become a freelance writer and earn thousands of dollars monthly. The job is not restricted by gender, race, or age group. You qualify to write if you constantly seek new ideas and learn new things.
Tools to Get Started:
- A smartphone or laptop
- A dedicated writing space
Required Skills:
- MS Word proficiency
- Storytelling
- Book writing
- Translation and editing
- Research skills
How to Source for Clients:
- Through freelance websites like Freelancer.com, Upwork.com, and Truelancer.com.
- Social platforms like Twitter and LinkedIn.
- Online forums like Quora.
Potential Earning Opportunities for Freelance Writers:
Writers can make between $500 and $5,000 on a monthly basis.
Business Insight:
The freelance writing market is competitive. You need to choose a niche that stands out and meets everyday demand. Learning basic SEO or website management will also increase your chances of securing more gigs.
Top Hidden Service-Based Business Opportunities
The following businesses involve providing services in exchange for cash:
6. Cleaning Services:
Cleaning services are in high demand in homes, workplaces, and public gatherings or events. Many overlook this business due to the perceived “dirty” nature of the job. Entrepreneurs often underestimate the potential in operating a cleaning service company.
Entrepreneurs in this business can handle the administrative and management aspects without directly participating in cleaning activities. This business suits students, stay-at-home parents, and individuals looking to start a venture.
Business Insight:
- Deliver high-quality services to customers to gain more business offers and referrals.
- Setting affordable prices will attract more customers.
7. Car Washing Services:
Billions of car owners, truck drivers, and bus drivers exist worldwide. Sixty percent of these drivers lack the time to wash their cars at least twice weekly. Motor vehicles must be thoroughly cleaned to avoid appearing rough or dusty.
Some drivers do take the time to wash their vehicles, but not everyone can professionally wash their car. A car washing company’s service comes into play to alleviate the stress of car washing and give cars a sparkling touch.
People have overlooked this business, but with the right branding and marketing strategies, you can engage in less physical work and earn thousands of dollars monthly.
Business Insight:
- Promote your car washing business online and offline.
- Offer discounts or gifts to first-time and recurring customers.
- Offer referral-based programs where customers receive cash or gift rewards for referring new clients.
8. Event Planning and Management:
Every week, people find reasons to gather for celebrations or remembrance purposes. An event planner coordinates, plans, and manages all event functions. Professional event planners earn no less than $1,000 profit on every successfully organized event.
This business does not require entrepreneurs to possess specific skills or certifications. However, event planners must manage financial, human, and machinery resources to creatively organize various events.
Business Insight:
- Learn negotiation, marketing, and management skills.
- Promote your business on every available channel or forum.
9. Rental Services:
Individuals or companies involved in any form of craftsmanship often experience resource shortages. A company offering rental services can always fill this gap by renting out their equipment.
For a small fee, people can rent kitchen equipment, decoration equipment, mechanical instruments, generators, and other helpful equipment. This is a stress-free yet highly profitable business, with those involved earning no less than $500 monthly.
Physical-Based Businesses
10. Perfume Selling Business:
This business is highly sought-after, yet potential investors often overlook it. With growing demand in all spheres of life, entrepreneurs can enter this business with little capital.
You can also pursue perfume selling as a side hustle for students, parents, or retirees. No skills or certification are required to start this business, and you can sell to every age group.
Business Insight:
- Partner with perfume companies to buy at discounted prices.
- Run promotional sales.
- Offer referral-based programs.
Sales of Computer and Phone Accessories:
Smartphone and computer users constantly seek new accessories to upgrade or beautify their tech products. The market demand continually grows, especially for top tech brands like Lenovo, Google, Apple, and HP.
You can sell accessories such as headsets, microphones, flash drives, screen guards, charging cords, chargers, and other high-demand accessories.
Conclusion
Starting a business with the intent to make money goes beyond coming up with a random business idea and investing financial and other resources. Businesses that appear small or unprofitable usually have low competition. With the right marketing strategies, you can count thousands of dollars monthly.
There is no limit to the business ideas you can venture into – either online or offline. This publication aims to show entrepreneurs businesses or services that are in high demand but remain hidden in plain sight.