10 Lucrative Small Business Ideas For Students

If you are a Nigerian student and you are reading this article, the truth is that you can start a side business as a full-time student and still keep up your good grades. I will show you 10 small lucrative business idea you can venture into as a student that will guarantee earnings on regular basis. Mind you, before I could come up with this, I’ve also experienced a business idea among the listed small lucrative business below which in turns brought income for me and it drastically changed the way I use to ask my parent money for “this and that”. Even after school, the business I started is still what I use to earn today.

It very pertinent for you to understand this when your business begins to span it could maybe the service you are rendering to your clients/customers have made them your constant consumer. A grip of a one-man business kills a business. You should understand that, your business won’t just be at a certain pace, it would grow day by day depending on the motive of the business owner.

There are three excuses students usually give when the issue of running a side business in school is raised: “I don’t have time”, “I don’t have money” and “what’s the point? I don’t lack anything.” Before we go ahead to the 10 lucrative small business ideas, I feel it’s important that I address these excuses and rid your mind of them.

Time: The ideas discussed in this article are all side businesses. You only need a few hours every day to effectively execute them. Most of them you can work on during the weekends. These are times you normally spend on trivial stuff. Why not invest that time and create a beautiful and profitable future for yourself?

Money: You don’t need a lot of money to start any of these lucrative small business ideas; for some of them, you don’t need money at all. They are small business ideas – at the most, N10,000 to N15,000 should be enough to get you started.

Why? What’s the point: Here are 4 important reasons to consider starting a side business while in school.

1. You prepare yourself for life after school. The labor market is usually not pretty; nothing is guaranteed. The only way to make sure you don’t go through the painful process of job search is to start your own business and the school is the perfect place to prepare yourself for that.

2. You set up contacts, client base and networks that you can draw from when you need them.
You gain vital experience: this is usually the time you harness your skills and gather experience that takes you further after school.

3. With each success, you increase in confidence and with each failure, you increase in learning.

The slogan for your success is simple: whatever you do, do it very well! If you don’t possess the necessary skills to start any of these businesses, I urge you to invest the time and money to acquire them. Consider any of these lucrative small business ideas to start. Let’s get to it then!

1. Typing and Editing Business

Most students have to need to type their assignments, projects, and thesis. If you have a personal computer, you can start up a typing business.

How this works is you collect the handwritten assignments and type in the evening, after school. If you lack speed-typing skills, install a typing tutorial software like Mavis Beacon and start practicing.

After typing, you take it to a computer center to print out at N20 per page. You can charge between N50 to N100 per page for each typing job. This gives you a profit margin of between N30 to N80 per page. If you can type 20 pages per day, that gives you 800 – 1,600 daily and 4,800 – 9,600 weekly in extra income.

2. Recharge Card Business

There are 2 ways to run the recharge voucher business. Either you deal in bulk recharge card printing, which is still very lucrative although costlier to start, or you sell as a retailer.

You can buy bulk units of N100 and N200 recharge cards and sell at a higher prize. Most wholesalers sell at the 10 units of N100 recharge card for N920, this gives you an N80 profit after sales. You can easily start up this business with as low as N5,000. Here is a detailed article on how to start the recharge card business in Nigeria

3. Organize Tutorial Classes

You can organize tutorial classes for students in lower classes in your department. There are courses that are usually tough and difficult to understand, and students taking that course will not mind paying someone to teach them the course.

I organized web design lectures for my course mates during those days in school and they paid me N1,000 each for the duration of the course. Another way is to charge say N100 for each tutorial you organize and if 50 persons turn up, that gives you N5,000 for the day. To organize a tutorial, you need to find a place inside the school, and then inform the course representative to tell the class of an upcoming tutorial session.

4. Sell Compiled Past Questions

Nothing sells fast in school like past question papers, especially as exam date approaches. You can get past questions from your department and other departments, solve the questions with the help of your textbooks, then convert it to short handout and sell to students during exams. You can sell the handouts for N200 or less depending on your production cost.

5. Used Clothes Business

This is usually known as the Okirika clothes business. It involves buying used clothes and reselling to students. N10,000 can get you started on a small scale okirika clothe business. You should focus on Jeans, shirts, shoes and tops.

It is important to meet people who are already in the business for guidance before you make your purchase. This is to avoid burning your fingers in bad business.

6. Hair Plaiting/Styling Business

I had a friend who used hair plaiting business to offset all her school bills. What she did was, during weekends, she would visit student hostels and ask for students that wanted to make their hairs. She plaited and fixed weave-on.

You can learn to plait hairs and fix weave-on, and offer the services for a fee in school. You can charge as much as N500 to fix a weave-on and N1,500 for plaiting of hair depending on the going rate in your location.

7. Manicure and Pedicure Services

A lot of female students fix their nails, especially during weekends. You can offer a home nail fixing service business. You can purchase the basic equipment needed for fixing nails with N3,000 and charge as low as N300 for each service rendered.

8. Barbing Salon Business

This is one of the most lucrative small business ideas in school. It takes a lot to start of money to start on your own, though. If you have the skill, you can look for barbing salons close to you and introduce yourself. Once any of them accepts you, you can attach yourself there and make your money in your spare time. Naturally, you pay a stipend to your host for accommodating you.

9. Blogging

You must have heard that people make 5 figure income online through blogging. Well, let me officially tell you that this is 100% true. It costs nothing to start a free .blogspot or .wordpress blog and if you understand how blogging works, you will be making your money in no time. I will be introducing a whole new course on blogging in later articles so keep an eye out for it.

10. Freelance Writing

If you have good writing skills, you are missing out on a lot of money. Apart from writing for bloggers who may not have the time to write, you can make a fortune from freelance sites like ODesk or Fiverr.

Forums like nairaland.com are good places to offer your writing skills for a fee. As a starter, you can offer free writing services as a way of introducing yourself and getting positive feedback. This review will be important when you create your advertising pages.

No comments