Residual Income Opportunities in Nigeria
Before I explain residual income opportunities let us take a cursory walk around the streets of Nigeria, one thing you will not fail to notice is the bustling entrepreneurial spirit, as in almost every corner you turn, there is the presence of either a shop or an office that is used for carrying out some sort of business. Even in most residential areas you will still find a kiosk propped up somewhere, and when you are caught in traffic while driving on a busy highway, you will be approached by sellers that are showcasing their wares – this ‘hustling’ spirit can be seen almost everywhere.
Although the proliferation of small and medium businesses can be attributed to the few number of available job opportunities, the fact remains that most Nigerians are businesses minded, preferring to have a business of their own by the side even when they have a paid employment.
So if you are planning on also starting something, it is a good step and one in which you are sure to get a lot of inspiration from the environment around you. But you also have to avoid getting stuck in what the billionaire businessman, Robert Kiyosaki describes as the ‘rat race’ in his book The Cashflow Quadrant. Any business that you venture into should be able to generate a residual income for you, instead one in which you must hustle a lot before you earn a little.
We will be looking at residual income opportunities ideas that are easy to start up in Nigeria, and will give you the much needed passive income.
Residual Income Opportunities
• Online store
Yes, Jumia, Konga, Jiji, OLX and Yudula, to mention a few are crowding the market space with their delivery before payment and other easy shopping options. So setting up an online store that sells items like phone accessories, kitchen utensils, clothing, and jewelry is one of the residual income opportunities in Nigeria. The new concept of drop shipping also gives you a way of sourcing for cheap items abroad and shipping directly to the seller’s address here in Nigeria, you should look into that to have some competitive edge.
• Blogging
This is another area where demand is growing by the day. With the spread of the internet, everybody is going online and searching for information to solve a specific need. You can create a blog on a niche and provide well-researched articles on subject matters which you find to be interesting, be it politics, fashion, technology or sports. You can place an advert or market products and services targeting this same audience. It’s one of the proven residual income opportunities in Nigeria.
• Network marketing
One of
the surest ways to set up a system that pays you residually is to start a
network marketing business. You just need to identify a good company with
effective products and become an independent marketer, earning money through
direct sales and also from commissions, bonuses, and referrals. The internet
has also made things a lot easier as you can set up your network marketing
online and reach out to millions of potential customers, this way you’re earning
passive income and the cash just keeps flowing in.
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