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Businesses that will fetch you money in a recession

Nigerians are undergoing excruciating moments during the current recession. But even under these hard times, there are opportunities that fill up pockets

Innovate your way out of recession
Innovate your way out of recession

Nigerians are experiencing hard time due to the high costs of essential commodities caused by the biting recession. It is neither good news to individuals nor to companies; and governments at all levels are crying. In a state like Edo, local government employees are owed more than 15 months’ salaries.

But the story of Nigeria is not all gloom as there seems to be rays of light in the horizon. Even though the country is undergoing one of its most bitter economic woes of yore year, if one  searches around very well and still has some little capital (or has somewhere to borrow from), there are businesses that strive in recessions.

Some of these economic viable ventures are capital intensive, while many are not. See below for the review of the viable ones.

Bake your way out of recession
Bake your way out of recession
Bakery

Nigerians have an adage which states that “Man must wack!” Come what may, no matter the economic situation a human being must find ways of survival. Peters, a banker friend of mine, made research recently at a major supermarket in Kano. What did he find out? “Most people coming out of the supermarket where leaving with breads,” he said.

Bread is the biggest staple of any economy. You can even know whether the market of a country is inflated just by checking the prices of breads. So bake bread, sell and smile to the bank so as to break out of the recession rigours.

Laundry

You cannot say because your pocket is dry, you will not put on good clothes. When worn, these clothes get dirtied. If you won’t do it yourself you have to outsource it and this is the fodder for laundry companies’ cannons. Start laundry services today and stop worrying about Nigeria’s recession.

Security service

Crimes are rife during economic meltdowns. Nigeria is still recovering from menace of BH terrorists. And there are still reports of kidnappings here and there in the country. Is there any better time to start a corporate security outfit than now? Unless you do not want fill up your pocket.

If you have the prerequisite skills and qualifications, you better start a corporate security services outfit now and stop worrying about President Muhammadu Buhari’s recession.

Poultry and veterinary service

In my locality of Ja’en in Kano State, a friend, Abu Mai Nama barbecues meat streaks (suya) and chicken. In a day, he could roast about 20 chicken and the prices of a chicken range from N800 to N1,200. And lo, he sells the entire chicken all the time. Do you still think Nigeria is in recession?

What if you are the one rearing the chicken or providing feeds for the chicken? Do you think you think you will be short in patronage? What are you waiting for? Buhari or recession?

Cosmetics sell even in recession
Cosmetics sell even in recession
Cosmetics

Is there a time women want to look more beautiful than now? Forget about the feminism façades going around in the globe. Those that already have partners are fighting tooth and nail to keep their attentions, while those in the ‘labour market’ are dressing to kill to woo prospective suitors.

In December 2016, while visiting my mum in her shade in Jattu market of Edo state, I overheard some women washing down another who dressed shabbily to the market. One of them interjected, “Hmmm, men are scarce these days ooo. If you have one, hold am tight!”

Women use cosmetics like rituals. Before they leave for work in the morning, they apply; if they visit toilet, they rub on; when they go for lunch, they apply; and before they leave for home in the evening, the ritual continues. Imagine if you have a cosmetic company, will you worry about Buhari’s recession?

Farming: the only gold mine in a recession
Farming: the only gold mine in a recession
Farming

This should have been on the top of my list. But because it is not everyone that loves farming, I had to push it down. If you want to follow the fastest route of Nigeria’s economic woes, you must embrace farming. As a report has it, more than 70 percent of intending pilgrims in Kaduna state who have paid about N1.2 million are farmers according. Hitherto, it used to be 30 percent.

Food prices have risen to an astronomical high. But the cost of cultivating these crops is almost still the same. What are you waiting for in the cities? Jobs that are not available or luxuries you cannot afford?

Related: My Kitchen 103: White, apple, golden and issy sauces

What are you gonna do? Are you going to join the bandwagons of food producers who are smiling to the bank and you would rather stay in the city and become a client of funeral service companies?

Funeral services

Are there times when people don’t die? Mortality rates during recession even climb up. The life expectancy of an average Nigerian is never something to write home about. If he is not a victim of armed robbers waylaying him on the highways, a trigger happy policeman shooting him over N20, an overzealous fan of faraway football club knocking him down while celebrating win or brooding over loss of the club, these days, even bicycles could cause fatal injuries.

As I write this piece of article, a colleague of mine lay unconscious in hospital for more than 50 days due to the collision he had with a bicycle while riding a motorcycle.

Even through funeral services will not fly in most northern cities of Nigeria, it is a lucrative venture in the southern part of the country. I know of a friend in Akwa Ibom who holds a chieftaincy title of Akuku and is living a comfortable life. What does he do?  He runs a private mortuary business. If you also have carpentry skills, you could also make coffins for the dead.

Health services bring in money
Health services bring in money
Health services

Hausa people have an adage that says “Likita baka so ayi rai, baka so a mutu,” meaning a doctor wouldn’t want you to die but he prays that you fall sick all the time. If you will not run services for the dead, will you not do one for the living if you have the prerequisite skills and qualification?

Sicknesses are rampant during economic meltdowns and sick people could spend their last savings just to get back to their feet. Wouldn’t you want to save lives and smile to the bank at the same time?

Educational services

If you are healthy and filled, the next thing you think of is the education of your wards. Even if your situation is excruciating you may still strive to send them to school hoping that the future will be bright.

The only thing you might do is if the fees the school your wards presently go is on the high side, you switch to one that has lesser charges. Thanks to the proliferation of private schools in every nooks and crannies of the country.

Wouldn’t you also want to share in this cake of eduventure? Impact knowledge and say bye-bye to Buhari’s recession.

Waste to wealth
Waste to wealth
Refuse management

While I was taking A level class of biology, I learnt that “Change is the only thing that is constant!” If you finish cooking food right now, it will be delicious and tantalizing. But leave it unattended to for seven days. It becomes poison.

When we eat, walk or play, we invariably create waste intentionally or unintentionally. We have no option but to keep these waste at bay else our surroundings become refuse dumps. As usual, you either do it yourself or outsource.

Read this too: How to grow wealthy with blogging 105: installing utilities

There abound many grass-to-grace stories of people who turned waste to wealth by collecting refuse. Initially, these people were looked down upon as urchins. But today they are riding EODs shaming those that looked down on them who perhaps are still struggling with salaried works.

To run a refuse management company, you mustn’t rummage refuse tills to make money. You could make cash from refuse collection, make money from refuse sorting, make money manufacturing local fertilizer and you can also make money by creating ethanol gas from the waste. I want to also want to write about your waste-to-wealth story. Why don’t you start now?

Table water business

Another venture you could do is table water business. There is no time man won’t take water even if he is hungry. Become wealthy during this economic recession by collecting money to quench people’s thirsts.

The list of economic viable businesses in this economic recession time is in exhaustible. But I will leave you with the few above to start with. Let me know if any worked for you or you have other ideas in the comment section below.

In the meantime, know that the economic situation of Nigeria is a blessing in disguise. It could be the meal ticket to economic abundance you have been waiting for. Why don’t you pick it?

Faruk Ahmed
Faruk Ahmed
Faruk Ahmed, an ICT enthusiast, develops websites, coaches and deplores ICT for personal and business uses. He is also loves writing.
http://www.memorila.com/

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