16 Great Offline businesses You Can Start In a Recession With Less Than 50 Thousand Naira
16 Great Offline businesses To Start In A Recession
An Economic recession takes place when there is slow developmental growth in a country and things become expensive for the majority of the people in the land as the purchasing power is now low. In such a situation, the best solution for you is to start a business in order to increase your income and cushion the negative effect.
That Nigeria is passing through economic hardship is not news but what is news is that this is the longest and most hard hit in the country in the last 30 years.The economy of any country will always have its up and downs. In other to be prepared and plan for such a time like this, there are certain things to do.
When there is no plan on the ground, poverty sets in and with it comes hardship.Before recession sets in, there are certain decisions to take. This includes tidying up your financial life by not living above your income, have a budget for all your expenses, track your spending, don’t borrow money unnecessary unless you have the plan to invest, have an emergency fund and you have to save, save and save.
More than anything increase your income by starting a second business and if you work 9-5, start a side hustle and grow it into a big business.
Here are 16 businesses to start offline in a recession with less than N50 thousand naira or even zero money.
- Become a private tutor or a lesson teacher. You can offer to take children who are slow in their academics or those preparing to write common entrance examinations. Of course, you have to interact with your neighbors or parents of children with your school to find out if they have the need for a tutor to help. You can start tutoring on a small scale and gradually grow into organizing summer camps, or WAEC /JAMB preparatory classes. This involves zero budget initially as all you need is your brain and lesson notes.
- Plaiting and Fixing of hair. This is a service you can render from your house or follow clients to their homes. There are some people that are so talented in this field and if you are one then you should be making tones of money from offering these services. Anything that you are good at and also takes your time, you can monetize it and earn income.
- Bead Making. Wearing beads is in vogue and it is a good business to start in a recession as not much capital is needed. People love wearing beads because they are fashionable and some are not very expensive compared to gold.
- Sell Recharge cards and Prepaid light credit. You can start this business with less than 50k. I was into this business between 2011 and 2014 while I was in Kaduna. The margin may be small at the beginning but with an increased volume of sales, you will see your profit.
- Sewing/Fashion Design. Knowing how to sew is a beautiful side business to start. The manual machine cost less than 25 thousands while electrical cost about 50 and the beauty of this business is that you can start from the comfort of your home to make streams of naira. Of course, you have to learn how to sew but with proper planning, you can have the required skill within a year.
- Food Business. Cook food to sell or become a vegetable vendor. The human being must eat as it is not possible to live without food so cooked food will always move. You can cook at home and deliver to offices, schools, hospitals or packs. With #20 you are good to start your cooking business.
- Become a Coach/Consultant. You can coach people on how to manage their finances, especially in this economic downturn. People are looking for help and unless you project yourself, no one will know about you and you might lose the opportunity of earning extra income. If you are in the financial circle, now is the time to act.
- Become a Counsellor especially if you are trained in this field. People are going through issues in life and looking for the way out. It might be drug abuse, alcohol, or even sex addictions. Our cultures restrain people from opening up but if you are a psychologist, open your eyes and you will see the needs everywhere.
- Laundry/Dry Cleaning Business. There are people everywhere looking for who to help them with their washing. Go to offices, banks, and hospitals. It will cost you almost nothing to start except for the detergent, water, and light. When you begin, you won’t need all the machines until you understand the rudiments of the business and by that time, the business should be paying its bills.
- Makeup Business. Every woman wants to look good on her special day like her wedding, naming of a child, birthday parties, and other functions. Make up a woman to look beautiful and you will be handsomely paid.
- Cleaning and Housekeeping Business. Offices now contract out the cleaning of their offices. You can start with the cleaning of windows and curtains of such places. There are households that don’t need a stay indoor maid so such homes should be your target.
- Rental Business. Nigerians love celebrations and parties so economic meltdown or not people will still celebrate so the need for rental services. Canopies, chairs, tables, table clothes, big cooking pots, etc. can never be adequate. Make your service known to your colleagues, church members, club, and classmates and you will be surprised with the network of contacts you have.
- Become a Cab Driver. Some workers in Abuja are in this business especially those who live on the outskirts. They turn their vehicles into a taxi in the morning by picking passengers to town while going to the office and at closing, do the same. Let us do the arithmetic here for you to see and know. Let us assume a trip to town is #200 and you pick 4 passengers that will be #800 and 4 weeks down will be #32000 a month. This is more than enough to fuel your car for a month.
- Become a Resume Organiser. In recession people, loss jobs and so, many will be looking for work. Help people to organize their resumes and also help them search for jobs and they will pay you for these services.
- Sell something. You can sell clothes, shoes, and bags, minerals from your house, foodstuffs, beverages etc. It might be small at the beginning but before you know it grows and you have to move out and rent.
- Start farming. There are the different aspect of farming you can start from the home. For example, you can go into fish and snail production, rearing of animal like goat, chicken etc. Crop production is not left out as you can plant yams or corn.
Whichever of the above 16 offline businesses you decide to start in this recession period, understand that you need to put in time and energy. Know what your passion is and the reason why you are starting the business as there will be a time when you will feel like stopping. It is your conviction that will help you along your journey.
What other business do you think one can start during an economic recession?