Top 3 Ways To Earn 1 Million Naira Before The Year Runs Out
At Nigeria Online Business, we have been enlightening Nigerians on different earning opportunities that can bring about financial freedom. In today’s post, we are going to be revealing to you some business opportunities that can earn you at least A million Naira before the year runs out.
If you are ready, read on.
1 Onion Products:
According to fact fish, Nigeria is the eighth largest producer of onions in the world and produces about 4.3% of the onion produced globally. This translates into billions of naira for those that know how to utilize the opportunities that lie in onion.
I will show you 2 very important onion opportunities that can earn you a million naira in 2023.
First I will start with onion seeds: I know not a lot of people know about what onion seeds are, these are very tiny seeds that are planted to get an onion. They are much smaller than tomato seeds.
Onion seeds are mostly available for purchase between the months of August and September in the northern part of the country.
The unfortunate part of it is that most of the farmers that will need those onion seeds for dry season farming of onion are still battling with their farms and in most cases are church rat broke because of the expenses on their farms.
So, around this period (august – September), if you buy and store this onion seed for about a period of 2 months, the price can double up to 5 folds or more. I mean an investment of N250k in these seeds can yield over 1 million naira in profit.
Secondly, under onion products, I will also discuss onion itself
Onion stored during the months of August and September also doubles about 8 folds during December. Onions are abundantly available from august – to September, so they are very inexpensive.
If you took a typical case study in 2017, onion that was selling for between N2800 to N3500 per bag during august in most northern states that produce onion when up to N28, 000 upwards in most other parts of the country in December 2017. This means that a 250k investment will translate to over one million Naira in profit.
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2. Sweet Potato Chips Production:
This business requires very little startup capital. The major raw material which is sweet potato is very inexpensive. What you require to get started are a wide frying pan, oil, an iron drainer, vinegar and other spices, a slicer, and packaging. The package can be white leather that has a seal and a little paper inserted for contact details and bulk buyers.
Let’s do some basic analysis. The cost of production per pack is N15, selling cost to hawkers and other resell outlets is N35. The profit per pack is N20. Let’s say you have 20 hawkers that sell 20 packs each daily and 20 supply stores that sell an average of 10 daily. This will translate to 20 packs x 20 hackers = 400 x 20 profit = N8000 naira profit daily from the hawkers.
From the supply stores: 20 stores x 10 packs each = 200 x N20 profit = N4000 profit daily from the supply stores.
N8000 + N4000 = N12, 000 daily profit x 30 = N360,000 monthly. If you multiply by the remaining 10 months in 2018 we have N3.6 million naira.
3. Local Drink Production
These drinks can be any of the local drinks that are In high demand. They can range from “kunun aya, Ginger Zobo, Soy Milk” etc. you can also start in a very little way, you can borrow coolers, pots, big bowls, etc, and then buy your own gradually.
If you master the production of these drinks, the profit per bottle depending on the form of packaging can range between N30- N70.
If your profit per bottle is N30 make your goal target 5 distribution outlets that can sell up to 30 bottles of the drink daily. This will amount to 150 bottles daily.