Last Updated on June 13, 2024 by Arurhose
Did I ever tell you of the time I started a food business with my friend? I have tried many things in life, so put some respect on my name! We were two grown men, frying yam, and selling beans, plantain, and pepper sauce alongside it. Oh yes! I was broke! While this may be categorized as one of many boring business ideas, we were attractive as a business, one of many boring business ideas that make money. This was mainly because it was rare to see two men running a mini restaurant around a student living area.
It wasn’t fancy! It wasn’t sexy; it’s not what you put on your LinkedIn bio. Although now that I think about it. Its “wonders shall never end” with LinkedIn. These GenZ folks will tell you they are a Food Connoisseur with extensive experience in palate re-engineering and customer experience design. I know! And yet, you sell ewa agoyin and plantain.
So, What are Boring Businesses?
It is another term for simple businesses that offer essential services, has been around for quite some time (so it’s tried and trusted), and has the potential to give you a steady income with recurring revenue. On your Financial Independence (FI Journey LEAN vs FAT) and achieving your FI number, this can become an essential weapon in your large arsenal. The simpler the business, the better! Essential goods and services are usually more likely to succeed than the “flashy” ones. Another essential thing to note is that boring businesses more often than not, are solving problems people would rather pay for than do themselves.
Examples of Boring Business Ideas That Make Money in Nigeria
These ideas are for businesses you can start with ₦50k to ₦200k as your starting capital.
Point Of Sale Business (POS)
It’s simple. You have the Point of sales machine sold at less than ₦100k. Some POS brands even offer the machine for free, but you have to pay a cautionary fee in case the machine gets damaged. All you need is a chair and an umbrella for shade, and business has started. You can potentially make 500,000 in profit annually with an initial capital of about ₦50k-₦200k.
Zobo/Kunu Aya
These local drinks are not only affordable for the average Joe but also have nutritional benefits. I tried it, you know. I got the ingredients for less than 5k and extracted the juice worth ten bottles. Okay, fine. Half of it spoilt in 2 days, but that is not the point. The point is that with about ₦100k, you can start small and scale slowly and steadily.
Fish Farming
Fish consumption is unique because it is consumed in the household and has a vast commercial appeal. I dare say more than meat. Pepper Soup with cold beer is a classic in Nigeria. You cannot go wrong with that combination. The beauty of fish farming is the value chain. You can decide to sell live fish, you can choose to sell the feed, or you can decide to help other fish farmers smoke their fish. Do your research and figure out which part of the value chain is most affordable for you.
Perfume Oil Business
The simple model of purchasing fragrance oil in bulk and repacking in small volumes. It doesn’t get simpler than that. You can decide to produce your own oil and add scented candles as you expand. What really sets out your business is the use of social media. Your content marketing strategist has to be on point, and it has to resonate with your audience.
Hair Care
Except you want to look raggedy. You would need to groom your hair. More so for the ladies. A salon is always a good business to venture into. The key, however, is your unique selling proposition. Yes, you have a barbing saloon. You can also add a beard growth service. For the longest time, I have been trying to grow my beard. I can feel your mockery eyes all over me. I shouldn’t have mentioned it, I knew you would judge me! You have a lady’s salon, but you focus on helping women on their natural hair journey. Another idea is wig revamping. This is a profitable business in Nigeria. Over 70% of women have wigs in their beauty roster. You can offer to revamp their old wigs to have a revamped look.
A Food Truck
When you hear of a food truck, you are already thinking of a custom-made truck and all the money it would cost. No, you just need a vehicle that can move you around, and you are not going around with no purpose. You can decide to survey sites where construction is being done. Houses are built everywhere and all the time. You can survey locations and serve them food at the back of your car. Think of it as a construction site. You don’t need tables and chairs. You just need to make food tasty, and you are in business.
Cashew Seed Business
You would be surprised by how much of a money-making machine a cashew tree is. As of the time of this writing, a bowl of unprocessed cashew seed is ₦6,000. With just four cashew trees in my family home, we can make up to ₦300k in a season. What if you start an agency that collects cashew seeds from cashew tree owners? What if you grow your trees and sell the seeds?
Other Boring Business Ideas
While we cannot go into an exhaustive list in this blog post, there are a few online sources and communities to find more boring businesses. This boring business link on Reddit is a good example of ideas you can consider. There is also an exhaustive list of no-code business ideas you can get started with, especially if you need to use a digital platform and do not necessarily have the coding skills.
Conclusion
The framework for boring business is that it is simple, has a low entry fee, and can easily hire people to work on the day-to-day while you oversee the operation from a bird’s eye view. The idea behind a boring business is a steady income flow that forms part of your passive income portfolio. Imagine if you had five boring businesses generating an average of ₦500K annually. You have almost ₦3 million in passive income. Remember, simple, steady and, lastly, easy to start.