A lot of aspiring entrepreneurs in Nigeria dream of starting their own business without fully understanding the sacrifices that would be required of them.
In most cases, being a business owner means that you’d have to spend dozens of hours working every week, and while you may be making money, you’d barely have time for anything else. You’d barely have time for family, friends or even to run your personal errands.
What’s the use of having money in the bank if it’s only going to make you a slave?
Now, imagine having a self-sufficient business that runs automatically, day and night, to generate at least 10,000 Naira per day without a great deal of effort from you. Doesn’t that sound much more liberating?
Such businesses are called “passive income” businesses, and they’re what all entrepreneurs should strive to build.
Passive income gives you the freedom and time to travel, socialize, read books, and do all the other things you’ve always wanted to do without a worry in the world, since your business is self-sufficient and doesn’t require your presence all the time.
This article will take a look at 10 realistic ways to earn at least N10,000 in a day in Nigeria by building reliable passive income streams.
Top 10 Ways to make 10,000 Naira per day in Nigeria
1. Write an e-book
Writing an e-book is one of the best ways to create a reliable passive income. Many people shy away from the idea because it sounds like a lot of work, but it doesn’t have to be.
You can outsource all the work to a ghostwriter on Upwork or Fiverr, and then take the credit as the author. A lot of writers do that.
Once your e-book is published on the Kindle Store, you can be earning money from it indefinitely without much further work.
2. Create an online course
Creating an online course is similar to writing an e-book in the sense that majority of the work goes into producing it, however once it’s done, you’ll keep earning passively from it perpetually.
You can also hire somebody to create the course for you, then all you need to do is publish it on learning platforms like Udemy and Teachable. Whenever students sign up, they’ll get access to the material that you already created, you won’t spend any time actively teaching.
3. Freelancing
Platforms such as Fiverr, Upwork, and Guru have made it incredibly easy for freelancers to connect with people looking for their services.
So whether you’re a writer, graphic designer, web designer, translator, etc., you can sign up on such sites and start advertising your services. It’s one of the easiest ways to make money online.
4. Lending
Peer-to-peer lending is a profitable business to start in Nigeria, however it comes with one significant risk; people defaulting. If you can come up with strict policies that minimize the risks of defaulting, then you have a goldmine of a business.
All you need to do is to set aside a figure every month to borrowers, and then sit back and wait for the commissions from the repayments.
5. Affiliate marketing
Affiliate marketing has been discussed countless times in this blog. It’s one of the most practical ways to make money online in Nigeria. Some affiliate programs like Surfer SEO pay recurring commission every month as long as your referral remains subscribed to them.
Such programs are amazing at creating passive income since all you need to do is refer a customer once, and get paid forever.
6. Drop shipping
Drop shipping is another business idea that has been discussed a lot on Growth Strategies 101. That’s because it works.
There are not many other ways to realistically build a profitable business selling products that you don’t even own. With drop shipping, you neither need an inventory nor a large capital to get started.
All you need to do is create your e-commerce shopping store on Shopify, and then add different types of products. Whenever somebody places an order, you simultaneously buy the product from your supplier and then ship it to them.
Since the entire process is happening online, your drop shipping store can target Western countries like the US since they usually have a much higher conversion rate.
7. Become a social media influencer
The main requirement to becoming an influencer is being popular on social media. That’s about it.
If you have a page with many followers who are actively engaged with your posts, then you can start charging for sponsored posts, reviews, etc. There are numerous ways to find brands that are looking for social media influencers.
8. Car rental
Car rental is a great business if you happen to have an extra car laying around, or if you just don’t use your car that often.
It’s a completely passive income business since you’ll be making all your money from the rental fees. Just make sure that you have the proper insurance cover and a reliable tracking device for security.
9. Airbnb rental arbitrage
“Arbitrage” is the practice of profiting off something because of a price discrepancy.
In Airbnb rental arbitrage, you lease an entire house, furnish the rooms, and then sublease them on Airbnb for profit.
It’s a great way to make rental income without actually owning any property. Airbnb provides insurance of up to a million dollars to cover any potential damage cause by its guests. The risks on your part are very minimal.
10. Buy a blog with traffic
A blog that has traffic can be monetized in numerous ways, including placing ads, affiliate marketing, paid reviews, etc. You can find some great deals on high traffic blogs on Flippa, an online marketplace for websites.
Similarly, you can buy an already established e-commerce shopping site, a drop shipping store, or any other type of online platform. It’s the equivalent of buying a restaurant with all the equipment inside it; all you’d need to do is to add your own touches to personalize it and make it your own.
