Naheem Akintoye - ParrotMouth

How to Start a Profitable Phone Repair Business in Nigeria – 2025 Step-by-Step Guide

Naheem Akintoye / October 23, 2025

In Nigeria, where smartphones are a necessity to people, the repair of these devices is still costly. As such, phone repair is not a niche anymore but a necessity, as the Nigerian Electronic Equipment Repair Market was worth $785.84 million in 2024. It is expected to reach $1,126.04 million by 2030 at a CAGR of 6.02% during the forecast period. This market is seeing stable growth due to the increasing reliance of customers on these electronic devices, the high cost of new devices, and the need for eco-friendly practices such as refurbishment of devices. Millions of Nigerians every day are enduring cracked screens, malfunctioning charging ports, outdated software, or even battling with obstinate batteries and instead of getting a new phone that is absurdly expensive in 2025, they run to the nearest repairer. If you can combine the right skills, smart planning, and service differentiation, you can turn a small investment into a successful business. So, you should be wondering, how can you too start a phone repair business in the correct way and turn it into a profitable brand in 2025, this article will guide you to start the correct way. 1. Master the Craft This is through training and skill acquisition. This is necessary because your reputation as a phone repair business is built on the outcomes you provide to customer satisfaction for them to return. A single poor repair has the potential to ruin your reputation since there are phone repairmen customers will never go back to. You must; Get hands-on training by enrolling in apprenticeship under experienced technicians, vocational repair training schools, or you can just enroll in online hands-on courses. Specialize early i.e., you need to start with the common problems people face with their devices like screen replacement, battery replacement, charging port repair, software problems, etc., then you can start performing advanced logic board work or micro soldering. Keep learning by staying up to date with new phone models, firmware, and evolving chipsets. Participate in repair forums, YouTube, and colleague groups as well to stay updated with current knowledge. Practice on defective devices by sourcing defective devices at minimal costs or collecting from friends and families, scrap dealers, etc to practice without fear of destroying a client’s device. This is for your reputation. Your technical competence is the most important thing you need to worry about before you worry about shop image or location because your customers need to leave with their phones working reliably. 2. Research and Verify Your Market You need to know your market before you invest capital. That is you need to; Discover local demand like which phone brands are most used in your area? Is it Tecno, Infinix, Samsung, or Apple? What are the most frequent failures? Which services are underserved? Survey your competition by taking a walk around your area, nearby markets like Computer Village in Lagos and take note of what existing phone repair shops charge, how fast their turnaround time is, and what warranty they offer. Perform customer interviews by talking to people who have broken phones. What are they frustrated about e.g waiting time, use of counterfeit spare parts, overcharging, etc? What would they pay for, e.g same-day repair? Verify minimum demand by offering repair services informally through social media or to friends and family before investing much, by doing so, if you are getting constant inquiries then that’s a sign to scale. 3. Choose Your Business Model Your model will guide your investment, operations, and marketing. Models to consider; Home-based or home workshop Its advantages are that it has low overhead (no shop rent), flexible, and easier to start with less capital but its disadvantages are that it has less visibility, less walk-ins, and more reliant on delivery or referrals. Shop in a mall, market, or tech hub Its pros include having foot traffic, credibility, and impulse customers. Its cons include rents, utilities, security, and additional fixed cost risk. Mobile or on-site repair Taking tools to the customer’s site is suitable for some services. It needs logistics, trust, and claim mitigation (you might break parts in transit). Online booking plus pick-up and delivery Customers book drop-offs via apps or messaging plus you manage logistics. You can merge models like home plus online plus on-site occasionally at the beginning, then scale to a shop once income becomes consistent. 4. Register and Legalize Your Business This is overlooked by most entrepreneurs but this is necessary for trust, access to funds, and partnership. You can do this by; Choosing a structure for your business: choosing a business through CAC then later you can upgrade to a limited liability company. Register with CAC Get the necessary local permits by asking your local government for trade, sign, environmental, and fire safety approvals where required. Tax registration through registration with FIRS or the state revenue authorities. Possession of a warranty or service policy that duly documents service warranties with 30-day, 90-day guarantees. Being legal gets you clients on your side. 5. Get Strategic Location or Workspace Where you repair is significant. You need to have; Visibility like working near busy areas, near markets, near institutions, or technology hubs. Security and power for safe wiring, a constant power supply, and sufficient lighting. Rent vs. cost tradeoff: that is you can start small, you don’t have to have a large shop, some repairers say you can start with N20,000 or even less if you work from home in a small area. A Backup location in case your store is down (power outage, flooding, etc). 6. Procure Equipment, Tools, and Spare Parts A repair business is only as good as its toolset and quality of parts. You need to have basic tools and equipment like the precision screwdriver sets, soldering iron (temperature controlled). Multimeter and voltage testers, Hot air rework station or heat gun, suction cup, plastic prying tools, tweezers, magnifier or digital microscope, anti-static mat and wrist strap, battery tester. Ultrasonic cleaner (for later stages), spare parts organizers, storage, bins, etc.

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Business Finance in Nigeria: Meaning, Sources, and How to Access Funding

Naheem Akintoye / October 21, 2025

Let us start with what “Business Finance” is. Business Finance is or can be referred to as the money you use to start, run, or grow a business, and also the way in which you get, manage, and pay back such money. All that deals with internal funds like owners’ savings, retained earnings, etc, short-term working capital eg to buy stock or pay staff, and longer-term funds eg to buy equipment, new premises, or expand. Good business finance practice deals with those three questions; Where will the money come from? How much do I need and when? How will I pay it back or generate returns? Why Business Finance matters is that SMEs are the engine of Nigeria’s economy but they frequently have challenges with access to capital and credit affordability. Federal and state interventions, development banks, and private players have opened avenues for financing but with requirements to meet and trade-offs. You should be aware of what source is appropriate for your stage and risk level because that is what distinguishes a loan that grows your business from one that stifles it. For example, Nigeria’s Bank of Industry and Central Bank run targeted facilities for MSMEs, and new national initiatives are trying to expand credit guarantees and reduce bank risk for lenders. There is the N75 billion federal government MSME intervention scheme that was established to assist and support Micro, Small, and Medium Enterprises (MSMEs) across the country. The scheme was established on August 15, 2013, in view of the important role being played by the Micro, Small, and Medium Enterprises (MSMEs) sub-sector in the economy. This fund offers a 50:50 ratio for on-lending to SMEs and micro enterprises respectively in participating financial institutions (PFIs). Also, the commercial components constitute 90% of the fund and are given as wholesale funding in the ratio of 60% women and 40% to other citizens. Main Sources of Business Finance in Nigeria The primary sources are categorized into two, which are the internal and external sources that have advantages and disadvantages and for whom they are most appropriate. Internal Sources Owner’s Capital or savings: This is the fastest, cheapest, no-debt option, and has no dilution. Its disadvantages are that it has a low amount and high personal risk. This is most suitable for micro-starts and pilot tests. Family and Friends: This involves borrowing or receiving assistance from family, relatives, or people you know. This provides flexible repayment and low or no interest but can destroy relationships if anything goes amiss. This is best for early-stage businesses that involve trust. Retained Earnings or profit reinvestment involves using profits earned from the business to grow the business. It is possible but gradual, it has no debt and it allows sustainable growth. It is best for established firms that are already making profits. External Sources Commercial Bank Loans that already exist but require documentation, collateral, and most often a high rate of interest. Ideal for already established SMEs with a good credit record. This offers a high amount and has organized plans. Microfinance and Microloans that are tailored for small traders and small businesses. This micro loan is offered in smaller ticket sizes, easier repayment but a higher APR at times depending on the policy and regulations. Development Bank Facilities and intervention funds: This scheme subsidizes rates and also has longer tenors. Key examples include the Bank of Industry (BOI) MSME interventions and CBN’s MSME Development Fund. These schemes typically have application requirements and sectoral focus. These schemes also enhance access to finance, improve productivity and output, create job opportunities, and engender inclusive growth particularly amongst the youth, women, and persons with disabilities (PWD). Grant Programs and Competitions: It has non-reimbursable funds from government programs, corporates, and foundations. It is highly competitive but ideal for startups that are not yet able to service debt. There are more than a dozen grant programs in 2025, some of which include the SME Mall (women in business), Tony Elumelu Foundation (TEF), Bank of Industry (BOI), SARA by Wema Bank, Central Bank of Nigeria (CBN), etc. Equity or Angel investors or VCs: This is a trade of ownership for capital and best for high-growth startups with scalable business models. Trade credit, Leasing, and factoring which are also known as non-banking options to manage cash flow such as supplier credit, equipment leasing, or selling receivables. Crowdfunding or Fintech lending is growing in Nigeria due to platforms and fintech lenders that offer quick disbursal with which their terms vary widely. For you to know what source to select from, you should have: Idea or pre-revenue startup e.g grants, founders’ capital, competitions, incubators, etc. Early revenue or pilot. A growing SME that has repeatable revenue. Scale, export, tech growth that is a large development finance, partnerships, or syndicated debt. How to Access Funding in Nigeria You can utilize the steps in the practical sequence to access funds. 1. You should tidy up your Financials: This involves preparing a basic profit and loss and cash flow for the subsequent 12 months since banks and funders will definitely request this. Then retain copies of identification, business registration (CAC), tax clearance if available, and a professional one-page business plan. 2. You need to choose the right product: This means that if you need to run for at least 3-6 months, you need to start with trade finance, factoring, or supplier credit. Then for growth capital expenditure (van, machine), you need to look at BOI, Development Bank of Nigeria (DBN) linked facilities, or leasing because DBN intermediates finance to partner banks to offload their risk. DBN also helps to fill financing gaps faced by MSMEs and small corporations in Nigeria through making provisions. 3. Apply to Schemes that fit your profile: Schemes like CBN MSME Development Fund that are meant for micro and small enterprises through participating financial institutions which on-lend at subsidized rates. You have to apply through PFIs (partner banks). The other program can be the BOI MSME Intervention programs where you need to search for themed calls i.e. manufacturing agri, creative industries,

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7 Best Online Loans for Your Small Business in Nigeria

Naheem Akintoye / October 13, 2025

Imagine the disappointment of losing a huge business deal simply because cash couldn’t be accessed fast enough. In this case, suppliers are ready to give the best deal, the opportunity is hot, but unfortunately, the bank says “Come back for your cash in two weeks”. It becomes devastating, and the feeling of not knowing what to do sets in because in Nigeria’s fast-moving market, waiting kills growth. That’s why many intelligent entrepreneurs are leaving traditional banks and turning to online business loans that offer lightning-fast approval and some even disburse cash within 24 hours. Whether running a small shop, a logistics hustle, a POS business, a mini-importation brand, or even an online store, access to quick and fast capital can make a big difference between staying small and scaling big. This article discusses the 7 best online loans in Nigeria that actually work for small businesses, how fast they approve loans, how much they can offer, who they are best for, and how to get approved without stress. 1. Carbon Carbon has a scalable SME loan and offers quick disbursal which is designed for businesses that can provide minimal documentation and want larger ticket amounts. Carbon advertises business loans up to several million Naira with fast disbursal. Amount Limit: Carbon’s business product pages mention access to as much as 9.5 million Naira and higher repeat limits, with disbursal within 48 hours for applicants who are qualified for the loan. Best for: Established traders or service providers with a decent and strong bank statement history who need working capital or short-term expansion capital. Recommendation: Having up to 3-6 months of clear bank statements and CAC or identification ready helps to speed up underwriting and moves applicants into higher limits faster. 2. Fairmoney Fairmoney is an app that advertises SME or businesses with a streamlined online application and a 24-hour approval window for applicants who are eligible. They position the product for micro and small enterprises. Their advertisements can be found on various social media platforms to get an idea of how they offer loans. Amount Limit: Their business loans are commonly advertised with an amount limit of up to 5 million naira that has an approval process that can be completed in about 24 hours for businesses that are qualified. Best for: Small retailers and service businesses that need a one-off working capital infusion or to bridge receivables. Unique Feature: This app is unique due to its international exposure with offices on over continents and impact-driven missions and they also help underbanked users in Africa access financial services. Recommendation: Preparing bank statements and CAC documents before applying is advised because Fairmoney’s checklist is explicit and having documents ready avoids delays. 3. Renmoney This business loan app has a larger SME lines with structured products. Renmoney is a well-established digital lender and microfinance bank that offers structured SME loans and invoice-style facilities that scale to larger amounts for businesses that are qualified. This loan bank believes that accessible finance expands options, and that everybody should have options so they build simple, useful, products to make savings, credit, and payments accessible to all. Amount Limit: Renmoney advertises flexible SME loans including invoice discounting with an account limit of up to 100 million Naira in which repayment is within 6 months and emphasizes fast disbursal for customers who are approved. Best for: Businesses with formalized invoices, repeat revenue, or those needing larger, short-term capital like manufacturers, importers, distributors. Recommendation: If running an incorporated business with verified invoices, asking about invoice discounting is advised because it often yields lower effective turnaround and higher limits. 4. Branch This gives instant microloans through app-based scoring. Branch uses smartphone data and automated scoring to grant instant microloans without all that heavy paperwork where signing and all that unnecessary stuff is required. It is built for speed and convenience. It has about 4 million plus with 29 million plus loans issued and about 1 billion dollars disbursed which makes it suitable for customers to build capital and save for the future. Speed: Typical branch loans are on the micro side which is good for fast working capital and are designed for instant or same-day disbursal depending on risk profile and prior repayment history, that is how fast the loan is repaid. Best for: Small stalls, motor drivers, micro traders, and other businesses that need modest sums extremely fast. Recommendation: Using the app regularly with transactions and repayments to build a higher credit limit is advised because these lenders reward activity and good repayment behavior. 5. Migo A fast micro loan with short turnarounds, that is, Migo advertises quick loans in 2 minutes and focuses on low-friction micro-credit for consumers and small businesses. Their platform is for merchants’ quick float and working capital. Migo also expands economic access by allowing credit for populations who are ignored by traditional credit bureaus. Speed: Migo’s product messaging highlights very fast decisions and minutes to an hour for small loans making it suitable when immediacy is everything. Best for: Quick top-ups for stock, paying vendors, or short cash-flow gaps where speed matters more than amount. Recommendation: Expecting shorter tenors and ensuring repayment on the agreed schedule to avoid any inconvenience is advised and also quick loans are convenient but can be costly if rolled over. 6. Kuda (Business Products) This app has invoice and purchase order financing or overdrafts. Kuda as a digital bank now offers business finance products such as invoice financing, purchase order financing, and overdrafts tailored to business accounts which is useful for SMEs that transact digitally. Speed and Amount: Kuda promotes quick and fast approvals for business supply-chain financing and overdraft facilities for active account holders. The speed and amount depend heavily on activity and history. Best for: Businesses with regular bank inflows and vendors needing short-term coverage of payables. Recommendation: Keeping the business active and moving receipts throughout it is advised because that transactional history helps qualify for higher, faster overdrafts or invoice finance limits. 7. Quickcheck An

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Business Risk In Nigeria: Types, Examples, and How to Manage Them

Naheem Akintoye / October 13, 2025

When it comes to doing business in Nigeria, it can be highly profitable, depending on the effort put into it. However, it also comes with a set of risks that can arise from politics, economy, security, finance, and infrastructure. However, smart founders or managers do not treat these risks as if they are scary or mysterious; instead, they map them, rank them, and build simple, repeatable controls to reduce the tension or shock they cause and keep the business in good shape. Business risk factors can appear in different forms, depending on the nature of a company and its activities. Business risks can have major forms which are external risks (that is risks coming from events taking place outside the organization) and internal risks (which are risks coming from events taking place within the organization). This article discusses the types of business risk in Nigeria, gives real and promising examples, and also gives a clear way to manage these types of risks in order for businesses to run smoothly. What do we understand about Business risk? The term “business risks” can be said as the possibility of a commercial entity making inadequate profits or even losses due to some uncertainties, for example: changes in tastes, staff demotivation, changing preferences of consumers, strikes, increased competition, changes in government policy, obsolescence, etc. Business risk can also be defined as the possibility of losing money or failing in business because of uncertain events or decision-making. Business risks can also be described as events or circumstances that could negatively affect a company’s ability to achieve its objectives and goals, leading to losses or failure. Types of Business Risks Political and Regulatory Risk This is a type of risk that has sudden changes in law, taxation, trade policy, or government conduct that could affect license to operate, cost base, or ability to move money. This matters in Nigeria because it has regulatory unpredictability, quasi-fiscal policies, and occasional restrictive currency or trade controls that have repeatedly affected businesses in Nigeria. These are examples that have an impact on this type of risk: New taxes or enforcement drives that increase operating costs overnight. Local content requirements or licensing changes that affect foreign investors. Restrictions on foreign exchange or limits on repatriation of profits. These are ways to manage this risk: Maintain a short political watchlist that includes three government agencies and three policy indicators like fix policy, tax rules, and import bans which should be reviewed monthly. Build relationships with local regulators then hire a part-time regulatory advisor or law firm on retainer. Structure contracts with explicit unforeseen circumstances and dispute resolution clauses where possible, use a trusted account or international arbitration for high-value deals. Macroeconomic and Currency Risk This type of business risk deals with inflation, interest rate shocks, and exchange-rate collapse that weakens margins and makes forecasting useless, and this matters in Nigeria due to high inflation and sharp Naira depreciation that have materially increased costs for firms with dollar-linked inputs. It has been reported that big companies have experienced heavy losses because of FX mismatches. These are examples that relate to this risk: A manufacturer that has dollar debt but Naira revenue sees interest and principal become unaffordable after a Naira devaluation. Importers face sudden price increases and supply gaps due to foreign-exchange shortages. These are ways to manage this risk: Match the currency of revenues and liabilities where possible and also if revenue is Naira, try to keep debt in Naira or hedge. Use natural hedges like price adjustments, local sourcing, etc before expensive financial hedges. Keep at least a 3 to 6-month working capital cushion in local currency for operating volatility. Price contracts with CPI or FX pass-through clauses when negotiating with customers. Security and Physical Risk This type of risk deals with theft, vandalism, kidnapping, protests, supply-chain disruptions, and regional instability that interrupt operations or increase costs, this risk matters in Nigeria because pipeline vandalism and oil theft have cost the economy billions and other sectors have faced kidnappings and local disruptions especially in certain regions. Nigeria has lost about $42 billion to crude theft and has also experienced domestic and refined petroleum products losses between 2009 and 2018. Unfortunately, the extent of pipeline vandalism has greatly affected the environment and the people who reside in Nigeria’s most oil-rich region, the Niger Delta. These are examples that relate to this risk: Oil and gas companies are losing production because of pipeline vandalism. Logistics firms are facing road closures, theft of cargo, or driver kidnappings. These are ways to manage this risk: Do a location risk map for every facility and route to avoid high-risk corridors unless the margin justifies mitigation. Invest in layered security that is to ensure local community engagement, physical measures like lighting, fencing, etc, and insurance is used where available. Build flexible supply chains that have multiple suppliers, alternative routes, and local buffer stock. Purchase kidnap or extortion and political violence insurance for exposed executives and assets. Operational and Infrastructure Risk This is due to failures or shortages in power, roads, ports, ICT, and logistics that increase downtime and operational cost. This matters in Nigeria due to frequent power outages and poor road and port logistics drive firms to run costly on-site generators, incur higher transport costs, and build inventory buffers. Historically, Nigeria has been recognized as a place of significant promise to global business groups and foreign investors looking to establish operations in Africa. These are examples that relate to this risk: Factories running generators raise production cost per unit. Delays at ports are causing stockouts or expired goods for importers. These are ways to manage this risk: Build operations that have redundancy like backup power, alternative suppliers, and SLAs with logistics partners. Move part of the supply chain closer to customers using regional warehouses to lower transport risk. Use data to track downtime costs and calculate return on investment for each mitigation e.g solar plus battery vs. diesel generator is a good idea. Financial and Liquidity Risk This type

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How to Spot Bank Fraud (Protect Your Money)

Naheem Akintoye / October 6, 2025

Bank fraud has become one of the most significant threats to both business and personal finances today. Each day, scammers develop new ideas, methods, and tactics to scam people out of their money by making them reveal sensitive or personal information and approve fake transactions. They can execute this by making fake alerts that look real or impersonating phone calls that sound official because these fraudsters know how to blend in. They are experts at what they do, and that’s what makes them dangerous. By learning how to spot bank fraud, individuals can protect their bank accounts—and it is not just about protecting bank accounts but protecting confidence, data, and financial stability. There’s no need to be a cybersecurity expert to stay safe, but with a few simple precautions like verifying the type of messages received, reviewing accounts, being extra careful with links, and also disregarding “too good to be true” websites, anyone can quickly spot the warning signs before they cause any damage. This article covers common signs of bank fraud, how to respond if it happens, and the practical steps that can be taken right now to secure money. What is Bank Fraud? Bank fraud is any scheme, strategy, or plan that uses deceit to take money or personal financial information from individuals or financial institutions. This happens through identity theft, forging documents, online scams, and phishing attacks on customers. These plans can be executed by small-time individuals or organized groups, and with the use of smart technology, they appear real and legitimate. Common Red Flags That Usually Mean Bank Fraud is Happening These are red flags or signs you need to watch, and if you see one, raise the alarm: 1. You receive unexpected requests for codes, PINs, or passwords This is a big red flag because banks will never—I mean never—ask you for one-time codes, full passwords, or PINs over phone calls, emails, or text messages. If anyone asks for these, then it is most likely, at least a 95-99% chance of fraud, and you need to take action right away. 2. You get pressured to move money immediately, especially via gift cards, crypto, or payment apps Scammers will push you to transfer immediately or use unusual payment methods like gift cards, cryptocurrency, or instant apps. This type of urgency is at the core of phishing attacks. 3. You receive messages or phone calls that look like they’re from your bank but use odd numbers or strange language Messages by SMS and fake calls often mimic banks. What you need to do is check the number against your bank’s official website to see if it is legitimate, and do not click links inside a suspicious text. 4. You notice unusual account activity that you did not initiate New linked accounts, transfers you didn’t make, or small test withdrawals used to validate stolen details are big signs of fraudulent activities. 5. Requests for remote access or to install software For example, if someone calls or texts you to download remote-access software to “fix” a problem, then it is a scam because fraudsters use that access to steal credentials. Real Scam Patterns to Recognize This is to help you name the kind of threat that is happening and how you will act at that moment: Phishing or smishing This is basically the fake emails, calls, or texts you receive that are used to steal login details. Account takeover This is when criminals use stolen credentials or impersonation details to move money. Business email compromise (BEC) This is when fraudsters will fake vendor or executive emails to divert payments from companies or successful individuals. Fake bank alerts or impersonation This is where they make fake phone calls or send fake messages pretending to be your bank, asking for one-time codes, passwords, or PINs. A “too good to be true” message This is where you see something like “you won an iPhone but you need to pay a small amount to get it” type of message. Practical Steps to Spot Bank Fraud This is a checklist you need to use daily or weekly depending on how active you are with your finances: 1. Verify before you act If a caller or message claims to be your bank, hang up and call the phone number on the back of your card or the bank’s official website to confirm the claims. Don’t call numbers in suspicious messages. 2. Enable strong authentication Turn on two-factor authentication (2FA) for all banking and email accounts by using an Authenticator app, not SMS, where possible. Central banks and regulators also recommend 2FA as a key protection. To get this app, go to your Apple Store or Google Play Store and search “Authenticator App”. 3. Set account alerts Enable SMS or email alerts for withdrawals, large payments, and new payees so that you can be notified of suspicious transactions immediately. 4. Check statements and logins regularly Review account history daily or weekly because small unauthorized transactions can be the earliest sign of fraud. 5. Use unique passwords and a password manager Never reuse banking passwords across sites, and a password manager can make strong unique passwords practical. 6. Lock sensitive information Never share account numbers, passwords, PINs, or copies of ID over emails or texts. Shred or destroy physical documents with personal financial information. 7. Be careful with public Wi-Fi Avoid banking on open Wi-Fi networks; use mobile data or a trusted VPN if you must. 8. Train staff and family If you are running a business, then you need to create awareness of bank fraud among employees, and it should be a core training. As for families, teach older relatives and young adults the basics because many victims are targeted because they are unfamiliar with scam tactics, and it is sad because a fraudulent activity can be taking place right now. If You Suspect Bank Fraud These are actions you need to take: 1. Freeze or block the affected account or card immediately Call your bank’s official number to freeze accounts or cancel cards. 2. Change passwords and 2FA methods Update your bank, email, and

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How to Turn Your Side Hustle Into a Profitable Business in Nigeria

Naheem Akintoye / October 2, 2025

When it comes to making money, turning your side hustle into a profitable business in Nigeria requires some measurable actions and cannot be done overnight. Due to the current economy, having a side hustle has become a common practice. This can involve selling fashion items, books, etc. on Instagram, running delivery services, freelancing, or offering digital skills, as more young people are finding ways to earn extra income outside of school or their 9-to-5 jobs. However, while most of them start the side hustle just to be stable and afford a good lifestyle, only a few take a bold step in transforming it into a profitable and sustainable business. This article provides a straight-to-the-point roadmap for turning a side hustle into a profitable business—from validating ideas, planning operations, to securing funds—to make any business stand out. 1. Decide whether the side hustle deserves capital and time Before investing time, money, or even quitting a 9-to-5 job, entrepreneurs need to ask themselves these three questions: Does this side hustle solve customers’ real problems? Is there a repeatable demand and not just a one-off sale? Can it scale beyond the founder through systems, people, or partners? If the answer is positive to at least two out of the three, then the side hustle should be treated like a business experiment—like setting financial goals, e.g. replacing 30% of salary in 12 months, then measuring weekly. Treating a side hustle like a business from day one forces clearer decisions. 2. Create a lean business plan This is the one-page version—you don’t need a 50-page document; all you need is a one-page document with these characteristics: Value proposition: What does your side hustle really do and the type of audience it is for? Revenue model: How do you make money? Is it through sales, subscriptions, commissions, etc? Unit economics: How much do you earn per sale after costs? Customer acquisition: How will you get your customers and at what cost? Milestones and KPIs: A 3-month, 6-month target for revenue or customers. This simple plan makes pricing, fundraising, and hiring decisions easier, and this is what partners and grant programs will ask for when you apply. 3. Get your legal basics in order Legal basics like registration, tax, and banking are essential because in Nigeria, officially registering your side hustle early protects you and unlocks grants, bank products, and better supplier terms. Use the Corporate Affairs Commission (CAC), which was established in 1990 through the Companies and Allied Matters Act, to register a business name or limited liability company for small operations. The CAC is an online company registration portal where you can reserve a name, complete pre-registration forms, upload documents, and pay filing fees. Registering gives you an RC number and a certificate of incorporation, which is essential for credible B2B deals and grants applications. 4. Your capital (that is, start with what’s available locally) When it comes to funding a side hustle, most side hustles begin with personal savings, but in Nigeria, there are several ways or channels that you can use once you are ready to turn your side hustle into a profitable business: Through personal savings and family: This is quick and you won’t have equity dilution. Microloans and fintech credit: This is faster for small working capital needs, in which POS or merchant loans are common. Government and development programs: Examples include the Bank of Industry’s MSME interventions and youth entrepreneurship schemes that offer loans or grants. This lowers your operating expenses and increases profitability and also fuels your entrepreneurial dreams with strong business financial solutions that drive growth. These programs mostly require a registered business. Grants and accelerator programs: There are grants like the Tony Elumelu Entrepreneurship Programme (TEEP), CBN Youth Entrepreneurship Support, MTN Y’ellopreneur Grant, etc., that offer seed funding plus training and networks—all they need is clear traction and a registered entity. Identify the lowest cost, least dilutive option first, and fund growth with revenue, then use loans or grants when revenue is not coming in or not working out. 5. Payments, marketplaces, and distribution For your business to work, accepting payments and being visible to customers are very important. For payments, you can use Paystack or Flutterwave to accept cards, bank transfers, USSD, and QR-codes—both platforms are widely used by Nigerian merchants and make market setup fast. Mobile POS and fintech banking like Moniepoint also offer merchant services and working capital. For marketplaces, you can sell on Jumia or Konga, which can help scale your reach quickly—and this is only applicable if your business is online—both platforms provide vendor registration, seller training, logistics integration, and what you will need is a KYC or CAC document. These marketplaces accelerate demand testing for many Nigerian hustles. With these, you can pick at least one online payment gateway and one marketplace to integrate into your operating model within 30 days. 6. Build a minimum viable operating system Systems can turn founders from the bottleneck into the CEO. These methods can be used in building an efficient operating system: Use a basic CRM, e.g. Google Sheets or a free tool, to track leads and repeat customers. Automate order confirmations through WhatsApp templates or email autoresponders. Outsource logistics or fulfillment initially to local couriers and later consider in-house for margin control. Keep simple SOPs so freelancers or employees can be trained quickly. These operational upgrades reduce missed revenue and protect margins as order volume grows, which helps businesses stand out. 7. Customer acquisition When it comes to looking for customers, pick 1-2 channels and double down—you don’t just try every shiny platform, as it might lead to confusion. Instead, test one paid channel, e.g. micro-ads on Facebook, Instagram, or Twitter, and one organic channel like TikTok, Instagram content, or referrals. After that, you need to track cost per acquisition (CPA) and customer lifetime value (LTV). If the LTV is three times greater than or equal to CPA, scale that channel. 8. Price for margin, not just to win Price using cost

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Automotive Technology and the Future of Mobility in Nigeria: What It Means for Businesses and Everyday Life

Naheem Akintoye / September 19, 2025

Automotive technology means the set of digital, electric, and systems innovations being applied to vehicles and mobility, for example, electric vehicles (EVs) and charging, fleet management and telematics, connected or IOT cars, vehicle-to-grid and energy integration, ride-hailing and platform-driven mobility, and the software or systems that connect those pieces. In this article, you will know how automotive technology is changing transport in Nigeria, the type of businesses you can do, and how everyday life will change in the next 3 to 7 years. Notable Insights on Automotive Technology in Nigeria EV infrastructure is fast developing and accelerating, with government considering charging ports and hubs in hotels, private malls, and private firms that are rolling out fast chargers in Lagos and Abuja. Despite the problems, there is an increasing awareness of the pros and cons of electric vehicles and the need to improve the necessary infrastructure to support their adoption. Over the past decade, the global electric vehicle (EV) market has experienced significant growth, driven by increasing environmental awareness, technological advancements, and supportive government policies. Alternative fuels are an active policy response because the government has encouraged CNG conversion of vehicles to reduce petrol-cost shocks, which will create a pragmatic stopgap that affects taxi and haulage economics. In some states, transportation costs have increased rapidly as the price of petrol has tripled in the months that followed last year’s decision. According to the government, they said they would eventually reduce transportation costs, which is where the Nigerian authorities introduced a compressed natural gas (CNG) initiative to tap into its large gas reserves. Telematics and fleet software are mainstream for businesses, transport operators, and FMCG or logistics firms have increasingly used vehicle tracking, driver scoring, and usage-based insurance to reduce theft, lower fuel spend, and reduce accidents. Insurers also use telematics to collect data on driving habits such as harsh braking and speeding to determine risk levels, make a profile for the fleet, and set premiums. Fleet insurers use the number of vehicles, usage and mileage, travel zones, type and value of vehicles, driver record, claims history, types of goods being transported to determine your premium. Ride-hailing and delivery platforms remain powerful demand compilers but margins and regulations are a risk. Digital platforms create huge, predictable demand for vehicle owners and fleet operators, yet they focus on bargaining power and regulatory pressure. Nigeria’s ride-hailing market appears to be a promising space for new rivals with drivers facing reduced earnings and riders looking for more affordable options, but despite these sweet conditions, many ride-hailing startups have struggled to be successful, with over 2500 apps launched in the past decade that have failed to gain traction. What This Means For Businesses If you are running any business that owns vehicles or depends on transport (logistics, courier, retail, e-commerce, construction, public transport), then you should treat automotive technology as a strategic tool and not an option. 1. Immediate (0-6 months) Measuring what you have by deploying basic telematics to about 10-30% of your fleet to get baseline KPIs like fuel per km, harsh braking events, idle time, and route efficiency. This allows you to ensure drivers’ safety and monitor how they operate their fleet which is the best way to avoid regular insurance claims. This also allows you to identify risky driving patterns, discuss with the drivers, and put them in training sessions. Additionally, you can also get real-time alerts of your engine failures, worn-out brake pads, water and oil fluctuations, and other problems. By auditing energy and fuel resources; in a cost example, rising petrol prices vs. CNG conversion vs. EV pilots. With these examples, you can use simple per-km cost sheets to identify which section like last-mile, trunk haul, or staff transport could switch fuel types profitably. Though in some cases, drivers have shown fear that their car might explode due to the CNG conversion which is not likely unless the equipment is installed inappropriately. If you operate a depot or retail sites, you can talk to charging providers and landlords to host charging stations because early deals often include subsidies or revenue sharing. 2. Short term (6-18 months) Use EVs where they fit, for example, city shuttles, staff vans, short-range delivery, and fixed-route buses are ideal EV pilots because they predict routes and reduce range anxiety. You could also partner with local assemblers or import-lite suppliers for trial units. Using telematics data to negotiate better, this is because insurers in Nigeria are beginning to offer usage-based premiums for monitored fleets by passing savings to drivers or reinvesting in safety training sessions. Telematics data also gives insightful information on where vehicles travel, the conditions of the road, and how safe it is. It also mitigates accidents and has faster claims resolution. Your staff should partner with technical schools or NADDC training pilots and mechanics should go through a core team for high-voltage safety and EV basics. 3. Strategic (18 months) Re-evaluate your fleet composition with sufficient charging access and cheaper batteries, the total cost of ownership for EVs can beat ICE vehicles on high-utilisation routes. Developing EV infrastructure can impact the economy by creating jobs and reducing dependence on imported fossil fuels. You could also design mobility-as-a-service options if your business has movable assets like buses and vans. Impact and Cautions on Automotive Technology The Impact on Everyday Life Lower day-to-day transport costs for some segments; if CNG scale or EV charging becomes more widespread, drivers, especially the commercial ones, will see lower per-km costs. Cleaner urban areas and quieter streets in areas where EV taxis, shuttles, or mini buses operate. A faster and safer delivery where telematics plus routing software will make it easy for deliveries to be more predictable, which naturally improves e-commerce reliability and customer experience. It creates job opportunities and new skills; EV maintenance, charger installation, and telematics analytics will create jobs but businesses must invest in training sessions to fill the gaps. Why Planners Must Be Cautious Infrastructure problems: EV uptake stalls if the charger is absent

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Digital Marketing Strategies for Business Branding

Naheem Akintoye / September 16, 2025

There is a great deal of noise about digital marketing, but the opportunity can be even louder. To sell a product, idea, or service in Nigeria, you need to have digital marketing strategies. It will be easy for the smartest to win by picking focused digital marketing strategies that fit the local behaviours like Mobile-first browsing, social-first discovery, and influencer-led trust. Key Digital Marketing Strategies 1. SEO (make Google and local search work for you) By just being a business owner in Nigeria, you know that the importance of connecting with potential customers in your area through SEO is possible. With the vast population of people relying on search engines like Google to find services and products near their area, improving your online presence for local search has become important. Start by matching your site to how Nigerians search, e.g, mobile-friendly pages, content that answers specific questions like “affordable catering in Ikeja”, also use keyword tools like Ahrefs, Google Keyword Planner to surface local search volumes that point to purchase intent. Provide local schema and a Google Business Profile for physical businesses, these small signals push you into “near me” results where customers convert. Steps in which you can partake in Run a page speed audit and fix the top three problems which are images, server response, and render-blocking scripts Produce “location + service” landing pages for each major market you serve Turn popular FAQs (frequently asked questions) into short optimized blog posts to capture voice-search and featured snippets. 2. Social Media (attention + relationship) Social media platforms are where discoveries happen. In Nigeria, people spend a lot of time on platforms like X, Facebook, Instagram, and most especially TikTok because short video formats are converting attention into action. In the space between 2024 and 2025, social media identities surprisingly increased by 5.3% to approximately 38.7 million users in which the male representation increased by 2.8% and the female representation decreased by 3.1%. Social media should be split into two roles, which are brand building (e.g, stories, reels, community) and direct response (e.g, ads, product posts, promo funnels). Use headline first copy, strong intro hooks in the first 3 seconds of the video, and a clear call to action. Steps in which you can partake in Post a mix, for example, 60% value of (how-tos, tips), 30% proof (reviews, case studies), and a 10% promo. Run small ad tests starting with 1500 Naira – 8000 Naira daily to validate messages before scaling. Use short-form videos daily, where possible, and repost the same clips across other platforms. 3. Content Marketing Content Marketing is the distribution and creation of valuable or useful content to attract a targeted audience. We can all agree that content builds trust. It helps customers solve problems, converts long-form guides into concise posts, infographics, and email sequences. You can also use a content calendar and measure by the number of readers trained and actions taken. Steps in which you can partake in Create strong contents (comprehensive guides) and put up small posts around them. Recycle a single strong article into 10+ social post, one webinar, and an email series 4. Leveraging Local Platforms and Influencers Leverage local Platforms where Nigerians already live such as local communities and portals. There are even beyond global platforms with forums like Nairaland, community blogs, and WhatsApp groups target specific online communities where your customers can engage with each other. Create contents and ads that fit in, to reach potential audiences and build credibility. Steps in which you can partake in Build partnership contents or posts on high-traffic local sites and community blogs. Track referrals from local Platforms separately to measure ROI. Use Whatsapp business list + broadcast lists for repeat customers and announcements. 5. Influencer Marketing In Nigeria, influencer marketing is growing fast, even small influencers with niche, engaged audiences can move products and insight. Choose creators by engagement quality with comments and saves over follower counts, and align them to clear performance metrics like UTM-coded links, promo codes, and tracked landing pages. Recent data shows that most brands are using TikTok and Instagram so much for influencer campaigns, short-form content and creator authenticity drive results. Steps in which you can partake in By running a 30-day small influencer trial with 5 creators to make 2 posts each and track codes. Using performance contracts like pay-for-performance or hybrid flat with commission. Request content rights so you can re-use creator videos as paid ads. Tools and Metrics for Tracking Performance in Nigeria You don’t need to have every premium tool on day one, pick a lean stack and master it: SEO and research: Tools like Google Search Console, Google Keyword Planner, and a paid tool like Ahrefs or SEMrush when you scale. Social and scheduling: Tools like Creator Studio (Meta), Buffer or Later for cross-posting. Analytics and tracking: Tools like Google Analytics (GA4) + UTM tagging for every campaign. Local listing: Tools like Google Business Profile + local directories (e.g Nairaland threads, market portals). Influencer tracking: simple spreadsheets initially, then a platform (or CRM) once you scale. Key metrics to watch and why Traffic quality, track sessions from organic, social, and referral, but focus on conversion rate per channel. Cost metrics: CAC (customer acquisition cost) and CPA (cost per acquisition) for ad campaigns, you should know what a profitable customer costs you. Engagement metrics: like saves, comments, shares (social) and time on page, scroll depth (content). Revenue impact for example, LTV and CAC ratio, if lifetime value isn’t at least 3× CAC, rethink acquisition channels. Influencer ROI which should track sales directly through codes or UTMs and measure earned impressions vs. paid placement cost. Common Mistakes (and How to Avoid Them) Chasing vanity metrics (e.g likes equals leads): tie every campaign to at least one action, email signup, cart add, or direct message. Copying global strategies without localising: Nigerian markets respond to culturally relevant language, pricing psychology, and payment options, you can use local payment gateways. You should ignore attributions: without UTMs

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How to Start a Profitable Catering Business in Nigeria

Naheem Akintoye / September 12, 2025

When it comes to cooking for large events or large numbers of people, catering in Nigeria is not just about cooking, making your food delicious, or satisfying your clients, it’s about creating memorable experiences with events like weddings, birthdays, corporate events, etc which are happening daily, weekly, or monthly across the country, food service is always needed. Starting this catering business allows you to access the market, but success requires planning, creativity, and a high degree of discipline. Understanding Why Catering Business Works and How to Start It works because food is important to Nigerian culture, events are incomplete without good meals, and most hosts prefer to outsource the stress of cooking to professionals. This steady demand makes catering one of the most flexible businesses even during economic setbacks. But catering can also be competitive, because literally anyone can cook, but not everyone can run a well-planned catering business, because it requires discipline, commitment, and a strong will. Profit comes from blending culinary skills with entrepreneurship. To start your own catering business, you need to do some essential things: Identify Your Catering Niche You can’t serve the same market, you have to choose a catering niche to help you stand out. Options like; Wedding Catering: This is the most popular, profitable niche out of catering, because Nigerians go all in when it comes to weddings. Corporate Catering: This is one of the events organized by officers for small events like lunch during service, conferences, seminars, etc. Event Catering: Events like birthdays, funerals, and anniversaries. Small-chops/Grills: Suitable for cocktail-style events or entertainment shows. Home/Online Food Delivery: These are mostly for busy professionals or business people who don’t have time to go out and eat or cook at home. Out of these options, you can start small, dominate a niche, and expand later. Write a Business Plan Before you go all in, your catering business needs a structure, a plan that covers; Startup Cost: Costs that cover cooking utensils, food warmers, gas, coolers, branding, serving dishes, licenses, and other equipment needed for catering. Pricing Strategy: Cost-per-plate vs. buffet pricing, transportation cost, labor, ingredients, and the profit margins. Marketing Plan: You can market through social media platforms, referrals, and partnering with event planners. Financial Projection: Calculate or estimate the total revenue cost for different event sizes. Register Your Catering To gain credibility, you need to have a license, that way you will be taken seriously and avoid shutdowns Register with CAC (corporate affairs commission), registering with them could cost from 10,000 – 30,000 naira with some additional fees depending on the way you want to register your business name. You can obtain a food permit from your local government to be recognized by NAFDAC. Your business has to meet health and safety standards, such as a clean kitchen, safe food handling, etc. If you plan to hire some staff, you need to comply with basic laws. A legal recognition puts trust in your client’s heart, makes you stand out, and makes you attractive to work with. Secure Equipment and Staff For you to have a smooth business going, you need to obtain equipment such as; Cooking utensils like pots, pans, food warmers, and serving spoons. Industrial gas cookers and ovens. Storage containers and coolers. Delivery logistics or hired transport. Highly trained kitchen assistants. Lack of all this equipment leads to delays in service and unsatisfied clients. Develop Your Menu and Pricing Your menu should contain the popular Nigerian dishes like Jollof rice, fried rice, salad, amala, porridge, small chops, etc, with other options of healthier meals and continental dishes. Your pricing models example; Per plate- 2000 naira per head for 100 guests. Or Package deals- 350,000 naira for a 200-person wedding buffet. Your pricing models should depend on the calculation of ingredient costs, transportation, packaging, and labor. Build Your Brand and Marketing Strategy Your presentation is just as crucial as taste. You can build a professional brand with; An attractive business and logo Your staff should have uniforms Social media presence like Instagram, TikTok, and Facebook are platforms that work best for food. Partnering with event planners, MCs, and decorators. You can offer a discount for referrals from your clients. Note, when marketing on social media, you should post pictures and videos of your exotic dishes, behind the scenes to attract clients. When it comes to your start-up costs and profit potential, small-scale catering can start with 300,000 – 500,000 naira, that’s if you already own basic equipment. Large-scale catering for weddings can start from 1.5 – 3 million naira. Overcoming Catering Challenges Some challenges to expect are; Fluctuation of food prices can affect your profit. Last-minute cancellation from clients. Management of staff. Transportation delay. Smart and sensible caterers overcome these by signing contracts, requiring deposits, and building supplier relationships. Entrepreneurs like Oluyemi Ogedengbe, who left pharmacy to run a thriving catering company, show that passion plus professionalism creates wealth. Many small “mama put” ventures have also scaled into full-blown catering brands by focusing on consistency and customer experience. Conclusion Starting a catering business in Nigeria isn’t just about cooking; it’s about running a system that makes you stand out, delivers food, and gives a sense of satisfaction to your clients. If you choose a niche, price smartly, register legally, and sell yourself on social media, catering can become a six-figure business within months or years. Don’t forget to start small, learn fast, and reinvest your profits. Demand is waiting because people always eat. Read Also How to Start a Make-up Business in Nigeria How to Start Cryptocurrency Trading in Nigeria: A 2025 Beginner’s Guide Finance and Investment Made Simple: Strategies for Long-Term Success