Side hustles in Nigeria: breaking from the shackles of sapa.

Your search is over now that you’ve opened this article. Anyone living in Nigeria right now understands the current economic situation and having extra cash is never a bad idea. Considering the continuous increase in the cost of living, finding out ways to multiply your stream of income is definitely a smart first step towards that decision. What other way to earn extra money than getting a side hustle that increases your flow of income, subsequently improving the overall state of your life. 

Photo credit: istockphotoBenefits of having a side hustle in Nigeria

One of the main benefits of having a side hustle in Nigeria is the feeling of financial security it provides. We can all agree that “sapa” is mentally and emotionally draining. The thought of not having enough money to meet your immediate needs can be very frustrating and can trigger feelings of helplessness and frustration. Now, imagine a world where you are financially secure and can meet your needs and do much more. A side hustle can make a significant impact in your life as it serves as an additional stream of income that can help you pay off a debt, save for a home or vehicle while improving saving habits, finally quitting that 9-5 job you hate and generally just having enough money to treat yourself.

Another benefit of having a side hustle in Nigeria is that it gives you an opportunity to make money while doing something you love and what better way to live than that. You get the chance to explore your passions and interests, pursue hobbies, chase down that locked away dream of yours and hopefully and with hard work, turn them into a profitable venture. For instance, interests and hobbies like cooking, photography, baking, writing, teaching and many more others can be monetized through freelancing, online tutorials, ebooks, selling your baked or cooked goods using e-commerce, telling stories or educating through blogging, e.t.c. Keep reading and you’ll get an elaborate explanation on how some of them work. 

Lastly, having a side hustle in Nigeria can also provide valuable networking opportunities. Depending on the type of side hustle you choose, you may interact with different people from various industries. This can open doors for future collaborations or even lead to new career opportunities. Networking is crucial in today's competitive job market, and a side hustle can help you expand your professional connections.

Types of side hustles in Nigeria, 2023

There is an abundance of side hustles to venture into in Nigeria at the moment. We are in a time of endless possibilities and opportunities and the year 2023 brings new trends that you can tap into to maximise your earning potential. Here are some of the top side hustles to consider:

E-commerce: The internet has a commercial market and there is a rise of online shopping where transactions start and close swiftly with both buyer and seller leaving satisfied. Starting an e-commerce involves setting up an online store selling products made by you or others but that align with your interests. When you sell items you love and are passionate about, it’s easier to talk about it and market it in a way that appeals to the purchasing desire of people. The e-commerce industry in Nigeria is booming right now and there is room for anyone to make it in their specific niche. Online e-commerce platforms like Shopify, Amazon and the likes provides a platform for you to showcase your products and reach millions of potential customers.

Content creation: If you are a creative and you have a talent or passion for creating cutting edge, quality and informative content, consider becoming a content creator. This can include starting a blog and writing blog articles, editing and producing videos, or even hosting a podcast. Businesses and brands are willing to pay for your expertise as we are in a time where there is high demand for content creation skills. You can monetize your content through sponsorships, affiliate marketing, or by creating your own products. Good areas to focus on are educative contents, answering questions people are asking on the internet or funny contents that make people laugh. 

Freelancing: Freelancing is a versatile side hustle that allows you to offer your skills and services to clients on a project-by-project basis. Whether you're a graphic designer, web developer, writer, or translator, there are plenty of freelancing opportunities available in Nigeria. Websites like Upwork and Fiverr connect freelancers with clients from around the world, making it easier than ever to find work and earn money.

These are just a few examples of the side hustles you can explore in Nigeria in 2023. The key is to find something that amplifies your skills, interests, and has a reasonable high market demand. Choosing the right side hustle and taking the steps to bring it to life is a good step towards attaining financial freedom.

What to consider before choosing a side hustle in Nigeria 

You don’t just wake up one day and choose to start a side hustle. It’s takes careful consideration of your options and time to research those options. Below are some factors to consider to increase your chances of success. 

1. Market Demand: Research and analyze the market demand for your chosen side hustle. Identify the needs, preferences, and purchasing power of your target customers. Choose a side hustle that aligns with a growing or stable market demand to increase your potential for profitability.

2. Personal Interest and Skills: Pick a side hustle that matches your personal interests, skills, and strengths. When you enjoy what you do, you're more likely to put in the necessary effort and stay motivated when you experience some challenges.

3. Competition: Evaluate competitors in your chosen niche. Consider if the market has room for new entrants to succeed and work on how you can attract customers by doing something different and unique that also meets the needs of your target market.

4. Time Commitment: The kind of side hustle you chose to venture into should be one where you can invest your time in. The time required to get it operational must align with your current work/job or personal commitments.

5. Resources and Investment: Consider the resources and investment required for your chosen side hustle. Some side hustles may require capital for initial setup, inventory, marketing, or equipment. Assess your financial capacity and determine if you have the necessary resources or if you'll need to seek funding.

6. Legal and Regulatory Requirements: Familiarize yourself with the legal and regulatory requirements associated with your chosen side hustle. Certain businesses may require permits, licenses, or registrations. Ensure that you comply with all applicable laws to avoid legal issues or penalties.

7. Scalability and Growth Potential: Evaluate the scalability and growth potential of your side hustle. Consider if there are opportunities to expand your business, reach new markets, or diversify your offerings in the future. A side hustle with growth potential can provide long-term sustainability.

8. Risk Management: Assess the risks associated with your chosen side hustle and develop strategies to mitigate them. Consider potential risks such as economic downturns, changes in market conditions, or supply chain disruptions. Develop contingency plans to minimize the impact of unforeseen events.

9. Support Network: Determine if there are existing networks, communities, or support systems that can assist you in your side hustle. Connecting with like-minded individuals, mentors, or industry professionals can provide valuable guidance, advice, and opportunities for collaboration.

Challenges you might face when finding a side hustle in Nigeria

It’s not all rosy. As much as starting a side hustle generates extra income flow and offers potential to financial growth, you are likely to be met with some challenges along the way. 

The lack of access to start up capital or any form of savings to kick start is one major challenge for Nigerians looking to start a side hustle. Hitting a dead end like this can paralyze your journey and so to overcome this challenge, you can explore alternative funding options such as micro finance loans like renmoney or crowdfunding platforms. 

Another challenge is the balancing act between a full-time job and a side hustle. Many Nigerians rely on their full-time jobs for a stable income while pursuing a side hustle to supplement their earnings. This can often lead to burnout and exhaustion. Learning how to manage your time effectively can help you navigate and overcome this challenge. Write to do lists, prioritize tasks and knock them off and delegate tasks if need be. This can help strike a balance between work and side hustle commitments.

Additionally, equip yourself with information about regulatory requirements for the side hustle you pick. Having to deal with bureaucracy can be a challenge for side hustlers in Nigeria therefore, it is important you understand the legal requirements and obtain necessary permits or licences. Seeking professional advice and guidance from experts in the field can help overcome these challenges and ensure compliance with regulations.

Resources and Support for Nigerian Side Hustlers

Fortunately, there are several resources and support systems available to Nigerians looking to start a side hustle. 

One valuable resource is online platforms and communities that provide guidance and mentorship to aspiring side hustlers. Websites like Nairaland and social media groups dedicated to entrepreneurship offer a wealth of information and a platform for networking with like-minded individuals. Engaging with these communities can provide valuable insights, tips, and support to navigate the side hustle journey.

Additionally, government initiatives and programs aimed at promoting entrepreneurship can provide funding and support for side hustlers. Organizations such as the Bank of Industry (BOI) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) offer grants, loans, and training programs to help aspiring entrepreneurs start and grow their side hustles. Taking advantage of these resources can significantly increase the chances of success.

Furthermore, investing in personal and professional development is essential for side hustlers in Nigeria. Continuous learning through online courses, workshops, and seminars can enhance skills and knowledge, making side hustlers more competitive in their chosen industries. Platforms like Coursera, Udemy, and LinkedIn Learning offer a wide range of courses that can be accessed from the comfort of one's home.

Conclusion: Embracing the Future of Side Hustles in Nigeria

The future of side hustles in Nigeria is promising. With the right mindset, determination, and access to resources, anyone can turn their passion or talent into a lucrative side hustle.

While challenges may arise, it is important to remember that with every challenge comes an opportunity for growth. By overcoming financial constraints, mastering time management, and leveraging available resources and support systems, Nigerian side hustlers can navigate the path to success. With access to the right information, practical steps and a commitment to succeed, there is no limit to what we can achieve through side hustles in Nigeria.