- There are a number of side businesses to engage in to make extra, legitimate income this year
- Businesses like Point of Sale, popularly called POS have become a go-to business for many who wish to engage in extra income
- According to statistics, POS business in Nigeria recorded over N8 trillion transactions in the first half of 2022
Working full-time and jobs on the side can be difficult. But there are some side businesses you can engage in that will give you the flexibility you need to make extra cash, as much as N3m monthly.
PoS transactions jump to N8 trillion, NIBSS report says
According to the Nigeria Interbank Settlement System (NIBBS), the value of Point of Sale business in Nigeria has surged 39 per cent to N8.03 trillion in the first half of 2022.
The Punch reports that PoS transactions were estimated at N5.77 trillion between July 2020 and July 2021.
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
But between July 2021 and July 2022, the volume of transactions jumped to N8.03 trillion, showing a 39 per cent increase over that period.
It accelerated from a total volume of 921.19 million transactions between July 2020 and July 2021 to 1.20 billion transactions from July 2021 to July 2022.
According to NIBBS, the highest number of transactions in POS transactions was 2.067 million recorded in just a month.
Working full-time and having jobs on the side can be difficult.
PoS operators are making huge money despite the presence of banks in Nigeria.
The business thrives mostly in remote areas with little banking activities.
Operators charge a certain percentage from customers to effect transactions, ranging from withdrawals, deposits and fund transfers.
Five major reasons why naira's value depreciated heavily in 2022 and why it will continue in the new year
The presence of e-commerce businesses has made delivery more essential.
People can get just anything delivered - from food, groceries, clothes and many other things.
The delivery business is a very lucrative side business because you can control how much you want to work.
People who own motorbikes can register them on platforms like GoKada or OPay and make some extra cash.
If you have a flare for writing, you must consider taking up this side hustle. While blogging takes more time to start, it is very rewarding.
Despite the time it takes to develop your writing, you can earn about N600,000 to N1 million from owning a blog.
The key is consistency and specificity.
To grow your blog, you need to post at least three times weekly, and the more specific your content is, the better you have to make a difference.
Blogging allows you to know your expertise and allows others to trust your content, which gives room for advertisers to consider patronising you.
The gaming business is worth about $90 billion, according to Maliyo Games founder Hugo Obi.
In July, Obi told Legit.ng that gamers are making huge money despite the developing nature of the industry in Africa.
It is an easy go for gamers. They can start to earn extra income, but, importantly, they must play.
For gamers, this side hustle is an easy go-to.
Sites like StartPlaying, a fantasy platform, connect players with professional Game Master who set their rates and conditions.
According to The Sun UK, Game Masters can charge players for seats at their tables, determine what sort of games to offer, and choose the number of players, schedule and rules.
Players can earn an hourly rate of $15 to $50 doing something they like.
The COVID-19 pandemic has changed how people work, and many jobs have become mostly virtual.
Virtual assistance is a great way to make extra cash, as you can only work a few hours daily.
Tunji Andrews, Tito Ovia, and others on Legit.ng's list of Most Outstanding Business Personalities in Startups
Virtual assistance differs for each client who hires you, but it mostly includes supporting business owners and taking on tasks they don't have time for.
You may be replying to emails, managing social media engagement, data entry, scheduling appointments, graphic design, writing newsletters, or creating content.
Virtual assistants earn as much as $25 per hour, setting their rates.
Teaching the English language to others can be very lucrative and rewarding.
You can teach English online, and your students can be anyone, but most students range from ages three to 12 with various English speaking abilities.
The good side is that many places do not require you to be a professional teacher or have classroom experience, but you must be a native English speaker and have a bachelor's degree.
The business differs between $14-$22 per hour depending on experience, education and overall performance, and you can get monthly incentives.
The pay can vary from $14 – $22 per hour depending on experience, education and overall performance. However, it's a great hourly rate, and you'll often get monthly incentives to make more money as a tutor.
Buy and resell
This side business has different ways to approach it. For example, you can do garage sales or estate sales and then sell those items on any of the many sites online.
There are many different ways to approach this side hustle.
Sites like eBay are great places to start, depending on the subscription tier.
Facebook Marketplace is another great place to resell your products, but you must create a listing by signing in to your Facebook profile. It is free.
Sellers can create a free listing for homes, vehicles or other items.
8 Side hustles a millionaire says can earn you extra cash of up N1 million monthly
Legit.ng reported that according to Jeff Lerner, he went from being a broke musician to becoming a self-made millionaire. He said one of the keys he used was being able to grow his wealth through side hustles.
His side hustles, ranging from affiliate marketing to selling goods online to product testing, did not just pay off his colossal debt but made him enough money to begin his multimillion-dollar financial education firm, according to CNBC.
Lerner said he has helped hundreds of clients take on highly lucrative business opportunities.