Think about what you can do with a million dollars. Converting that sum in any African local currency could result in tens or hundreds of millions. Most entrepreneurs venturing into a business set their minds on ways they can attain their first million dollars as it can be a gamechanger.
Attaining this kind of status equals gaining financial freedom. However, while many people aspire to this level, very few really achieve it. According to a TD Ameritrade study, 53% of millennials anticipate becoming billionaires at some point in their lives.
Anybody wishing for ways to make a million dollars must have a plan. Successful entrepreneur like Babs Ogundeyi, Jason Njoku and Anna Phosa started with a plan.
Anyone hoping to acquire a small fortune cannot succeed without a plan. Without much ado, here are five ways you can make a million dollars.
1. Own a petroleum haulage tanker
Petroleum products are one of the most common goods in Nigeria that must be transported often from one region to another.
In Nigeria, the transportation of petroleum products accounts for more than 30% of all daily cargo moving through the country.
To start, you will need at least one tanker to register with NUPENG. There are two registration options which are the individual and company.
However, you will need a minimum of five tankers to register your haulage business to begin connecting with significant oil marketers like Mobil and Total.
The amount of capital needed would depend on the cost of your truck. A brand-new truck is not necessary unless you have the capital.
In that case, a used truck will do. A used one might cost between N3.5 million and N4.5 million.
2. Start a local or international limestone business
Nigeria continues to rank among the richest countries in the world due to its wealth in natural resources.
The majority of Nigeria’s limestone deposits are in the states of Cross River and Ebonyi, although there are also commercial deposits in the following states: Abia, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Edo, Enugu, Imo, Ogun, Ondo, and Sokoto.
Since there is such a high demand for this commodity in Nigeria from foreign consumers, starting an export business to sell limestone minerals from Nigeria to different countries can be quite profitable.
If you have enough capital, you may start an export company. Alternatively, you could establish a brokerage for limestone and match buyers and sellers.
3. Buy and rent Farmlands
There are other ways to invest in farmland besides purchasing a farm and managing the real task of cultivating crops and cattle.
As an investor, you can purchase productive land to rent to farmers and earn a yearly rental income. Additionally, you can pay farmers to look after your field and sell the harvest.
However, in order to establish and have numerous income streams to subsist while waiting for the returns, you need to diversify your portfolio as much as you can among different asset classes when you try to invest in farming.
4. Become a Business Developer
Business developers often assist businesses from a range of industries in achieving their objectives by working for them.
They bring creative ideas to a company and its future development within an industry by drawing on their experience in sales and business-related professionals.
An average business developer’s yearly salary is $67,149. This is depending on the level of experience, education, and geographic location.
You can enroll in classes to increase your marketing expertise, but practise is the most effective way to get experience. Most businesses often select candidates with sufficient experience.
5. Start a software service company
Building softwares that can render good services to people can earn you a million dollar.
All you need to do is to find new sales possibilities and converse with customers about the problems they are facing and how your solution might solve them.
There are various solutions you can provide with your software, like the productivity platform Asana, or a password manager like LastPass.
If you charge $10 for your software service, you will need about one million users to reach a $1 million dollar mark. If you charge $100 dollar for your product you will need 1,000 users. Which is attainable if your product is good enough.