Let's be real! In Nigeria today, relying solely on one stream of income is risky, largely due to the increased inflation rate. You're likely going to find that eight out of ten salary earners are running a profitable side hustle to cushion extra expenses. 

In the country, the side hustle wave isn't just a trend; it's a survival tactic, as Business NG reports that over 80% of people have taken on self-employment due to insufficient income. From selling perfumes and offering makeup services to ride-hailing services and affiliate marketing, many Nigerians have found ways to earn extra income in their spare time. 

If you are part of the side hustling population, you might be wondering 'How do I make this hustle something bigger and more profitable?

No worries, in this guide, we'll explore seven ways you can turn your side hustle into a profitable business in Nigeria today.

1. Clearly Define your Goals

The first step to scaling up your side hustle is being clear about what you truly want for the business. No vague dreams like 'I want to make money fast' or 'I want to blow this year'. Draw the big picture, where do you want the business to be in the next couple of years? Is it something you want to replace your full-time job eventually? 

Begin by settling short-term goals. For instance, 'I want to offer my services to 30 consistent customers in three months' or 'I want to make a N200,000 profit every month before the year runs out'. 

Then, go ahead and draft a long-term goal, such as 'I want to turn this baking hustle into a registered business with at least three staff members within the next 10 months.' By setting a clear goal, you have direction for where you want your business to go.

2. Create a Business Plan

A business plan! Don't worry, you don't have to draft a 50-page document of 'corporate English'. Your business plan should simply answer these three questions:

• What am I selling? (be it a product or service).

• Who needs this product or service? Who am I selling to?

• How will I reach them ( either through WhatsApp, Instagram, word of mouth, etc)

• What are my prices, and what is my expected revenue?

• What makes my business stand out from the competition?

• What does growth for me look like in the next six months, one year,  two years, etc?

3. Educate Yourself

You are the backbone of your business; therefore, investing in yourself and growing will have a positive impact on your side hustle. If you are offering a service like graphic design, get better at it. 

Watch tutorials online on platforms like Udemy and Coursera, and attend workshops and seminars. If you are selling a physical product, learn how to manage inventory, provide excellent customer service, and market effectively. 

Furthermore, surround yourself with people who have already achieved what you are trying to accomplish. This way, you save yourself from years of mistakes and errors. You can also take it a step further by investing in tools such as AI and modern technology that help reduce work time. Some tools you can explore include; 

• Canva Pro: For easy branding, graphics, and presentations.

• ElevenLab and Freepik: For AI-generated voiceovers and video content.

• Trello or Monday.com: For tracking projects, leads, and team tasks seamlessly.

• ManyChat: For automating customer responses on Instagram and WhatsApp.

• Chat GPT: For drafting content and copies for a business website and social media.

4. Monitor Your Finances Regularly

You cannot grow what you don't track. Unfortunately, some small business owners struggle with this aspect and lose money because they cannot accurately track their expenses. Constantly monitor your finances; how much you earn, how much you spend, and separate your business earnings from your personal money. 

You can do this by using a reliable and speedy business banking app such as the Moniepoint Business Banking. 

Track and monitor your weekly or monthly earnings, spending (both obvious expenses, such as materials, delivery, and purchases, and hidden ones, like data, transportation, and delivery bags), and calculate your profit after covering all expenses.

5. Register Your Business

Make your hustle official by registering it with the Corporate Affairs Commission (CAC). You're now making money, it's time to be professional. By registering your business, you establish its legal recognition and gain the trust of customers. 

Furthermore, registering your business qualifies you to apply for Government grants, such as those offered by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and makes you more open to investors.

6. Check in, Refine, Improve, and Repeat

No business thrives on a one-time implementation. You must continually monitor your goals, customer satisfaction, delivery success, profitability, and other key metrics. Revisit your quarterly revenue and examine what is working and what is not. 

If you need to change suppliers due to high production costs, do so while maintaining quality. Update products that lack demand, review prices, and make other necessary adjustments. By regularly refining your hustle, you'll grow into a big business in no time. 

Take Your Side Hustle to the Next Level - Do Business with Moniepoint

If you're ready to take your hustle seriously, the Moniepoint Business Banking app is the way to go. You can open a business account right from the app to track your income, get paid easily, and manage your finances like a real business.

Even better, you can register your business name with the CAC directly on the Moniepoint Business Banking app. 

No stress, no long queues. Simply open your banking app, navigate to "Business Registration," follow the steps, and obtain your CAC certificate directly from your phone.

Wrapping Up

Turning your side hustle into a profitable business in Nigeria requires focus, determination, SMART planning, and consistency. By following the steps listed above, you'll be well on your way to turning that small business idea into a booming business.