This article contains the top 10 profitable things to invest in in 2024.
There are so many profitable things you can invest in 2024 to help you make wise use of your money. Money mismanagement has left many in unforeseen penury. It is one thing to have money; it is another to know how to manage and sustain it. People have different attitudes towards money handling; some people will be lucky to get millions today, and the next thing on their mind will be to paint the town red; another person will think of fixing the money in a bank; and someone else may come up with investment ideas. Different strokes for different folks
How do you handle your money? Remember, money doesn’t last forever. Investment is a proven and sure way to avoid such situations. Investing your money in a good business offers you the opportunity to make more money, but not too many people have the investment mindset.
It is good to save in banks, but instead of tying your money to a bank that trades with it, why not think of investing some of your money in a business? Investments [1] are sure ways of securing a bright future.
According to Akin Alabi in one of his books “Small Business, Big Money,” it is risky to invest in a business based on the assumption that there are customers. Instead, look for an available market first and find out what people want and how best to solve it. These are important things to consider before you think of investing in a business.
If you’ve done this successfully and you’re confused on which option to go for, below are profitable things to invest in 2024, and be sure to make regular visits to the bank.
1. REAL ESTATE
Real estate is the new gold. Those who had the foresight to invest in this business years ago can attest to this. This is a profitable business to take advantage of because land appreciates. As an Agricultural Economist, I will explain further.
If you have ever purchased land for 1 million in 2017 and sold it for 10 million in 2023, that is what I mean by land appreciates. Unlike cars that tend to lose value after a certain period, landed properties do not lower in cost or value, irrespective of how long they have been there.
In some parts of the country today, land is very scarce, and people are ready to pay for any available one regardless of the cost. Acquiring land in any developed or developing city is a piece of cake.
If you have the finances, take advantage of this business. Some real estate companies have even made it easy for people of low income streams to acquire lands through payment by installments.
2. Crypto staking/Bitcoin
Crypto staking [2] is a way of growing your holdings in certain cryptocurrencies by using them to help verify activity on an underlying blockchain network. When you stake a cryptocurrency, you can be rewarded with more cryptocurrency.
Crypto staking is like putting your digital money in a savings account for a reward. You help run the computer network, and in return, you get more cryptocurrency. In 2024, Bitcoin is still a popular investment. People see it like digital gold because it’s limited and many use it to protect against rising prices.
However, bear in mind, it can be risky, so think carefully before investing.
3. AGRICULTURE
During the oil boom era, we paid little or no attention to Agriculture. Everyone was interested in the oil business, neglecting the fortunes that could be made from Agriculture. As the oil sector couldn’t sustain the economy, the opportunities in Agriculture became visible.
Today, the Agricultural sector is no longer what it was, and millions of people have seen the prospects in this industry. Governments and individuals are investing heavily in the sector.
Gone are the days when people saw Agriculture as a poor man’s business and people shyed away from being called farmers. If you know the popular OTA farms, you’ll realize that Agriculture is no longer child’s play.
Knowing what Agriculture is all about, you will agree with me that no aspect of Agriculture is not profitable, as people must eat to live. Back in the day, when I was in the debating club, such topics as Farmers and Doctors, who is more important?”. Realistically, we know who is more important. I don’t want to bring up my debating spirit, so let’s get back to business.
Be it Animal or Crop Production, there are numerous Agribusinesses that lots of profit can be made from daily and some of them include;
- Poultry Farming:
So many individuals have become millions from the mere rearing of birds. This business is so lucrative that individuals both at home and abroad are investing in it. One good thing about this business is that one can start small; you don’t necessarily need land to start it. Many started at the back of their houses; some used a spare room, etc.
You can start the business with as few as 100 birds, and if well managed, you can be sure of making profits and expanding the business. Depending on available capital, some kicked off with 1,000 birds.
Be it a small or large-scale poultry farm, with proper management, you’re sure of making profits, especially during festive periods when rice and stew are plentiful.
Apart from the birds to be sold, there are other businesses in poultry farming. Examples are selling eggs to those that rear layers, selling manure from the birds to crop farmers, etc. Poultry Farming is indeed a sure thing to invest in 2024.
- Crop Production:
This is where we have things like cassava farming, palm plantations, Cocoa production, Vegetable farming, etc. If I start to write on each of these, I’ll probably not conclude. Think of how much a cup of well-produced cassava grain costs; think of how much you pay for a bottle of palm oil in the market. I don’t even want to remember how much I suffered to search for pumpkin leaves during this dry season. Think of others, and you will see the fortune to be made.
- Snail Farming:
Snail farming is one of the most popular forms of animal farming for many reasons. It is a low-capital investment with a high yield and a large market. If someone invests heavily in Snail farming, he is sure to make good money within a year.Snails are easy to manage.
- Apiculture:
This is a branch of Agriculture that involves beekeeping. It is capital-intensive, but the prospect is massive. I was trained in this, and I can tell you that this area is still untapped. We still import honey from other honey-producing countries. Think about taking advantage of this.
Other Agribusinesses include fish farming, piggery, grasscutter rearing, floriculture, etc.
4. HOSPITALITY INDUSTRY
People are making cool money in the hospitality industry. Here we talk of Hotels, eateries, guesthouses, and the like.
This is probably the coolest money-making opportunity in Nigeria. Nigerians, for example, are jolly people, so you don’t have to depend on tourist’s patronage.
Some big boys virtually live in hotels and guesthouses; people who see eating fast food as a luxury are there for grabs; there are equally many individuals who depend on eateries to feed them; they just can’t cook at home. So, there is an available market.
It is a profitable thing to invest in, but be careful not to be in a location with too much competition unless you have in mind to do something different from other competitors. If you have ever been to Imo State, you’ll understand the level of competition in this industry.
5. SCHOOLS
Investing in schools—nursery, primary, and Secondary schools—is very profitable. The competition is high; people convert their rooms into schools these days and still make a profit, but one thing about a competitive business is being innovative.
6. EVENT PLANNING
It’s not a bad idea to invest in this. People like partying. Some can even borrow money to organize a talk of the town party, and they are willing to pay anyone who can help them achieve that. All it takes is to do something to stand out from the crowd.
7. FASHION BUSINESS
Like we all know, looking good is good business. We all want to dress well and look nice; we all want to wear the trend. All thanks to the entertainment industry, the fashion world is spitting fire, which is why everybody is going into the fashion business.
8. TRANSPORT BUSINESS
It doesn’t have to be like Chisco, The Young, or Arik Air; you can make good money from even bikes popularly known as Okada in Nigeria, or even Keke.
The success of this business depends on good management and the sincerity of its employees. All in all, the transport business is very lucrative, as people must travel from one place to another.
8. CLEANING BUSINESSES
There are different aspects of cleaning business you can invest in. Here are two lucrative categories to consider:
- DRY CLEANING
This is one business people look down on. The fact is, not everyone enjoys washing their clothes. I won’t term it laziness; after all, dry cleaners must eat too. There are numerous dry cleaning firms today, but they charge exorbitantly. You can start small but still give quality service at cheaper rates, and you will be sure to smile at the bank often. You can invest in this.
- HOUSEKEEPING AND CLEANING
Do you know someone who dreads house chores like sweeping, scrubbing, washing plates, etc.? They may just be looking for your services. Some cleaners are richer than some bankers. We are talking money here, so anything to give cool legit money is an opportunity to invest in, and cleaning is one silent money pumper.
Conclusion
In conclusion, these Top 8 businesses are highly profitable if properly managed. One thing you need to understand in business is that risk management differs. Mr. A may invest in one of these businesses and hit it big, while Mr. B will do the same business and fail. Good management and innovativeness play a great role in the success of a business. Invest wisely.
See you in the bank.
Reference
[1] What is Investment? Types & Importance of Investment. (n.d.). Iciciprulife.com. from https://www.iciciprulife.com/investments.html
[2] Rodeck, D. (2024, January 10). What is staking in crypto: How does it work. Forbes. https://www.forbes.com/advisor/in/investing/cryptocurrency/what-is-staking-in-crypto/
