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Wednesday, October 28, 2009

How to make money as a Student in Nigeria

Ajele is (as at the time of writing this post) a chess instructor with Green springs Montessori school in Ajah were he teaches chess and gets paid at the end of every term. The parents of his pupils pay =N=8,000 per term for his services and 32 pupils were registered for chess which was given a club in order to make chess an extra curricular activity. He teaches chess only two hours a week on Thursdays. For 32 pupils his income was =N=256,000 per term or =N=85,000 per month. He is currently running his HND programme in Yabatech.

Kehinde, was a student of Estate management at Yabatech when he became an estate agent. He did not like the idea of people with no formal training as realtors dominating his field among the low income and middle income class home owners so he decided to also partake in the business. Using his uncle’s contacts and friends, he advertised his services using outdoor signs, word of mouth and classified Ads in local newspapers and on the internet. Weeks later his business became serious as he had people calling from Jos, Port Harcourt and Benin making enquiries about his services. His commission was 10% and some of his deals included helping his former Landlord sell his block of six flats at Ikeja for =N=36,000,000 and securing land deals at various other times.

Tunde Blogger (not real name), was introduced into blogging by his best friend who was into web development. He initially was into blogging for the fun of it writing articles on his favorite subjects which were football, religion and dating until he visited a weblog network at www.hubpages.com and discovered to his amazement that he could make cool money blogging and writing on these topics. It was at this point he learnt about the term writing for the web, which is a concept used by well established web based companies to enlighten internet users on different topics. He also signed up for google’s Adsense progamme and even though he wasn’t making much about $21 a month from this programme, he however made similar amounts for many weblog networks including his own free blog from blogger.com. His combined monthly income from these sources was averagely $219 per month not counting money he made from his freelance writing jobs he got from www.elance.com and www.helium.com and he achieved all this spending not more than four hours a week typing and writing on his favorite topics. He promised to set up a weblog network after his schooling as a way of fulfilling a yearning to be recognized on the internet.

Onwueme Paul (myself), I once ran a phone call centre during my Industrial Training (I.T) between 2005 and 2006. I started the business in April 2005 with my telephone and =N=17,000 which was my savings at the time. I employed a young girl to make phone calls and sell recharge cards while I was working. Her monthly salary at the time was =N= 4,000. My average monthly sales from this business from phone calls was =N= 70,000 per month with profit being =N= 13,000 and profit from selling cards being =N= 24,000 per month from sales of over =N= 200,000 per month. My average total profit per month was therefore =N= 37,000. But this was short lived as I later encountered stiff competition from many other people who saw how lucrative the business was. This made it difficult to run since I had to increase my worker’s salary, make do with declining sales, higher costs and cope with highly diminished profit margins. The cost of running the business was equal to or greater than income. But I had saved my profits from the good 8 months that my business boomed and that served as capital for further investments in stocks and Annuities.

Andy started his home tutoring business, specializing in teaching secondary school subjects to students preparing for GCE, NECO and WAEC in 2003 due to financial challenges. Initially his intention was just to make enough money to meet his basic needs and he went about it advertising his services using outdoor signs and word of mouth. He soon realized it was a lucrative business when he started receiving enquiries from many parents who had come to hear of him through word of mouth. His lessons were done four hours per day (after lectures at school) six days a week for all his clients at one hour per class per child so that he never taught more than 24 hours a week. His fee was =N= 3,000 per child per month on his trade and at one time had 28 people he was teaching.

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