7 Reasons Why Nigerians Love VTU Business
In recent years, the VTU business has become increasingly popular among Nigerians for several reasons. Today, the business is considered by many to be one of the easiest businesses anyone can start in 2020. The VTU business is one of the profitable businesses any individual looking to start a small business can do.
As the African continent edges towards digitalization, businesses are looking to take advantage of the internet to increase their profits. This is one of the reasons why the VTU business is thriving and gaining popularity among Nigerians today.
In this post, we will take a quick look at seven main reasons why Nigerians love VTU businesses.
The Concept Of VTU Business
The term VTU is an acronym for Virtual Top-up. The business allows you to earn some extra cash (often referred to as commissions) whenever you recharge people’s phones, subscribe to data, or pay bills using the designated platforms. Virtual Top-up eliminates the need for scratching credit or cards before a top-up is possible.
Among Nigerians, the VTU business is typically referred to as “Recharge and Get paid”. The VTU business allows the vendor to recharge your phone or pay utility bills for customers without the hassles that come with dialling a USSD code.
Reasons Why Nigerians Love VTU Business
There are several reasons why anyone in Africa (especially Nigerians) will love to run a VTU business and here are a few of them:
1. It Requires Low Startup Capital
Unlike many other business ideas that may be appealing to anyone looking to start a small business, the VTU business requires a very low startup capital. This is one of the reasons why Nigerians love this type of business. What makes this type of business unique is that you don’t need a huge sum of money to get started.
In fact, you can begin your VTU business with as little as N1000. Hence, making it one of the businesses that require the lowest startup capital in the country. This implies that anyone (even a student) can start a VTU business without having to break the bank.
2. It Can Be Done As A Side Hustle
Having a side hustle is becoming popular among Nigerians today. One of the reasons for this is the demands that come with meeting up with life responsibilities. Many people are beginning to find out that living with a single source of income may not be enough to cope with the economic challenges in the country.
This is why a lot of Nigerians looking to start a small business while keeping their jobs opt for the VTU business. It’s a good way to get paid while keeping your regular job. So, if you are looking for a side hustle that will require little operation time, you should try starting a VTU business.
3. Easy Operations And Mobility
Technology has made life easier in several ways, and one of them is how we run our businesses. The VTU business allows the vendor to take advantage of technology and the internet of things to carry out his day-to-day transactions. This implies that, unlike running any other small business, the VTU business allows you to run your daily transactions at any time and any place.
With your phone or laptop and a good internet connection, vendors can recharge their customers’ lines and pay utility bills at any time. The transaction process is very simple and easy-going that you can complete a transaction for a client in less than 10 minutes.
4. You Are Your Boss
One of the reasons why Nigerians love VTU businesses is that it allows you to be your boss. The VTU business allows a small business owner to dictate the time he wants to work and how he wants to work.
It allows you to attend to your customers in the best way you believe will work for your business. It also eliminates the pressure that comes as a result of someone breathing down your neck or looking over your shoulder.
5. Increase Sales By Reaching A Wider Audience
Gone are the days where either small business or medium business owners could only offer their products and services to customers within their vicinity alone. The VTU business allows a vendor in a given state (for example, Kwara) to provide services to a customer in a different state (for example, Kaduna).
This feature is most handy when some of our contacts have to relocate from one state or city to another. VTU businesses allow the vendor to keep providing services to their customers even if they have to relocate or travel to another place within the country.
6. Lifetime Commissions
Some VTU registration platforms like the “Recharge and Get Paid” allows vendors to earn commissions from their referrals. This allows registered business owners on this platform to take advantage of its network marketing feature to earn some extra cash.
The way they work is that you will be given a certain percentage (commissions vary across platforms) based on every transaction that is carried out by your referrals. Hence, allowing you to make some extra cash during the days that you are unable to get a transaction done yourself.
The fact that some VTU platforms allow vendors to make money even when they are unable to complete a transaction makes Nigerians love the business even more.
7. It Gives Room For Growth
Most time we think about VTU businesses in Nigeria, our mind goes to the small business owners in our contact. We rarely pause to think that big businesses such as QuickTeller also run a VTU business platform. Reports have it that QuickTeller generates as much as N3billion in profit every month.
This gives the small business owner the belief that he can grow his business from a small-scale to a medium-scale or large-scale enterprise.
There are many other reasons why Nigerians love this business, but we have put together a list of the most common above. If you are thinking about creating an additional source of income without having to invest so much time in business operations, you should think about the VTU business.