Have you ever sat down and thought to yourself, "What small business can I start in Nigeria for 100k or less?" If you answered yes to that question, you've come to the correct place.
In this article, I'll share with you great business ideas which you could chose from and begin your own small businesses in Nigeria. These are businesses that you may start with 10k to 100k and above. You might be on your way to starting your own small business if you look into any of these options concerning business today.
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| Business Ideas With Good Profiting |
Many Nigerians have been more interested in SME entrepreneurship and operating their enterprises as a result of the advantages. Individuals wishing to start small businesses in Nigeria and many other African countries, however, do not have enough funds to do so due to the harsh realities of the economy. But anyone who manages to open and stay focused and alert on a small business could end up not seeing the business as a small one any longer because of how big it would grow.
Many Africans, particularly Nigerians, are looking for small business ideas that they may start with little money. These businesses listed here are probably the most profitable business you could ever sign up for. Some of them maybe considered as local businesses, but these local businesses could change anyone's live who is focused and knowledgeable. Any business owner that wishes to grow his business profit will always look for ways. The business owner could read business articles such as this one alongside business news.
The most profitable businesses can be any business you might be looking down on. Any business can be very very profitable, what matters are the skills and knowledge an entrepreneur has. In this piece, we'll look at ten small business ideas in Nigeria that you may start with less than 100k or less and become a successful business owner. But before that, what is the definition of small business?
Meaning of "Small Business"
A small business is defined as one that operates on a small scale and requires less capital investment, fewer employees, and fewer machines to operate.
The most profitable businesses?
POS As One Small Paying Business
On a small scale, Small businesses or industries are the kinds of businesses that create goods and services on a small scale. These industries play a critical part in a country's economic development. The owner either makes a one-time investment in machines, industries, and plants, or leases or hires them.
However, these can also be known as Small and medium-sized enterprises (SME). These businesses do not spend more than a core. Paper, toothpicks, pens, bakeries, candles, local chocolate, and other small-scale industries are only a few examples.
As this small business grows, it becomes a company that will be registered under the Corporate Affairs Commission of the Federal Republic of Nigeria.
Best Businesses Ideas This Year And Beyond: How To Start With 100k or Less:
1. Mobile Phone Accessories for Sale
In today's Nigeria, this is a tremendously profitable small-scale business. You may get started with as little as N100,000 saved on a site like PiggyVest.
While hiring space is a good idea if you have the funds, this business can also be done on the go, by taking your products to where they are needed.
In this instance, you must first determine your target market and meet their demands. For easier market penetration, you may even partner with organizations like this Samsung online store in Nigeria.
The fast growth in the use of mobile phones in Nigeria is what drives this business. Nigeria's population is estimated to be 180 million people. More than 160 million people are linked to the internet via their cell phones.
Batteries, memory cards, battery chargers, earpieces, screen guards, pouches, and other accessories are in high demand. Computer Village (Lagos) and online retailers are also good places to acquire supplies. One surefire strategy to break into internet importing is to start a phone accessory business.
You might also differentiate your small-scale business by offering mobile phone insurance. Customers' trust in your items has increased as a result of this.
2. Start A Printing/Branding Business
The printing and branding business is another amazing small business idea that you can start with little or no money. You'll need to connect with clients and expert printers to get this business off the ground.
Printers are primarily located in Muphones Shomolu, and Ogba in Lagos State; find out where printers are located in your neighborhood. After that, collect their contact information and begin selling your printing company to potential clients. Simply call your printing contacts to acquire a price for the task when you receive an inquiry.
After that, you will include your commission in the quote and send it to the client. If customers choose to do business with you, you will begin to profit from your printing firm without having to spend any money.
Cost Breakdown
Zero. You don't need a lot of money to start a printing firm.
3. Thrift Stores
Another excellent example of a business that you can start in Nigeria with 100k or less is a secondhand store. In Nigeria, you can start this business with as little as 20,000 Naira.
Here's how to go about doing it:
Visit a used clothing market in Abule-Egba, Lagos, such as Yaba or Supa Market.
Make contact with the market's used clothing vendors and select some of their nicest products.
When you return home, package the clothes and begin selling to your target audience.
There are a lot of good garments that you can buy for 500 Naira and resell for 1,000 Naira or 1500 Naira at such markets. It's a fantastic business to think about starting.
Breakdown of Prices
Between 10,000 and 50,000 Naira in capital.
4. Mini Importation
Trade and commerce have been transformed by the internet. Importing things online through eCommerce sites such as Alibaba, Aliexpress, DHgate, global sources, and others has proven to be profitable for many people.
You can start doing business with as little as N100,000 or even less. Determine what people want. Search all eCommerce websites for these items and hire a procurement agent to purchase them. After that, the agency will send them to you to sell so you can get paid.
People who work in this industry are still smiling at the bank despite the declining value of the Naira. Mobile phone accessories, cosmetics, fashion products, and other items are among the items you can import.
5. Affiliate Marketing
This online money-making opportunity in Nigeria is a profitable business that anyone may start with little or no money.
An affiliate marketer is someone who earns a commission by assisting firms or individuals in selling their products.
Products might be digital or physical, and you can sell them both online. You can join as many affiliate programs as you want, and use your affiliate links to advertise products on social media or through specialized websites. Many Nigerians have become millionaires as a result of affiliate programs.
6. Food Cart/Mobile Food Business
Consider the following question: What sells quickly in Nigeria? One of man's most basic requirements is food. Whatever a man's condition is, he must eat. As a result, the food industry in Nigeria will always be profitable. It is one of Nigeria's most successful enterprises.
Differentiating oneself by choosing a specific menu, a niche, and a market segment is a key to success here. You can't please everyone all of the time. Choose a market with a higher return on investment with prudence.
For example, you may opt to serve employees of large enterprises such as a digital bank, oil and gas industries, and international corporations, and build a relationship with their HR departments to allow you to deliver your meals during lunch or at particular times during the day.
As part of your service, you might include customized delivery of specialty cuisine to busy executives.
Because this type of business requires a lot of funds, you should look at platforms like Palmcredit, Branch Loan, Specta Loan, Fint Loan, C24 Loan, or Quickteller Loan, where you may acquire an instant online loan in Nigeria.
7. Noodle Stand
In many places of Nigeria, starting a noodle stand is a viable business. A gas or kerosene stove, seating for clients to sit and eat, and, most importantly, a busy area is all you need to start this business, A dish of noodles and eggs costs around 350 Naira at most noodle stalls. Two packs of noodles and one egg make up a typical noodle plate. An egg costs 50 Naira while a pack of small-sized noodles costs 60-70 Naira.
When you include in other expenditures like kerosine or gas, you may make a tidy profit of 100 Naira on just one plate of noodles at190 Naira.
The following is a rough estimate of how much it costs to open a noodle stand.
Cost Breakdown
Buying a gas burner and filling it with cooking gas costs 10,000 Naira.
Plastic plates, forks, and spoons cost 7,000 dollars.
5200 Naira for 2 cartons of noodles (at 2,600 Naira each)
1 crate of eggs costs Naira 1,300.
10500 plastic seats and tables (8500 for 5 plastic chairs, 3000 for plastic table)
For as little as 2,500 per month, you may rent an open site in several neighborhoods of Lagos.
Total cost: 36,500 Naira (about).
8. Become A Used-Car Seller
If you want to start a business in Nigeria with less than $50,000, becoming a used-car seller is a fantastic place to start. If you already own a smartphone, this is an incredible business opportunity in Nigeria that will cost you nothing.
All you need is a mode of transportation, either private or commercial, to get about quickly. Move around and look for cars that have been marked for sale. After that, you can call the automobile owner and inquire about the price of the vehicle.
Take images of the car with this information and publish them to e-commerce websites together with the information and your commission. With that, you've taken the first step toward becoming an entrepreneur.
Cost Breakdown
All you need is just your phone and a means of movement.
9. Cook-On-Demand Business
In Nigeria, a cook-on-demand business is a terrific business to start with 50k or less. Clients call you to help them produce food whenever they need it for a charge if you run a cook-on-demand business.
To launch this firm, you'll need exceptional networking skills as well as excellent cooking abilities. Getting people to know about your services is the most difficult component of this business.
However, as more people are aware of you, word-of-mouth referrals will bring you more business. Make sure to produce complimentary cards and networks when you first start this firm. Another short point to consider is your pricing strategy. Decide on a pricing range for your products and stick to it.
So, what are the requirements for starting a cook-on-demand business?
Utensils for cooking: 10,000 Naira (pots and spoons)
5,000 Naira for complimentary cards
15,000 Naira total cost
Lastly,
10. Cable T.V Subscription
This aspect of a small business idea is a type of business that is done through a POS machine. This business is simply recharging cable TV-like Startimes, GoTV, DSTV through a POS machine and your mobile phone. However, there are other businesses attached to this. They include
Fund transfer
Withdrawal
Airtime Recharge
Data Subscription
Opening of Bank account, etc.
To get started, simply apply as a POS agent in any Bank that accepts this like First Bank, UBA, Fidelity, Zenith, etc., Also some microfinance banks like Opay, Kuda, etc., accept. Once you get approved, you fund your business wallet with at least 50k for the transaction and start your business. However, you need a space at which clients will come patronize you. As simple as that.
Miscellaneous Business Ideas To Venture Into in Nigeria
Corn/Maize Business
Corn or Maize as known and usually called by Nigerians is a grain food crop that gives carbohydrates and energy to the body. Corn has many more purposes and financial gain options.
In Nigeria, you can start a corn roasting business or corn boiling business during it's harvest period. You can add pears to the business since Nigerians love that combination a lot. For real, I can assure you that the combination is one of a kind.
To start a corn or maize (Agbado - Yourubas; Abikpod - Cross River and Akwa Ibom) business you'll need to be familiar with streets and road sides that are free and legal to be used for businesses. You should also be mindful of where you do the roasting, because it wouldn't be right to roast a corn next to a cooking gas shop.
Plant the corn yourself by renting a farm from 10k/10,000 up or buy it from a corn farmer(that's another business). Get the roasting equipments(a local roaster which is usually a big can with fire woods and a wired iron net for the top Or a standard roaster machine)
Do it during day time, because Nigerians like taking it as snacks for lunch and it's usually satisfying. A potential customer only wants to see you display it well shaped and thick looking, and with a good roasted look. Roast your pears too.
If you're doing the corn boiling business, you can do it from morning. You can do both the roasting and boiling. It's to your favor.
Conclusion
With the state of the Nigerian economy, starting a small business is a fantastic idea. Unfortunately, most businesses in Nigeria require a significant amount of capital to get started. Thankfully, we've identified ten small business ideas in Nigeria that you can start for 100k or less.
Please conduct your own research to ensure that these businesses are lucrative in your area. Share your ideas in the comment section, or head to our facebook page to put it up.
Did we overlook any business? Please post them in the comments section, We will want to read from you.
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