Profitable Businesses in Nigeria with Low Capital
As a Nigerian, difficulties are getting an office job, even if you've got a degree. The reason is that there is a high rate of unemployment in the country. Nevertheless, Nigerians have overcome this challenge by earning cash through other means. We have compiled proven profitable businesses in Nigeria with little capital. Read on, as you will discover new and untapped businesses with little money but significant gain.
Profitable Businesses in Nigeria with Little Capital
Sometimes, we want to start a business, but we have a small amount of money. So, we begin to feel discouraged to start something. That should not be the case, as there are many businesses one can venture into in Nigeria. However, some businesses are more profitable than the rest. We have listed the businesses into two categories. Enjoy!
Profitable Businesses to Start with 200k
1. Drink and Water Business
Water is an unavoidable necessity of life. That is why the drink and water business is arguably the most profitable business in Nigeria. Also, it needs little capital to start. Everyone drinks water and soft drinks, especially while in traffic. However, nobody wants to buy a drink that is not chilled. So, if you think of starting this business, the power supply should be the main factor to consider. Once that is settled, every other thing is minor.
With about #150000, you should be able to start the drink business on a small scale. Furthermore, it would help if you learned to develop interpersonal relationships with your customers and wholesalers. This relationship makes your customers keep coming back. It also makes your wholesalers give you discounts.
2. Phone Repair
You can't start this business if you have no idea of how phones are being repaired. So, if you have a passion for mechanicals, you can get the skills in the field and venture into the business. However, it would help if you were patient while learning to have deep knowledge about it. That is one of the factors your customers will always consider. It will keep them coming back to your shop for more repair.
Also, you will get more referrals from your existing customers if you treat them right. All you need asides from the skills are software tools, a laptop, and home tools. I'm pretty optimistic that 200k will cover all these expenses. Then, as time goes by, you enlarge your coast.
3. Noodles Spot
This business is one of the most common and profitable businesses in Nigeria at the moment. A noodles meal is a simple meal to make. It is suitable for people who have a passion for cooking but can't engage in the stress of cooking. So, if you think your noodles meal has a unique taste, you should try this business. You do not need all the money in the world to start this business. The first thing you need is a spot.
Your spot should be at a location where you believe people would need fast food. Then, you get some pots, takeaway plates, a gas cooker, noodles, etc. All these would cost you about N100000. Furthermore, you might decide to add the tea business to your noodles business. Customers who would like to enjoy their noodles at the spot would need a drink alongside. So, tea might be their choice.
4. Cleaning Service
You have thought back and forth about what business won't cost you so much capital. You also are not interested in the above listed. There are many other choices, and the cleaning service business is one of those choices. This business is one of the most profitable businesses to start with little capital. One of the most beautiful things about this business is that you can start from home. The reason is that renting a shop might cost much. In this business, there are different fields. The laundry and apartment cleaning services are among the areas. The washing machine and pressing iron are the primary tools you need.
Even if you can't afford the washing machine, you can hire people who wash the clothes. Then, you pay them from the profits. As time goes by, you get a washing machine from the cash you earned and saved. As for the apartment cleaning service, all you need are your cleaning equipment. It would help if you also learned how to promote yourself well so that you earn more clients. Also, don't forget that treating your clients well is essential. The reason is that no client will come back for your service if you treat them wrong.
5. Liquid Soap Production
Another profitable business in Nigeria with little capital is the liquid soap business. The market demand for liquid soap is high. But the existing brands can't meet this demand. This is to let you know how much people use liquid soaps. People prefer liquid soaps because they make their jobs easier, as they only have to pour into the water. You need about N150000 capital to start this business, and you might end up not spending up to that. However, it would help if you learned how to produce this soap before getting into it. After getting the skill, you should get into the game. It would help if you had hand gloves, bowls, chemicals, containers, and other equipment. So, you can take advantage of the market demand for this soap and get into the business.
6. Jewelry Business
If you are a fashion lover and enjoy decorating stuff, the jewelry business is one of the best choices. You do not need all the money in the world to start this business. It is one of the most profitable businesses in Nigeria with little capital. For a small-scale jewelry business, N200000 would be enough as capital. Another nice thing about this business is that you can work from home. Then, market your work to people online or move from one location to another to market your work.
Another good thing is that fashion never goes out of vogue. So, if you make a jewelry design this year, don't get worried if you don't get a buyer for it immediately. Jewelry designs always come back around.
7. Small Chops Business
Everyone loves to have a snack at least once a day. Some do not even have a choice, as they are always too busy. This is where the small chops snack comes to the rescue. It would be best if you take advantage of this fact and venture into this business. Learning to make small chops is not something you have to spend months on, as it is easy. Also, it would help if you started on a small scale. Among the equipment needed are cooking utensils, cooking gas. You will get your customers in offices, banks, and other firms. You can also decide to run adverts online to reach more people.
8. Foodstuff Business
Food is a necessity of life, like water. We need to eat to survive. That is why anyone who ventures into the foodstuff business can't run at a loss. It is one of the most profitable businesses in Nigeria with little capital. But, you have to be focused on staying in this business for a long time. The reason is that people would want you to sell to them on credit sometimes. If you do that for everyone, you would not be able to gather any profit at the end of the day. A bag of rice is currently about N30000, while a bag of beans costs about N40000. So, a minimum of N200000 is enough as capital to start this business.
9. Egg Supply
Several people take the saying "Eat an egg a day" very seriously, so the demand for eggs is high. That is why the egg supply business remains one of the most profitable businesses in Nigeria. Also, eggs have other practical purposes asides from consumption. Companies use eggs to make soaps, shampoo, cosmetics, and many other products. So, egg suppliers find it hard to meet this high demand. So, there's still space for people who want to try the business. You don't have to bother about saving up so much money for this business, as it is a low capital business. It is also essential to discover farms that produce good eggs. This is because bad eggs are not suitable for your business.
10. Mini Car Wash
The mini-car wash business is the last on our list of the profitable businesses to start with N200000. But this has nothing to do with it being the least profitable business on the list. Sometimes, people get too lazy to clean their cars themselves. So, they prefer to hire people to do that for them. An essential factor to consider in this business is a location with a good water supply. Then, other things can follow. To start on a small scale, you do not need so much money as capital. N200000 will be enough as capital to start this business.
Profitable Businesses to Start with 500k
1. Shawarma Spot
Shawarma is a popular snack in Nigeria today, and it comprises beef, sausage, cabbage, and other fillings. This business is one of the most profitable businesses in Nigeria with little capital. The reason is that people enjoy this snack a lot. People don't find preparing shawarma at home, so they get it from eateries or restaurants instead. The first thing you need to do is to get trained on how to make this snack. It would help if you were also required to study your competitors and know where they are lacking. Then, you focus on that.
Also, you need to discover a suitable location where you think there will always be customers coming. The profit from this business depends on how much you sell per day and how you handle the business. Furthermore, the major equipment for this business is the shawarma toaster. This machine costs about N150000. The other equipment will also cost N100000 altogether. So, N500000 will be enough as capital to start this shawarma business.
2. Business Center
A business center does the printing, photocopying jobs. This business is very profitable in Nigeria, especially in student areas. Students always have one or two things to type and print. You can take advantage of this opportunity and open a business center to earn massive cash. The primary thing you need to start this business is enough computer skills. Another important factor is a location that has good electricity. Also, it would help if you had space, a photocopying machine, a printing machine, and other things. All this equipment would cost you about N500000. And if you are focused, you can get your capital back in two months.
3. Sports Betting Agency
There is a high rate of sports betters in the country. Thousands of people queue at the sports betting shops daily to stake their bets on a particular game. With this, we can say the market demand for this business is high. So, you can dive into this business and make it big from there. The first thing you got to do is register your sports betting company, then other things can follow.
As an agent, you make your money when a punter (someone who bets) places a bet with some amount of money and loses the bet. Sometimes, people win, and the company has to pay them. But people lose more than they win. So, imagine how much you would earn when about 700 out of 1000 people lose their money to you. Though you can spend about N500000 while starting this business, you will gain so much more when you get into the business.
4. Rental Services
The rental services business is one of the most profitable businesses in Nigeria with little capital. This business is in categories. You might decide to go into renting people's ceremony stuff or renting out costumes. About ceremonies, Nigerians love to celebrate even the slightest things. They can't possibly have chairs for the guests or pots to make the meals. So, they will need the services of a rental business. Models and other people might also need a costume on the clothing line, but getting it can be expensive. So, they would instead rent it. That is where the rental services come in. However, to run this business effectively, N500000 is enough as capital. Then, as time goes by, you can enlarge the business and make it a large company.
5. Sales of Mobile Phones
The mobile phones sales business is another profitable business in Nigeria with little capital. The reason is that everyone wants a phone. Another fact is that some people do not use phones for a long time before changing them to another model. If you're going to venture into this business, don't bother about having so much capital. You can start with a minimum amount of N500000 because that amount will get you about ten phones, to begin with. Also, you can work on referrals. You get a buyer for someone who sells on a large scale and gets your profit from there. However, you can earn so much from this business if you stay focused by getting new phones with your profit. By doing this, you are enlarging your coast.
6. Game Center
Starting a game center business in Nigeria sounds like a waste of time, but it isn't. It is in high demand as many people can't afford some games and they love them. So, their only option is to go to gaming centers to enjoy the games. This business is one of the most profitable businesses in Nigeria with little capital. However, the first thing to do is to confirm that your location is a good one. Then, you rent a space and get the necessary equipment. You don't have to bother about starting with a large amount. You can start on a small scale with a minimum amount of N500000. Also, you must be sure that you understand how the business works so that you won't run at a loss. If you follow all the protocols, you will make massive cash from this business.
7. Fashion Design Business
Everyone wants to look good. That is the primary reason this business is one of the most profitable businesses in Nigeria. However, there are many scopes to the growth of this business. But the primary thing to do is to get the skill. Then, you can focus on other things. As a fashion designer, you can also choose what path to follow. You might decide to only outline styles for people while giving a tailor to sew for them.
Also, you can run a company where you hire experienced fashion designers to sew while you outline the designs. However, if you want to run this business on a small scale, N500000 will be enough capital. And you can get your capital back in a month if you target your audience the right way.
This article will be incomplete if we fail to mention agriculture as one of the most profitable businesses in Nigeria. Agriculture is broad, and one can make massive cash from any field. That is, if things are done the right way. At the moment, the government has caught interest in agriculture. This discovery is paving the way for farmers, and it is not too late to try. On a small-scale agricultural business, N500000 is enough for a start. If you decide to venture into crops, you need to get small farmland, clear the bush, and plant your crops. Also, if you want to venture into animals, poultry is one of the easiest businesses you can try, and it is very profitable. You will need cages, trays, bowls, etc., for the business. Any way you decide to go, you will earn massive cash from agriculture.
9. Shoe Business
The shoe business is one of the most profitable businesses in Nigeria, with little capital yet untapped. Nigeria doesn't have many companies running shoe businesses. Nigerians get most of their footwear from imported goods from various countries. You can make it big as a shoemaker in Nigeria if your style is unique. You can start this business with a minimum amount of N400000, growing big from there. The first thing to do is have a skill, and it would be best if you were patient while learning. If you fail to understand this skill fully, you might have a problem along the line, as you will lose customers every time. It will also prevent you from getting referrals from your clients. So, it would be best if you got sufficient skills for the business.
Photography is the last on our list of the most profitable businesses in Nigeria. But that doesn't make it the least good. Photography is a beautiful profession. If you love arts and want to make money from it, you can venture into photography. First off, you have to acquire the skill. After doing that, you can fully venture into the business. To set up an average photography studio, N500000 will be enough to get the necessary equipment required for a start. Then, as time goes by, you can enlarge your business. Photographers get jobs from models, birthday shoots, wedding shoots, and so on. So, you can make a lot of money from photography, as it is wide.
There are many other lucrative businesses in Nigeria one can start with little capital. But these are the most profitable ones. However, to make money from these businesses, you have to learn a skill. Also, you should know the in-depth of the business you are planning to try. Nobody will keep coming back to your business if you keep rendering inadequate services to them. So, take your time to choose a business, learn about it and make some cool cash. Good luck!