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With the waning of Nigeria’s currency over the years, 200k might not seem like enough money to start your dream business or any good business for that matter; but depending on your choice of business and your actualization plan, it can be.
Contrary to what many may think, the amount of capital you have does not solely determine whether your business will get off the ground or not. Your choice of business, its suitability to your particular environment and your actualization plan for it play a much larger role in your success or failure than the depth of your pocket.
In light of this, we examine 10 businesses to start with just 200k in Nigeria. Provided you navigate this list with specific consideration to your situation in mind, you should swiftly make the right choice as regards a business to venture into.
Businesses to Start with 200k in Nigeria
Starting a business in Nigeria, even something in the small-scale side of things, can often prove to be an expensive venture. Even if you manage to launch, you may still run the risk of showing a loss at the end of the day. Here are 10 businesses you can start with as little as 200k without worrying about breaking even in the long run.
#1. Daycare Services
The daycare business is one that requires trust between the service provider and the client. No sane parent will leave their toddler in the care of someone that is untrustworthy. As such, the onus of building this trust however lies with you – the service provider.
The first question to consider before starting a daycare center is ‘do you love children?’ If you do not, you have no business starting up one. With just 200k, you may want to focus on making your home childproof instead of renting a place.
You can turn a bedroom into your daycare and employ a hand or two to take care of the children. Set the limit of children your daycare can handle; do not overcrowd the place. Regularly encourage reviews from your clients and enforce reasonable suggestions.
#2. Hand Sanitizer Production
Hand sanitizers are all the rage in today’s global pandemic. They can be made at home using the right ingredients which makes it a viable business to start with 200k. There are a lot of hand sanitizer products in the market today so your goal is to distinguish your product. Pay more attention to not just the effectiveness of your product but also its appeal.
It is one thing to have an effective hand sanitizer and another to have one that smells and feels right when applied. Also, your packaging matters. The size and style of your product might call to first time buyers. Lastly, remember you are dealing with lives and the prevention of a disease. Ensure that your product works very well in achieving its primary goal.
#3. Phone Repairs
Repairing cell phones as a business has the advantage of being an enterprise that requires minimum investment to start. There is also a lot of money to be made from it. You will have to invest some money to learn how to properly fix phones before you launch your business.
There are two approaches to starting a phone repair business. One, you can rent a store or get a space where your business will permanently reside given the 200k startup capital. This gives the impression of legitimacy and helps the customer feel more comfortable patronizing you. You can work on a lot of faulty phones and keep inventory as you go. It is however the more expensive option as you have to put down some money for rent.
The second option is to make your business mobile. This however means that you can only work on one phone at a time and will certainly not make as much money as someone who has a store.
#4. Interior Designing
Nigerians are now more minded about how the insides of their homes look than they have ever been before. As such, they are more amenable to engaging the services of an interior designer. Interior designing is a rewarding venture that does not require a large capital.
Interior designers use the elements of design such as colour, texture and shape to ensure that the homes of clients are tastefully furnished, thoughtfully put together and all together a joy to live in.
#5. Car Wash Services
Car wash is all about location. Find a strategic location and you are sure to have all day patronage. In choosing a location for your car wash, you must of course consider the demography, your budget and the competition.
Choose a busy place, preferably an accessible space by a major road. You may also site your car wash in a car service enterprise like a car repair shop or filling station. Avoid opening your business in a place where there are already many car wash businesses because you will likely not have the startup budget to compete with them. Given your 200k budget, you should employ just a few staff.
#6. Fumigation Business
This has to do with pest control, both domestically and in farmlands. The fumigation service business involves using chemicals and other tools to catch and kill destructive pests whose presence causes damages for the clients. Customer satisfaction is very important.
For this business to be successful, you must have the right tools and the technical know-how on the operations of the organisms you are to eradicate.
But, to launch your business, you should name and register your company. You should also ensure that your company makes use of the Internet in its marketing attempts.
#7. Temporary Restaurant
A temporary restaurant is essentially a restaurant that appears only at such times as late evenings when day businesses have closed up. It may or may not have a temporary structure that can be set and folded up at convenience; it could be open-air restaurant with as simple an arrangement as a few benches and tables (for customers) hurdled around a big table which serves as a makeshift counter (for the cook and servers).
Such restaurants do not require owners to pay standard rent (which is usually a major impediment to starting a small business with 200k). Also, it may only serve mobile customers who order and receive their food in takeaway packs.
#8. Barber Shop
Looking good is good business and so is making others look good. Opening a barbershop, or barbing salon as it is called in Nigeria, is a very good business idea to start with 200k. The first thing to note while opening such a salon is siting. You want to site your barbing salon in an open place where customers can easily reach you.
You may start out as a one-man business because of your budget but always have expansion in mind. Given the power situation in the country, getting a generator should be one of your major targets after setting up shop.
#9. Dry Cleaning Services
Many people do not have the time to do their laundry. Many also do not have washing machines in their homes. Even the ones who do may not be able to wash, starch and iron their clothes in such a way that it is attractive or presentable. As such, many people engage the services of a dry cleaner.
With a budget of 200k, you can start this business from your home. You just need to ensure you have a steady supply of water and electricity (invest in a good generator) and a good space where you can dry these clothes.
#10. Specialised Wholesale Business
You can go into the wholesale of specific products like spaghetti, detergent soap, rice and such other products. But you will need a store where you can keep these products and sell to retailers. You will also need a means of transporting these products in bulk to and from your store, although arrangements can easily be made with the manufacturers and retailers.
Specialised wholesale involves less money than would be needed were you buying a variety of products. Discounts are usually giving for buying in large quantities directly from the producer. Moreover, selling one product will reduce the hassles that are typical in the retailing business.
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