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- Small Scale Business
- Types of Small Scale Business
- Other Examples of Small Scale Business ideas
- How to Start Small Scale Business
If you are reading this, chances are you want to start a small scale business so as to earn a good living or perhaps, you wish to take control over the source of your income instead of leaving it in the hands of employers who always put their interests before yours. Whatever the case may be, you’ve come to the right place.
In this comprehensive guide, we’ve discussed all you need to know about small scale business. We’ve looked at what small scale business is, types and examples of small scale business, how to start one as well as business plans for such businesses in Nigeria. If you need ideas specific to your region or country, click this business idea generator to get started. It gives ideas streamlined to your personality, budget capital, available time inputs, skills, workforce strength and feasibility studies of possible businesses around your region/country. in less than 24hours, you will receive ideas with access to business plans right in your inbox to help you get started. click this business idea generator to get started
Small Scale Business
Small scale businesses are privately owned enterprises with few employees and less annual revenue than is expected from a medium sized business. The Federal Government have variously defined small scale businesses as enterprises with no more than 50 paid employees whose annual turnover does not exceed 500,000 naira but of course this is not a strict definition as many small scale businesses can be characterised differently.
Types of Small Scale Business
Sole proprietorship are small scales businesses that are owned and can essentially be operated by one man.
Sales of Mobile Phone Accessories
Selling mobile phone accessories like pouches, chargers, earphones, USB cords and Bluetooth accessories, which complements the smartphone experience, can bring in a lot of money because they are ever in demand. It is a fantastic small scale business idea.
Airtime Voucher Sales
Even in today’s world of mobile top-ups, recharge cards still sell like hot cakes. In order to make it in this business, you should buy the airtime vouchers in bulk because the more you buy at wholesale, the more substantial your profit will be.
Grass Cutting Service
You can actualise this small scale business idea with as little as a cutlass in hand. Over time, you can employ other hands and purchase equipment like tractors and lawn mowers.
Sales of Bean Cakes
Bean cake (Akara) is a very popular snack, evidenced in the long queues that can often be seen outside a seller’s stand every morning. You can get in on the action and make a lot of money doing so.
Bulk SMS Service
Using platforms like KudiSMS and AdinoSMS, you can offer organisations and other clients bulk SMS services where text messages are sent to large number of people simultaneous over the Internet. This small scale business idea will bring easy money.
Partnership involve two or more people coming together to do a business.
Love sells. Make money while you match compatible people together. An inherent ability to read people, attentiveness to minute details and a knack for organisation will take you very far in this business.
Since the advent of online shopping, getting our shopping to our door has been a major concern. Delivery services take care of this problem. Deliveries can be made efficiently and on time with a fast bike and a rider with a good knowledge of the city,
Moving out of that old house to a new one can be very taxing but with professional movers, it is made much more bearable. Your can offer your services as a mover. You will need a large vehicle to haul everything to the new place and some hands to do the actual lifting.
Sales of Cement
Whether it is to build a house from scratch or merely to repair a dent in the fence, people need cement. Buying bags of cement in bulk and selling at a profit can be a very lucrative business but is often too large for just one man to undertake.
Mobile Food Vending
A mobile food vendor will need a vehicle to convey the food to the customers. The vendor may decide to cover a small but densely populated area to sell the food, saving customers the hassle of finding a restaurant or buka to eat.
Co-operatives can own and operate a small scale business in or around the place they work. Members of the co-operative share the profit amongst themselves.
In the provision shop, the business owners can stock a variety of goods ranging from edibles to non-edibles in order to make profit. The best location to open a provision shop is a place with no competing shop.
Small stores where the latest clothing items are sold are ubiquitous in the country. Customers go in and shop to their heart’s content. Provided the prices are reasonable and the goods are quality, the business is sure to boom.
Car Wash Service
Car wash service is a very profitable small scale business idea. A co-operative may come together to establish a car wash near their work place where profit can be made.
Petroleum, diesel and kerosene are very important commodities. Consequently, filling stations are always bustling with customers especially during scarcity
Families can also own and operate small scale businesses.
Sales and Installation of Security Gadgets
There are people who are in the market for security gadgets like silent alarms, home security systems, CCTVs, car trackers and alarms. This business is a lucrative one.
Frozen Food Sales
Frozen turkey, frozen chicken and such other frozen foods are the go-to for many people. This small scale business can be operated with supply from a cold room.
A cyber café is a very profitable small scale business idea. With just a decent computer, a printer and a reliable supply of power, a family can start a café with family members working as attendants.
Computer Training Centre
Similarly, a computer training centre will attract people who are looking to improve their career prospects in the labour market. If you already have a cyber cafe, this small scale business idea is just for you.
Other Examples of Small Scale Business ideas
Unlike in the past where blogging was considered a very complex endeavour, blogging today is as easy as ABC. With as little as a smartphone and data subscription, you can blog away using platforms like Blogger and WordPress. If you however wish to get serious with blogging, you will need to understand SEO and apply such knowledge.
Curriculum Vitae, also known by its American name – resume, is a very important document for people looking for employment. A well drafted CV can help such jobseekers find employment quickly. You can gather knowledge about writing quality CVs and offer such services.
In order to be a good house cleaner, you must be trustworthy, diligent and good with people. There are a lot of negative perceptions about house cleaners but with focus and determination, you can make it big from cleaning houses.
Digital Art and Animation
Digital arts are everywhere on the Internet. The Digital artist can make a lot of cash from animations, comic books and even drawing tutorials, you will need a pen enabled device. Thankfully Windows (which are often compatible with drawing cintiqs), Apple and Android have good drawing tablet offerings
This business is very profitable and can be started under a makeshift structure or in the open air if a more permanent structure is not available. The restaurant can offer local delicacies and a selection of soft drinks.
You can start teaching music from your home. If you have the required knowledge base and some musical instruments, you can open your small music school and grow from there. You can also request that students buy and bring their own instruments so as to increase the number of instruments available in your classes.
If you are a teacher or can teach, you can make use of advances in video conferencing to reach people in need of tutors. Using platforms like Zoom and Skype, you can teach clients from the comfort of your home.
This craft can make you a lot of money. You will however have to put in a lot of innovative and durable work to distinguish yourself from other jewellery makers and attract more customers.
Football Viewing Centre
A lot of people prefer the communal thrill of watching football matches with other fans of the sport than doing so at home. You can therefore take advantage of the love of European football to gather people to watch the games for a small entry fee. You can also sell alcoholic and soft drinks and certain edibles to make more cash.
A barbing salon is one of those businesses where customers tend to remain loyal if the service is good and the price, reasonable. In today’s world, a barbing salon has to be clean and well designed with music constantly playing. Keep in mind that the more elegant your salon is, the more you can charge for your services.
Repairing phones is not rocket science; that is to say, you can learn the ropes from experienced phone repairers and open your own repair shop. There is a dearth of skilled mobile phone repairers so your service will immediately stand out if you know what you are doing.
You can offer game consoles like Xbox and Play Station to game enthusiasts who do not have enough money to purchase their own console but what to play all the same. Ensure you have a good collection of popular games so as not to disappoint customers.
Catering both outdoor and indoor events can fetch you a lot of money. Be sensitive to the needs of your clients and no matter what, do not disappoint as that could give you a bad reputation.
Many parents are in the market for good home tutor for their children who can supplement the efforts of their teachers in school. Tutors who can teach particularly challenging subjects like Mathematics, Chemistry and Physics are ever in great demand.
With the advent of the Internet, getting gigs as a comedian is much easier. By putting out some funny skits on Instagram and Tik Tok, you can attract the attention of big shots in the comedy industry who will be willing to give you a shot.
Every event these days need some kind of music, as such DJs are in hot demand. You can test the waters by doing small events hosted by family members or close friends before attaching the DJ title to your name and going professional.
One of the most lucrative business today, laundry service can be started with as little as a pressing iron, a good amount of starch and some detergent. You can later invest in industrial pressing irons, washing machines, driers and what not when business begins to boom.
Like the making of jewellery, shoe making involves dedication and creativity. You must also be concerned about the durability and aesthetics of your footwear
How to Start Small Scale Business
Starting a small scale business can be confusing for many people but it doesn’t need to be. Taking these steps before commencing any business would help you greatly.
Take time to think
Think deeply and seriously about what small scale business idea you can pull off. Consider if it is something you can do, not just for a week or month, but as a living for a very long time. The question of how the business would make you feel must be answered. Also, think about the cost of starting the enterprise and if you have or can get such an amount. If you are considering a loan, make research about the chosen business and what the profit will be like.
Set certain goals and timetable for yourself
Set realisable goals which you can work towards and actualise before a particular time. This will help to motivate you and ensure you are not carried away by the intricacies of the new business.
Determine your prices and set a standard
Determine how much your product or service will cost using certain factors like capital and rent, and stick by it. Refuse customers who make promises to pay later for goods or service. Many small scale businesses are crippled by owners who are unable to say no to such people. Most of these customers abscond with the owed money, leaving the business owner at a loss.
Think about publicity
Always think about how word of your products or services is going to get to the customers. You can set up social media platforms announcing your service before you begin and track the engagements your posts get. You can also read about good marketing skills here.
Register your business
Although many small scale business owners don’t, try to register your business name and incorporation with the CAC. This is especially important if you have expansion in mind. It will ensure that your business name is not used by anyone else. Also, get the necessary permits and documents so as to always be on the right side of the law.
Small scale businesses, and others in the Micro, Small and Medium-Scale Enterprises (MSMEs), play very important roles in the development of an economy, both the individual and country are positively affected by a good small scale business.
In conclusion, If you need ideas specific to your region or country, click this business idea generator to get started. It gives ideas streamlined to your personality, budget capital, available time inputs, skills, workforce strength and feasibility studies of possible businesses around your region/country. in less than 24hours, you will receive ideas with access to business plans right in your email inbox to help you get started. click this business idea generator to get started