There are numerous lucrative business ideas in Nigeria that may be started with a small amount of capital. If you are looking for the finest lucrative businesses in Nigeria that you can start with a small capital, your quest is done since this post will provide you with a list of the greatest businesses that don’t take much capital to start.
Many opportunities have been created for small business owners who want to start their own firms with little capital. All that is required to establish such firms is a strong business idea or strategy, research, and a small amount of capital, and then your business is ready to go. Here are a few validated business ideas you can start with absolutely minimal capital in this post.
Overview
Though establishing a great business is not easy, it will demand your time and smart planning. According to global business surveys, 90% of new enterprises fail after a year or more of operation owing to a lack of planning and management.
However, having an entrepreneur’s passion is no longer enough to start a new business if you expect it to be successful. This means that in order to be successful in your business and outperform your competitors doing the same business with you, you must be exceptionally good, have a unique business idea, and plan, and have good management skills.
Remember that you can always establish a website to help your business grow quickly, that you can make a logo if possible, that you can have unique packaging, that you can look for a good location where your business would sell well, and that you can know your targeted clients. You must also have marketing abilities by recognizing good social media platforms to notify the entire world about your business and what you provide.
Having said that, let us go on to the main point of this post.
Best Lucrative Business Ideas in Nigeria to Start with Little Money
The small enterprises highlighted here are scalable. In other words, you can operate within the limits of your present financial capabilities. Then, as you progress and raise additional funds, expand to larger scales. Let’s go over it again:
#1. Digital Marketing
Digital Marketing is one of the most lucrative businesses in Nigeria to start with small capital. This Digital marketing enables firms to grow quickly, and with the rapid advancement of technology, digital marketing has become one of the most lucrative enterprises in the world.
You don’t need much capital to start a digital marketing business; you can do it with just your smartphone and without renting a shop because everything happens online.
All you need is a decent market plan or expertise, identify your target clients, and you’ll be making money before you realize it.
#2. Uberpreneur – Driving for Uber
People choose to drive with Uber for a variety of reasons. Some do it to have the freedom to drive whenever and wherever they want. They are the boss, and they work for as long or as little as they like, according to their schedule. An Uber driver typically earns between 80,000 and 120,000 Naira each week.
Driving for Uber is currently one of the most lucrative business opportunities in Nigeria. It not only allows you to work when you choose (including nights and weekends), but it also allows you to earn some extra money while doing so. While some drivers do this full-time, others just do it after work and on weekends.
Instagram, Snapchat, YouTube, Twitter, and Facebook are the Next Big Thing in Social Media. These are venues where Nigerians can make a lot of money just by providing interesting material and growing a large following. If you love social media, this is a business you should consider starting.
If you develop a following on any of these platforms, you may be approached by large brands, gear companies, and other relevant businesses that provide items or services linked to the type of material you share.
#4. Computer Centre/Cyber Cafe Business
During ancient times, this was one of the types of facilities where individuals could access the Internet. To begin with, it is one of the firms with limited capital. Now that this business has grown to a larger scale, those who run it earn a large number of money.
Starting a computer center business does not require a large investment; all you need is a computer system, an internet connection, a printer, seats, and a suitable location, such as a school.
If you are unable to rent a shop at this time, you can start with a kiosk and eventually expand to a larger shop.
#5. Food Home Delivery
If you enjoy cooking, this is a unique opportunity for you to showcase your culinary skills to the world. To begin with, in a small capital in Nigeria, food delivery is a lucrative best business. It doesn’t take much money to get started.
This type of business can even be started from the comfort of your own home. However, you do not need a physical store to start this type of business.
#6. Bakery Business
Before starting a bakery business, there are various things you should consider, one of which is a business plan. A bakery business, like any other, needs a sound business strategy and a business plan in order to be lucrative.
In Nigeria, the finest lucrative business to start with small capital is a bakery. If you enjoy or like baking, not just the passion but the pleasure of designing and creating wonderful cakes and the rest of them, then you have a low-cost business to start.
#7. Event Planner
People nowadays hire event planners to make their events look gorgeous and well-organized. Of course, everyone appreciates what is good.
However, if you enjoy a well-organized party (whether it’s a birthday, wedding, or get-together party), or if you’re a creative planner, and you’re looking for the finest business to start with a small amount of capital, consider this fantastic business.
The good news is that you don’t need a shop to get started; all you need is a skill and a desire to learn.
#8. Electrical Home Appliances Repair
Electrical appliance repairs are one of the best businesses to start with a small amount of capital.
However, this type of business is designed exclusively for engineers or electricians who can detect electrical defects and then provide a solution to the problem.
Repairing or repairing electrical items is an excellent side business that doesn’t require a shop to get started; you can transform a small room in your home into a shop to get started.
#9. Web Design and Development
As a web designer or developer, you will get tremendously important skills that are in high demand in the Nigerian industry. Using a free program like WordPress, you can learn how to build websites in as little as a few weeks.
Aside from the flexibility of working on your own time, you can earn up to 50,000 – 250,000 Naira or more on a website project.
#10. Starting a Blog or Vlog
Do you believe that blogging is no longer a viable source of income? Consider again. Tens of thousands of bloggers produce content on a wide range of topics, including culinary, fashion, gossip, news, travel, movies, and lifestyle. Starting a blog/vlog with a specific niche and focusing on a specific group of people is a lucrative business concept with a lot of potential.
Your first step should be to improve your writing skills, understand what your audience wants, and learn how to write a blog article that drives traffic and brings you, readers, on a consistent basis.
#11. Phone Accessories Dealers
We live in a time when practically everyone is carrying one or two phones. It’s a good idea to start selling phone accessories because you can’t go a day without selling a phone charger, battery, memory card, or the rest of them.
Nonetheless, this business does not require you to hunt for a loan before you can begin; it is one of the best businesses to start with a small amount of capital.
#12. Rental Services
This is also the greatest business to start with a small amount of capital. You can start this business from the convenience of your own home.
All you need to do is find some equipment to rent out and you’ll be paid.
You can hire plastic chairs, canopies, musical equipment, or a hall for anyone that require these items for their event.
#13. Photography Business
Nowadays, photography has become a great lucrative business in Nigeria, especially for those with small capital. The photography industry has been around for a long time, but it has evolved and people in this business are making a lot of money.
You are aware It’s rare these days to see an event without a photographer taking shots for future reference. So, if you enjoy shooting photos or documenting memories, this type of business will be simple for you to start. Infact, on the internet you can even sell feet photos, there are so many platforms like FunwithFeet, Feet Finder.
There’s no need to look for a loan to start a business when you can acquire some clients to snap their images, edit them, and distribute them with your smartphone or a smaller camera, light, and decent marketing talent.
#14. Drop Shipping
Drop Shipping is a lucrative business that you may start with a very small amount of capital in Nigeria. What you’ll need is a laptop or smartphone, internet access, and social media sites such as Facebook, Twitter, Snapchat, and others (which might function as your online store).
This is a lucrative business concept that has earned millions of naira. The key to success is finding and understanding what consumers require at any given time, as well as knowing where and how to acquire those things (AliExpress is a fantastic place to start a drop-shipping business in Nigeria).
#15. Fruit Business
To begin with, this is a wonderful business with minimal capital, however, many people dismiss it.
Selling fruit does not require a large investment to get started because you can just go to the local market and buy some fruits to resale for a profit.
There is no need to hunt for a loan to rent a shop before starting a business because you may start one just in front of your house.
#16. Online Cooking Classes
Are you the type of person that cooks nice or delicious cuisine that many people admire? If you answered yes, it suggests you have a good chance of succeeding in this type of business. Starting an online food cooking class is a terrific business concept that many people are unaware of.
If you want to open a large restaurant but don’t have enough money, and you know it’s not always a good idea to start a new business with a loan. Starting online cooking classes, on the other hand, is one of the greatest businesses to start with minimum capital.
Because you already have a passion for cooking, I recommend that you put it into video cooking instructions for people to learn online, and then your small savings can turn that small business of yours into a major restaurant tomorrow.
Tips to Run a Successful Business
Here are ten (10) tips for running a profitable business in Nigeria:
- Have a product or service that sells well.
- Before you begin, look for a nice site that is appropriate for your business.
- Register your business with CAC if you have the finances.
- Maintain an active business bank account.
- Make an effort to do all business transactions through the bank.
- Maintain accurate financial RECORDS.
- Possess strong managerial abilities.
- Transfer your business earnings to a new venture that will create daily income.
- Learn how to maintain a positive relationship with your consumers.
- Finally, financial institutions do not want to hear “The business is doing well” if you want to receive a loan to boost your business. Before they can lend you money, they need to evaluate how far your business has progressed and if it is performing well or not.
Conclusion
Thankfully, the days of “I don’t have enough capital to start a business” are over; currently, there are prospects for the greatest lucrative business ideas in Nigeria that you can start with just a small amount of money.
If you’re planning to start a new business, I hope this article will help you get off on the right foot and operate a smooth and successful operation. Best wishes as you embark on your entrepreneurial business path.
If you have any queries, please leave them in the comments section below. I will respond as soon as feasible.
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