It is simple to start a business in Nigeria. However, capital is a huge constraint for the majority of people. While some people have enough money to start whatever business they want, many others do not. Fortunately, there are other low-cost enterprises to start. Here is a guide to what you should know if you are looking for the cheapest business to start in Nigeria.
Cheapest Business To Start in Nigeria
Here is a list of the cheapest businesses in Nigeria that you can start:
#1. Affiliate marketing
Affiliate marketing is a low-cost and lucrative business that you can start in Nigeria. Fortunately, no funds or qualifications are required to start this business. Affiliate marketing is simply the sale of another person’s physical or digital products.
As a result, you are not required to purchase or produce any goods. You only need to recommend affiliate products to people who are interested in them. Following that, you will receive a commission for any successful product sales. Some legitimate affiliate platforms in Nigeria are:
- Konga
- Whogohost.com
- Learnoflix
- Expertnaire
- Jumia
#2. Cleaning Services
Another low-cost business in Nigeria is laundry. Essentially, it entails picking, washing, and ironing people’s clothing for a fee. You may start your own laundry service with little money. Everything is dependent on how you intend to build it. If you want to start this business from home, you will need less capital than if you want to open a shop.
#3. Data Reselling
Another ideal business to start with minimum cash in Nigeria is data reselling. It entails purchasing data bundles from Nigerian network companies such as MTN, GLO, 9Mobile, and Airtel and then selling them in tiny quantities to others.
This is an extremely profitable business that can be started with as little as N2000. Register with a telecommunications company or a VTU platform, fund your account, and start reselling data to others.
#4. Freelancing
Another low-cost business is freelancing, which entails performing small jobs online. Essentially, you sell your soft skills online to individuals who need them. For example, if you are proficient in social media administration, you can simply identify and assist small business owners in managing their online presence. As a freelancer, you can provide a variety of services. Among them are the following:
- Content creation
- Copywriting
- Website development
- Virtual personal assistant
- Social media promotion
- Search engine marketing
- Facebook advertisements
- Graphics design
#5. POS business
In Nigeria, POS is a business that can provide you with a daily income. You basically make money every day when individuals withdraw money from your POS terminal. Simply register with a leasing provider, purchase your POS system, and fund your account with the needed amount of money to start a POS business. Next, make your business known to those around you.
#6. Catering services
With your kitchen cooking equipment, you can start your low-cost catering services. You simply need to spend a small amount of money on the few items you may require but do not have. Offer your skills as a cook and delivery service to events, meetings, people, birthdays, and other various occasions.
As you can see, you don’t need a physical location to get started. Start small, with friends and family; as your business grows, you can extend your offerings and purchase more cooking equipment, such as food trucks, delivery bikes, or commercial kitchens.
#7. Zobo Business
The Zobo business is successful and provides a high return on investment. If you need to learn how to make Zobo, it’s simple and straightforward. You only need to watch a few short YouTube videos on how to make Zobo to get started. Some of these goods are already in your kitchen; therefore, only buy the ones you don’t already have.
Here are some things you’ll need to get started:
- Pot, turning sticks, and bowl
- Measuring spoons
- Pet bottles
- Bottles sealing machine (if necessary)
- Zob leaves, ginger, sugar, and citrus fruit
#8. Event planning
Every day in Nigeria, people have one or more events, especially on weekends and during holiday seasons. As a result, beginning an event planning business will be extremely profitable.
To provide your services to businesses and individuals for events such as weddings, birthday celebrations, and corporate events, you must have a passion for organizing and coordinating events. Because it’s a low-cost business idea, start by organizing small gatherings for your friends and family.
You can also invest in equipment such as tents, tables, and seats as your business grows. However, for the time being, continue with renting services.
#9. Learn to drive
Because we’re talking about cheap or low-cost business ideas, you don’t need to acquire a car to become a driver. There are numerous ways to become a driver without having a car. For example, you can become an Uber or Bolt driver, or use one of the other Nigerian mobility businesses.
You can hunt for someone who is willing to buy you a car and agree on how much you would pay him daily, weekly, or monthly. You don’t need any money to get started with this business concept.
#10. Perfume oil business
The perfume business is one of the cheapest business ideas to start in Nigeria. You can start a perfume business with as little as N5000. Purchase modest amounts from wholesalers and resale to clients. Because the products are manufactured by someone else, you should conduct a thorough study on them. Conduct market research to ensure that your items or perfumes will be of interest to your potential clients.
Consider working with a reputable provider who will provide you with the greatest perfumes at the best price.
#11. Confectionery and Baking Business
You don’t need to own a bakery to start a baking business, so don’t overthink it. If you can afford it, the main item you need for baking is a conventional oven. On Jumia, though, you can acquire an electric oven for as little as N50,000. A mixer, a baking pan, and other goods may be required.
If you can’t afford an oven, start with various non-oven-required confectioneries, like as tiny chops.
#12. Real Estate Business
Every entrepreneur dreams of one day retiring and enjoying financial independence. The only way to do so is to create many passive income sources, such as those from real estate. The real estate industry in Nigeria is still developing and open for business.
#13. Mobile Phone Accessories Sales
Selling mobile phone accessories is a very profitable business in Nigeria currently. According to Statista, Nigeria’s phone user population is expected to exceed 140 million by 2025. A mobile phone owner will almost certainly require one or two phone accessories on occasion.
Selling cell phone accessories can’t be a bad idea. Batteries, AirPods, battery chargers, memory cards, earpieces, backpacks, screen protectors, and other accessories are in high demand. You can purchase your goods from online vendors or through collaborations with Computer Village (Lagos) sellers.
#14. Blogging
Blogging is one of those businesses that certainly allows you to be your own boss. You can work whenever you want, wherever you want, and at your own pace. To be able to continue the business, you only need to choose a profitable specialty and a place close to your heart. With only a laptop and a high-speed internet connection, you can start a thriving blog in Nigeria.
Furthermore, every blogger wants their piece to appear on search engine result pages without having to constantly advertise the content; as a result, you must understand the best digital marketing tactics (SEO) for search engines like Google or hire an SEO Expert in Nigeria.
You can start a blog for free using WordPress, Blogger, or Wix, or you can pay to have your blog hosted on a self-hosted server. Then you may produce high-quality material, direct targeted traffic to it, win their trust, and monetize your blog with Google AdSense, affiliate marketing, display ads, or by selling high-quality information items such as ebooks, among other things.
#15. Egg Supply and Distribution
It’s not a bad idea to supply and distribute eggs; you could even run a chicken farm to make your life easier. You can sell the eggs to shops and hotels. Every day, individuals consume eggs, which are a good source of animal protein.
Eggs are also used in the manufacture of face masks, adhesives, hair conditioners, cosmetics, confections, and cosmetic goods. As a result, beginning an egg supply and distribution business in Nigeria is a very profitable business idea. As your client base grows, your business will grow, and you will earn more money.
#16. Ice Block Manufacturing and Sales
When considering startup ideas for men and women in Nigeria, the first business endeavor that comes to mind is ice block manufacturing. Perhaps Nigeria’s hot, sunny tropical climate is what inspired this way of thinking.
Furthermore, it is a profitable business concept that can be created with very minimal start-up capital. You only need a good freezer, power, and water (which, once begun, will freeze into ice blocks). Do you realize how straightforward this is? People in some parts of the city may not have access to electricity, and they will undoubtedly look for ways to preserve food, particularly soup. Drinks, including drinking water, will require at least a little bit of ice to get cold.
#17. Fashion Designer and Tailoring
This is one of the skill-based home-based startup company concepts that you can start right now in Nigeria. Big bang! Once you’ve achieved this skill, you’re ready to cash out. The fashion industry is now more profitable than it has ever been.
People frequently sew new clothes, and tailors play an important role in this. Some tailors also utilize web marketing tactics to promote their services and attract customers. Yes, some people do this. Anyone in Nigeria can start a business that generates this kind of everyday revenue.
#18. Photography
This is a very large and profitable business to pursue. There are numerous options available through this profession, and if you know what you’re doing, you’ll be fine. Photography, on the other hand, is not for the faint of heart, as many Nigerians have discovered, but you should not be afraid to try it if you have the ability and know your way around the craft.
When starting this business, you may not want to anticipate it going as quickly as you think; instead, you may want to take it slowly and carefully plan it, then let your work speak for itself. Make sure you have enough money to get started because just having a camera will not suffice; you will also need a laptop to edit and a variety of other tools. You might choose to be a mobile photographer, traveling to businesses and events in search of customers, or you can manage a shop that accepts bookings.
You don’t have to start right away and blow things out of proportion. No, you can start small and easy and gradually increase as you progress.
A photographer may provide services such as photoshoots, photobooks, photo frames, event photography, Photoshop creations, and so on.
What Sells Fast in Nigeria?
- Fashion.
- Beauty And Health.
- Baby Supplies.
- Grocery.
- Phones and Accessories.
- Computing.
- Gaming.
- Home and office supplies.
Cheapest Business To Start In Nigeria: Conclusion
In Nigeria, a person’s capacity to run a successful business is mostly dependent on that individual. Before starting any business in Nigeria, you must consider important factors such as the firm’s location and market demand. As a result, some market research is required. Working at something you enjoy, that is in high demand and has a decent profit margin is critical. We believe that these lists of new company concepts for investment in Nigeria will provide you with the impetus you need to get started.
References
