Most Profitable Business in Nigeria With Low Capital: Starting a business in Nigeria can be frustrating, especially when you are not financially buoyant. Also, As the nation’s inflation surges, getting capital to start a business is now challenging.
However, this article has got you covered, as we are going to bring to you some of the most profitable business ideas in Nigeria with low capital. We will also go further by explaining these businesses in detail to enhance a better understanding and a successful startup. So, stay calm and continue reading if this is what you are looking for!
Most Profitable Business in Nigeria with Low Capital: Introduction
Nigeria has continued to bring startups to life as the country’s population plays a vital role. However, starting a business is not easy, as sourcing capital becomes an issue.
This dilemma has hindered many people from starting a business and staying strong financially. I understand the issue, and I have detailed steps here that will get you to financial freedom without hassle.
Some individuals who took these steps have gotten hold of financial freedom, and I want you to be next. To thrive in Nigeria, you must be willing to put in the work to get a better result from any startup.
So, if you’ve ever dreamed of becoming your boss or expanding your entrepreneurial horizons, then join us as we unveil to you some of the most profitable business ideas in Nigeria with low capital.
12 Most Profitable Businesses in Nigeria With Low Capital
The 12 most profitable businesses to start in Nigeria with low capital are what you’ll see below. It’s essential to know that some of these businesses are not get-rich-quick schemes.
In case you don’t know, starting a business is one thing, and achieving success is another. However, with the right steps, hard work, and dedication, you have a 95% probability of achieving success.
Without further ado, let’s bring to you the list of the 12 most profitable businesses to start in Nigeria with low capital. Note that this list is neither ascending nor descending.
1. Dropshipping
Dropshipping is one of the most profitable business ideas to start in Nigeria with low capital. With dropshipping, you can grow a product store and even an e-commerce website, which will profit you in the long run.
All you need to get started is a smartphone or laptop, a strong internet connection, and an optimized social media platform created specially for the niche you’re focusing on.
After doing so, you’ll need to sign up as a buyer at any big online retail store, such as AliExpress, Amazon, Jumia, etc.
After signing up, you’ll be asked to provide a profile picture, card details, location, and other necessary information.
Next, you need to look for a store that sells the products you need. It could be shoes, bags, clothing items, phone accessories, or even home equipment.
Before making a purchase, I’ll advise you to go through the reviews before placing an order at any store. Scammers are all over the internet, so I advise you to apply due diligence while shopping.
So after going through the review and attesting that they are legit, you place your order. Note that most of these online retail stores are overseas companies, and they don’t operate in Nigeria, so it usually takes some time before your product arrives.
The benefit is that you can increase the price of the product you ordered. Imagine if you got a bag for N3,000 and sold it for N5,000 or even N6,000. Wouldn’t that be great?
Many people have grown from scratch in this business and are now multimillionaires in Nigeria. Want to give it a try? Sure, you can do more research online and offline about successful businesses.
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2. Affiliate Marketing
Are you a student or a stay-at-home mom looking forward to starting a business but don’t have enough capital? Affiliate marketing is one of the most profitable business ideas in Nigeria, and you can start it with little capital.
Affiliate marketing is the cheapest you’ll find—all you need is to get a product from someone or a store, get buyers, and after getting sales for that product, you’ll get a commission for making sales.
Let’s look at this: Mr A owns XYZ Skin Care Brand and needs people to buy the product, but at some point, he discovered that the visibility of the product he sells is low and he needs more sales. What does he do? Now he finds people who will refer others to buy his product, and once the product he is targeting succeeds, the seller gets a commission.
Aside from that, we have other affiliate marketing companies like Expertnaire, Digistem, Jumia, Jvzoo, Sellar, and many more. You sign up and start working as an affiliate, some involve you paying before registration, while others are free.
3. Become a POS Agent
A POS business cannot be left out of the most profitable business ideas in Nigeria with low capital!
Have you noticed that ATMs don’t have as many lines as before? The reason is that a lot of people find standing in endless lines stressful, so they patronize the nearest POS.
The introduction of POS has created many jobs for many Nigerians, and you can be the next.
After proper research, I noticed that POS agents earn approximately N8,000 to N12,000 daily, while some that have their POS shops in popular cities in Nigeria earn even more daily.
This is one of the most profitable businesses you can start in Nigeria with little capital.
The fame of this business grew during the cashless policy. With N30,000–N40,000, you can start to own a POS and also build a shop for N12,00–N15,000.
All you need is to fund your account, get a stand, look for an environment that supports such, and provide good customer care—this will make people patronize you all the time.
If you have a lot of cash, you could decide to open different POS shops and employ trusted individuals to work for you.
4. Fashion Design
Fashion design is one of the most profitable businesses to start in Nigeria with low capital. Clothing is referred to as a need,” and this keeps it in high demand.
To get started, all you need is to acquire skills in the field of fashion design and become creative with your work.
Once you have this, you can open your shop anywhere and start working. However, the location of this business also matters, so you’ll need to do a little survey of the area where you wish to start your shop. Know that big things start small, so don’t be in a hurry!
ALSO CHECK: Small Scale Business in Nigeria: 10 Best Ideas to Try
5. Graphic Design
To become a graphic designer, you’ll need to learn Adobe Illustrator, Corel Draw Graphics, Photoshop, or any other graphic design tool you have around.
The field of graphic design is highly populated, so to stand out from the crowd, you’ll have to put in extra effort and be creative.
If you’re good already, you can sign up with freelance websites like Upwork, Fiverr, Peopleperhour, etc. and apply for graphic design gigs.
Graphic design can fetch you a good amount of money if you approach it with the right step.
6. Food Delivery
Going out to get food can be frustrating, even though we have different restaurants, and again, some people don’t eat carelessly, so they have a special spot.
Imagine if your favourite restaurant is 3–4 km away from your workplace; will you drive that far to get food during your break? That’s where food delivery comes into play.
To get started, you need to get a car or a bike, sort of like a dispatcher, and deliver food to people who make orders.
To be successful in such a business, you’ll need to stay in a city where the percentage of working-class individuals is high. Food delivery is no doubt one of the most profitable business ideas in Nigeria with low capital.
7. Charging of Phones
Should the government ban the use of cell phones for some hours, I’m sure some people will go crazy. While this sounds funny, that’s the truth. So for phones to continue being active, they will need power.
Charging phones is also a lucrative business to venture into—all you need is to find a place where they usually have issues with poor electric supply and rent a shop there or get a shop inside or close to a market.
The amount of money you can use to start this business depends on your target and the area in which you are situating the business. However, let us be convinced that you can start a phone charging business with as little as N90,000 and start making money daily.
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8. Fast Food Business
Another one on our list of the most profitable business ideas to start in Nigeria with low capital is the fast food business.
A lot of people find it difficult to cook due to their schedules, so they eat at restaurants to save time and energy, and this creates another awesome opportunity for people to strive and make money.
Most people believe that this business is only for those who are good at cooking, but that is not 100% true. You can still venture into this business even if you are not a good cook. All you have to do is get yourself amazing workers who will be doing the delicious cooking.
To venture into this business, find a place where people can easily locate your business and make sure you are delivering delicious meals. Little by little, the business will grow, and you’ll expand your shop or move to a bigger place.
9. Selling of Okrika
In Nigeria, selling Okrika is one of the most profitable business ideas to start with low capital. This business is highly sought-after due to the rising inflation that has eaten deep into the country.
A lot of people find it difficult to afford clothing items and even footwear from boutiques these days because of the cost, so they now go for second-grade clothing known as “Okrika”.
With N50,000–N100,000, you can start the business in places like Aba, Kano, Lagos, and Onitsha. You can also sell in other states, but the result would be different if you sold in the aforementioned places listed.
10. Freelance Writing
You can be a freelance writer without having to spend much. With N20,000, you can buy a course from Udemy, LinkedIn, Coursera, or other learning platforms you can lay your hands on. Once you know about how to write articles, you’re set for an adventure.
However, you can also learn from YouTube—we have a lot of YouTubers that teach writing; all you need to do is search for them on YouTube, backed up with a strong internet connection. After you have gained the knowledge, You can apply for gigs on platforms like Upwork, Fiverr, LinkedIn, etc.
11. Begin a Digital Marketing Agency
Digital Marketing is also one of the most profitable business ideas to start in Nigeria with low capital. All you need to succeed in this field is knowledge of digital marketing, and you’re good to go.
To get such skills, you can enrol in digital marketing courses on platforms like LinkedIn, Udemy, Coursera, and even YouTube.
With N30,000, you can get certification and still be left with little cash on hand. Instead of the traditional marketing method of moving from place to place manually to create awareness for a product, digital marketing will teach you how to use social media as a tool for promotion.
12. Cleaning Services
Last but not least on our list of the most profitable business ideas to start in Nigeria with low capital is cleaning services. All you need is to create a team of hardworking individuals, get a banner with your services written on it, and advertise it on billboards, social media platforms, or through word-of-mouth.
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What You Should Know When Starting a Business in Nigeria
Before starting a business in Nigeria, it’s good to take note of the following:
1. Research
Businesses are a great way to become rich, but having a bad side can also make you poorer. That is why good research is the foundation of any successful business.
Currently, we have lots of resource materials available for any business you want to venture into, just like we have an article on the 12 most profitable businesses to start in Nigeria with low capital. There are many of them on the internet, and you can see practical videos on YouTube.
Aside from that, we also have people who are in this business and are successful. So, getting information about the pros and cons is something that would be beneficial to you. With good research, you’ll know what to do and what to avoid before starting any business. I will discuss more about this in the next step.
2. Have a mentor
Having a mentor or someone already successful in the business you want to venture into is another way to keep your business firm.
When you have someone who is successful in a field and you have a good relationship with them, they wouldn’t hide any secrets from you, as they would also want you to win.
3. Register your business
To be able to operate freely, you’d need to register your business with the Corporate Affairs Commission (CAC). Note that some businesses do not require CAC registration for operation. With good research and a mentor, you should know if you need to register your business or not.
4. You should be willing to work
If you want to have a successful business here in Nigeria, you must be willing to be committed to your work. There’s no get-rich-quick scheme here in Nigeria, and if you see any, it’s likely a scam. Money doesn’t fall from the sky; it comes from people. To be able to attract people, you must provide value.
Most profitable business in Nigeria with low capital: Conclusion
In conclusion, this article sheds light on businesses you can use to gain financial independence. Throughout the article, we explored the 12 most profitable business ideas you can start in Nigeria with little or no investment.
While these opportunities look easy at first glance, it’s important to know that to be successful in anything, you’ll need dedication and hard work. Best of luck in your pursuit of financial freedom.
Source: TrendingNow.ng
3 comments
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