With the current economic uncertainties facing the country, starting your business might be the right way to make money. However, one major problem facing those looking to start their own businesses is raising capital to fund their business ideas.
Fortunately, you won’t have to blow your savings or borrow just to start a lucrative business. In fact, there are businesses you can start without a dime. If you have a little bit of money saved up to start a business, you will find some ideas to key into in this article.
Businesses You Can Start with N5,000 in Nigeria
Some of these businesses are guaranteed to make you a millionaire while others will help you to live comfortably. Without further ado, here are 11 businesses you can start with N5,000.
1. Selling Books Online
One of the easiest ways to make money in Nigeria is by selling books online. The best thing about this business venture is that you won’t need a dime to get started by if you need great book covers, N5,000 would get you a good graphic designer. When it comes to selling books online, you can write and sell your own online courses, ebooks, or become a full-fledged writer on KDP where you can sell books on about anything.
When it comes to writing books and selling online, you get numerous trending niches to choose from. Simply, pick a topic you’re conversant on that would solve a problem facing your target customers.
You can create a website and start selling your ebook or online course, however, you would need to advertise heavily to make yourself well-known and get people to buy your book. The best way to start out as an online writer is to get your ebooks listed on online publishing platforms like Amazon and ebookit.
2. Private Tutor
If you’re great in Mathematics, Physics, Biology, and Chemistry, you could venture into a business in academics. You won’t really need N5,000 to get started but if you want to get much money out of this business venture then you would have to print fliers and paste them anywhere possible.
Rather than taking up all jobs on your own, you can set up a company with several other tutors who can teach very well. Not just science courses but also English, ICT, Fine Arts, Literature-in-English, and French.
You can start your way up with a few clients and go on to offer tutorials on important exams like WAEC, NECO, JSCE, and JAMB.
3. Painting Services
Being a painter is a good start for someone that is short on capital to start a huge business. As a painter, you won’t need much to get started especially if you’re going for simple designs.
Take note that after getting your tools, you will need to print flyers to spread the word and get people to patronize your business. While painting doesn’t pay much for a start, you will earn more when you build your client base and start doing more complicated designs.
Being an artist requires more talent than skill. If you’re able to draw human faces from childhood, you should find this business venture quite lucrative.
However, having the talent is only the beginning of the journey. You need to know how to promote your work. This is where social media comes in. You can promote your artwork on social media platforms like Twitter, Facebook, and Instagram.
5. Cleaning Service Agent
This would be a great business if you’re able to get access to a high-brow area. Rich neighbourhoods would require the services of cleaners and they are ready to pay nicely for the value they get. However, if you want to go far in this job, you will have to hire extra hands.
Also, you would have to register your business to make it look more professional and gain the trust of high-paying clients. Before you get to the more serious parts, N5,000 should be able to get you started.
6. Data Reselling
If you want to make real money in a short amount of time, then data reselling is a great way to start. You will need less than N5,000 to get started and as you start making a profit.
Data reselling requires the right market to boom and there is no market better than a Federal University or Polytechnic. Not only will you find thousands of customers but they would be recurring ensuring you earn every month.
7. Web Design and Development
If you’re already good at web design, you can set up a web design and development business. If not, you can learn the basics of web design straight off YouTube and improve by designing your own websites.
You can make use of Blogger and WordPress which allow you to create a free website. Once you’re well experienced, you can start offering your service. To get more customers, go to social media platforms like Facebook, Twitter, and Instagram where you will find people that need your service.
8. Graphic Design
Just like web design, you could start a business as a graphic designer that’s if you’re already skilled in Photoshop, Corel Draw, and other popular graphics design software. If not, you could learn on YouTube. Being a graphic designer doesn’t require you to register with any company.
In fact, companies would hire you if you’re good at what you do even if you do not have a degree. To get more jobs, you could sign up on freelancing sites like Fiverr and Upwork. These platforms will connect you to clients that require your service.
9. Cake and Cupcake Bakery
Before you think of starting a cake and cupcake bakery, you would need to learn cake baking. With that out of the way, you can start with this wonderful business idea even if you have a small budget. Baking cakes for small birthdays is a good way to build trust and make some profit before moving into events like weddings, wedding anniversaries, and baking for big occasions.
Farming business is one of the most profitable business ventures to start on low capital especially if you already have a piece of land to farm on. You can start straight off your backyard and then move to a more fertile land as you grow.
For a small farmer, you could start with vegetable farming. Go for vegetables such as waterleaf. You could get a single bed of waterleaf for N5,000 though it would be less depending on your area. Since waterleaf sprouts on a daily basis, you could be earning weekly from the business. As you grow, you can lease more properties, get more plots of land and expand your farming business.
For writers or those with great management skills, blogging can be a lucrative business. In fact, it is one business venture that is sure to make you a millionaire. The likes of Linda Ikeji and Bella Naija have raked in millions from the blogging business and still continue to do so.
For you to achieve the same level of success in blogging, you would have to identify the right market and solve the needs of that market. There are many market niches and sub-niches. You can go into tech, entertainment, cooking. To monetize, you could partner with Google Ads or post sponsored content on your website.