All businesses require capital to take off and for some, the capital has to be in the millions. With N1,000,000, there are a good number of business ideas you could start and gain profit on a daily basis.
In this article, we’ve picked out 12 Businesses You Can Start with N1m in Nigeria.
With a capital of one million naira, you could start a medium-scale supermarket and get just about the right products. The supermarket business is very lucrative but if only it is set in the right location. You will need to go to a commercial area where people prefer to purchase quality products rather than rely on roadside sellers that sell at cheaper prices.
2. Restaurant Business
N1,000,000 is a lot to start a Mama Put type of restaurant business but if you’re talking about a top-of-the-class restaurant business, then you might need to get more funds. However, you can start the business with the amount and limit your menu as well as the space you go for. As you grow and get more profit, you can go ahead to expand your services and add more facilities.
3. Boutique Business
In the past, most Nigerians could only afford fairly used clothes or clothing from their native materials. Today, things have taken a different turn as more Nigerians are following the trends and upgrading their wardrobes. This makes the boutique business quite lucrative.
Starting a boutique with only new clothes, shoes, and other clothing could cost well into a million. Take note that the boutique business relies heavily on location and trends. You should only purchase and sell clothes and shoes that are trending if you wish to make a profit from this business.
4. Fairly Used Laptops
The laptop business is currently booming, however, most Nigerians can only afford fairly used options. This business can be well-started with N1,000,000. You could need to setup up a shop in a popular computer accessory market.
There are many laptop brands, however, Nigerians are only interested in buying from three brands – Hp, Apple, and Dell. You might want to leave out Apple Macbooks as they are very expensive even as fairly used. Hp and Dell have a large customer base and you should be able to sell out your stock very fast.
5. Bakery Business
Though you might think of pastries like cake and cookies, in Nigeria, the bakery business is all about bread. You won’t have to build a bakery from scratch as there are many bakeries willing to sell off their equipment. However, it is important that you only set your bakery in the right location.
Bakeries in schools need to focus on cheaper bread while those in other locations need to focus on bigger, family-size bread. There are many more tactics to the business that you have to learn before spending money.
6. Poultry Farming
Chicken meat is considered an important part of delicacies so much that Nigerians reserve the meat for special occasions. However, there are many Nigerians that do eat chicken meat as well as turkey meat.
Starting a poultry farm with one million naira means you’re going for a large-scale option that will bring the most profit as well as ensure that there are fewer losses to worry about. You can build better poultry for the chicks and employ the right hands to oversee their development. Take note that the poultry farming business booms during the festive season.
7. Fish Farming
Fish farming involves raising fishes in tanks or ponds for profit. This commercial business can bring a lot of money if done right, however, a lot of people shy away from fish farming due to the cost. With one million capital, you could start a large-scale fish farming business.
Before going into this business, you might want to take a deeper look into the fish market and perform research on which types of fish would bring in the most profit. You will have to purchase a piece of land to convert to a fish pond. You will also need to purchase fingerlings, feed, and employ someone to look after the business.
8. Computer Service Center
A computer service center is big business in many areas in Nigeria but more popular in schools. You won’t need up to one million naira to start this business but you can add the sale of computer accessories by stocking up a side of your shop with computer gadgets.
This business will bring more profit this way. When running your computer service center, you need to ensure you have services like typing, black and white/colour printing, photocopying, graphic design, and a cyber cafe.
9. Sports Betting
Sports betting is huge in Nigeria with millions reportedly staked every month. Nigerians look towards gambling in sports to make quick gains. This has made sports betting very popular. To set up a sports betting business, you will need just about N500,000. With one million naira, you could be able to run two betting shops.
Opening a betting shop requires that you sign up with any of the betting companies as an agent. You can go for bet9ja or Nairabet. You will also need to purchase two or three laptops depending on how big you want your store to be.
You will also need computer monitors on display as well as TV screens. Rather than offering regular sports betting, you can offer virtual sports. This will bring huge profit to your pockets as the games are settled much faster than regular sports.
10. Cleaning Services
This is a business that won’t require millions to start but if you want a professional service, then it is best to spend a million naira. You will have to get all the equipment ready as well as print business cards. You will also need to hire cleaners, register the business, and start advertising.
For this business to work, you will have to move to areas like Lagos, Port-Harcourt, and Abuja. Rather than just cleaning offices and homes, you could also offer to clean places like event centers after a party or a special occasion.
The profit of this business comes from working in high-brow areas. The places mentioned above should get your serious clients ready to pay extra for a quality service.
11. Block Industry
You can set up a block moulding business with just N1,000,000 and make lots of profit even in your first month. This business is booming especially in the South-South, South-West, and South-East states of the country.
Starting a block moulding business only requires a piece of land, cement, sand, the block moulding equipment. You can employ some laborers and pay them for every block that they mould. Take note that this business can only thrive in certain locations so it’s best to check the market before starting out.
12. Car Wash Business
In busy cities, you can make a lot of money by setting up a car wash business. This business won’t require a million naira to set up but you can make it available in several locations with the capital. There’s no need to go overboard to establish a state-of-the-art car wash, as most car owners will choose the affordable options first.