With just 200k to spare, you could start one of the most successful businesses in Nigeria. The country is booming with hundreds of opportunities and many are lucrative enough to make you a millionaire in a few months.
Businesses to Start with N200,000 in Nigeria
Some of the business ideas listed in this post would require less than N200,000 and while others might require a bit more if you hope to beast the competition.
Without further ado, here are 12 Businesses You Can Start with N200,000 (200k)
With N200,000 in the capital, you can set up a local bakery in your area. This is one of the fastest-growing businesses in Nigeria due to the fact that bread is consumed on a daily basis in almost every part of the country. If you’re located in the South West, South-South, or South-East states, you will find the most success with this business.
To get started on such a tight budget, it is best that you go for a fairly-used bakery and go for only one type of product. You can make products like cakes and pies but the most successful bakeries only focus on making bread.
2. Sales of Phone Accessories
Phone accessories are much needed in this technological age. Not only do Nigerians change their phones on a regular basis, but they do also need accessories like headphones, earpieces, and Bluetooth speakers. You can set up a business and stock your shop with these accessories. You can also include phone covers, chargers, and more to gain more profit.
3. Popcorn Business
The popcorn business is more like a small-scale business that can be started with little capital. However, with N200,000, you can make more quality popcorn. This will get you a better machine than the manual type and allow you to raise your price. If you live in the school area, you will make more gain from this business.
4. Sales of Perfume and Creams
This business is mostly run by women alongside hairdressing which is a big plus. However, you can only run a cream and perfume store alongside other needed cosmetics. The profit to gain here would be huge if you have many brands of cream stocked up. Before you start this business, you take note of the most popular brands, especially the types used by the ladies. They will be your consistent clients and could even buy in bulk.
5. Barbing Saloon
With just N200,000, you can start your own barbing saloon business. Take note you might need to purchase some fairly used equipment if you want to start a professional barbing saloon at this range. The good news is that the business will bring profit quickly so you can upgrade your equipment.
6. Mini Importation
Mini Importation is a business targeted at those with small capital. With N200,000, you can not only import as many products as you want but you can also set up and furnish a store to your taste. Getting started with mini importation, you will have to learn about the tactics of the business from a mentor that’s already in the business.
7. POS Business
With N200,000, you can set up and run your own POS shop. You could actually get someone to handle the business transactions. You won’t have to spend up to N200,000 to start a POS business, but take note that most of the funds will be required for making business transactions.
8. Forex Trading
Forex trading refers to business done on the foreign exchange market. This is an over-the-counter market for the trading of currencies. Right here, you can buy, sell, and exchange currencies and make money off them.
This business is quite complicated but has the potential of making you a millionaire. To get started, you will need to sign up for a Forex Trading course to learn the basics of business. There are many trading apps you can sign up on. With N200,000, you should be able to make a significant profit from this business.
On paper, you might think becoming a tailor won’t get you far, however, there are names like Yomi Casual that have made a fortune from the fashion designing market. If you’re able to move to the high-brow areas of the country, you will find better opportunities when it comes to designing clothes for high-class individuals.
Vlogging refers to posting video content on Facebook, Instagram, or YouTube. If you don’t know, this is a big business that actually pays in dollars. To start, vlogging, you might want to go to YouTube. On this platform, you can post videos of any kind. You will have to make the videos by yourself and avoid using content from other YouTubers of individuals even if they are not on YouTube. This could lead to copywriter issues and you may end up losing your channel.
There are many things you could make videos of when you start a YouTube channel. You could create an informational channel that provides solutions and tips on healthy living, tech, automobiles, and more. You could also create a comedy channel where you post skits.
Starting this business won’t require as much as 200k but if you want to start seeing profits immediately then you would have to spend. You will need a good phone or camera to make your videos. You could go for fairly used iPhones or a new camera. You will also need to advertise your channel using YouTube ads. This will get you more viewers faster.
As your viewership, you could sign up for Google Adsense for YouTube which will pay you for posting ads on your YouTube channel. Depending on the number of viewers you have, you will get consistent sponsored content from brands looking to advertise on your channel.
If you’re looking to make lots of money consistently without much effort, then the blogging business might be the best place for you to invest. Blogging refers to posting content on a blog or website. You could blog about anything like technology, education, entertainment, and comedy. However, since you’re running the business for profit, you should only blog about trending topics.
To know more about the trending topics, you will have to do some research of your own. You will have to learn more about SEO which should be your main traffic source if you hope to earn on a daily basis. The best thing about blogging is that you’re most likely to earn in dollars which means the ROI would be huge once you convert your earnings to naira.
Starting a blog would require some serious funds especially if you want to make it really quick. N200,000 should be able to handle almost everything.
You can get your domain and web hosting for less than N100,000. With the domain and hosting in place, you can get a free theme or pay for a custom theme. You could also hire the services of a ghostwriter to post content for you and use the remaining funds to work on your SEO.
Just like vlogging, you could earn from Google Adsense which is the main way most bloggers make money.
12. Poultry Farming
Poultry farming is not a capital-intensive business and it does have a lot of merits especially if you start close to the festive season when chicken meat will be in high demand.