Starting a business is not as capital intensive as most people would think. In fact, there are many business ideas, you can start with almost nothing and build your way to millions. If you have just N100,0000 in your savings and you’re looking for profitable business ideas that will turn that hundreds of thousands into millions, you will find some of the best options in this post.
Businesses You Can Start With Just 100k in Nigeria
We have carried out research both in the offline and online marketplaces and put together this list of the best business ideas in Nigeria, you can start with a capital of N100,000.
1. Charging of Phones
The erratic power supply in Nigeria makes this business a booming success but you will only make huge profits in certain areas. You will have to go to school environments as well as areas filled with stores. Here, you will find people with limited power supply who will want to power their phones and other rechargeable stuff like lanterns and power banks.
Setting up the service won’t take much, however, you will spend the bulk of the money on a generator. A powerful generator that will fit into your budget and last you till you make enough profit is the Elepaq 1.5kva Sv2500. This is a powerful generator that costs anything from N70,000 and would provide you with enough power to run up to 100 mobile phones.
You can spend the rest on building a shop and a charging platform. When starting out, you would want to stay and monitor the business till you’re able to make a significant profit to hire someone.
2. Food Vendor Business
In most urban areas, people prefer to eat out than prepare their own meals. You will find this mostly among drivers of commercial vehicles, students, as well as working-class individuals. You won’t have to go all out by renting a store and setting up your own kitchen. Instead, you can cook the food at home, purchase huge coolers, takeaways, and plastic spoons, and place them in a truck.
Fit an umbrella in the truck to protect from the sun and rain. Depending on your area, you could take up a spot in a busy area where people normally pass by. You could also move the truck around the neighborhood.
People are more likely to purchase meals outside in the mornings when they need to eat breakfast and late in the evenings as their dinner. You should target these two situations where there would be a rush as they would bring you the most profit.
3. Mini Importation
This is no different from importing goods from foreign countries at cheap prices and selling them in your area to gain profit. The difference in this type of importation is that you would be focusing on more affordable goods in smaller quantities.
Mini importation is a business you can start with as little as N10,000 but with more funds, you can afford to purchase more trending products and set up a shop in a favorable location that will get you quick sales. Profit is derived from the sale of each product so the more trending products you buy, the more profit you’re likely to earn.
To succeed in this business, you will need to spend more time gaining knowledge on the market. You can gain knowledge by signing up for Mini importation courses, however, you should watch out for frauds that only sell dreams that are far from reality. You could also check YouTube for tutorials from reliable importers who will tell you the best sites to get cheap products, how to get your products cleared, and how to advertise and start selling.
4. Poultry Farming
With just N100,000 to spare, you could build successful poultry farming. You will need less than N20,000 to get a good number of chicks. You can also get a local carpenter to build you a cage to keep the chickens. Remember to build a cage that will be well-ventilated and protected from predators. There should also be enough space for the chickens to move around. You will also need to provide feed and water for the chickens.
Starting out, you can purchase day-old broiler chickens which should cost anything from N600 each. These species of chickens would be fully grown in about 8 weeks and can fetch you anything from N10,000 in the market. To make quick gains from this business model, you would need to research the market and take note of the season that the chickens would be high in demand. You should research the risks of this model. The chickens could die due to diseases or other natural causes while in your care which could lead to losses.
5. Laundry Business
This business is a great option for someone looking to make a daily profit. However, it might not be as lucrative as other business ideas mentioned here. The laundry business is all about washing and ironing clothes for clients who are too busy to do it themselves.
This business model would be most lucrative in areas with working individuals who are too busy to spend the time keeping their clothes clean. Take note that the area you are in will determine how much you make. If you live near the high-brow neighborhoods of Lekki, you’re sure to cash out steadily from this business.
Starting out, you will need to set up an office that could be your home. You will need to get washer men but you could handle all the washing and ironing during the first few months of the business. You might want to get the business registered as well as print out business cards to make you look more professional and give your brand more exposure. Take note that the more affordable and professional your business looks, the more people will be interested in patronizing you.
This is one business that you can start from home so you won’t have to spend extra to rent a store. The sewing machine will be the most costly purchase you will make. However, you would need some experience before starting. You can gain this by paying someone to teach you the process. It takes a matter of months to learn. You can start sewing for your family and friends as well as amending clothes to give yourself some experience and gain more customers.
Tailoring is a business skill that would help boost your financial status, however, you will have to put a lot of effort into this business model if you hope to become rich from it.
7. Social Media Marketing/Management
If you’re quite popular among your friends on Facebook, Instagram, and Twitter, you could make brands popular as well. Social media marketing/management is all about helping brands grow their social media pages. You could be hired as a full-time staff to handle these pages or given a contract to increase engagement.
8. Affiliate Marketing
Affiliate marketing is all about promoting the products of other brands and gaining a commission every time you make a sale. This business would be very profitable if you have groups and pages with hundreds of thousands of followers and post the right products. Affiliate marketing won’t require much capital to start and can be done straight from your mobile device.