If you’re low on capital but looking for great business ideas that you can invest in and a make profit, then you’re on the right page.
Cheapest Businesses to Start in Nigeria
We have gone through the Nigerian marketplace and carried out research to bring you the 13 cheapest businesses to start in Nigeria that will bring you attractive returns.
1. Graphic Design Business
If you’re creative and good with Photoshop and Corel Draw, you could easily become a successful graphic designer. You can also learn this from scratch and still end up successfully. Graphics design requires a laptop and an internet connection so you can always search for new ideas. With both in your hands, you can make yourself a millionaire from this small-scale business.
2. Phone Repair Business
Phone repair is a popular business and does come with some perks. You will gain more profit by setting up your business in a commercial area where everyone is most likely using an Android or iOS device. Repairing these phones will bring the most money. Setting up your phone repair business will only require you to train with someone and get your equipment as well as a location. With just N20,000, you should be able to set up this business.
3. Poultry Farm Business
Chicken meat is very much required in Nigeria, the same as turkey meat. You could easily get rich by starting this business and you won’t have to start big to make lots of money. With just N50,000, you can set up your own poultry farm with only a few chicks. Take note that the market is more profitable in the festive season where most people are more likely to purchase live chickens.
4. Tailoring Business
If you’re very short on funds, you could learn tailoring and set up a tailoring business. Learning the trade won’t take long but you might have to spend some money to get professional training. When you’re done, you will have to purchase your own sewing machine. This should cost less than N30,000. You can start sewing from home and move to a better place when you start seeing profit.
5. Freelance Writing Business
If you’re a skilled writer, you could sign up as a writer. Blogs and professional writers are always looking for the services of a writer and they do pay quite well. This business requires no capital to start but you will have to be a skilled writer if you hope to profit from it.
If you’re good at writing, you can start earning by signing up on freelancing sites that accept writers. You can start with sites like Freelancer, iWriter, Fiverr, and Upwork. These sites actually pay in dollars, however, getting approved as a Nigerian could take some work.
6. E-book Creation
If you love writing stories, you could make a lot of money as a writer. Creating ebook or online books is big business in today’s world and it costs nothing to get started. You will have to be a skilled writer to get the attention of readers. You will also need to advertise your books to get customers. The right place to start is Amazon KDP. Here, you will not have to spend money to get your book published.
All you need is a laptop and your phone to write the book. You might also need a graphic designer to work on the book cover. When you’re done, you can post your book on your KDP account. If it gets approved, you will earn from the book. This business has the potential of making you a millionaire if you keep posting new books.
7. Mini Importation
Importing affordable goods and selling them for profit is one of the easiest ways to make money in Nigeria and it is also one of the cheapest businesses you can start. You should only import products that are in high demand or trending in your country.
8. Affiliate Marketing
Affiliate marketing is simply about referring your readers or viewer to products from a manufacturer. As an affiliate marketer, you will have to promote these products on social media platforms like Facebook or Instagram using your affiliate link. Whenever someone buys the product from your link, you will receive a cut or commission from the product.
This business won’t require any capital to start if you already own a laptop or a good mobile phone, but you might want to invest in building your Facebook pages and Instagram followers so you can get more people to take a look at these products and increase your chances of earning.
9. Website Design
When you’ve gotten the training and experience you need, you can easily sign up as a freelancer. You can sign up on freelancing platforms where you get to meet clients that will offer you different jobs on web design. Take note that these freelancing platforms will charge you a fee for every money you make on the platform.
Getting a sewing machine will cost you a few tens of thousands but you can start under someone that is already established to give yourself a good start. When learning how to sew, you should only focus on the popular styles and stick to the latest trends. Learning how to sew more complex designs like Agbada will bring you more money than regular designs.
11. Okrika Business
Selling fairly used clothes is a big business in Nigeria as most people who can’t afford the original rely on these options. You could get these clothes from places like Cotonu or get connected with other sellers so they can point you in the right direction. When selling used clothes, you can either set up your shop in a marketplace, hawk your goods, or go to a school environment where these clothes will be in high demand.
12. Become a YouTuber
YouTube is a goldmine in Nigeria with many Nigerian YouTubers cashing out in dollars every month from their channels. The good thing about this business is that you can start with almost no funds. All you need to do is to create a Google account, sign in to YouTube and create a channel.
You will have to name your channel based on the type of videos you want to create. When your channel is all set up, you can go ahead and start posting videos. You will have to drive traffic (viewers) to these videos and then you can sign up for Google Adsense.
13. Social Media Marketing
If you’re great at moving a crowd on social media, you could do it for brands. As a social media marketer, brands will pay you to build their social media pages and get them more exposure. You might want to start out as a freelancer to gain more experience before you offer your services to big brands.