Starting and running profitable businesses in Nigeria is tough. Getting started with little money can be even tougher. Am sure you would agree with me on this. You see, many of us don’t have access to a lot of capital upfront and that poses a problem for those willing to start their own businesses. The truth is it doesn’t take large sums of money to start projects that make good profits. Yes, it’s possible to start businesses that make good profits with very little cash and we’ve spilt the beans on these in other articles earlier on our blog but we decided as well to compile 15 business ideas that do not require large sums of money in order for you to start them.
There are many businesses one can start with little money and make good profits. People often search for low-cost business ideas without realising that it is better to consider the ones that are highly profitable in the long run. By so doing, you will be able to recover your capital quickly and make more money.
Most people who had no choice but to work for others as employees often complain about low pay and lack of job security. What they don’t realise is that if they had taken some time out to look at these most profitable businesses in Nigeria, they would have been able to earn more than what they earn from their current jobs.
One thing that stops many people from starting their own business is the lack of enough capital. If you are having this problem, you should worry less because there are many low-cost business opportunities available for you today.
If you want to start a business in Nigeria, there are a number of factors you need to consider. Here are some of the most profitable businesses you can start with little or no capital. It is important that you spend time researching each business before jumping in. I have highlighted successful businesses in these industries.
If you want a way to make fast money and you don’t have the cash in hand, what do you do? You run around trying all kinds of ways to come up with quick cash. But these days, making money quickly is no longer a viable business option for many.
How Much Do I Need to Start a Profitable Business?
You don’t need to have a lot of money to start and run a business. You just need an idea, a little creativity and some money-making sense. If you have those, then you will be able to start your own business with little or no money.
Nigeria is a country of opportunities. There are several profitable businesses you can start with little money in Nigeria. All you need to do is to tap into the opportunities around you. You don’t need a huge amount of money to invest before you can start any business in Nigeria.
However, there are some profitable businesses that require little capital to start and they are still very lucrative.
Here are the 10 most profitable businesses you can start with little money in Nigeria
1. Soap Making Business
This is another business that requires very little capital to set up. You only need to buy the raw materials and your soap making machine and you are ready to start producing soaps of different kinds that people use on a daily basis.
2. Detergent Production Business
This is another lucrative business idea that can be started with little capital. All you need to do is buy the raw materials needed for detergent production and get them blended in the right proportion
3. Restaurant Business.
This is another profitable business idea that doesn’t require much capital to start up. All you need is to hire an apartment, furnish it with all the necessary cooking utensils, get a good cook and advertise your restaurant through word of mouth by your customers after eating at your restaurant.
4. Food/Catering Services
We all eat. No matter how rich or poor you are, you must eat to stay alive. Therefore, starting a food business is one of the most profitable businesses to start with little money in Nigeria.
5. Small Shop
We know that retailing has been one of the most profitable businesses for years now and will continue to be so for many years to come. All you need do is buy goods wholesale from manufacturers or supermarkets and sell them in small quantities at your shop.
6. Car Wash Business
The car wash business is another lucrative venture to start with little money in Nigeria right now because car owners don’t like getting their hands dirty while washing their cars, they prefer patronising car wash centres. The good thing about this business is that it can be started at home and on a small scale basis with just a little capital and at least two workers who will be helping in washing the cars while you take charge of running the business.
7. Snail farming
This is an interesting business that has attracted the attention of a lot of Nigerians in recent times. The reason for this is because it is capital intensive, yet it has the potential of generating huge profits with little maintenance. You can start a snail farming business with as low as N20, 000 and make a lot of profit from it within a short period of time.
8. Bead making
Just like snail farming, bead making business is a very lucrative one that requires little capital to start up but has the potential of generating huge profit within a short period of time. There are different kinds of beads that can be made into accessories such as necklaces, bracelets etc. You can also venture into bead curtain making which also sells very well in Nigeria.
9. Photography
Photography is another top business idea in Nigeria that is both interesting and lucrative because people are always in need of good photographers. If you have an interest in this business, then it will be very easy for you to start your own photography business with little capital in Nigeria.
10. Catering
Starting a catering service is one of the best small businesses to start in Nigeria with low capital investment because it is one of the most patronised businesses around. The catering industry is indeed a very lucrative one and there are lots of opportunities available for starters like you.
11. Event Planning
Event planning is another profitable business opportunity for Nigerians who love organising events because there are lots of events taking place every day from weddings, birthdays, baby showers and so on and these events require event planners who will organise everything properly for them. So if you have an interest in how to make event planning.
12. Hair Salon
Everyone needs to take care of their hair, especially women. You can start a salon in the comfort of your house or any other place. All you need is the right set of beauty products and tools to get started. To make more money, you can even add services like manicure and pedicure, hair treatment or makeup to your repertoire.
13. Fashion Designing
Fashion design has evolved in Nigeria over the years. You can start a fashion brand with as little as N100, 000 depending on the size of your business. With the rise of social media and internet penetration, it is possible to reach millions of customers at a low marketing cost compared to traditional ways.
14. Laundry Service Business
The laundry business is one of the most profitable businesses to start in Nigeria today with little money because people always have clothes that need to be washed.
15. Blogging
Blogging is another profitable business to start in Nigeria with little money as you can start a blog for less than N10,000. You can make money from blogging through affiliate marketing, advertising networks like Google Adsense and many more ways.
Starting a business requires an initial investment, especially if you plan to sell a product or service. There are plenty of ways to fund starting a business including saving money from a full-time job and using personal savings as well. These are, however, limited resources which have to be calculated wisely. In this article, I outline the 10 most profitable businesses to start with little money in Nigeria. These top ten can effectively provide capital for your business until it becomes profitable and get the cash flows in your business.
It is therefore important to do proper research on the businesses you intend to operate. Things like the cost of running the business, the level of competition, availability of funds and a lot more would determine if the business will be successful or not. If you are planning to start something new, then you will want to do everything in your power to maximise your chances of success, and that means doing your homework. We are aware that there are plenty of businesses out there that can be started with little or no money at all. Some may even require just a little capital while others might have an initial investment. Whatever the case may be, we have highlighted the 10 most profitable business ideas for you below.