36 Businesses You Can Start With Little Capital and Grow To Make Huge Income In Nigeria
People have different reasons why they start a business, its either they were Inspired by passion, experience, desires, or they were trained for the purpose. But there is always a reason why people chose to build a business.
To these two young men Eddy Lu and Sugano, the owners of GOAT, an Online shop that sells sneakers, were Inspired by a nasty experienced they had.
Sugano played basketball when he was a teenager and has been a lover of sneakers because his father bought a pair for him. In 2013 that same design of sneakers was listed in online marketplace, Sugano ordered it, but to his surprise it turned to be fake quality upone delivery.
He complained to his friend Lu Eddy how he ordered for a fake sneakers, Lu did not sympathise with him but asked if there was a chance in the ecommerce market for a brand who monitor fraudulence between business to customers. He searched but found none.
“I did my due diligence and came up with nobody,” said Sugano. “From that point on, we decided that this is something we could solve.”
GOAT (Greatest Of All Time) was launched.
What Is Your Motivation?
To another person, the reason for starting a business might be Inspired by the desire to have multiple streams of Income other than depending on a single source. some want freedom to have nice time with their families and the best way to control this, is to start own business and grow it to be able to pay your bills.
Have you been looking for a profitable business opportunity to build and you are not sure of one? Let me tell you this secret, there is no perfect business idea that makes a million dollar.
For you to start a business, all you need is your pen and paper to write down that idea and look into it. this is the beginning and the fundamental step to birth and grow any business.
Business is all about preferring solutions, problem solving. You ll answer some questions to have a clear road map of what you are going to do out there, this means Business Plan.
Having a plan isn’t about predicting the future, but rather, it’s about having the discipline to think through all the necessary steps required between your first day in business and your next few years.
Packaging a business plan is not just a document you ll use to seek for financiers, Its about thinking through your ideas and setting Goals.
Your business plan should atleast cover these elements.
1- Executive summary.
This gives some first hand quick information about your business and who is behind It;
You got to chose a name for your business, it help for identification.
At this stage you may not have the resources to register your business yet, but you can go for a business name registration with CAC.
Having a business name helps you collect Tax Identification Number- TIN to open a corporate bank account in your company’s name.
- business Logo
- founders information, address.
You provide key information about you and your business here in brief.
2- Business description.
Describe the operational structure, processes and chanel of communications, the internal structure.
3- Market & Sales Research
This is the important part of every business, hence the aim is to reach out to a target audience with your services or products.
Who are your target audience for your product or services.
Your plan to reach out to them; Online, Offline or Both
Market research will help you to know who are the competitors in the market and how much service they are rendering and at what rate, this ll enable you to plan more with the aim to give the best at an irresistible price that can still put you in gain.
4- Description of Products or Services.
Write in details all about your product or services, the value it represent, tell every good story you know about it.
Share the uniqueness that will makes your service or product stand out in the market place when launched.
5- Financial Projections.
This is where Investors look at, they want to see the numbers.
Your financial projections is determine when you know your production capacity and your average delivery per day
This break down should tell you how much sales you are going to make in a day, week, month and year to hit a certain amount of targeted Income, and by staying with your plan of action you should achieve the Goal.
6- Management Team.
What are the available key post in your business and who mounted it?
- Legal Personal
You don’t need a big capital to start a business but you only need it to expand your product or service line for higher revenue. It ll be wise and more profitable to start a business and grow it to a certain level before pumping money to expand it, by then you should have a customer base that are benefiting from your products and with the awareness the demand for your products will increase.
Keep this in mind as we go into details, every global brand today once started from the primary stage before building it to where they are today.
And a good business will always birth other opportunities to harness without going out completely from the Industry, so why you read, think which other opportunities you can create out of this.
Businesses You Can Start With Little Capital And Grow To Make Huge Gains In Nigeria
I try to bring business that are highly demanding on daily basis, if you can package this very well, the market for it is inexhaustible.
1- Start a School
The quest for knowledge can not end as far as the world continues, and more people are birthed on daily basis.
This is a huge market opportunity for anyone who would like to explore
Nursery & Primary,
Think of how much benefit Internet can offer in achieving your goal.
You can grow into a virtual school where people receive classes from home.
2- Build a Bakery.
The demand for Bakery products is increasing on daily basis, especially in cities. you can start a mini bakery with one oven and expand as your market grows.
You need a shop in a market place or residential area, fix the neccessarily stuff and get started.
You ll have to register with Bakers Association in your region, this will save you cost while you process your NAFDAC number.
Another important thing to consider here is to build on quality, so make sure your products taste good, people will always look for you to buy.
3- Sell physical products online.
A market place is where people gather in exchange for goods and services
Today, the Internet has made it easy for businesses, you can use facebook, Instagram, twitter to market any product or services you have that people need. It will do you more good if you know your target audience on these social media platforms.
Cosmetics, Agro equipments etc
Its time to package your products and start selling them online. if you dont have, sell for others and make a commission, save until you start producing yours.
4- Open a Pharmacy.
Anywhere you open a Pharmacy it ll grow as far as people live there, because they need drugs, make sure you stock it with basic drugs that are approved for pharmaceutical vendors. once that is done, and you make yourself available, the market will come.
6- Start Laundry Service.
Laundry services work more in cities where people leave their houses to work from 6am to come back 8pm into saturdays.
Because of their tight schedules they prefer to send clothes to laundry and pay money to be washed.
It’s a business that if you have good customer service you will make a fortune from it.
Get people who can do clean job, this will attracts more people to you through your customers. They will refer people to you.
People can go far for laundry services as far as they get excellent services.
7- Start Outdoor Catering Service.
There is no weekend that will pass without an event to take place in the city.
You can render Catering service to people who need you. build a blog for your business and put your services there.
Many are already in this field but you can equally join them and make a fortune.
8- Open a Tailoring house.
The demand for fashion is increasing. you can also tap the wealth in the fashion industry by setting up a tailoring outfit.
You may specialise in sewing ladies wears only, Men’s suits only,
Men’s Native wears only etc.
If you can get good designers you can specialise in making costumes for carnivals, modeling etc.
You must not know how to sew, but you can employ people who will work for you while you bring the market. Its good you package a business plan for this kind of business, it serve as a guide to navigate the market.
9- Start a Poultry farm.
Poultry business is vast but you can chose the one you will do best in, and build a business, or go in all if you have the resources to employ those who will work for you.
If you raise layers that are producing eggs only, it’s enough to make you money or,
Specialise in raising broilers and supply to eateries, cold room meat vendors etc.
You can incubate chicks too if you have the machines, even though its capital intensive but selling chicks ll bring you huge income. this very market is regionally specialised where buyers come in to order.
10- Chicken Feeds.
Another Income generating business you can invest in. Chicks are raised indoor and that demand for higher consumption for feeds.
You can get locally fabricated machines to serve you, also source for raw materials in local markets.
11- Raise Cat Fish.
Catfish is consumed in eateries and restaurants on daily basis, start a small catfish farm, you don’t have to be in a swampy area to do this, get a space in your house or rent a place outside your house, set an upland pond using plastic basin or call a carpenter to construct a pond for you.
12- Start selling on Jumia or Konga.
You can create a shop on Jumia or Konga as a vendor and upload your products there.
Jumia is an e-commerce market place that have been in operation for years now.
They don’t own Inventories, vendors like you and i are the one selling on jumia.
But selling on Jumia ll benefit you most if you are based in Lagos because, they have few selected centres where vendors drop ready to ship Items.
You can also become a Jumia sells agent known as J- force where you help people around you make orders on jumia while you smile home with commission per on sells.
13- Start a Blog.
Your Blog is like owning a shop or house.
Do you know your blog attracts targeted audience that need your services?
What is your passion or what is that thing you know that you can teach others? create a blog for it and start promoting it on your Blog.
If you don’t know how to go about it, I can help you fix a blog and show you how to make money from your blog. everything around us is money, the subscription you make, the phone you have, all is money so why won’t you make money from what you know? package it and put it on your blog, someone out there need it and will email you.
14- Create a business franchise.
You can build a franchise business in fashion, restaurant etc.
If you can start a business and with unique products or services, another good way to grow fast is to license other people to produce thesame products or services under your label to sell.
Mc Donalds, KFC and many more western companies grow through this model of running business.
So what service or product do you think you can package, rebrand and license others to join you push it around the world? share it with us in the comment box.
15- Run a Courier Service.
Courier services in those days were know for dispatching mails, but its beyond that today. more businesses selling online today need a courier service provider to deliver ordered items to their customers.
You can run an intra state service by using bikes as dispatch riders. In lagos, #1000 can deliver an item to your customer.
16- Run an Transport line.
You can start as a mini transport service with Keke Napep or bus, routing township, If this is your area of interest and you are dedicated, you will grow to run a big transport line.
Many transporters started as town service bus conductors but today, the story is different. can you be the next in line?
17- Become a recruitment Consultant.
In as much as Jobs opportunities are becoming slim, more business are being birth and the demand for workers is still very much.
If this is your passion to run, become an Agent to companies by given them resources people, you can get resource people on social media platforms.
You are the one to conduct the first interview before keeping them on waiting list to link them up to companies that their services.
You can grow to run a job search website.
18- Set up a YouTube channel.
Youtubers are educators in various niches using videos, Imagery or Infographics.
what message or services do you have? create a Youtube Channel and start educating people about it.
If you solve their problem, they ll buy and subscribe to your channel, google will also pay you for having people come to watch your Youtube channel.
19- Get a Rental Property.
In the western world, you can start a real estate business with zero capital, all you need is drop a business plan with a mortgage bank and a 10% down payment as the case may be, you ll have money to pay for a property.
It’s difficult here in Nigeria but you can still make money by selling real estate and use the commission you make to Invest in rental properties.
When Investing in rental properties, location is a key factor you should consider first before deciding on the kind of structure to erect.
In every state there are trending locations but if you want to make real estate a business with the target for high value appreciating properties that you can either resell quick or have huge gains by renting it out, look out for cities like Abuja, Port- harcourt, Lagos. amongst these, Lagos the hub of industry has higher advantage.
20- Become a Real estate Agent.
You can help home owners and accommodation or office seekers link by starting a property Agency Services.
Take advantage of the Internet to promote your business.
I got the Agent that gave me the house I live in on the Internet. you can also create your own Internet account and upload details of your available properties that people can rent.
You can chose to be a Residential or Commercial Real estate Agent, decide on the one you can best function in.
21- Become a Freelancer.
You can write to make an income, everyday more contents are needed by different companies who make use of it.
Chose your niche, create account on fiverr you will start receiving jobs.
22- Build a Niche business directory.
business directory like Vconnect help people link to service providers
You can start one in a niche that is less explored or rebrand one and come out with a unique idea that will set you above the existing ones.
23- Open a Meat Cold Room.
The demand for fresh meat is high in the city, you can set up a meat cold room.
All you need is a deep freezer, Generator to power it in times of power failure, employ who will manage it for you, you will have money coming in daily.
24- Car Wash.
People wash car to keep it neat, many car owners don’t have people in their house that can help do the job, if you set up car wash business in the city, you will sure get patronage to make a fortune.
25- Recharge Card and Data.
Create an online recharge card shop and get links from major dealers to sell.
Stay with this kind of business online where people are, you will sure get market for it.
26- Barbing Saloon.
You can set up a barbers shop to cut hair.
This business is demanding, all you need to do is pitch your shop in a strategic location, advertise both offline, and target Online Ads. I mean target online ads because you can sponsor ads and target it to a specific location and gender to get the right audience.
The quality of service you renders will bring more customers to you.
Search for contract in boarding schools to be their barber etc.
27- Hair dressing saloon.
Ladies hair dressing saloon is in high demand even though many people are already in this filed, every neighborhood sure have a hair dressing slaoon but you can rebrand it and launch to gain more customers if you know your skills.
28- Sell Organic products cosmetics.
More people are beginning to see the benefits of using organic cosmetics, especially ladies. The products cost, all you need is locate where you can pitch your market. target online market, create a shop online and give cutting edge service to your customers, they ll bring you more referrals.
29- Build Virtual School for professionals.
Are you are caterer, fashion designer etc? create an online school for people. many are willing to learn such quick skills, make money while you share knowledge.
30- T -Shirt Printing.
T shirt printing is cool because, your target market will be Associations, Club, Schools, Churches, Politicians etc
31- Printing Business.
Printing is in high demand and a vast industry too.
You can specialise in fliers, posters, books, gifts items, Note Pads etc
32- Rice Mill.
The rate of rice consumption is high, set up a mini factory to start rice processing.
The raw materials are there. The Government of Nigeria is doing it’s best to reduce the importation of rice in other to allow the indigenous companies grow.
If this is your interest, go into rice milling and make Income.
35- Set up a Shoe and Belt Company.
In Nigeria we know Aba as the central market for this. You can set a mini factory anywhere in Nigeria and have patronage for your products.
If Aba products are in demand all over Nigeria and beyond, yours will thrive too.
36- Set up An Online Registration Centre.
Online Registration is increasing day by day, Recruitment exercise, Jamb registration, University Admissions, etc are done online.
Get a computer, start one today.
Building a business require some kind of tenacity, steadfastness, patience, courage and lots more that if you truly can keep to it, you ll turn any idea into a huge income opportunity.
Don’t forget these key aspects.
Package a business plan to help you navigate the path.
Make sure you create an internet presence for your products and services. build a blog and optimize it.
Once the money start coming in, learn how to multiply the money to make more.
If you have any other idea and you feel it will help readers here, feel free to share it in the comment box, and subscribe to our newsletter for subsequent articles. It will help you take your business to the zenith.