The hardest part of any venture is the beginning. To most people, having the required capital is the greatest issue. However after conducting a thorough research, we realized that having capital may not be the main issue, but knowing what to do with the available capital. Business ideas pose a great challenge to a lot of starters.
To almost everyone outside the business world, the most important consideration is finance. But surprisingly, only a few even knew what to do if the money were to be made available. Funny enough, we all dream of that very huge capital, forgetting that the “little amount” you have may be enough to get started.
In the first place, raising capital is not easy. However, having the right business ideas for your budget is by far harder. Are you a youth corps member, working or simply unemployed? Do you have as little as fifty thousand naira (50,000)? If yes, then we are good to get started. Furthermore, do not hesitate to consult us for further info and advice.
Why Should You Start a Business Today
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Nothing motivates more than coming face-to-face with reality. Economic reports are not looking nice at all and probably won’t get any better in the near future. You could choose to keep being underemployed or even unemployed, or rather cast your own net into the waters.
One thing that keeps most people away from business is basically the many risks involved. However, if you want to dwell on why you should not, you may only end up even more discouraged. One advice I give to prospective business owners is – Give it a try. Even if you fail, you’ll learn lessons and acquire enough knowledge on what doesn’t work. And if you succeed, you end up a hero. Initial failures are not final. Most successful business ideas have failed at one point or the other.
How To Point Out The Best Business Ideas For You
First of all, the Nigerian economy is seeing some appreciable growth in 2018, and would likely grow further in 2019. This is partly due to the stability of the Naira, and the rebound of oil price in the global market after a very bad recession.
In spite of this, there is no guarantee for more jobs in Nigeria. In short, the only hope is in entrepreneurship. In view of this, the C.B.N has specially devoted huge resources to SMEs.This is obviously the best time to start up a business.
Why Small Scale Start-ups fail
Now, one of the reasons most start-ups fail is following the crowd. You should not just take up a venture because it is working for someone else. Everyone is uniquely different. Look out for where you have comparative advantage.
Also, look beyond the initial frustrations. Most good businesses come with initial hiccups. However, the hallmark of success is wavering the initial storms and consistently hanging on until success comes.
Finally, do not look solely at making profit. Now this is the hardest part of it. You need the right motivation to get this done. Before starting the business, draw up your main goals and objectives, which should be based on solving problems. Review how far you have gone with your target from time to time. Money will surely come once people can’t live without your services.
Next, let us review the businesses one after the other.
I have chosen to start here. Now, almost everyone has an area he is very good at. No matter your field, you could package your services to be much more appreciated. Even if you just focus on giving advise, a lot of people would appreciate you.
Have you ever considered those little nylon bags with which shops pack small goods for you? How about the paper bags that are even growing in popularity? The fact is, they are always needed daily. As for the paper bags, all you need is condemned paper and gum. Be creative!
Do you know that there are people whose business is just to give other people’s business a unique identity? Whether it’s in designing a logo, a tagline or thinking of a unique business name, try and you’ll be amazed how such a line could be so ignored.
With a growing number of women joining the professional world, there is a growing need for someone to feel the traditional role of housewives. You would gain more from running your own centre, than being employed as a nanny.
You have probably heard of the cost DHL bills for moving goods from one location to another. With just a means of transportation, you are as set as ever.
Are you an artist, or a lover of art? Organizing exhibitions could fetch you real income.
Small Scale Tech Gadgets.
Can you build useful gadgets like small robots or CCTV cameras, you could be the next millionaire. Just commercialize it.
Frozen Food Sales.
Cool room business may seem expensive. However, if you stay in a location where power is relatively constant, then one hurdle is off. The good thing is that you do not have to worry much about the spoilage of your goods, as long as power is constant.
I encourage you to try this out if you have good marketing skills. You could offer advertising opportunities and seek out ways to improve people’s businesses for a fee.
Everyday, ceremonies are being held. Most people would appreciate having someone to ease some stress. Here, all that is needed is your creativity and expertise.
Oil Palm Business.
The palm tree is one of the most valuable plants available. The oil is needed in almost every home in Nigeria. Noteworthy tip: it is mainly available in the south – south and south east parts of Nigeria. Also, the product is very scarce and expensive in the north.
Online Clothing and Accessories sale.
One advantage of online business is the unlimited market. Also, shop rent is not an issue.
Not everyone has the time and knowledge to buy the right items as gifts. During special occasions and seasons plenty people would appreciate an all-in-one gift basket.
Just advising people on the right physical exercises, to keep them fit, could fetch you good income.
Don’t get it twisted, this is a big business. Do you have sufficient knowledge, why not go commercial.
Some people are so busy that just finding someone to help them manage their time could be more valued than a few thousands of naira.
Once upon a time, DJ jobs were mainly viewed as hobbies. I’m sure you must have probably heard of DJ Khaled, Exclusive and so on. They are making it big time.
We all have this talented part of us. Do you think your writing skills are good enough, then don’t just do it for fun. Make money selling your write-ups to people who are wiling to pay.
People are always travelling everyday. Helping them book their flight or bus tickets would save them valuable time.
You know one thing people hardly have enough of is snacks. From schools to events and even supermarkets, the market is enormous.
Nigeria has a large population of children. At least two in every three children have a toy to play with. Have you ever imagined the size of the industry? Do not forget they are cheap and hardly durable. However, an average child gets at least six toys in a year.
Most Nigerians prefer repairing their old products to buying new ones. Some may be influenced by cost, their fear of fake products or just their love for such goods. Putting your skills to use could both solve their problems, and at the same time fetch you some income.
You may probably be very conversant with nanny jobs for children. Do you know that there is a rising number of people seeking care givers for their aged parents? You could work for more than one family. The pay is okay.
Nigerians will never get tired of eating kebab(suya), roasted chicken, plantain, yam and so on. Don’t underrate what you can make from this business.
This is a booming business. You could assemble a team to work with. Reach out to event planners or owners of events and get your pay.
Do you have access to a camera? You could be making good money.
Small Scale Lending.
A lot of micro finance banks started as small scale lenders. Do you know a regular income earner? You could offer him some finance up front for an interest.
Everyday we buy provisions. You could start a superstore with little money. All you need is effective management skills.
You could make money by maintaining facilities for people or organisations.
You do not have a shop straightaway, do not worry. This is one business you can even do from the comfort of your home. As long as you can prove yourself trustworthy, business will come. In fact, most people do not care about your procedures. All they want is result after all.
This is one of the most profitable businesses in Nigeria presently. On the more positive side, you have the power to decide your scale. In otherwords, go for what your capital can carry. Maintain a small scale, until you have all it takes to expand. Indeed, you are permitted to start small.
Cakes are some of the most common features of celebration in Nigeria. They must be used as long as marriage or birthday ceremonies keep happening. Meanwhile, some of your customers could pay you in advance.
Perfume, Soap and Detergent Production.
Almost every household in Nigeria uses detergent. You can cash in on this and make good returns.
In this field, the most important factor is skill. Obviously, most people would prefer home service. It is important to realize that the most basic equipments are not too expensive.
Recharge Card Business.
Ordinarily, you can start selling recharge cards with almost nothing. In fact, no need to advertise. People would always recharge their phones after all.
Ever thought of this before? You have probably heard the adage “cleanliness is next to godliness” countless times. You can go a step further. Just clear people’s refuse for a pay.
I will continue to emphasize on starting small. You must not wait for high tech equipments. Even Innoson Motors started with spare parts.
Behind almost every beautiful woman is a make-up artist. Although it looks expensive, you could start with a make-up kit as little as 50,000 naira.
Phone Accessories Sales And Repairs.
With the right skills, you do not need much to start with. Less than 100,000 naira should get you the basic tools.
As a mater of fact, OK clothes and shoes are the most widely selling fashion wares. This is probably because of cost, as well as the quality. Most people have a taste for quality designs, but just can not afford them. The only viable alternative however is second hand clothing.
Mobile Food Vendor.
Have you ever imagined avoiding the stress of cooking, and yet not visiting a restaurant? A thousand and one people are surely facing this now. Why not cash in, and earn big.
Many people face difficulties while preparing for exams. An example is JAMB. Since a lot of them are out of school, private classes would be appreciated.
For the most part, being a property agent may not require great expertise or finance. All you need do is to look out for people who want to sell. Afterwards, connect them with buyers for a commission. You may equally involve other agents to ease your work.
Computer Business Centre.
This will work best around schools or offices. People are obviously going to require such services like photocopying and printing.
In Nigeria, one of the most followed events is sport. However, most people prefer paying tokens at viewing centres. This is mainly due to the NEPA factor, as well as the high cost of satellite systems.
Do you have a good internet presence? You may start making money from your followers. There are many ways to make this happen. Follow our page for a step-by-step guide and advice on starting soon.
With the ongoing mass defection from meat, I’m sure you can see the huge market. Do not be scared, it is not too difficult to start.
Regardless of your location, or academic qualification, you could be the next big blogger. You may start your blog, or team up with an existing blog like ours.
Mini Importation and Exportation.
Now, I have chosen to add “mini” so as not to scare some people. I believe they are both the same, whether big or small. First of all, you could start by trying out sites like Ali Express.
According to the National Bureau of Statistics, the economically active population stands at about 109 million, as at 2016. On the other hand, most employers complain of a shortage of adequate manpower. Just being a link could be a big business.
Unlike the PMS, LNG has no retailing ban anywhere within Nigeria. A good number of people refill their cooking gas with small scale retailers. It is a good area to invest in. But before that, conduct a little research. Also, uphold necessary safety standards.
Ice Block Sales.
You may never understand the value of this business, until you have spoken with some street hawkers. Have you ever been held up by traffic congestion, and suddenly need a cool drink or water? Now, what do you think sustains the temperature of that drink? Of course it is Ice block. With no access to a freezer, those hawkers rely on others to produce the blocks. I would recommend you give it a try.
Sports Betting Agency.
Sports betting is the new oil business in Nigeria. Nairabet, Bet9ja, Lotto or even pools houses offer some agency packages you could take advantage of.
Have you ever seen some scavengers offering to even buy your old, waste metals? Do not see them as fools, they would make a lot from the sale of those cheap waste to recyclers. Personally, my eyes are looking towards the nearest waste bin, LOL.
You still not found what suits you? Check out Top One Hundred 100 Small Businesses To Start Up With One Hundred Thousand 100,000 Naira; Best Business to Start IN NIGERIA 2018