Are you looking for the cheapest businesses to enter in Nigeria to make money? Have you been asking around what business can you start with 200k, 5k, and 50k in Nigeria?
In this post, you will be presented with five out of some of the cheapest businesses you can start in Nigeria.
When people ask the question about the cheapest businesses to start in Nigeria, we often read about references to start with just 10k, 20k, and 50k.
In today’s state of the economy, it is difficult to get by on a business of 10k to 50k. Therefore, for this article’s purpose, we would be looking at businesses that require startup capital that starts from 100k.
In any type of business, it is always advisable to plan your start out according to your capital. While it is nice to have a good physical business outlook, aesthetics will not sustain or run the business if there are no goods to sell or the quality of service is poor.
Hence, in starting a new business, it is essential that you get your skills right and prepare your mindset to give your best. As for goods, ensure that you have a good wholesale agreement with a wholesaler whose location is as close to your business as possible.
Getting this right helps to reduce your capital and operational expenditures, regardless of your business size.
Often, people set out to start a small business but end up spending a major part of their capital on rent, and the niceties of erecting an attractive business structure appearance.
While an attractive and clean business place can boost sales, it is not a starting point. Your first attention should be focused on generating profitable sales and having a coherent plan for scalability, the latter of which is not an easy feat for small businesses in Nigeria.
Once you have these figured out, here are five thriving small businesses you can start in Nigeria.
1. Barbershop:
The first requirement here is skills. The level of your skill determines the sustainability of your business. It will not do you any commercial good to rush your training in the anxiety to start quickly on your own.
To start this business, you need a small shop, a small generator, two clippers, large mirrors and barbing consumables, all of which may not come at a total of 100k.
However, with a 100k, you can prioritize the materials/equipment to start with, and you will have a business running in little to no time.
A typical barbershop in a noticeable area and with good service delivery can upscale easily after a year, a time by which you will be closed to acquiring all required equipment. What’s more, you can run home services too.
2. Food Business:
Whether raw, processed or cooked, the food industry is a lucrative industry for all sizes of practical business applications. The type of food business you decide to do determines what is needed to start.
It is also easy to innovate in this industry and offer people different tastes and approaches. For cooked or processed skills, you need good culinary skills to start.
Your typical equipment and materials will include a shop/kiosk, gas burner, gas, pots, coolers, packaging, cutleries, and raw food, all of which can come at 100k if you choose the right scale.
For raw food, however, the skill needed is not as deep as that of cooked food. Depending on how you choose to run the business, 100k is enough capital to start a raw food business, with or without shop rent.
3. POS services:
You need to be trained on how to use the POS machine to venture into this business. When you are skilled enough to operate the machine, you are all set. All you need to decide next is the bank you want to work with.
The major business expenses to start are initial transaction funds and the cost of the rent. However, it is a business that can work with limited space, which makes it easier to set up.
Under a large umbrella, in a kiosk or in a small shop, the POS business thrives on visibility than space size. Ensure you have a banner that draws people’s attention to your location.
4. Laundry Services:
Are you ready to put in the hours? Then, the laundry business can be a good business to start. We have heard a lot of people insisting on the need for a generator to start this business.
While we will not dispute with people of experience, we are still letting you know that the business can start without a generator until you manage to start upscaling.
To start a good laundry business, you need a small shop to attend to customers, but running your business operations of washing, ironing and folding can be done anywhere convenient for you.
The equipment or materials needed to start this business include a top-loading washing machine (optional), electric pressing iron and or gas stove pressing iron, and packaging, the lots of which 100k can settle if carefully planned.
5. Cold Drink Spot:
Location, location and location. Location really matters in starting a cold drink spot business. Let’s face it; people drink more in commercial areas where there is a lot of working in the sun or heat and talking.
Therefore, it is advisable to site a cold drink spot close to or within a market. Starting this business requires you first to determine scale, which will influence the materials/equipment needed for starting.
On its simplest scale, all you need are thermally stable coolers, ice block suppliers, drinks wholesalers and a large umbrella, kiosk, or shop.
Wrapping Things Up
There are other cheap businesses to start with little capital in Nigeria. The important point to note is that you won’t be in a good business position if you source your stock from retailers. Always go for the wholesalers, and they can enable you to buy at cheaper cost prices.
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Good morning sir, I just want to say a very big thank you to you because I really find your article very interesting and useful and I’m also interesting in starting a honey business please where can I get honey direct from the farm thank you