Best Profitable Businesses To Start In Nigeria (2023)
Business ownership is difficult in any economy, but especially in the present one. There are many potential stumbling blocks, including insufficient funds for launch, finding an appropriate site, and building a loyal customer base. But, the time when the correct idea is conceived is the watershed moment for any business. Even though they have ample resources and a prominent location, many startups ultimately fail because their core concepts are wrong.
“What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed..”
— Dave Thomas
. We’ve also concluded that a lack of investment in the core business itself is a major factor in a company’s demise, rather than a flawed idea or execution. The majority of companies’ leaders merely aim to make a profit. Very few people actually think about what kind of business would be the most successful at the precise moment they want to start one.
ALSO, READ Top 5 Successful Businesses For Retirees and Pensioners In 2023
This is why we went with the cheapest option. You’ve decided to go it alone, have the capital to do so, and are now looking for a promising market to enter. You might want to think about a few of the suggestions we made.
Best Profitable Businesses To Start In Nigeria With N100k Or Less
The best and most profitable businesses you can start in Nigeria currently trending are
- Catering Services
- Laundry and Services
- Thrift Shop
- Popcorn Business
- Barbing And Hairdressing
- P.O.S Service
- Cryptocurrency Trade
- Dropshipping
1. Catering Service (Home Delivery)
With so many unique and delicious foods to offer, this is a business that has great potential in Nigeria. You can buy the essential equipment for your catering business with the money you have available. The fact that you don’t have to work too hard to earn a daily profit is yet another plus for this business.
Make sure everything you need is on hand, cook up some tasty dishes, and get them to your clients. Your company could also flourish in the online world. There are several virtual caterers who offer their services online and deliver without having to spend much. You can start within the state or community you reside and move from there. Businesses like waka now help catering services deliver products even across the continent and beyond. So you do not need to pay for a shop or kiosk to start this business.
With good cooking skills and a variety of meals in your knowledge bank, you can earn profit and expand on a larger scale by starting with just 1000,000 Naira.
2. Laundry And Cleaning Service
The tools necessary to run this business are rather simple. Start with a washing machine (optional) and an iron, and you’ll be all set! There is the added convenience of being able to conduct business from the comfort of your own home. Unless you are looking at working on a larger scale from the start, setting up your laundry business can cost you merely 100k – 150k given the current cost of things in Nigeria.
Laundry and cleaning services don’t cost much to start up and they are highly profitable. For example, there are mini washing machines of less than 60k Naira if you must have one, then a standard stream iron, pack of hangers, cover nylons, soaps and running water systems. These features can all be made available in your home without getting a rented apartment.
You can also do home services, and get paid for doing the laundry of your clients as well as cleaning their homes. This is a profitable business you can venture into and make a good ROI.
3. Thrift Shop
Another successful business that may be launched with N50k or less in Nigeria is a thrift shop. In Nigeria, for example, you can launch your new venture with just 50,000 Naira. This technique is practised by some low to even high-standard boutiques. There are markets for second-hand clothes or used clothes imported from 1st world countries. These clothes are most of the time returned to the suppliers or slightly damaged and sent for export to third world countries. Then there are importers who buy these clothes for their second-hand value and sell them to boutique owners and individuals.
You can venture into this by communicating with the market’s second-hand clothing vendors and picking out the greatest products they have to offer. After you return home, you can package up the clothes and advertise to your intended market. You can get several high-quality clothes in such markets for as little as 500 Naira, which you can then resell for 1,000 or 1,500 Naira. It’s a fantastic company to think about starting up.
4. Popcorn Business
The popcorn business is now news, it’s a very profitable business if you know the right plug. The procedures involved in this business are among the least complicated we have to deal with. Finding ways to add sugar to your popcorn will increase sales and profits over time. Add milk or other flavours to your recipe as you see fit. Also, there’s the matter of where you live.
Doing Well in the Popcorn Trade.
Look for a spot that’s in close proximity to a site of frequent activity, like a school, cinema, rallies, camp meetings, or church. With some creative labelling, you can sell this successfully online as well. The Popcorn machine itself can be purchased for N35k and other ingredients such as sugar, milk and corn will not exceed the 70k-100k budget. Strategy and skill is key in making a good profit in this business.
“The stars will never align, and the traffic lights of life will never all be green at the same time. The universe doesn’t conspire against you, but it doesn’t go out of its way to line up the pins either. Conditions are never perfect. ‘Someday’ is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it ‘eventually,’ just do it and correct the course along the way..”
—Tim Ferriss, author of The 4-Hour Work Week
5. Barbing and Hair Dressing
This business first requires having the required skills or a good knowledge of the craft. You can start with home delivery or a partnership with an established firm. Once you can purchase your gadgets or tools as the case may be, which cost nothing more than 60k for high-quality materials, you are good to go. if you cannot find a partnership or collaboration with a shop you can start by working on a muse or model to advertise your craft online.
This business is quite profitable when you are skilful and can get the right clients. Some barbers and hairdressers can make up to 10k Naira per client in-home service delivery. If you have this skill, then start with running ads online targeting clients in your location or environs as it requires your availability physically. You can get clients even away from your location all expenses paid and make money. As you become established you can train people and get more hands that can go on home delivery service for you and you will be the principal.
6. P.O.S Service
Of course, this would make our list of profitable businesses to start with 100k. The POS business became popular with banks having so much crowd at the ATM stand and for some when branches are far from the residential areas. These merchants tend to bring the bank closer to you and ease the pain of walking to the bank to make transactions for those without the mobile app and cash withdrawals. They charge a token per transaction and make their profit from their tokens With just a simple Chair, table and a big umbrella you already have a stand anywhere in the locality.
Micro-financial institutions such as Opay and co have made it easier to acquire POS machines with policies that can encourage startups. Unlike the conventional banks that might give a more tasking threshold and conditions to own a machine, these micro-finance banks are saving the day. If you want to start this business, you’d need to find a bank that supports external agents like them, acquire a P.O.S machine and invest your starting capital into the assigned account. After this, you can start your business in a location where you have access to persons who are more likely to need financial transactions.
7. Cryptocurrency Trade
On our list, this occupation is among the least physically demanding. Working entirely from the convenience of your home is possible. The popularity of cryptocurrencies has grown significantly and is still increasing. These alternative coins are being used as payment by many major corporations and influential figures.
One can invest in a wide variety of coins, including Dodge, Etherium, Shiba, Bitcoin, and many others. Hence, buy a particular coin first, watch the market for its rise, and then sell it when it’s time. It is advisable to watch the market trend and then go for the coin of choice that has the tendency to grow. Bitcoin in recent times has been losing its value and might not be a good bet for you as a startup. When you can acquire more of these coins you can become an exchanger and charge for the conversion of these coins to real cash. The profit comes from the value of the coin and your selling price.
When someone needs the equivalent cash in return and you purchase their coin and send them cash if the coin increases in value after a while you have made more profit than the selling price. It’s a calculated-risk business model but highly profitable.
8. Dropshipping
You do not need to have goods of your own, all you need is to know what anybody needs and where to get them. Dropshipping serves as an intermediary between goods and customers, service and audience. A drop shipper can walk into a boutique and liaise with the owners to bring clients that will purchase goods. Take pictures of these goods advertise to clients and earn commission from the boutique or directly given the cost price.
“Wonder what your customer really wants? Ask. Don’t tell.”
— Lisa Stone, co-founder and CEO of BlogHer
For example, if a shoe is sold for 50k Naira, a drop shipper can advertise the shoe on their social media page for 60K and sell it at that price. Once the goods are purchased the drop shipper makes them available for delivery and at the end of the day makes a profit of 7K without having a store or office space. This is simply playing the role of a middleman with a business-minded strategy.
Conclusion: Best Profitable Businesses To Start In Nigeria
These businesses are good for startups, nevertheless, they are not exempted from the risks that come with running a business. So if you are about to start and delve into any of them make you do proper research and findings on the cost of continuity, ROI, and risk assessment or score before going into it. This is a developing article that will be periodically updated to include more businesses that you can start with 100k in Nigeria.
in the current economic state of Nigeria, and the world at large, passive income is a necessity. Although some of these jobs could interfere with your primary source if you can manage to scale through and make it established you might quit your 9-5 and make more productive use of your time and life.
“The last 10% it takes to launch something takes as much energy as the first 90%..”
— Rob Kalin, founder of Etsy
