One of the very most critical decisions you will ever make in starting your own business is, for all too many entrepreneurs, never really a decision at all.
Many entrepreneurs never really think critically about what business to go into, they just do it. Maybe they have a little experience in one business, maybe they read an article somewhere about someone who made a lot of money in a particular type of business, and maybe it sounded like a cool and interesting thing to do.
What business you decide to go into isn’t just going to end up being a decision about how you spend your workday. In some businesses, you are going to be likely to make a lot more money with a lot less work.
Furthermore, what you should consider think about the most is this: What business are you most likely to succeed in or even survive in? Some types of businesses are much, much more likely to be successful than others.
TAKE A LOOK AT THESE SMALL SCALE BUSINESSES YOU CAN INVEST YOUR MONEY:
1. Cosmetics Production Business
If you love beauty, then going into the cosmetics business will be your best bet. For you to do well in this business in Nigeria, you will need to engage in some deep research.
Why is this important? This is because you will need to learn new things about the cosmetics industry that will keep you up to date, creative and innovative in business.
2. Tomato Farming Business
Agriculture offers one of the best cash chain investment in Nigeria today. This business is rewarding, and at the same time, not expensive to start up.
However, before you start the tomatoes business in Nigeria, you’ll need to find out what type of tomatoes are in demand. This information can be gotten from those who supply seeds, as they will be able to inform you better on popular demand.
Also, they will let you know the varieties that are patronized best. You will also need to ensure that the seeds you finally pick will grow well.
If you can write or have the capacity to learn how to write, start a blog. Blogging is a good way to make money online in Nigeria. All you need is internet access, good research skill, an interest, and a laptop and a lot of time. Your most important and perhaps expensive investment in a blogging career is your time. Also, since you would want people to find your blog posts without manually promoting it all the time, you would need to learn how to optimize your posts for search engines like Google or hire the services of an SEO Expert in Lagos.
Set up a free blog with WordPress or Wix or if you have some money, set up your blog on self-hosted server; populate your blog with quality content, get people to read your content (drive traffic), get their confidence and monetize your blog with Google AdSense, display advert, affiliate marketing or sell information products such as ebooks, etc.
4. Sale of Mobile Phone Accessories/Repairs
This is a very lucrative business in Nigeria today. With as little as N50,000 saved using a platform like PiggyVest, you are good to go. While you will do well by renting space if you have the money, this business can also be done in mobile fashion i.e. by carrying your products to places they are needed.
In this case, you have to first identify your market and feed them with their needs. You can even partner with companies like this Samsung online store in Nigeria for easy market penetration. What drives this business is the rapid growth in the use of mobile phones in Nigeria. Nigeria has an estimated population of 180 million people. There are more than 160 million connected through their mobile phone line.
Accessories that are common in demand include batteries, memory cards, battery chargers, earpieces, screen guards, pouches, etc. You can get supplies from Computer Village (Lagos) or online stores. Phone Accessories business is one sure way of getting into online importation. Also, you could make your business stand out by venturing into mobile phone insurance. This has proven to improve the confidence of customers in your products.
Also, phone repairs. This is a business idea that will fetch you good money if you are patient to learn how to repair and maintain mobile phones. With less than N50,000 you can start a phone repair and maintenance business in Nigeria. All you need to start is a little training, a laptop, software tools, some regular home tools (screwdriver, soldering iron, brush, battery tester, etc.) and some marketing to let people know what you do. You will also need to develop good relationships with dealers of quality accessories. With as low as N5,000, you can purchase a repair kit from any eCommerce stores. Just make payment with your debit cards, and you’re ready for business.
5. Plantain Chips Production and Sales
You have seen it everywhere – the delicious crunchy snack made from unripe plantain. Hawkers sell them along the highways. The catch is, you probably did not realize it is such a lucrative business in Nigeria. You don’t need to be a UAC or Leventis Food to engage in the plantain chip business in Nigeria.
A small-scale plantain chip enterprise with an initial investment of fifty thousand is capable of returning N10,000 in profit daily. If you’re looking for business ideas in Nigeria with low capital, you should really consider this. It is a type of business you can start with 5,000 or even less.
You can start this right from your kitchen. Just place your brand name on the transparent nylon, and you’re good to go. You will need to get some coaching from someone already doing the business, learn some recipes and develop a supply chain both for your raw materials (plantain) and finished products.
6. Ice block Production and Sale
When you talk about small business ideas in Nigeria, ice block production comes to mind. Nigeria is located within the tropical climate region with an abundance of sunlight and heat.
Unfortunately, the electricity supply is very poor, making it difficult for homes to maintain adequate stock of cold water in their refrigerators. This is what makes ice block production a money-spinning business in Nigeria.
People require ice blocks to keep their water and drink cold. Your market includes households around your neighbourhood, retail shops, restaurants and bars that need to keep their drinks ice-cold at all times. The good thing about this business is that you can kick off with the little you have. You need a deep freezer as well as a medium-sized generator and you’re all set. As you make money, you can scale up by acquiring an ice block making machine. So, looking for a small business to do? It could be this.
7. Liquid Soap Production
The market for liquid soap in Nigeria is so large that the well-established brands are not meeting demand.
Every household in the country needs this product. So there will always be a demand for it. You just have to be the one supplying.
If you look around you, you will find homemade liquid soaps with no branding at all, packaged in used plastic bottles being sold for between N50 and N100. This is one of the major investment opportunities in Nigeria today. You can make so much money producing liquid soap and selling to supermarkets and other shops that retail to end-users, restaurants, bakers, caterers, and home keepers. You may have to acquire some training that is available at vocational centers run by churches, government, and non-governmental organizations. Create a large market by branding and fine packaging and you will smile to the bank.
8. Mini Importation
The internet has redefined trade and commerce. Many people have struck gold by importing items online through eCommerce sites like Alibaba, Aliexpress DHgate, global sources, etc. With about N100,000 or even less, you’re open for business.
Identify people’s demands. Search all the eCommerce websites, get a procurement agent to purchase these items. The agent will then send them to you to sell and make your cash.
Even with the falling value of the Naira, people who are engaged in this business still smile to the bank. Items you can import and many varied and may include: mobile phone accessories, cosmetics, fashion items, etc. This post is a very helpful resource on all you need to know about mini importation.
9. Rental Services
People constantly need things that they do not possess. Some of the things you can start contracting out includes chairs, canopies, vacuum cleaners, cutleries, cooking utensils, music box, ladder, etc. Once you are known to be engaged in this business in your environment, you may not be able to meet demand.
If you have an interesting range of expensive gadgets or equipment, you might consider exploiting them for side income businesses hiring them out on hourly use basis. If the business gets going, you can add more items as you discover what people like renting. Prepare a leaflet, advertise in a local newspaper or use social media to announce your services.
This particular business idea can be capital intensive sometimes and may require you to check out some platforms like Branch loan, Carbon loan, Palmcredit, Renmoney, Aella Credit, Quickteller loan, Opay loan, and C24 loan where you can get an instant online loan in Nigeria.
10. Car Wash
The need for car wash will always be on the rise and anybody can do this business irrespective of age. With a little more capital, you can start a car wash that appeals to upwardly mobile individuals by setting up a sitting area decorated with a TV set where your customers will sit while their cars are being washed.
You can make it a multiple income stream business if you have space by adding the sale of drinks, shawarma, etc at the sitting area. The critical things needed for a car wash business is the space that can be rented, source of water and the washing machine.
11. Call Card Business
This type of business is also known as the recharge card business in Nigeria. There is hardly any adult who doesn’t own a phone. This is one of the reasons why those in the recharge card business are doing so well. You too can join the train as you begin to tap into the market.
12. Sports Betting Agency
Thinking of how to make money in Nigeria? Think sports betting. This has become a goldmine business in Nigeria as the young and old take advantage of their love for football to make money while enjoying the round leather game.
This also explains the reason there is an upsurge in sport betting companies (bookmakers). The sports betting companies need agents to relate with players directly. You will need a neat environment for office space ( a shop will do), a generator, a computer, a printer, an internet connection, and a fixtures board.
Next, you sign an agency agreement with your bookmaker. With some companies, you make money in three ways: board game, virtual game and deposit you make on behalf of your customers. With N250,000, you can sure be in this business and begin to smile to the bank.
13. Cloth Designing and Tailoring
This business requires skills. So, the first step to your success is to acquire skills. Go for both English and traditional wear tailoring, fashion, and design training.
Once done, boom! You’re made. Cloth designing and tailoring is often a neglected business idea that is quite lucrative, and the good thing about it is that you can start it as a small scale business if you like.
14. Okrika Bale Business
This business is thriving very well in Nigeria as a result of the poor economy of the country. An average income earner in Nigeria hardly enters the boutique in the name to buy first-grade clothing.
So, “Okrika bale” business is a good business to start anywhere in Nigeria but most especially in sub-urban and rural localities.
Lagos, Aba, Kano, and Onitsha have good markets to buy bales of clothes for sale. Startup capital for this business may vary; it depends on you but you can start with a small capital of N100000 to N200000.
15. Uberpreneur – Driving for Uber
Many people ask, “What business can I start with 2 million Naira?” If this is you, then you might want to consider Uber. There are many reasons why people choose to drive with Uber.
Some do it for the freedom to drive when and where they like. They’re the boss, and they work for as long or for as little as they want, following a schedule that suits their needs. The average Uber driver makes between 80,000 – 120,000 Naira every single week.
Right now, Uber driving is one of the very lucrative business ideas in Lagos and a few other parts of Nigeria. It does not only allow you to work when you want (including nights or weekends) but also gives you the ability to earn some extra cash while doing so. While some drivers are doing this full-time, some only do it at night after the day job and on weekends.