Are you searching for a Lucrative Business to Start with Small Money? then this post is for you.
In this article, we were able to analyze top lucrative businesses, easy that are easy to manage and will last the taste of time.
Some individuals have greatly struggled to venture into business owing to the fact that they are not financially buoyant for the business they aspire to go into.
However, they have nurtured this lofty idea of business, failing to understand there are small-scale businesses that one with small money can start in Nigeria.
There is always a need for capital to begin any business and the degree of capital varies from business.
Some businesses require huge capital to start. But most small-scale businesses do not need huge capital; all that is required is consistency, commitment, and good management.
Nevertheless, this work will expose us to some real top lucrative businesses one can begin with small money in Nigeria.
Why Should One Begin a Small-Scale Business?
Most individuals have looked down on little beginnings, not knowing that that little beginning is what evolves into something bigger in the future.
Many young people have exhibited good business sense, but what has kept them back is that they fail to know that with little money one can begin something good and gradually grow into a merchant.
That aside, Nigeria is a country with over 200 million people, making it the most populated country in Africa.
This enormous consumer base offers a strong and good market for every small business to tap into.
Irrespective of whether one sells products or services, this large Nigerian market is always a launching pad for small-scale businesses to grow.
The following are the reasons one should start small scale business:
- Entrepreneurial Culture: There is this strong entrepreneurial culture and spirit amongst young Nigerians. Nigerians are particularly known globally for their resilient and creative sense. Global ranking shows that Nigerians are top ranking in innovation and entrepreneurship and as such successful in their business ventures.
- Good Technology Development:Â Nigeria has recorded success in technology and digital innovation. As a result, the Nigerian tech sector is referred to as “Africa’s Silicon Valley”. Many tech firms have recorded significant success in their strides and investments in Nigeria. This tech success however gives aspiring entrepreneurs beautiful opportunities to take advantage of the growing digital market. However, the embrace of mobile technology and internet penetration has created a conducive environment for e-commerce and online businesses to develop.
Lucrative Business to Start with Small Money in Nigeria
There are lucrative small-scale businesses that one can engage in Nigeria and make good money. Nigeria is a great nation that accommodates good business, some of those businesses are:
1. Makeup Business
The rapid significant evolution of the beauty industry in Nigeria is such that can not be over-emphasized. Makeup has become more than just a beauty item.
It is now considered among the most lucrative, creative art professions that have formed an essential component for various professionals, such as models, artists, photographers, actors, and many others.
Makeup services grant makeup artists the opportunity to give special makeup services to customers for special occasions like weddings and birthday events.
Again, one can become a make-up teacher to offer makeup training classes to generate more income.
With the right skills and a passion for beauty, one can become a makeup artist, and of course, become a successful business owner.
Given the cost of things currently in Nigeria, one with at least two hundred thousand Naira (200,000) can start a makeup business.
2. Laundry Service
The laundry business is one of the most lucrative businesses to start with small money in Nigeria.
The laundry service business is a profitable small-scale venture that requires minimal technical skills and equipment to begin.
Given the rapid development in Nigeria currently, most people give little or less importance to the laundry aspect of their chores, and this has made laundry high in demand.
To set up a laundry service, one will need a favorable location in a busy location, especially somewhere close to offices where professionals who have limited time for laundry operate.
Start with one washing machine and a pressing iron. Gradually build on and form a small team and gradually expand as the customer base grows.
Good, quality service and keeping to time in delivery helps build a loyal clientele.
A person with at least two hundred and fifty thousand Naira (250,000) can start a laundry business. For a start, one can operate from the house, depending on one’s neighborhood.
3. Point Of Sale (POS) Business
The Point of Sale (POS) business is among the fastest-growing businesses currently in Nigeria.
After the implementation of the cashless policy and change of currency, the POS business took over the street.
The Point Of Service (POS) business provides a quick and comfortable alternative to traditional banking.
This form of banking helped reduce queuing for hours at the bank or ATM, people conduct basic financial transactions just at a POS machine at their doorstep, saving them time and effort.
Setting up a POS business requires one to get stands or shops in strategic locations.
In giving quick withdrawals services and other financial services, one can attract more customers and earn a fee on each transaction.
However, installing chains of POS stands across different areas can further expand one’s business and increase profitability.
4. Hair Dressing Business
Hairdressing is an amazing and evergreen small-scale business that is lucrative.
Personally for me hairdressing in a money-making machine, is a perfect lucrative business to start with small money in Nigeria and many other parts of the world.
Nigeria ladies love looking good and this has as such provided hairdressers with good job opportunities and made hairdressing services in high demand.
To start up a hairdressing salon, one needs to be a good hairstylist or employ skilled hairstylists.
With quality hairdressing services and the sale of hair care products to clients, one can grow a loyal customer base.
Again, one extends this profession to the classroom to train apprentices and sell hair products for more income.
5. Barbing Salon
Barbing is a very lucrative business that people have failed to take an interest in, just like hairdressing, barbing is another good small-scale business opportunity.
Men cut and shave their hair almost twice every week, making barbing salons a vital necessity in every neighborhood.
To set up a barbing salon, one will need a very good located shop, equipment, and every necessary skill or hire skilled barbers.
However, good, quality services, selling good grooming products, and offering training can bolster one’s barbing salon and attract a loyal clientele.
6. Good Catering Service
Individuals who love cooking and know how to prepare good dishes will certainly flourish in the catering business.
A catering business is among the perfect small-scale businesses that one can venture into with little capital and thrive.
A starter in a catering business can cook from home and cater to other local events. This business costs little starting capital.
Getting a good spot, maybe in a very crowded area is really a good way to begin.
Aside from the cost of foodstuff, one may need a few employees when events start calling in for more services.
Nevertheless, two hundred thousand Naira (200,000) is a very good starting capital for the catering business.
7. Transport Business
There is this high demand for transport services by organizations in Nigeria that cannot afford to buy vehicles.
Owning a bus (or many buses) can give one the edge in transportation service. However, Schools, religious organizations, and could need your services.
This can build one’s income. Concentrating on a particular sector, such as education or e-commerce delivery service is a beautiful idea.
Serving schools, and retailers can help one evolve the small-scale businesses.
8. Establishment of Security Agency
Security is not upon the government alone. There is a growing demand for excellent security services in Nigeria.
One can set up an agency, recruit professionals, or become a bodyguard or gateman.
Again, another area of business that is lucrative is the importation and sale of security products.
9. Property Investment
Property investment is again a lucrative business but it requires a degree of patience and time.
Property investment however, takes more capital upfront than some small business ideas in Nigeria.
However, it is advisable if one has the capital, one should definitely give thought to purchasing land or property in strategic places that development will soon creep into.
The gains can be ten times more rewarding when those properties are resold.
Again, leasing office buildings or homes can also generate a reasonable passive income each month.
10. Make Special Items or Sew Specialized Uniforms
There is this need for specialized uniforms in Nigeria given the increase in private schools.
There are over 500 schools in Lagos and each school has its special uniform.
Again, military and paramilitary groups with such a large demand also have this demand for tailors who can make uniforms.
Sewing specialized uniforms for these groups will bring you good money and bigger opportunities.
All that is required of an individual is knowing your salt in the sewing profession.
11. Poultry and Livestock Farming
There is currently this high demand for meetings. After some state governments placed a ban on open grazing, cattle breeders had a setback in their supply of cows to some areas of the country.
Again, during every festive period, people always go for chickens and turkey for their meat, this however made the poultry business become a very lucrative business.
The agricultural sector will always remain a gold mine for entrepreneurs in Nigeria.
Poultry farming has proven to be a profitable business with a steady market in Nigeria.
The high demand for poultry products such as; chicken, turkey, eggs, and many others is constantly on the rise.
To begin a poultry farm, one will need to invest well in suitable housing, feeds, and the right breed of birds (chickens or turkeys).
With good management and a good market target, one can make great gains from poultry farming.
12. Rental Services
The rental services company has become a broad one in Nigeria. This business covers all kinds of rentals such as; car rentals, event rentals (such as canopies and chairs), and even house rentals.
The high demand for rental services is high given the rise in marriage occasions, especially in major towns where events take place regularly.
Setting up a rental services business demands strategic planning. Focusing on renting out canopies, tables, and chairs, can give you the advantage to cater to the needs of individuals and organizations hosting events.
Choose a suitable location and establish a strong network to ensure a steady flow of customers.
13. Snail Farming
This is one business that many people have little knowledge about. This business is very lucrative given the health value of snails.
However, snail farming is a very lucrative small-scale business that is in high demand. Medically it is believed that snails are highly nutritious.
Setting up this business is easy and requires minimal investment. However, one can begin by selling a small number of snails and gradually develop into a huge business as the snails reproduce.
Given good housing and the right feeding conditions, snail farming can be combined with a regular daily job, making it a flexible and profitable business to get on with.
14. Sports Viewing Center Business
Sports viewing centers have evolved into a mega-money business. Again it has become a popular business opportunity in Nigeria, given the strong passion Nigerians have for sport.
Many people in villages, towns, and cities cannot afford to subscribe to their DSTV sports channels.
However, they rely on viewing centers to catch up with their favorite football matches.
A business-minded person can take advantage of this passion for football by Nigerians and establish a viewing center and of course, make good money.
To start up a viewing center, one will need a very good house located in the center of a populated neighborhood.
With a little three hundred thousand Naira (300,000), one can launch into this lucrative business and thrive for life.
15. Pure Water (Sachet Water) Production Business
Many people have belittled the twenty-twenty Naira sachet water business generates. This is one lucrative business neglected by many individuals.
Sachet water, also known as pure water remains a very important commodity in Nigeria, given that people will always need to quench their thirst when dehydrated.
Pure water is cost-effective and a convenient alternative to clean drinking water, making it a staple in households, offices, and events.
To begin a pure water production business, all that is required is permits and licenses, investment in water treatment equipment, and secure a reliable distribution network.
Adhering to strict standard rules and quality standards, again providing prompt delivery will make one’s brand a reputable brand. With four hundred thousand Naira (400,000) one can conveniently start a pure water business.
16. Photography Business
Nigeria is a country where people love to see themselves look good, and see that they have a picture of their beautiful look.
This of course makes the photography business a lucrative one. Again, a photography business is a fun and profitable small-scale business that one can start with little money.
Today’s digital age has made the demand for professional photographers is on high with individuals and businesses seeking captivating images for various purposes.
To start a photography business, one will need to invest in good cameras and learn the art of photography, so as to offer perfect services to clients.
Lastly, it advised that one should focus on specialized events, portrait production, landscapes, or even sell images online through platforms like iStock Photo and Etsy.
With the sum of five hundred thousand Naira (500,000), one can launch a photography business.
17. Tiger Nut and Zobo Drink Production
Tiger nut and Zobo drink is very nutritious. Tiger nut drink also known as “kunun aya” in Nigeria, is a natural and nutritious drink made from natural tiger nut extract.
It is very rich in nutrients and offers many health benefits, making it a popular choice among consumers.
To begin a tiger nut and Zobo drink production business one will need to tap into the fast-growing market for healthy and natural beverages.
These drinks can be marketed at eateries, local food stores, supermarkets, and places where people gather.
Good hygiene and healthy production can attract a multitude of customers. With two hundred and fifty thousand Naira (250,000) and a quality deep freezer to chill drinks one can exceed imagined profit.
18. Boutique Business
Fashion boutique is a very lucrative business given that people will inevitably want wears to dress well.
The fashion boutique business is a common business all over Nigeria towns and cities.
Irrespective of existing competition, there is always room for new entrepreneurs to make their mark in the industry.
To succeed in the fashion boutique business, focus on offering trendy and fashionable items that resonate with your target market.
Establishing a strong online presence and leveraging social media platforms can help you reach a wider audience and boost your sales.
19. Scrap Metal Collection
Recycling companies have shown us that there is money in scrap collection.
Collection and recycling of scrap metal has appeared to be a profitable business, and also it contributes to environmental sustainability.
The scrap metal collection business involves gathering scrap metal materials and selling them to recycling companies.
To set up a scrap metal collection business, one needs to invest in the necessary tools and equipment, such as trucks and magnets.
However, a network of collectors and establishing relationships with recycling companies will help maximize profits.
20. Sports Betting Business
Sports betting has provided itself as a job opportunity for a young graduate who has given up on a white cola job.
taking advantage of the passion young people have for sports has made the Sports betting business a lucrative one too.
Sports betting has evolved into popular entertainment and is well opportunity for entrepreneurs to make profits.
Just like many people around the world, Nigerians, enjoy placing bets on their favorite sports events.
To setup a betting shop or a chain of betting shops gives one the opportunity to gain from the lucrative sports betting market.
On the other hand, this business brings with it many risks, however, it offers boundless possibilities for growth and profitability.
Conclusion
In Nigeria, the opportunities for small-scale businesses are abound. Whatever business one chooses poultry farming, rental services, or photography, success is dependent on commitment and management skills.
There is no small business. Every business began small and gradually evolved into something bigger.
Again, success in business is basically based on management and commitment. In business, it is advised one take a step and stay strong.
