Posted by Are you an aspiring Nigerian hoping to start your first business? The truth is that there are many Nigerians like you today who want to start their businesses and take charge of their lives. There are lots of ideas you can look into to start a small business in Nigeria, if you just have a little money in hand.
In addition, your entrepreneurial aspirations might become a prosperous reality if you have the appropriate idea and a strong company plan.
Top 20 Small Business Ideas in Nigeria
There are many business ideas in Nigeria if you want to invest in a currently operating business or plan to start a new one. Generally, it might be difficult or discouraging at first sometimes to start up a new venture or business investment on your own with less funding.
Nevertheless, you don’t need to worry much about this because this post guarantees some of the best small business ideas in Nigeria you may want to try.
The following are some of the top 20 small business ideas in Nigeria:
- E-commerce Store
- Event planning
- Logistics and delivery services
- Laundry and Dry Cleaning Service
- Point of Sale (POS)
- Food Restaurants
- Beauty and Grooming Salon
- Mobile Food Truck
- Bookstore
- Car wash
- Cooking Gas Sales
- Small-scale grocery store
- Solar Energy Installation
- Real Estates
- Catering Services
- Mobile Phone Sales and Repairs
- Bulk SMS Services
- Makeup Services
E-commerce Store
The Internet has always been a handy tool for communication and information gathering, but it can also be a lucrative business. In actuality, individuals have been utilising the Internet for commerce for practically as long as it has existed.
Because it’s a simple business to start with some cash in Nigeria, e-commerce transactions rank first on our list.
To be successful, all you need is a product such as clothing, shoes, or even food), an internet store, and eager buyers.
Event Planning
Nigerians are fond of celebrating, to the extent that we spend millions planning the ideal celebration for every occasion, from weddings and graduations to funerals and birthdays.
The country’s event industry is so prosperous that starting an event-planning company can generate a sizable income.
One of the best things about event planning is that it is possible and easy to get started with dinners and birthdays.
Logistics and Delivery Services
Nowadays, delivery and logistics services are so commonplace that leaving your house without seeing at least one motorcycle bearing well-known brand names like Kwik Delivery is nearly impossible. You could participate in the activity.
However, you must purchase one or two bikes and employ riders to pick up and deliver products for paying clients. Obtaining the necessary licenses and paperwork is also required.
Laundry and Dry Cleaning Service
In Nigeria, there has been an excellent need for laundry and dry cleaning services because so many individuals lack the time or tools to wash their laundry.
Launching a laundry and dry cleaning service can be financially advantageous, particularly in densely populated areas.
Point of Sale (POS)
Starting a point of sale (POS) business might be lucrative due to Nigeria’s growing acceptance of cashless transactions. Employing a POS terminal, a POS business offers clients electronic payment services.
Food Restaurants
Fast food is popular in Nigeria; therefore, opening a fast food restaurant can be a successful business venture. You may draw clients and create a devoted following by choosing the ideal site, menu, and marketing plan.
Beauty and Grooming Salon
Nigeria has a large number of beauty and grooming salons. As a result, many people are prepared to pay for in-person grooming services. Offering premium services and goods makes opening a beauty and grooming salon a viable business venture.
Mobile Food Truck
Mobile food trucks are growing in popularity in Nigeria since they provide a quick and reasonably priced method to eat on the go. Starting a mobile food truck business can be a terrific idea to enter the food sector without paying the hefty overhead of a regular restaurant.
Bookstore
Starting a bookstore is another excellent small business idea to start in Nigeria. Get a great space and fill it with books. These books can be anything from romance and thrillers to academic textbooks and workbooks, whatever people want or need. You can even sell only religious books if you want, as long as there’s a market for them.
Regardless of what you choose to sell, your bookstore will thrive and make you more money if it’s in a great location and your books are of high quality.
Also, your bookstore doesn’t have to deal only in new items. You could sell used books for much cheaper and move merchandise quicker.
Car wash
Car wash businesses produce good money, but they are quiet businesses. Even if they go once every two months, many automobile owners attend car washes. It is a sizable market to enter, given that there are 11.8 million cars on Nigerian roads.
Cooking Gas Sales
Cooking gas sales is also a lucrative small business idea in Nigeria since people need to eat. Thus, selling cooking gas is very profitable and easy to start. You can do it immediately once you can raise the capital and shop space.
Small Scale Grocery Store
For many years, Nigerians have lived with small-scale grocery businesses. Everybody has a favourite store in their neighbourhood or place of employment.
Naturally, you will need to research your market to operate a small-scale grocery shop in an area likely to draw large crowds of people. Another thing to note is that this business is very profitable.
Solar Energy Installation
Due to the electricity shortages in Nigeria, many Nigerians are turning to solar energy as a more reliable power source. Thus, starting a solar energy installation business can be a profitable small business idea, as more Nigerians are becoming interested in renewable energy.
Digital Marketing Agency
Starting a digital marketing agency business is a small business idea due to the increase in online marketing.
You may be wondering what a digital marketing agency is all about. A digital marketing agency uses social media marketing, SEO, and other digital marketing techniques to help businesses become more visible online.
Thrift Store
The thrift market in Nigeria has been booming for a while. If you have enough money, you can make a fortune on everything from shoes to clothes to electronics.
However, what precisely is thrifting? Thrifting is purchasing gently worn goods for a significant discount over their retail price.
However, it might also mean offering these products for sale online or in a physical store. This company, which has specialised markets in practically every Nigerian metropolis, is known in many circles as Okrika in honour of the island in Rivers State.
Real Estates
Establishing a real estate agency can be profitable, as the Nigerian real estate market is expanding quickly. It has never been easier to start a real estate business with the correct plan, using technology and building your customers.
Catering Services
Catering services are an everyday business as food is one of the necessities of man. Another thing is that it does not necessarily need to be a caterer to start this business. As a business enthusiast, you will need your own catering service outlet.
You must also hire professional caterers and cooking utensils if you don’t have them. Setting up a successful catering service outlet is easy, especially if you have good connections and a marketing strategy.
Mobile Phone Sales and Repairs
The demand for phone repairs has been increasing since the introduction of mobile phones in Nigeria. The phone repairs business is now officially a Nigerian business with over 30 million mobile users.
To start this business, you must get affiliated with training programs that will efficiently train you to become skilled in this field. You usually don’t need to rent a shop; you can get a small space and erect an umbrella.
Bulk SMS Services
Venturing into bulk SMS reselling is quite a profitable small business idea you can start with a bit of capital. This business entails buying custom SMS units in large quantities and then selling them to customers at a slightly increased rate.
This business does not need any special skills to start. However, you will need a PC or a tablet to start this business.
Makeup Services
Another business idea currently thriving in Nigeria is make-up services. You can earn up to N300,000 or more monthly whether you are skilled in makeup. All you need is a space to be your home and make kits.
Final Words
Starting a small business in Nigeria can be a fulfilling experience, but it also takes a lot of effort, commitment, and planning.
You can realise your ambitions of being a great entrepreneur with the proper idea and support system. To ensure you don’t encounter any issues, you must be vigilant and evaluate the risks associated with the business.
FAQs
What business can I start with 20k as a student in Nigeria?
Thrift, or Okrika businesses, are quite profitable, particularly for youth and students. People adore used clothing because it’s inexpensive, environmentally friendly, and full of treasures that can be discovered for little money. It is possible to launch a thrift store with N20,000.
What business can I do with 50000 Naira?
You can start producing and selling beauty items like face creams and liquid or bar soaps. The necessary substances are readily found in the market.
All of these products can be started with less than 50,000 Naira. This is an excellent business opportunity that has a 100% profit margin.
What business can I start with 700k in Nigeria?
In Nigeria, you can think of starting a small business with 700,000 Naira, such as a boutique, a store selling phone accessories, a chicken farm, or a meal delivery service.
Your particular option will rely on your qualifications, passions, and the needs in your local market.
What online business pays daily in Nigeria?
Online jobs that pay daily in Nigeria include freelancing, affiliate marketing, forex trading, and blogging. Additionally, there is stock trading, influencer marketing on social media, and e-commerce.
Check Out:
- How to Start Affiliate Marketing in Nigeria
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- Different Ways to Go About Online Marketing and Advertising