Starting a small business in Nigeria has never been easy considering what you’d have to go through to raise business capital towards setting up and running a profitable business. Basically, it’s all about money money money! No Bank in Nigeria is willing to help small scale businesses, and Government seems to have no plan whatsoever for the citizens who needs business start up capital.
If you are contemplating any business, you are on your own if you don’t have enough money to finance it. The worst part of it all is that most potential profitable small businesses in Nigeria needs much amount of money to get it started — most times, far much beyond what average Nigerian small business aspirants can afford.
Have you ever had a business idea — so bright that it was just a matter of get it started and the money starts rolling in, only to see the idea die because no money to kick start the business? That’s what 70 percent of Nigeria Entrepreneurs experience on regular basis.
Sometimes, the little money you have can’t just be enough to start anything reasonable no matter how hard you tried. Because of these, many people are finding it difficult to figure out any small business in Nigeria they can start with small amount of money and still make reasonable profit.I’ve taken the burdens off you by taking time to come up with small businesses that promises good ROI.
Below are some of the best small businesses in Nigeria that any aspiring Entrepreneur can start with N50,000 or less and make substantial profit in it.
1. Plantain Chips Making – Move around the street and you will see different brands of Plantain chips on sale and it sells very very fast. People just like chewing stuffs and there is no end to it, so if you can engage in the business of producing and supplying it, you will be making good money on daily basis. All what you needed are: Big Frying Pan (N3,000) Small Sealing Machine (N15,000) The Nylons and Labels (N2,000) Other Utensils (N5,000) The rest N30,000 goes into buying of Plantains and logistics. Supply to the shops and to hawkers and you will be making your money.
2. Tokunbo Shoes – I like quality leather materials and that’s why until recently, all my shoes and bags are bought from the used shoes and bag sellers. I used to get some top class shoes for N3,000 by the roadside back in those days when I can’t really afford high quality designer shoes that cost N50,000 or more. Many people out there are just like me — Instead of patronizing those fake China shoes and bags, they prefer to buy high quality fairly used ones which last longer and confer you with more respect. Get a nice place where you will be displaying your goods like in front on shopping malls. Go to Fairly used market (Katangowa or Aswani in Lagos) you may go to Seme Border or Kotonou. Select quality fairly used shoes, look for designs that are close to the latest fashion. N40,000 can get you up to 40 pairs of shoes. Sometimes you make profit of up to N3,000 from a single sell.
3. Used Books – You used to see them by the roadsides and you’re wondering if the seller are making money from it? Try it and see! You will be surprised at the profit margin, and you will be amazed at the rate at which Nigerians buy different books. Follow the same process as it is with the used shoes but you buy at different markets. Used books are sold in importers warehouses, locate one and go there to select nice used books, Children books, Professional books, Hand craft books, etc etc. These types of books sells very fast with high profit margin. N50,000 is more than enough for a starter.
4. Office Supply – People who works in offices finds it difficult to go out to the market to buy certain things like Wrist Watches, Shirts, Ties, and Perfumes. Help them do the shopping and charge moderately, don’t be greedy like other suppliers who buys fake things for N1000 and wants to sell for N10,000 in the name of office. If you are honest with your business and charge reasonably, you may even get huge supply contract form some of the people you will meet in those offices. N50,000 will do good in these type of small business in Nigeria and you will smile at the brisk business you will be making.
5. Road Side Foods Vending – If you are the hard working type, this small business in Nigeria may be for you. I’ve seen people buy cars and build house from this business. It’s one of the few businesses that guarantees steady flow of profit no matter the weather, no matter the economic situation. Specialize in cooking Jollof Rice and Beans, Moi moi, Fried Plantain, Custards, and Fried Eggs. You will be friend of the people and the people will be your friend! Look for a hot spot, like the bus stop, near Motor and Okada parks or busy shopping malls. Thirty Thousand Naira (N30,000) will get you all the utensils and small tables and chairs. While N20,000 goes for food items and settlements. Please if know any other profitable small businesses in Nigeria that one can start with N50,000 or less — write in the comment box below and let’s get the business started.
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