The high rate of unemployment in Nigeria is gradually increasing daily, the job market has become more tougher with a lot of bottleneck. in other to be able to survive the hash condition in the country, I have come up with small business in nigeria with low capital that any one can easily start in 2021.
Raising funds to start a business is also difficult even those that have job that they are doing are also finding it hard to feed not to talk about raising fund to start up a business.
All these are what triggered me to ask my self are their small business in nigeria with low capital? Which I later found the answer and I will be sharing it in this article.
Their are many reasons why you need to read this post to the end, because am going to dish out alot of values that will really help you to boost your financial grade higher.
Are you ready to know the best business to start with little money in Nigeria?
Remember; excuse is not an investment capital, idleness is not a factor of production. You must be ready to take action, because action takers are story changers.
Who is this post for?
- Anyone that is looking for small business ideas in Nigeria that give high profits.
- Those looking for realistic ways to make money with small capital.
- Anyone looking for business to start with below N50,000 in Nigeria.
- Unemployed graduates, and salary earners.
If you are in the above categories then, I will advice you to start running now before you get drenched by the rain.
Things you need to think of before you start a business in Nigeria
There are a lot of things business aspirants need to understand before they venture into any business in Nigeria, most individuals do not usually take a deep look into most of these things am about to point out.
But they are very necessary to know. And some of those things are:
- Can your business solve any problem?
- Is your business idea achieveable?
- who are your ideal customer?
- Who are your competitors?
1. Can your business solve any problem?
In other to avoid wasting the little money that you have, it is always better to think about the kind of problem your business idea can solve and those that are even facing the problem, which are your ideal customers.
If your business can’t solve any problem then it doesn’t worth investing into.
2. Is your business idea achieveable?
Any business idea that is not realistic doesnt worth investing into, the major question you need to ask your self is; this business that am about to start is it realistic? If yes! That means it worth investing into.
3. who are your ideal customer?
Your ideal customer are those that need your service or those that may patronize your business. If their is no market for your business, then I will not advice you to start such business.
4. Who are your competitors?
Your competitors are those that are already into the business, try to know what works for them and look for something that need to be done that they are not doing.
Or is the business untapped? That is their is little or no competition; in this case you need to know if the business is really profitable or not.
Why you need to start a business in Nigeria
There are a lot of reasons why you need to start your own business even with the little capital that you have in Nigeria, and some of those things are what am going to be showing you right now!
1. To become your own boss
2. Financial freedom
3. Job security
4. To create job for others.
1. To become your own boss
Having your own business is an opportunity to become your own boss, you will be in charge and also be self reliance.
you will have no one to shout at you or cursion you for late coming to work, you will manage your own business with more care so that it will not fall and that will make you to be more serious.
2. Financial freedom
You will stop realying much on others financially, you will not be afraid of been sact by your boss for no reason at any moment.
In fact, you will have more cash flow, unlike other jobs that your employer may not pay you for many months. i could remember some professors that where not paid by government for more than 6 months and they are still expected to be working.
3. Job security
Since no one employed you, you will not be afraid of loosing your job at any moment. Unlike those earning salary without having any other business that they are investing their monthly earning on, it will really affect them.
But as the owner of your business your business or job is secured, no one to sack you except you just decide to quit.
4. To create job for others.
Your own business can also help in lifting others up, the business you started with just N50,000 can be paying thousands of people more than N50,000 monthly salary.
in my business philosophy, I believe that; success of any business man is success for all. If you want to be a great business man Never grow alone, lift others also.
Obi Kubana is a good example here because he helped in lifting his friends instead of growing alone.
What are the best ways to raise capital for your small business idea?
- Personal savings
- Family/friends support
- Government grant
The reason why I do not mention loan is that; getting loan for a business is a risk, and wrongly use of loan can put you in danger.
You need to always be careful whenever you borrow loan. Now, let move to various ways to raise funds for your business.
The mostly reliable ways to raise money for your small business is through personal saving, the money you saved by your self through other means which may include; working for others and get paid.
Most people usually engage them self into some online business like Woking on fiver, upwork, to be able to raise small capital for their business.
Family and friends;
Another trusted way to raise capital for your small business in Nigeria with low capital is through your family and friends.
even if you intend to borrow the money from them you do not need collateral, since they are close to you.
Or you may hold late say 20k and tell them that you need at least N10,000 to complete the money to enable you start up the business, many of them will be ready to help.
This is a money given to individual by government without intention of getting it back. This might be a means for the government to help it’s citizens.
you can easily use grant from government to start a business instead of wasting it unnecessarily.
Since you have been able to know the Major things to consider before starting a business and why you should start a business in Nigeria, let quickly look at the best business to start with little money in Nigeria.
Here are the Realistic 11 small business in Nigeria with low capital.
The businesses that am about to list here are business ideas that have been tested and it worth investing into, the good news is that almost all these business give high profits in return.
I will advice you to read inbetween the line to be able to get the full gist.
1. Livestock farming
The first in our list of small business in Nigeria with low capital is livestocks farming, which deals with rearing of different kinds of animals such as; poultry farming, cow, pig farming and fish farming.
Livestock product is among the major source of protein for man, which makes it to be among the most demanding product in Nigeria.
If you can invest into any area of livestock farming you will really be making enough cash daily or week for instance; someone that is into poultry farming will have chance of selling; eggs and also poultry feeds, and be making extra income.
You may also invest into livestock farming even without owning a farm, by simply investing into any of farming business through any farm investment platforms in Nigeria.
2. Maize production
I do not know if any other person like pap the way I do! And the issue is that the price of maize which is the source of the pap keep going high each day.
If you can venture into this maize production business in Nigeria you will really make it big, as maize are been used for many purposes most especially for pap production.
This business doesn’t cost much capitals to start you can easily start it with as low as N20,000 and you will be sure of making high profits.
3. Buying and selling of used vehicle spare parts
You can make a lot of gain buying and selling vehicle spare parts in Nigeria, and this business doesn’t cost much to start with just little capital you can rent a shop and start this business any where in Nigeria.
Since price of everything is going higher in Nigeria most especially the price of car parts, people have developed interest in purchasing used vehicle parts if they need any instead of going for new one.
You do not need to rob a bank before you can start this business with just little capital you can start this business by buying people’s old vehicle at cheap rate and scatter it and bring out the ones that are still good and start selling to those that need it.
4. Pets breeding
Pets breeding is a process of raising different kinds of pets, like; dog, cats, snakes, and birds. This is one of the high rated small business in Nigeria with low capital that need a lot of experience before starting.
This business is untapped in Nigeria, you will hardly see people that are doing this type of business that is, you will have more chance to succeed in this business if you start it in Nigeria.
5. POS business
Point of sales business is another lucrative small business in Nigeria with low capital and high profits, this business is one of the best daily income business in Nigeria that doesn’t need much capital to set up.
To start this business you just need to decide the POS company you need to be their agent register with them and get the POS machine and start using it to offer service to people.
6. Car wash business
This is another profitable business to start with little money in Nigeria and you will start making high profits.
Most people do not use to have chance to wash their car after or before going to work, most usually lack water to use and wash the car and some are lazy to wash their car by them self.
This might be your chance to make hug money by opening car wash center where you will be helping people to wash their car in Nigeria.
7. Daycare centre
Starting a daycare business in Nigeria will really be a good deal if you are a kind that like playing with kids, you can rent a very cool centre where you can be helping parents to take care of their babies.
Most parents usually don’t have enough time to look after their kids, and most will not also like to carry their child to work which my be due to the nature of their job or the stress the child might be given them.
It is your opportunity to invest into the daycare business, the major things is just for you to rent a comfortable place that is healthy and secure, many people will like to always patronize you daily.
8. Okirika business
Selling of London used cloths is another best business to start with little money in Nigeria and you have the chance to earn high profits in returns.
London used cloth is always very cheap in the wholesale market, unlike the new cloths that the price is going higher everyday which is among the reasons why many individuals have developed interest in wearing okirika clothes.
okirika business is very easy to set up in Nigeria with any amount it doesn’t need much capital to start and it is not a must that you will have a shop.
9. Nylon bag production
I just discovered that nylon bag is one of the most used in Nigeria today as everything you purchased in the market must be packaged with the use of nylon bag.
The most interesting thing is that their are few producers but much users, and it is your chance to quickly invest into this small business in Nigeria with low capital.
10. Selling of original honey
Honey is the only things that I know that doesn’t spoil easily at home, It can last for more than a year without loosing it taste.
Many people like licking honey but you will hardly see the original one, if you can be getting original honey and be selling in the market you will see many people that will be ready to buy it no matter the price.
11. Yam flour production
Yam flour is a product of yam, that is gotten by simply; pilling yam and dry it using sun. after drying it very well you can then ground it.
Most individuals do this at home to avoid the yam from spoiling, and the yam flour is always very enjoyable when eating because it usually look exactly like pounded yam.
If you like eating pounded yam and you have not tasted yam flour before you are really missing something.
As someone that have this kind of business ideas you can simply start this small business in Nigeria with low capital and you will see how it will be bringing reliable income to your wallet.
Nigeria is one of the best country that any business can easily thrive and it is always better to think about a business that is more profitable which is capable of giving you good investment in returns before starting.
No one will like to waste his/her time doing a business that is not lucrative no matter the amount of capital one started it with, the major thing in any business is to set a goal, it is your goal that will help you to remain focus to be able to hit your target in the business.
In this article I have been able to reveal some hot small business in Nigeria with low capital that any one can easily start.
I hope to see you at the top, remember it is only those that take action by starting any business either the one in our list or not, that can see result.
I wish you success in your business.