Do you have a little sum of money and you are thinking of how to invest it or wondering the type of business you can start in Nigeria?
With the rising cost of raw materials, products and equipment in the country, it is becoming increasingly difficult for people to start-up something with the small money they have. But as a student or a graduate who is looking for a way to earn income or a side hustle, there are business ideas that can be adopted if you have N10,000.
In this article, we will list some of the lucrative businesses you start with 10,000 naira in Nigeria in 2023.
1. RECHARGE CARD SALES
Selling recharge card in retail is one of the most popular small scale businesses in Nigeria that is cheap to start. According to the latest National Bureau of Statistics report, 222 million Nigerians use mobile phones. A phone serves many purpose today but the primary reason it was produced was so that people could make calls intracity, interstate and even international calls are all possibe with a mobile device.
What this means is that importance of airtime cannot be overemphasised. While people now buy airtime online and directly from banks, there is still a good number of Nigerians who buy recharge cards from vendors. To become a recharge card seller with N10,000, you have to find a wholesaler and buy a variety of recharge cards in bulk based on the network and prices which you then resell. There are usually discounted amounts when buying from wholesalers and your location can determine whether you get 3% or 10% off.
2. SMALL CHOPS BUSINESS
Weddings, graduation ceremonies, birthday parties, office events, seminars are some of the places where you can readily find supplies of small chops also known as finger foods. For many who don’t know, small chops mostly consist of puff puff, samosa, spring/sausage rolls, chicken or fish, Snails, Gizzards, goat meats (asun) and plantains. You can cut down the list of items to include in your small chops package to 3 or 4.
Ordinarily most of the equipment you will need to prepare the food/snacks are already in your house, eg, bowls, frying pan, sieve, tray, turning stick, knives but there are some you will need to buy if you don’t have them.
Cooking gas (if you have ove at home, it can also be used)
Flat wooden spatula
These items are not expensive as you can get them between N5000 to N7000 depending on what you don’t have and what’s available.
3. LAUNDRY/DRY CLEANING SERVICES
It does not take too much to start a laundry business as what you need to consider is getting a good location where there is stable power supply, because you will need to iron the clothes.
Being that what you have is N10,000, you may not bother about buying a washing machine, but if you already have one then that’s a plus. You can use hands to wash the softer clothes and brushes for the hard denim and other materials.
However, there are places where fairly used mini washing machine are sold for N5000 to N7000, and second hand pressing iron can be bought at N1500. The remaining money can be used to buy other materials such as detergent and starch.
Things you need include;
Detergent and soap
4. PERFUME OIL SALE
N5000 or N7000 out of N10,000 can be used to start a perfume oil in small quantities from wholesalers and resell to customers. It is important to do proper research about the products so that you get the fragrance customers will be interested in and go for longevity because people want to smell nice for longer periods of time.
It may help to get a reliable and stable supplier who will supply you the best perfume oils at affordable prices. You can negotiate to buy a bundle of fragrances as much as your money can afford and start selling either through social media channels or in your neighbourhood.
5. RESELLING SECOND-HAND/LONDON-USED CLOTHES
The best way to get into this lucrative business is to approach someone who is already into the sale of London-used clothes. Find out much he buys them in bulk, where he gets them from. The sale of second hand clothes commonly called Okrika is also a good business that can fetch you N15,000 to N25,000 daily.
A trader in Garki Area 10, Abuja said he sells one shirt for N1,000, and he has a big bag of clothes with different designs. So if he sells 20 clothes in a day, that means he will be going home with N20,000.
Let’s say you take your N10,000 and buy 10 clothes from him at N1,000 each, you go to a different location and sell yours for N1500, you’ll make N15k in a day. You have N5000 profit and you can use the N10k to go back and buy 10 more clothes.
At the end of the week you would have a profit of N35,000 and by month end, you are taking N140,000 to the bank.