There are people in Nigeria who want to start a small scale business enterprise but the challenge is lack of capital.
This problem does not necessarily apply to salary earners in Nigeria. How do I mean? you may ask. There are employed Nigerians who feel their monthly earning is not enough to cater to their needs so they often think about alternative sources of income.
For a person who earns N50,000 monthly but thinks it insufficient to attend to your basic necessities, you can use that money to start a business which can generate income for you daily, weekly and monthly.
This article will highlight 8 small scale businesses you can start with your N50k salary.
1. POS BUSINESS
The amount required to start a POS business ranges from N50,000 to N250,000 depending on the volume of money you wish to use for deposit, withdrawals and transfers.
You can do it discreetly in the office or use a friend to set up a stand at in your place of residence and make between N6,000 to 12,000 daily, so at the end of the month, you pay the friend after making as much as N180,000 to N360,000 which covers the capital used to start the business.
Some banks and fintech companies give POS machines to merchants free of charge but there are criteria that must be met before one can be eligible.
2. MINI IMPORTATION
Mini importation is the business of buying products from China or any other country that produces certain goods at cheap prices, importing them to Nigeria, and then selling them for good profits.
Many people have turned millionaires through mini importation business. According to a report, you can make 200% ROI per product. For example, a man buys shoes at N2,000 per pair, he sorts the shipping, clearing, and forwarding fee for N2,000, and when it reaches Nigeria, he sells it for N10,000, leaving him with a profit of N5,000 for just one shoe.
3. SALE OF LIQUID SOAPS
The business of making liquid soap is one of the cheapest you can start with N20k or lower. There are places that sell the items you need to make liquid soap and do it from your home early in the morning or at night after close of work.
To make the soap; caustic soda, sulphuric acid, soda ash, sulphuric acid, formalin, STTP, SLS are needed. Also you will have to get bowls, table spoons, stirring rods, nose mask, measuring cup, hand glove and measuring cup for packaging.
4. BAKING CAKES
To start a cake business is not so hard and it is a good idea because you can do it with part of your N50k salary and sell to colleagues at work. But you must have a passion for baking so that when people eat your cakes, they will want more.
With N30k, you can get mixer, small oven, ingredients and some other essential materials through online stores.
5. MAKEUP ARTIST
A standard makeup kit can be purchased on Konga or Jumia for N32,000. If you are not an expert in giving people a facial makeover, there are tutorials on YouTube which can serve as a guide.
After getting the kit, you can use a friend or family member to perfect your skills before you begin advertisement and start rendering services.
6. ZOBO/KUNU SALE
Zobo or Zoborodo is a nutritious and medicinal drink made from dried leaves known as Hibiscus Sabdarriffa.
To start zobo business in small scale, if you have between N10,000 to N30,000 it is enough to buy the ingredients and equipment.
Some of the tools used for producing zobo are; Pots, Bowls, Turning stick, Pet Bottles, Measuring spoons.
7. PHONE ACCESSORIES
Normally, if you did not have a job, you would need a wheelbarrow or small kiosk/stand to sell phone accessories. But since you will be going to the office, you can use a bag pack to carry them.
Everyone in your workplace uses a smartphone and people in the neighbouring offices too, there is almost always a need for either a charger, earpiece, USB cord, phone pouch and so on, this is where you come in.
With a capital of N30,000, you can purchase some of these items in bulk and do your calculation to know how much you need to sell them in retail.
You can always take the business online and advertise to social media users, it is easier to reveal your location so that you can deliver to people in your locality if possible.
8. ARTS & CRAFTS
Do you have magic fingers or talented hands which can finely craft beads, bangles, sculpture, fashion accessories and paint beautifully? If yes then you can use that skill to make money.
The cost of starting a craft business is around N28,000 (equivalent to $62). Ensure you source for quality materials because making products is different from crafting for fun. Find a reliable retail craft store and select the items. People love having handcrafted beads or neck pieces to wear with their clothes while going out, so you can produce a variety and show people in your work place environment.