Do you have money at hand and you are looking for good business ideas you can venture into but can’t get a hold of one? This post is for you.
It is when you have capital that you understand that starting up a new business is not an easy task. I remember always saying years ago that if I could get ₦500,000, I would never go broke again because I would start-up a business that would grow big. It was when I had that amount of money that realized the true meaning of the saying, “it is easier said than done”.
Having money alone is not enough to start-up a business. Business requires knowledge and skills to help you excel in it just like in any other occupation or trade. Before I go further with writing about business ideas you could invest in, let me take a moment to talk about business skills as you will definitely need them to excel in your chosen business.
Business Skills You Need to Excel in Your Business
In this article, I am going to be focusing on the basic and general business skill every small business and start-up should have to keep going in the business as my entire focus on this post is on people who may just be starting up their first businesses without much knowledge about running a business.
1. An Understanding of Economics
Having a basic understanding of economics would be essential to growing your business. Business is more of decision making and you will have a lot of decisions that would be economically valuable for your business to make. Getting them wrong would be the beginning of the downfall of your business.
You need to have an understanding of pricing strategy and market demand. This will help you to know when to invest and when to look away.
2. Financial Accounting Skills
Having a basic understanding of financial accounting will help you run your business better. You need to be able to keep a record a diligent record of cash inflow and outflow. This will help you separate your profit from your capital. You can go as far as organizing your financial accounting reports in daily, weekly, monthly and yearly basis.
A good financial accounting practice helps you to analyze your business’ profitability, potential and performance record.
3. Negotiation Skills
To be able to excel and keep your business going forward, you need to be a good negotiator. Being a good negotiator will help you get the right deals for your business at the right price. It will also help you convince potential customers into doing business with you.
As I mentioned, the focus of this article is not to discuss business skills you need to excel in your business, but to give suggestions on good businesses you can start up with low capital in Nigeria. Therefore I will cut it on business skills at the 3 stated above, however you can look up other basic business skills you should have to do well in your new business. These skills include; Decision making skills, Networking skills, Emotional Intelligence skills, Leadership skills, Effective Communication skills.
Let me quickly state this, in whatever business you start up, make sure you are solving a need. Therefore in this post, I shall mention only businesses that would serve a purpose for the masses. Yes, to make wealth, find a problem and solve it and that us basically what we will be doing in this post.
1. POS BUSINESS
POS business has become one of the most popular businesses in the street of Nigeria. With the consistent failure of the Nigerian banking networks for transactions, POS operator have become a go to place for many Nigerians for cash withdrawal.
POS business may not be the most lucrative business idea in Nigeria today but since we are focusing on business ideas you can start with low capital, POS business is easily one of the best on the list.
With as low as a ₦100,000, you can start a POS business in Nigeria. Below are things you need to successfully start up a POS business in Nigeria.
- A Shade
A shade can be an umbrella or a kiosk. Since we are considering a business you can start with as low as ₦100,000, an umbrella would do just fine.
- POS Machine
This is the most important equipment of the business. You can get a POS machine from banks from any bank in Nigeria. However due to the perpetual that has hit the Nigerian banking system since 2022, going for a POS machine from a fintech firm would be better.
2. HOME/OFFICE FOOD DELIVERY VENDOR
This is another business idea you should explore in Nigeria today. Food is a very essential part of our daily lives as one can not do without it.
Many people today have very little time to make food before leaving for work and would cherish anyone who can get it for them to their place of work. Also many young people and bachelors rarely cook in their homes and can order food in packs from food vendors. Therefore you can key in to solve this need by opening a home and office delivery food shop.
You can start a food delivery business with as low as 30,000 naira. All you need is enough money to buy food stuff to serve your orders, assuming you already have cooking utensils.
You can take to your WhatsApp status to advertise your services and menus. You can also post about your services on your different social media timelines.
3. MOBILE PHONE CHARGING BUSINESS
With the consistent failure of the power sector in Nigeria, a mobile phone charging station can become a lucrative business idea. You need to start up this business is a store, a board where you can install multiple sockets, chargers and a generator or any other source of power you can afford.
Some things you need to consider before venturing into this business are; location, population density and power situation in your chosen location.
4. LAUNDRY BUSINESS
Another lucrative business idea you can start up in Nigeria to is laundry business. With the increasing number of young big boys in town and the demanding nature of most people’s jobs who will not have time to do their laundries by themselves, laundry business has become a good business idea you can explore.
You do not need much to start up a laundry business in a small scale. You can start off by washing with hands before thinking of acquiring machines to ease the work.
More on Laundry Business:
How to start successful laundry business in Nigeria
5. SHAWARMA SELLING BUSINESS
Shawarma, a snack which is made of beef or chicken filling, has quickly become one of the favourite snacks for young people in Nigeria. This is another business you could start with low capital in Nigeria. With has low as 100k, you can start a Shawarma selling business in Nigeria.
Before going into Shawarma selling business, you will need to first of all get trained on how to make it as you will require a proper knowledge of the making procedure in order not to serve your customers with poorly made Shawarma which will eventually destroy the reputation of your business. This is a skill you can actually acquire in 1 week or less.
After acquiring the Shawarma making skill, you can proceed to set up your Shawarma spot in a strategic location where you can get customers.
6. CLOTHES SELLING
The 3 basic needs of man are; Food, clothing and shelter. Any business idea you can start around these needs would surely be successful if you do it well.
You might think of clothes selling business as a business that requires a huge capital to start up but that is not it. You can start a clothes selling business with as low as 100k. As a small scale clothes selling business owner, you do not need to rent a shop at the beginning of your business. You do not need to go buying the most expensive items in the market.
Start off by buying the low cost clothes in the market. You can add more under-wears in the beginning as they are relatively cheaper. Advertise your business, consistently posting the photos of your items on your WhatsApp status and on your social media channels to attract buyers.
7. POULTRY FARMING
This is another business idea you can go into as your products are always in demand all year round. You can start a poultry farming business with a low capital in Nigeria.
In this business, there is nothing that is a waste. You can sell eggs, chicken and even the chicken droppings as manure for farm lands.
To start a poultry farming business, you need cages depending on the number of chickens you can afford for a start, up to 100 growers for a start if you can afford it and chicken feeds.
Ensure to keep your birds in a clean and dry place. Also feed the birds regularly and vaccinate them.
Blogging can be a very lucrative business idea if you do it well and can also be the biggest time waster if you do not do it right.
Becoming a successful blogger requires patience, time, dedication and diligence to the work. If you enjoy writing, think about what interests you, what you can enjoy writing about without running out of ideas and create a blog around it.
With much competition in the blogging space now, niche blogging has become a better way to go.
9. MINI IMPORTATION BUSINESS
This is another business idea you can start with low capital in Nigeria today. This business is about looking for products products you can import from other countries and sell in Nigeria.
Years back, it would have been a business that requires a large sum of money to go into, however with the arrival of internet, anyone can go into mini importation business.
First, you have to make a choice of what you want to be selling, source for the products in countries like China, purchase and sell when they are delivered to you.
10. DATA RESELLING BUSINESS
According to a report by Statista, Nigeria is the 7th country with the highest number of internet users in the world. The world has become a global village and everyone needs data to stay connected and informed.
NCC reported in 2021 that Nigerians use over 80,000 terabyte of data every month. That is much right? You can key into this need by selling of data.
As a data reseller, you buy data in bulk from VTU companies or telecommunication companies and resell to users with added profit.
To start a data reselling business, you need a smartphone, a bank account to receive payments, internet connection and capital. You can start this business with as low as 100k.