Many people want to start profitable businesses, and usually, people start small before developing into something great. If you consider starting a business and maintaining it, then you have a great chance to make good money out of it. In this article, we will list the most successful small business ideas which will help you to decide what you want to do, and how to do it most effectively. Follow our pieces of advice and become wealthy in no time!
Perhaps you are searching for the opportunities to invest your money into, but since you have a limited amount of money, you want the success to be guaranteed? Maybe you want to find small business ideas in Nigeria, which will grow fast? We assure you that this article is specifically for you and other people who are looking for the most creative small business ideas.
The best business to start with little money
A lot of potential Nigerian entrepreneurs want to start a business in their own country and search for the most successful small business ideas in Nigeria. There are, in fact, more lucrative business ideas than you can imagine. Sometimes, you should put some effort into searching and dig deeper to find a niche that will satisfy you.
Here are some examples of new business ideas that you can start with average capital and make a profit! Learn what is the best business to start with little money, and try your hand at one of these.
1. Livestock farming
One of the fast business opportunities in Nigeria is livestock farming. This industry is continuously emerging and is yet to discover its fullest potential.
This business can be started even in your backyard, provided that you know how to operate the equipment and take care of your livestock. For this business, you will need patience, knowledge, and experience. Some of the niche areas that you can venture into are catfish farming, poultry farming, cattle grazing, goat rearing, snail farming, and many others.
2. Exportation agricultural products
Nigeria is a country which is full of various natural resources and quality food. You can start your own exportation business, if you register with the Export Promotion Council of Nigeria, and decide which specific product would be best for exporting. Some of the products that are in high demand abroad are cassava flakes, cocoa, yam flour, groundnut, chili pepper, cashew nuts, mango, and many others.
If you for some reason do not want to get involved into exporting the agro-production abroad or have no capital for this, you can stay at the local level and sell your products on the territory of Nigeria. You can earn a good profit by buying and reselling palm oil.
Nigeria is a very vibrant country when it comes to mineral resources. Some of the minerals that our country is especially rich in are coal, iron ore, limestone, bitumen, and others. The mining sector is growing in Nigeria. The government also supports the mining industry. So, if you have a good, trustworthy team, as well as the financial capabilities, you could try your luck in this sector.
4. Private refinery business
The oil and gas sector is extremely prominent these days. All the most successful business people are involved in this sector and are making huge money off it. For instance, the wealthiest person in Africa, Aliko Dangote, is the oil and gas billionaire, and he raised $9 billion after setting up his refinery.
You could build a private refinery of your own; it is another business which is supported by the government and some of its decisions, including the fuel subsidy removal. If the refinery does not work for you, then perhaps you could invest in oil and gas business a different way – for example, start a filling station or kerosene depot. Or you could found a cooking gas retailing company. There are plenty of possibilities for you to start small and then develop your business in the oil and gas sector.
5. Uniform sewing
If your hobby is sewing clothes, and you would not mind doing it for a living, then you should probably choose this business. There are plenty of schools in every state, and they all need uniforms for their students. Besides, there are also a lot of corporate organizations, whose employees also wear uniforms – for example, the security staff. And it is not all – the multiple military organizations require wearing uniforms, and since they have a lot of people involved in their activity, they always need new ones.
So, you can step up as someone who will sew the uniforms for people and organizations who need them. You can promote yourself as a supplier of uniforms, and make good money from this business.
6. A writing company
Excellent writing is valued nowadays, and you can make some money if you take up freelance writing. At first, you will not even need the starting capital to begin your journey – the only things you will need are the skill and desire.
You can search for the orders online, or write for a company which will want your texts. The benefits of this job are countless, and the main one is: you will not have to go to the office or perform some hard work – it can be done at home from your laptop with a cup of coffee.
Later, when your business grows, you can hire other writers and start your little company. Writing content, especially of high quality, is in very high demand nowadays, and it is usually difficult to find the writers who will sacrifice themselves to this job. So, if you have a good skill and a way with words, this is a business for you.
7. Call center agency
Call center business is very popular, because there are lots of people who need guidance, advice, or want to complain about services. Therefore, you can set up a call center agency, where you can work for large companies according to contracts.
This business will also not require substantial start-up capital unless you would like to hire more workers, which can be done later when you grow a little.
8. Recruitment agency
Nigeria suffers from the problem of unemployment, and there are many people in desperate search for jobs. You can become a recruitment agent, which will connect people to the jobs of their dreams. All you need to do is to cooperate with different companies and recruit people for them.
Your recruitment agency can grow and expand with time, as you make more and more profit. To succeed, you need to be good at finding the right people for specific jobs.
9. Importation of clothes
If you think about the basic needs of every person, clothing is undoubtedly one of them, because we wear them every day and are always in need of new ones. Many people not just wear clothes, but also like purchasing some cute accessories for them. There is still a market for clothes, especially when they are trendy and at the same time not very expensive. You can set up the business of selling clothes to the clients.
Importing your clothing can be done from such countries as China, India, France, Italy, and many others. There is a trend of buying recycled clothes in Nigeria due to the tough economy, so you should keep this in mind while doing this business.
10. Daycare center
The majority of families have children, but they also need to work hard to earn enough income to cover their expenses. Therefore, not every parent can allow themselves to spend time with their child. There are quite a lot of daycare centers, but not all of them are competent. So, if you love children and are sure that you can care for them, you should consider setting up a daycare center.
For starting a successful business, the environment has to be suitable for children so that parents would trust you with their kids. If you are creative in your approach to the youngsters and can create a good atmosphere for them, then you have a chance to make good money from this entrepreneurship. Except that, it is possible to start it from home, as long as you think that your home would be a good starting place for the daycare center.
READ ALSO: Best money making ideas in Nigeria
11. Training center
Are you skilled in a particular field, and feel like you could help other people to develop their skills? Then the training center business can become a niche that will bring you good money. This business can be profitable nowadays because it is always in high demand among the clients. For instance, millions of Nigerians every year pass different tests and examinations, and they need someone to help them out with preparation, so they search for various training to get ready for their exams. If you are skilled in a particular subject, for example, Math, you can become a tutor for people who have trouble with the subject.
These are not the only ways to make money off being a trainer. You can teach people who want to develop their professional skills for corporate reasons, or just for themselves.
For example, many people these days want to learn how to use various computer programs. So, if you know something about Photoshop or computer programming, you can use this knowledge to start your course. It might be a little tricky to advertise yourself, but if you are a good specialist, then people will come again and again. Perhaps, when your center is a little more developed, you can hire other people who can provide additional training services to the students.
12. Waste management
It is another niche which can become profitable, and it has a significant potential for the future. It can eventually become profitable because many Nigerians are still unaware of the proper waste disposal ways, but there are some states in the country, like Lagos, which are actively encouraging the waste management among people.
There are a few stable businesses that can be started in this niche, and the examples of such companies are waste disposal, waste recycling, organic fertilizer production, junk hauling, and some others. Perhaps, this can bring you some future profit if you join this branch.
13. Food processing industry
What will you have to do in this industry? It is quite simple – you will only need to collect the raw materials that food is made of, and then turn those materials into the finished product. There are plenty of businesses which you can connect your professional life with. In particular, these businesses are: frozen food production (which is very profitable nowadays, as many people who have no time to cook for themselves like buying the frozen food), vegetable oil production, oil palm processing, yogurt production, tomato puree production, garri processing, rice milling, fruit juice production, and many others that you could turn your attention to.
14. Alternative power installation
It is a very relevant topic nowadays, as Nigeria is fighting the power supply issues. The world these days goes green, and in our country, the government already took steps to improve the power sector. However, there is a growing demand for the power generators of alternative type, in particular, solar energy, inverters, and windmills.
So, you could attempt making money by the importation and retaliation of these materials, or another way for you would be focusing solely on the alternative power installation.
What if you have had a desire for setting up a little farm of your own for your entire life? Well, now your wish can not only come true, but you can also make some money off it because these days farmers are quite lucky when it comes to cash.
The most important step when it comes to this business would be acquiring a good piece of a farm, and then you can start planting certain crops on it. We already have talked about the livestock farming business, but if you feel like you would instead take care of crops than livestock, then you should consider this option.
There is a considerable amount of cash crops, which can be planted and nurtured, and every year you will be provided with a steady income from them. Some of the examples of the cash crops you could plant are kola nut, cocoa, oil palm, plantain, yam, cassava, orange, and many others. You could do research on which ones are the most profitable nowadays.
16. Bottled water production
People drink water daily because staying hydrated is essential for everyone’s health. Besides, pure water is needed these days, and you can become one of those people who produce it and supply those who need constant hydration. If you produce clean and cooling water, then there is a significant chance for the customers to purchase it in large amounts. Besides, because of the latest policies, it is essential to establish your brand on the market as soon as possible, so if your heart desires to be involved in this business, then you should start now.
17. Dry cleaning business
This business is one of the fastest-growing in Nigeria, and many people have already done wonders in it, because of the high demand. The primary reasons why it is such a lucrative business is that not all people have time to wash clothes – they are too absorbed into work and other responsibilities, so they trust the dry cleaning services with washing their clothes. That is why you might want to start this business and help people to clean their laundry, in exchange for money. You will need to set up some equipment and get to work.
18. Recharge card business
Lately, this business has been a breakthrough business in Nigeria, because so many people are frequently calling someone on the phone, and for the most effective experience, they need to recharge their phone frequently.
There is no person in Nigeria who does not have a phone and never makes calls. These are the main causes of such great popularity of recharge card business. You can start printing them out even from home, as well as you negotiate with the sellers, get some equipment and install the needed program. You will have to read about how this business works, but we assure you that there is nothing complicated.
19. Restaurant business
There are plenty of eateries, but it does not mean you can not start your own restaurant. People usually go to restaurants which are not too expensive and provide high-quality food service. These days, many people are too busy to eat at home and cook for themselves, so they very often visit eateries. This especially applies to the students and workers, which is why setting up your restaurant in the studying or business area would be a great idea.
This business requires some starting capital, but usually, the eateries which provide excellent service and have their special charm attract a pretty good audience and therefore make a lot of money. The professional stuff needs to be hired as well. The restaurant seems to be a tricky business, but for people who have experience and knowledge in the area, there is truly nothing impossible.
20. Bakery business
If you would like to start your little bakery, then it is not necessary for you to be a fantastic cook, but having some knowledge of it would be beneficial. The most significant point is finding the place for your bakery because you will need it to attract customers and be noticeable.
At first, your business can start small, but it can become bigger when it is profitable enough, and you can hire some staff. Also, remember that the most successful bakeries have some twist, like the product that only they have a recipe for, and no one else does. Be creative when you start the bakery business, and one day you will gather the crops in the form of the cash.
These were the twenty most exciting small business ideas in Nigeria, which you can try this year! You can read about many more ideas in our related articles which follow a similar topic.