As a Nigerian, you should know that the era of hoping for the government to provide employment is no longer tenable. As an average Nigerian ready to create income for himself, you should instead look at how you can start your own little business and grow it until it can cater to all your financial needs.
Consider several businesses, especially those that require very minimum base capital, high profit, and the potential to become something big. So, you are that one person interested in changing the narrative about your life and making some good fortune for yourself rather than relying on the government to provide a job that may never come. In that case, it might interest you to know that there are various options to choose from and start immediately, with little capital.
Why start your own Small business?
Apart from becoming financially independent, the benefits of owning a small or big business are mind-blowing. First, you become your boss with nobody to account for but yourself. Also, in this era where inflation is on the high side, those on the monthly payroll become the victims of the day because their paycheck is continually devalued every day because of the ever-increasing cost of goods and services.
And so the business owner doesn’t have to worry because as inflation sets it, the cost of his products also increases. Another reason for owning your business is that you can decide how much you want to profit by scaling up, unlike the employee with a specific salary, no matter the time and effort he puts in.
As a business owner, you control the business, when or how you intend to run it, and when you plan to close or open. This makes you boss; believe me, it sounds so great to be one.
However, you must remember the place of dedication and discipline. As a business owner, you’re responsible for your decision, which can either crumble you or make you.
So, as much as you’re interested and excited about the prospect of starting your small business, you must guard against any action or inaction that may put the company in danger, and self-discipline or self-control comes on top of that list.
List of the cheapest businesses to start in Nigeria
Starting a business, especially one that requires little or no capital, is relatively easy; it’s just a matter of willingness and knowledge of the market or the craft. Below are 10 businesses that require little capital and how you can learn the craft and begin immediately.
1. Graphic Designs Business
Graphics design is a very lucrative business that is increasing in demand among business owners and those needing the service. Learning graphic design is also relatively easy, as many now charge less than 10 thousand Naira in most cases to learn the craft. What about YouTube?
I know someone who is now a professional graphics and video editor, who never was mentored by anyone but boasted that he knew all he knew today from watching YouTube videos. One thing about this business is that you can even begin with your smartphone, as most of the applications for graphics design can be sourced on the Google Play Store.
When you master the craft, getting clients becomes more accessible. You can display your works on social media and also go around to meet business owners and tell them what you do. The beautiful thing is that they will always recommend you once they know you are good at what you do. Then comes the aspect of scaling up.
As you grow, you can now delve into video editing and learn the software needed, and before you know it, you’re already on your way to building a name for yourself as a media specialist.
2. Freelance writing business
If you have a strong flare for writing and haven’t considered monetizing it, then now is the time. All you need to do now is take some classes on writing, which could be on YouTube or get a paid mentorship.
Get people you can write for. Persuade them to give you a trial. You can even write for them for free, which will make up your portfolio. Then, begin to search forums and other social media for opportunities. The truth is that there are ever-increasing opportunities for writers.
3. Perfume oil business
With about 5000 naira, you can start a perfume business. All you need is to buy a small quantity. And with word of mouth, you will be amazed at how things turn out. The market is there. Especially if you’re that person who meets people every day, goes for worship, or as a student.
As you sell, you increase the quantity. And don’t forget to always ask for feedback from your customers because that will help you serve them better, and they will also be satisfied to recommend you. And with time, you can scale up, adding other things to it like earrings and wear especially for females
4. Affiliate marketing
Affiliate marketing promotes other people’s business or helping others sell their products. Whenever many hear affiliate marketing, selling online comes to mind. In as much as that is where it’s most profitable, that’s not all there is.
Most people in the market do affiliate marketing. They meet you to know what you want to buy and take you to a shop where you will be sold. Then, they get their commission for every successful purchase. You promote other people’s products online and get a commission for a very successful sale.
You need little or no capital. However, to be a good affiliate maker, you might need a mentorship program that will help you and groom you on how to make successful sales. But if you are good, this can make you feel hundreds of thousands every month from just less than 100 thousand invested in mentorship.
5. Laundry business
Starting a Laundry business is easy. You might not need a washing machine initially, but if you have the means, you might just go for it, which signifies you want to scale up quickly. You might also need a generator for constant power.
Most people started this business without these two things, but today, they are doing better and have employed more people. All you will need initially is an industrial iron. Then, begin to tell people around you what you do. You can start from your home.
6. Fruit business
With less than 10 thousand Naira, you can start this business. All you need is to source your varieties of fruits from a local market at a cheap rate. Then add some apples and other foreign fruit to it, and that’s it.
If you’re in an excellent strategic position and there’s patronage, you could quickly scale up and make so much profit.
7. Pet business
Raising pets, especially dogs, has become another lucrative but cheap business. Most people need dogs and other pets for security and comfort. You may start by buying a female dog of an excellent on-demand breed.
Then, begin to feed and rear it until it matures. Get a male counterpart to mount it for pregnancy. You will be amazed how much you begin to rake in as you sell the puppies.
To source good food, you can always resort to local food sellers and make arrangements to get their waste food, which is cheaper.
8. Bead making
Bead making is another cheap but fast-selling business. You only need to master the skill, go to market, buy the material in low quantity, and start. Begin to supply shops, carry them everywhere, and display them.
You might be surprised at the patronage you will get. You can start this business with about 10 thousand Naira and increase your capital as time passes.
9. House agent
Being a house agent is another lucrative, cheap business. It requires almost no capital, but the return is mind-blowing if you know the business. Get good mentorship from someone with experience. They set out to print banners to paste on strategic positions.
When someone who needs accommodation contacts you, and you help get the accommodations for him, you earn 10 percent of the rental. If you’re good and know what you’re doing, you can rake in at least 100 thousand Naira monthly. Then you can become a real estate agent; before you know it, you’re on par with having a business that employs others, too.
10. PoS business
Starting a POS business does not require a store. All you need is a POS machine and a strategic position, preferably far from banks or a place with high human traffick
POS operators make a whole lot of money depending on patronage. With less than 100 thousand, you can have a POS and a reasonable start-up capital.
Conclusion
The chance of becoming a business owner and becoming financially independent is more available than ever. Look for that business you can start with and start immediately. The best time to have started was yesterday, and the next best time to start that business is now. And with no time, you will realize you made the best decision ever in your lifetime.
