UgoMany young Nigerians find it difficult to get good jobs after graduating from university and completing the compulsory one-year National Youth Service. So many graduates turn to entrepreneurship to earn a living. However, one challenge people who want to start a business face is insufficient start-up capital.
Young people find themselves with little or no capital to start their dream business. I mean what business can you start with limited capital?
In this article, we will explore various small businesses you can start even with as little as 30k in Nigeria. If this
Businesses you can start with small capital in Nigeria
If your start-up capital falls within any of these amounts we have researched the best businesses you can invest in.
Assumptions we made while picking these businesses;
- You are young and healthy (18-40 years)
- You are fairly educated (At least completed secondary school)
- You live in Nigeria
- You are starting your business in a relatively safe environment
Criteria used to select these businesses
I looked out for businesses that are;
- Earn daily and sometimes weekly income.
- Very easy to start.
- Don’t require you to meet a lot of regulatory requirements.
- Are supported by cultural and environmental factors in Nigeria.
List of Businesses you can start with N30k
Before stating the best business ideas you can start with different small amounts of money, I would list businesses you can start with the lowest amount, N30,000.
With the current hike in prices in Nigeria, the options you have with only N30,000 are limited.
- Graphics design business
- Home tutorials
- Selling cold drinks
- Recharge card business
- Popcorn business
Best business ideas based on capital requirement
| S/N | Start-up Cost | Best Business Idea | Why we chose this business | What you need to start |
| 1 | N30,000 | Snacks business |
| Baking ingredients, showcase, packaging materials |
| 2 | N 50,000 | Hair barbing and Hairstyling (especially hair plaiting) |
| Barbing or hair styling skills, Rechargeable Hair clippers for barbers, some cash for transport. If you do more than plaiting you may need curling iron, professional dryers, brushes, |
| 3 | N100,000 | POS business |
| POS machine and internet access, cash, |
| 4 | N200,000 | Phone charging business |
| Generator, wooden shop or good location, cash for fuel, etc |
| 5 | N300,000 | Sports viewing center |
| Rented or wooden shop, a generator, Dstv or Gotv subscription, cash for fuel, etc |
| 6 | N500,000 | Delivery business |
| A delivery bike, communication system, business registration, cash for fuel |
| 7 | N1,000,000 | Cooking gas business |
| A gas tank, Gas scale, hose, and gas |
Assessing your skills and resources
Before choosing to start a business, there are some important things you must consider.
Skills and Personality
One key success factor is your entrepreneurial ability. Do you understand business finance, do you have leadership and negotiation skills? or do you have a deep understanding of the customers in your chosen industry? Do you have a genuine passion for that industry?
Finance and resources
Do you have sufficient start-up capital? Do you have a shop or office space you can use? Can you cover travel costs and daily expenses? Do you have a network of professionals working in that industry that you can call on for advice?
Legal requirements, risks, and regulations
Can you meet the legal requirements of this business? Does your product or service meet the standards set by the regulatory body of that industry?
Would you face extortion, violence, or occupational hazards while doing your business? Do you have a good location to start your business? Weighing these factors carefully would ensure that your business plan reveals a realistic pathway to success
Which small business is the most profitable in 2024?
The most profitable small business in Nigeria is freelancing with tech skills. If you master any tech-related skills ( computer programming, digital marketing, SEO content writing, data analysis)
All you need is a computer device and an internet connection. You can make millions by offering your services every month
Conclusion
There are several business ideas you can explore if you have short capital. We have compiled a list of some that are easy to start and you can begin to earn income very quickly. We are interested in businesses that yield regular income because we believe that at the end of the day, you don’t put ‘profit margin’ in the bank you put money in the bank
Frequently Asked Questions
Let us go over some questions you might have about starting a business with small capital in Nigeria.
Can I start a POS business with 50k?
Yes, It is possible to start a POS business with 50k in Nigeria. If you get a POS machine for a price far below 50k, you can use the rest of the money to start making transactions for customers.
Check out the cost of POS machines in Nigeria here
What business is fast-growing in Nigeria?
A business in Nigeria that has the potential to grow very fast is ecommerce.
If you can find the right product to sell and use targeted ads to sell it, you are likely to see fast business growth in Nigeria.
What is the easiest business to start in Nigeria?
The easiest business to start in Nigeria is selling a service. This service can be related to technology, sales or any other service related to a skill you have.
What are the 3 fastest growing industries in Nigeria?
According to the world bank Global economic prospects, Nigeria’s biggest growth drivers in 2024 include;
- Agricultural sector
- Services sector
- Trade sector.
Which business is best to earn lots of money?
You can earn lots of money from several businesses such as;
- Large scale commercial farming
- Ecommerce
- Software development services
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