A business idea in Nigeria and its subsequent launch may be compared to a goldmine that offers individuals the chance to tap into a better way of life in a nation where economic deficit and unemployment have become the norm.
It can be inferred that having a company idea and making it a reality are of utmost importance for everyone who decides to give it a go.
Even if there are numerous obstacles to launching a personal business, lack of initial funding continues to be a significant one.
This article will examine 10 enterprises that may be launched in Nigeria for as little as N100,000 and that promise a 100% return on investment in no more than 30 days.
1. POS/E-PAYMENT
For obvious reasons, POS (point of sales) tops the list of business ideas in Nigeria that you may launch with 100,000 naira. The company is one of them that has been around for a very long time. Human life involves financial transactions, and the banking industry routinely falls short of what the public expects in that regard.
POS acts as a discreet substitute for banking transactions and prevents individuals from spending their valuable time waiting in line for routine financial transactions in the bank hall. The POS may handle financial operations such money transfers and withdrawals, bill payments (DSTV, GOTV, PHCN), recharging airtime, and selling data, among other things.
After graduating and completing his required NYSC, Mr. Tayo Adewale, a 26-year-old HND holder from one of Nigeria’s federal polytechnics, was unable to get a position in a white-collar field. With the help of N100,000 supplied by his family, which he utilized to launch the firm, he ultimately made the decision to start a POS business. Since he began the firm, Mr. Tayo claims he has earned no less than N100,000 in return for his investment, while some of his coworkers are still out on the streets looking for nonexistent white-collar jobs.
One of the most crucial factors to take into account when starting a POS is the location of the company. Your POS company idea could succeed or fail depending on the characteristics of the location where it is located. Some factors to think about when choosing the type of venue are:
- GSM network/Internet
This is an important factor that must be considered before opting for any location. You must ensure your POS business is situated in an area with a very good GSM network, to ensure hitch-free business transactions. - Proximity to banks
Another important thing you should consider before choosing a place to locate your POS business is how close the area is to the banking area. Locating your POS in an area very close to the banking area can be likened to efforts in futility and may not bring about the return on investment as expected. This is because the majority of the people may rather prefer to visit the banking for their transactions since it is close by. - Security
While searching for a place for your POS business, you should ensure the place is secured and has little or next to any history of crime. This is because you will be dealing with cash daily which makes you vulnerable and a soft target for criminals if the location is not secured.
- GSM network/Internet
- What you need to start
Some of the things you will need to get the business started are business capital, space/shop or container, a banner, and most importantly a POS machine for the operation of the business. You can get your POS machines from banks like GTB, UBA, Zenith, First Bank, Access Bank, Polaris Bank, and hosts of others.
2. Phones and other gadgets charging
Another business concept in Nigeria that may be implemented with as little as 100,000 naira is the charging of electronic devices. The fact that most states in the nation have unstable and inconsistent energy supplies is no longer a surprise, making the industry of switching phones a very lucrative one to enter with comparatively little capital.
Also, the price of gasoline for generators, which could have provided a backup power source, has increased and is now prohibitive. As a result, the majority of lower and middle class people who are unable to buy a generator frequently turn to phone charging merchants, paying a minimum of 100 naira to have their phones and other devices charged.
The owner of a phone charging business in Oke-Odo, a community outside the major campus of the University of Ilorin, Mr. Wale Olakunle, is in his middle age. He is proud of the business’ humble beginnings and the progress it has made since it first opened approximately three years ago.
“I started this phone recharging business three years ago with a 100,000 naira loan I took from a microfinance bank. When I first started, the first two weeks were dull and I was already thinking of giving up on the business. But towards the last weeks of my first month, the business started booming and the rest like they used to say is history. At the moment, my take-home from this business is nothing less than 7,000 naira daily after deducting all expenses. That is around 200,000 naira monthly,” he explained.
- What you need to start: While starting a phone and gadget recharging business, one must consider the location. It is preferable to locate your business in an area with a poor electricity supply. This will make it inevitable for people to patronize your business. As a phone recharging vendor, you should also develop a good charisma which will allow your potential customers to freely relate with you as you will be dealing with different types of people dailySome of the things you will be needing to kick-start the business are a container/space, a covered or shaded stall, a small generator for power supply, fuel to power the generator, original chargers and desktop, and an electric socket board with multiple electronic sockets for charging.
3. Mobile food vendor and delivery business
Food is a crucial and unavoidable component of human existence. We have to always find something to eat, no matter what. On the list of business ideas that you may start with 100,000 naira, the online food vending and delivery business ranks third for this and other reasons.
Due to the nature of their jobs and busy schedules, many individuals currently find it challenging to prepare meals at home; as a result, they end up using the services of these food vendors. Some examples of people who fit within this group include members of the working class, students, and craftspeople.
While there are numerous choices, including eateries, restaurants, and other mobile food vendors competing for your consumers, having knowledge of or experience with cooking will give you a distinct advantage over your rivals. You will stand out from the crowd if you can make nice, tasty, and inexpensive dinners.
In a conversation with a well-known mobile food vendor in Lagos’ Ojodu Berger neighborhood, Mr. Kelechi Emmanuel said that ever since he established the company a few years ago, his life has improved significantly. He thanked a friend who had originally discussed the company idea with him. Yet, he bemoaned the present cost of food and cooking supplies and pleaded with the government to please find a long-term solution to the price increase.
- What you need to start: Fast and reliable means of transportation are important aspects that must be in place for the smooth running of the mobile food business.
The good news about the business is that you don’t necessarily need a shop or office to cook your meals, you can start by cooking from the comfort of your home and expanding the business as time goes by.
4. Copywriting
One of the most lucrative internet companies in Nigeria that you may start with a cheap investment of 100,000 naira or less is copywriting. If you have strong language control and strong writing abilities, this business will be your passport to financial independence.
Writing for advertisements, blogs, videos, presentations, direct mail, jingles, creative content, and more are all examples of the copywriting business. A copywriter’s primary responsibility is to weave text in a way that will persuade readers or effectively promote a certain good, service, concept, or cause. When written effectively, a copy can work wonders for any goods or services.
If one knows their onions well, it can be done either full-time or as a side business that ensures a return on investment.
Students with strong writing abilities in particular may look into this business possibility to help their parents meet their financial needs for their education.
A copywriter’s salary in Nigeria might range from 100,000 to 300,000 naira, depending on the organization and type of copy. Also, some copywriters bill clients per word. A copywriter typically charges between $11 and $20,000 for every 1,000 words.
As a novice copywriter, you can apply for a position on a freelance job board, cold pitch, speak at conferences or workshops, and advertise your company on industry-specific websites like LinkedIn.
Seyi Olawale, a final-year student at the University of Ilorin, revealed that since he lost his father in his first year at the institution, he has been able to support himself by producing copy.
He added that he no longer seeks financial assistance from his mother or other family members because the money he earns from the business more than meets his necessities.
- What you need to start: Apart from having an inherent writing skill, copywriting just like every other skill can also be learnt. You can build from scratch or improve your copywriting skills by reading books on copywriting, watching copywriting videos on YouTube, following copywriting blogs and taking copywriting courses on online learning platforms such as Udemy and Coursera. Getting a copywriter as a mentor can also be of immense benefit while you are trying to improve or learn copywriting.
Another good news about this business is that, it is a remote one, and you practically don’t need to situate the business in a particular geography. All that is needed to start up the business is your smartphone or preferably a laptop system, a good internet connection, and, an adequate power supply.
5. Graphic design
As the saying goes, “A picture is worth much more than a thousand words”, going by this saying, so, it is permissible to assert that graphic design is far more valuable than a million words. Visual communication is projected through the process of graphic design to convey a specific message. To convey a message to an audience, it mixes several aspects.
Graphic designers are employed by businesses, governmental institutions, politicians, partisans, and almost every sector of human effort. It’s necessary to familiarize yourself with the fundamentals of graphic design before considering a career in it. These include concepts like hierarchy, color, typography, lines, forms, balance, texture, alignment, proximity, and contrast.
Ayomide Adeniyi, a young graphic designer from Ilorin, claimed to make at least 120,000 per month from graphic design just by assisting various businesses and people with the creation of flyers, e-book covers, and banners. He continued by saying that teaching the skills to eager pupils is another way he earns money from his firm.
The young designer added that he receives the majority of his customers from recommendations from clients he has previously created work for as well as by displaying and uploading his designs on social media platforms like Facebook, WhatsApp, Instagram, and Twitter.
- What you need to start: Starting a graphic design just like other digital skills does not require having a particular shop/space, what is most important is learning the skill. There are various ways you can learn graphicsdesign which includes watching graphic design videos on YouTube and also by paying a professional for master classes where you will be trained on the fundamentals of graphics and how to monetise the skill.The tools you will be needing to materialise the business idea are your laptop and smartphones. For laptop design, you will be needing software like Corel draw, Adobe Photoshop, Adobe illustrator, and a host of other similar software while you will be needing applications like Canva, Pixellab, Logo maker.
6. Selling of clothes
It is impossible to overstate the significance of clothing. One of man’s three fundamental requirements, along with food and shelter, is clothing. So, it is one of the profitable business ventures in Nigeria that can be launched with a relatively small sum of money, at least 100,000 naira.
The best approach to expand your business, according to a young male garments vendor from Ilorin, is to have a positive relationship with your clients. In order to persuade your current and potential clients to use your business, he said, you must also be willing to promote it through personal interactions and, in particular, on social media platforms.
Children’s clothing, native clothing, English clothing, jeans, and underwear are just a few of the clothing categories that can be sold. Popular clothing markets like Balogun Market, Aswani Market, Katangua Market, Tejuosho Market, Onitsha Market, and Aba Market are great places to buy these goods for resale.
- What you need to start: While starting the business, having a shop may not necessarily be important from the onset, as you can simply purchase clothes and deliver them to the doorsteps of your customers.One of the most germane qualities you must possess to make it big in the business is the ability to convince your customers on the need to purchase your product. Without proper pacification, your customers may not see the need to patronize a particular dress, as many other needs are competing for the capital of your customers.Equally, it is also important to have good networking to people and maintain a good rapport with your customers who can in turn help to refer you to other potential customers for patronage.
7. Laundry business
Another profitable industry in Nigeria that is frequently disregarded is laundry. It can be challenging to find time to wash clothes because most people’s occupations are busy; this is where the laundry service provider comes in.
Richard Ojigbede, a student at Ambrose Alli University in Ekpoma, said that he used to watch customers’ clothing with his own hands in the past but that the money from the company has allowed him to purchase two washing machines and a generator. He continued by saying that the majority of students lack the time to wash their clothes as a result of academic stress, which is extremely advantageous to his firm. He concluded by adding that he makes no less than 10,000 from the business every day.
- What you need to start: One good thing about the business is that you can comfortably work from the comfort of your home without necessarily owning a personal shop or space.All that is needed to materialize the business idea are the basic tools like washing machine, iron, and generator in case of a power failure.Laundry just like most other businesses requires you to be honest. As a laundry service provider, you must at all times be a promise keeper by ensuring the readiness of your customers’ clothes as at when due.
It is also important you establish good connections with your customers in order to improve the chances of referral to other potential customers.
8. Shawarma selling business
The filling for shawarma, a snack, can be either beef or chicken. Over time, it has emerged as one of people’s favorite snacks, particularly among the younger population. For as little as 100,000 naira and below, this profitable business concept can be put into action.
Owner of a well-known Shawarma restaurant near a supermarket in Ojodu Berger, Lagos State, Mr. Sunday Agbor noted that starting a Shawarma business required a lot of patience and commitment. Recounting his personal experience, the young guy claimed that the company’s early stages were not particularly promising because he only generated a small amount of revenue. He continued by saying that he currently brings in more than $250,000 from the company each month.
- What you need to start: Before venturing into the business of shawarma, you must first get trained on the process of shawarma making. You won’t want to start the business without a proper understanding of how it is made and start selling low-quality shawarma to your customers. This will kill your business even before it starts.After getting trained, the next thing is to look for a good location where you can situate your business. Preferably, it is good to locate your shawarma spot in an urban area where you can easily meet with your target audience. Places like students’ area, supermarket surroundings, the entrance to an estate, bar, hotel, and T-junctions are a few of the best spots you can locate your shawarma business in order to make high profit and return on investment on the business.Some of the equipment required for the business are shawarma toaster, show glass, pot/utensils, spron, and insect killer for flies.
9. Data reselling business
We now live in a digital age when everyone needs to be connected in order to stay updated about events both locally and globally. The world has effectively become a small community. So, getting and using a data plan becomes necessary.
Nigerians utilize more than 80,000 gigabytes of data each month, according to a 2021 study from the Nigerian Communication Commission (NCC).
A data reseller is a person that buys data in large quantities at a relatively low cost from VTU platforms and telecommunications carriers and then resells it to clients at a price that suits them.
Miss Sharon Odewunmi, a student data reseller, expressed her delight with her choice of industry. She continued by saying that, like any other business, the industry requires persistence and strong networking because it cannot expand without the recommendations of satisfied clients to new ones.
- What you need to start: Some of the requirements to start a data reselling business are a laptop or smartphone, capital for the initial purchase, good internet connections, and a bank account as a medium of payment.To make money from this business, one needs to be a good marketer, this means that you must be actively able to advertise your business through face-to-face communication and your various social media platforms. You should also reduce the price of your data plans to give you a sharp edge over your competitors and equally convince your customers to purchase data from you as against buying it directly from their network service provider.
10. Declutter agents business
Social media’s introduction has been a blessing for humanity because it not only gives people a way to interact with friends and family and build new ones, but some of its users are still able to support themselves thanks to it. One of the quickest ways to financial independence on Instagram is through the decluttering agent business.
As a declutter agent, all you have to do to start making money is assist sellers in putting their goods on display for potential customers to see. If the customer likes the thing, they pay for it, and you receive a cut of the proceeds. You have the role of a middleman who brings together buyers and sellers.
Practically nothing cannot be sold using decluttering tools. Furniture, mattresses, generators, televisions, and fans are just a few examples of the many different items that may be bought and sold through the declutter platform.
According to a well-known declutterer on Instagram with the handle “deluxe declutter” and 13.5k followers, she started the business with just 5,000 naira and now earns no less than 300,000 per month from it. The young woman said that Instagram sponsored advertisements are how she contacts her audience when promoting her business. Yet, she stated that her biggest commercial challenges are trust and sellers’ dissatisfaction.
- What you need to start: It is not necessary to locate this firm in a certain area before starting it. It’s a remote job that you may complete in the convenience of your bedroom. You will require your smartphone, Instagram accounts, a data plan, and a sufficient supply of power for the business. High Instagram follower numbers are a further benefit. You have more opportunities to buy and sell through your platform and generate more revenue for your business the more followers you have.A solid online reputation is also crucial because it will increase people’s trust in you and their likelihood of using your platform to buy and sell things.
