Business and Finance

Cheapest Businesses to Start in Nigeria 2024

If you’re interested in starting a business in Nigeria but don’t have a lot of capital, there are several options you can consider. What’s great about these businesses is that they are not competitive and can generate a lot of income in the long run. With the current state of Nigeria’s economy, many people are looking for affordable business opportunities. To help, we’ve outlined some of the cheapest businesses to start in Nigeria.

Top Cheapest Businesses to Start in Nigeria

Below is the list of cheapest businesses to start in Nigeria; take your time, scrutinize them, and choose the one that is best for you.

Car wash

The consistent demand from busy automobile owners who lack time or assistance at home makes car wash a profitable option. Basic requirements include space rental, access to water, and a washing machine. Enhancing customer experience by adding amenities like a T.V. in the waiting area can set you apart. In Nigeria’s context, this car wash business is an affordable and lucrative choice for aspiring entrepreneurs, catering to the needs of a car-owning population with busy schedules and limited help at home.

Tailoring

Getting a sewing machine can be costly, but learning under an experienced mentor is a smart choice. When you’re new to sewing, it’s best to concentrate on popular styles and stay updated with the latest trends. Learning to create intricate designs like Agbada can be more profitable than simpler ones. This is because specialized creations like Agbada often fetch higher prices in the market, offering better financial opportunities. So, starting with the basics and gradually mastering complex designs can lead to a more successful sewing venture.

Poultry farming

In Nigeria, there’s a strong demand for chicken and turkey meat. Starting a poultry farm with just N100,000 and a few chicks can be a profitable venture. It’s important to note that the festive season is the prime time for sales, as people are more likely to purchase live chickens during celebrations. By investing a small amount and strategically timing your sales, you can enter this business and meet the demand for poultry products, potentially leading to financial success while offering the meat that many people in Nigeria seek.

Okirika Business

Selling secondhand clothes is a thriving industry in Nigeria, catering to those unable to afford brand-new attire. Procuring these garments often involves sourcing them from locations like Cotonu or networking with fellow sellers for guidance. In the business of reselling used clothes, you have various avenues to explore. You can establish a shop in a bustling marketplace, take to the streets as a vendor, or target school environments where there’s a high demand for affordable clothing options. These strategic choices enable you to tap into the market and provide accessible fashion choices to a broad audience.

Freelance Writing

To be a freelance writer, you need to love writing, be creative, and be willing to sit and write for hours. Sometimes, it takes about 3 hours of research to write a good article. Being passionate about writing is crucial. Your daily earnings can vary based on what you charge for your writing. You can find writing jobs on platforms like Fiverr. If you enjoy writing and put in the effort, you can start a freelance writing career and make money.

P.O.S. Business

To begin a P.O.S. business in Nigeria, you don’t need a shop; you can share space or work from home and tell people about it through word of mouth. Start by informing your family and friends, and you can start making money. Just go to a bank of your choice, ask for a P.O.S. machine, and find out what they need from you. With as little as N100,000, you can start your P.O.S. business. It’s a flexible and affordable way to get into this business and make some money in Nigeria.

Oil perfume Business

Another cost-effective business idea in Nigeria is the perfume business, which requires as little as N15000 to launch. Procure small quantities from wholesalers and resell to customers. It’s crucial to conduct thorough product research as you’ll be reselling items created by others. Additionally, perform market research to confirm customer interest in the fragrances. Partner with a dependable supplier who can provide high-quality perfumes at favorable prices. This strategy allows for a budget-friendly entry into the perfume market, potentially yielding profits for entrepreneurs in Nigeria.

Uber Driver

Uber has become widespread in cities like Lagos and Abuja, enticing many to become Uber drivers due to the flexibility it offers. It’s also one of the profitable business opportunities in both cities and other regions of the country. If you own a car, you have all you need to start. Sign up as an Uberpreneur and begin earning commissions for each ride. This allows you to manage your schedule and work when convenient. Some Uber drivers commit full-time, while others choose to drive part-time, making it a versatile and potentially lucrative venture for those looking to earn in Nigeria.

Laundry business

Laundry service is another cheap business to dive into; the cost of getting a new washing machine isn’t that expensive. One good thing about this business is you don’t need to open a physical store; you can do it from home. All you need are washing detergent and hangers. This can be a profitable business right from your house, as laundry services are always in demand. It’s a practical and affordable way to start a business in Nigeria and make a decent living while helping people with their laundry needs.

Catering Service

Last on our list is catering service; You can start your own affordable catering business using the kitchen equipment you already have. You might need to spend a bit on a few things you don’t have. Offer your cooking and delivery services for events, meetings, birthdays, and other gatherings, starting without a physical location. Begin by serving friends and family, then expand your services as your business grows. You can think about getting food trucks, delivery bikes, or even a commercial kitchen as you go along. This step-by-step approach can help your catering business succeed without breaking the bank.

F.A.Q

What business can I start with little money in Nigeria?

Starting a business with little money in Nigeria requires creativity and careful planning. Here are some business ideas you can consider:

POS Machine Services: Offering point-of-sale (POS) services to local businesses can be lucrative. You can start with just a few machines and expand gradually.
E-commerce Store: Start a small online store selling products that are in demand. You can begin with dropshipping or selling handmade goods.
Fast Food: A small, specialized fast-food joint focusing on a specific niche, like snacks or local dishes, can be a low-cost venture.
Mobile Food Truck: Operating a food truck allows you to reach different locations and cater to a variety of customers.
Online Food Delivery Service: Create a platform connecting local restaurants to customers for delivery, taking a commission from each order.
Solar Energy Installation: Given Nigeria’s energy challenges, providing solar panel installation and maintenance services can be a sustainable business.
Digital Marketing Agency: If you have digital marketing skills, offer your services to local businesses looking to establish an online presence.
Real Estate: Start small by brokering property rentals or assisting in property sales. Commissions can be a good source of income.

What business can I do with 30k in Nigeria?

With a budget of 30,000 Naira in Nigeria, you have several small business options to consider:

Popcorn Business: Selling popcorn at events, markets, or even on the street can be a low-cost venture. You’ll need a popcorn machine, corn kernels, flavorings, and packaging materials.
Fairly Used Clothes (Okrika) Business: Start a second-hand clothing business by sourcing quality used clothes and reselling them. This business requires good negotiation skills and knowledge of fashion trends.
Dry Cleaning Business: Offer laundry and dry cleaning services to the local community. You can start small by outsourcing cleaning to a nearby facility and gradually invest in equipment.
Snacks Business: Produce and sell snacks like chin-chin, puff-puff, or small pastries. These are popular and affordable snacks that have a good profit margin.
Local Soft Drink Business: Create homemade soft drinks like zobo, sobo, or kunu and sell them in your neighborhood or at local events.

How do I make money everyday?

To make money every day, consider various options such as delivering groceries, renting out your car, participating in paid surveys, transcribing audio or video, doing odd jobs or chores for others, selling handmade crafts, becoming a delivery driver, and testing/reviewing websites and apps. These methods offer flexibility and potential daily income, but success depends on your location, skills, and dedication. To ensure a steady stream of income, it’s advisable to diversify your efforts and explore multiple avenues.

What business can I start with 2m in Nigeria?

With 2 million naira in Nigeria, you have various business options. You could delve into the food and beverage industry by opening a small restaurant, running a food truck, or starting a catering service. Alternatively, you could invest in agriculture, focusing on small-scale farming, crop cultivation, or livestock rearing. Another option is retail, where you could open a boutique, electronics store, or a mini-supermarket. Additionally, you might consider offering services like hair salons, laundry services, or phone repairs.

How to earn quick money?

To earn money quickly, consider becoming a rideshare driver, making deliveries for services like food delivery apps, assisting others with everyday tasks via platforms like TaskRabbit, pet sitting for pet owners, selling clothing and accessories online through platforms like eBay or Poshmark, selling unused gift cards, earning bank bonuses by opening new accounts, and participating in paid surveys or market research. Keep in mind that while these methods can provide fast cash, they may not guarantee substantial long-term income.

Conclusion

You can start a budget-friendly business in Nigeria, whether online or offline. To succeed, find a specific area of interest, connect with your target customers, and grow gradually. Small, smart steps can lead to big success in this ever-changing market. Nigeria offers plenty of opportunities for low-cost businesses, and with dedication and good planning, even the smallest ventures can become successful over time.