Despite the so-called “tough economy,” which has resulted in poor living conditions for the majority of Nigerians, suffice it to state that there are still modest enterprises that may provide a significant return on investment (ROI) when compared to the country’s lucrative startups.
However, in the day-to-day operation of a business, small and medium-sized enterprises (SMEs) face a slew of challenges, ranging from financing to diminishing purchasing power among prospective buyers, prompting some entrepreneurs to place blame on government at all levels, because they play such a significant role in how businesses are run (CAMA).
A crucial part of beginning or establishing a business is finance and capital. Money is required to purchase supplies, suppliers, equipment, and pay employees, among other things. Funding is a huge issue in Nigeria, especially for entrepreneurs who do not have enough money to start a firm.
What kind of business can someone start with N100,000 or less and make a decent profit?
Here are some examples of such endeavors.
POULTRY FARMING
Poultry farming is one of those businesses that make investors happy every day. Despite the difficulties, Rilwan Raji, a well-known expert in chicken farming, told the Saturday Sun: “Farming is a very profitable business.” Poultry farming, for example, is a business that does not require much explanation.
The amusing part is that it may still be described as undeveloped due to the poor management of the handful that exists in the country. It is a very profitable enterprise. Nigerians consume a lot of fowl eggs since they are one of the cheapest sources of protein. Any farmer who invests in the egg industry will never be sorry. It’s a new gold mine.
Poultry processing is another booming industry in the poultry industry that has yet to be fully exploited. Approximately 75% of the food consumed is still smuggled into the nation. It still hasn’t met up to 30% of what’s needed, even with the smuggling and locally made ones.”
FASHION DESIGN
I’m sure you have a couple of outfits that were tailored specifically for you. From local patterns to suits, there’s something for everyone. If you have a talent for tailoring, this is a successful business that will earn you a lot of money.
Aside from celebrity fashion and trends, customized uniforms have a sizable market. Get one of them to sign a contract with you, and you’ll be hiring individuals to help you fulfill deadlines for huge orders in no time.
LAUNDRY AND DRYCLEANING
Without a doubt, this is one business that any savvy entrepreneur can enter and will not be sorry for. Due to their hectic schedules, individuals in major cities are often in desperate need of having their laundry done for them. As a result, any business-minded individual may desire to investigate this business possibility.
One of the most intriguing aspects of the business is that it generates a return on investment of over 200 percent. To begin started, one can make use of one’s large home, purchase a washing machine and a few other items that won’t cost an arm and a leg. Eureka! You’ve already started a business!
BLOGGING
For many people all over the world, blogging is becoming an addicting part-time job. Apart from being a terrific way to express yourself, your knowledge, and your experiences, blogs may also be used to make some quick cash.
Though it takes time to earn a lot of money from blogging, if you follow the steps in our program, you can start making money in less than six months.
With the economy in shambles and layoffs and wage cuts afoot, why not supplement your income by blogging? To start a blog, you don’t need any special technological or literary skills.
What is the best way to start a blogging business in Nigeria?
In Nigeria, starting a blogging business is relatively simple. You should complete the checklist below to start your own blog, monetize it, and make it successful:
- Choose a topic that interests you.
- Create a blog.
- Increase visitors.
- Establish trust and credibility.
- Make a profit
SKINCARE
The skincare industry is yet another business that is certain to generate a high-profit margin. In today’s Nigeria, many individuals, particularly women, take their skin seriously and use both organic and inorganic skin care products. “Skincare business has a tendency to develop broad over this nation, especially if you create by yourself,” Tosin Babalola, a marketer of organic skincare products in Lagos who owns her own firm called Finest Beauty Skincare, said.
You can start a business with a small amount of money and then increase it as time goes on. You can start with as little as N100,000 and still generate a profit of over 100% on every product sold.
All you need to do is produce in tiny batches. For your production, you’ll also require a clean environment. The equipment you’ll need to start your skincare business can be found almost anywhere on the market, and it’s rather inexpensive for a start-up.”
GRAPHIC DESIGN
The need for graphic designers is expanding at an alarming rate all around the world. Graphic designers are losing their skills as a result of the rise of churches, schools, and enterprises that all require graphic banners to promote their business or organization in some way.
what you’ll require:
- Ability to develop graphics
- A strong computer system with good graphics and printing capabilities, as well as
- A pleasant working environment
FOOTBALL AND GAME CENTERS
Football and games are quite popular among men. You’ll have to wait for lines if you set up a pleasant spot for people to come and watch featured matches and have some fun. Get the most up-to-date gaming software and console.
The majority of football viewing and game centers also provide betting as part of their services. It can be quite profitable if you can handle it.
CLEANING SERVICES
Consider a working-class mother with three young children. She gets up at 4:30 a.m. to prepare breakfast and get the family ready for the day. By 7:30 p.m., he is back home. This is her weekly schedule, which she follows five days a week. And then it’s time for the much-anticipated housecleaning on Saturday! I’m sure she’d gladly hire someone to do it for her.
Professional cleaning services can be employed in almost any facility, including residences, workplaces, churches, mosques, and warehouses. You may not need to perform these duties yourself; instead, you may engage a cleaning crew to assist you while you focus on attracting new clients.
BAG MAKING
Have you noticed the current craze? Bags produced by hand. It is given as a gift at weddings, birthday parties, burials, Thanksgiving, and other occasions. Though some people use it as their main bag, everyone uses it to take lunch or go on informal outings.
MAKE-UP ARTIST
Do you know that a lot of makeup artists in Nigeria make a lot of money? Some make hundreds of thousands of dollars, while others make millions of dollars. Starting today, you can become one of them as well. If you don’t already know, I’m telling you that as a young man or woman, if you start a makeup artist business in Nigeria while it’s still hot, you’ll be in for a lot of money.
The good thing about this enterprise is that, if done seriously as a true business, it has the potential to take a person beyond the borders of this country. A professional makeup artist can charge up to N50,000 every makeup session, and some can charge millions if they have wealthy clients.
Many people value looking well in order to stand out at various events and get noticed. Looking nice has also been shown to enhance a person’s morale and even get them noticed for a once-in-a-lifetime opportunity.
