Nigeria's Top 10 Business Ideas for 100,000 Naira or Less

Business Start up with 100k

Legit360: A business idea in Nigeria and its subsequent launch may be compared to a goldmine that provides individuals with the chance to tap into a better way of life in a country where economic deficit and unemployment have become the norm.

Statista.com estimates that the unemployment rate in Nigeria was 32.5% overall in 2021 and is expected to increase to 33% in 2022.

Starting a private business from different business concepts has a number of benefits, including but not limited to: Being a doorway to self-employment and aiding in ending the job search. These includes:

  • Achievement of goals and aspirations
    A dream job is distinct from a regular employment. The latter is practically impossible to find, while the former may be a little challenging. The bulk of people in our nation work jobs they don't particularly want to do or that they are forced to do. But by beginning a business that is in accordance with a dream like that, one might realize their lifetime ambition with the right business idea and conceptualization.
  • Unrestricted existence
    Personal businesses allow you to work at your own pace and with ease, unlike employment where your method of operation and scope of work are determined by your superior/boss. This is most suited for persons who may not be qualified to work for an organization owing to circumstances like advanced age, underlying medical conditions, a lack of time, etc.
  • Financial mobility
    Starting a personal business is important for many reasons, including financial benefit. It is no longer news that the majority of employers in Nigeria pay their workers appalling wages. The cost of goods is on the high side, and the average worker does not make nearly enough money to meet their basic necessities. When a smart business idea is implemented, it has the power to change the situation and ultimately grant the creator financial freedom.

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 entrepreneurial  businesses 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. Restaurants And Food Delivery

The best business in Nigeria to start with 100,000 naira is food delivery. While everyone loves to eat, not everyone is a talented cook. Additionally, with everyone's hectic schedules these days, cooking is difficult for most people. Some families eat processed food, which is detrimental to their health.
If you love to cook and have the essential talents, you may easily start this business with less than 100,000 naira.

You don't even need to rent a facility to provide this service; you can simply prepare the meal in your home and deliver it to customers' residences or places of business. You can also prepare meals and sell it at a busy crossroads.

You should purchase the following when starting your catering and cooking business:

  • Firewood's or Gas Cylinder
  • Pots \Pans
  • Sumerous sorts and sizes of plates
  • Grinder/blender
  • Stock pots/coolers
  • Various-sized forks and spoons
  • Toothpick/serviettes

It's not necessary to get everything at once; instead, buy what your budget will allow you to, and then purchase the remaining items after you begin to make a profit.

2. Sale Of Fairly Used Items Or Clothing

Selling reasonably used products and clothing is another venture you can launch with 100,000 naira.

The majority of Nigerians buy fairly used items including technology, clothing, shoes, and household items. These products can be bought and sold offline as well as online.

Once more, with 100,000 naira, you can begin selling okrika, or secondhand apparel. Okrika is frequently chosen above brand-new apparel by consumers.

People have also been driven to purchase what they can afford rather than what they want due to the dismal economy of the nation.

In Lagos, you can purchase Okrika clothing at: Yaba Market, Balogun Market, Market at Tejuosho Aswani,
Markets at Oshodi, Katangua, Badagry, Jos Terminus etc.

3. Laundry Enterprise

This idea for a business is incredibly profitable and straightforward to implement. Because people are so busy, washing clothes is no longer a top priority, which has led to new employment opportunities.

When opening a washing service, location is important to take into account. To ensure that people can easily see you, it is advisable to consider locations in open spaces with less competition.

Your placement should be in a residential area, an estate, or a wealthy neighbourhood where you have easy access to amenities like clean water.
Basic Supplies Needed to Start a Laundry Business:

  • Nylon and tags
  • Power generator
  • Shelves
  • Buckets
  • Laundry detergents/soaps
  • Garment conveyor
  • Pressing Iron
  • Ironing board
  • Starch

4. POS/E-PAYMENT
POS (point of sales) is at the top of the list of Nigerian business ideas that you can start with 100,000 naira for obvious reasons. One of those businesses with a long history is the one we're talking about. Financial transactions are a part of everyday life, yet the banking sector frequently falls short of what the public expects in this area.

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 can handle a variety of financial operations, including transfers of money and withdrawals, bill payment, airtime recharge, and data sales, among others.

  • Internet/GSM network
    Before choosing a site, it is crucial to take this into account. To ensure smooth business transactions, you must make sure that your POS company is located in an area with a very good GSM network.
  • Proximity to banks/Financial Institution
    Before choosing a location for your POS business, you should also think about how close the neighbourhood is to the banking district. Locating your POS at a location that is very close to a banking area might be compared to an exercise in futility and may not produce the expected return on investment. This is due to the fact that the majority of consumers might prefer to visit a nearby bank for their transactions.
  • Security
    When looking for a location for your POS firm, you should make sure the area is secure and has a negligible or non-existent criminal background. This is because if the site is not protected, you will be handling cash on a daily basis, making you susceptible and a soft target for thieves.

Things you need to start

Some of the things you'll need to launch your business are business capital, a location (such a storefront or container), a banner, and, most crucially, a point-of-sale system. Banks and financial institutions  like Quickteller, Kuda, Palmpay, GTB, UBA, Zenith, Opay, First Bank, Access Bank, Polaris Bank, and a plethora of others are where you may purchase POS equipment.

5. Charging of Phones and Other Electrical Devices

The charging of electronic gadgets is another business idea that can be done in Nigeria with as low as 100,000 naira. It is no longer shocking that the majority of the states in the country have unstable and intermittent electricity supply, making the switching phone business a very profitable one to enter with comparatively little cash.

Additionally, 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, In order to have their phones and other devices charged, they must spend at least 100 naira.

What you need to commence

One must think about the site while creating a business that charges phones and other devices. Locating your firm in a region with a weak electricity supply is preferable. People will be forced to support your business as a result. Since you will be dealing with many types of people on a regular basis as a phone recharging seller, you should also cultivate a good charisma that will enable your potential clients to readily relate with you. A container or space, a covered or shaded area, a small generator for power supply, gasoline for the generator, original chargers and a desktop computer, as well as an electric socket board with several electronic charging plugs are some of the items you'll need to get your business off the ground.

6. Graphic Design

According to the proverb "A picture is worth a thousand words, but a graphic design is worth a million," graphic design is consequently worth considerably more than writing. 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 difference.

What you require to Start

As with other digital abilities, mastering the skill is more vital than owning a specific shop or workspace when starting a graphic design business. You can study graphic design in a variety of methods, including by paying a professional for master classes where you will receive instruction in the principles of graphics and how to monetize the expertise.
Your laptop and smartphones will be the tools you need to make the company idea a reality. You'll need programs like Canva, Pixellab, and Logo builder for desktop design while you'll need Corel Draw, Adobe Photoshop, Adobe Illustrator, and a host of other programs of a similar nature for laptop design.

7. Data Retailing 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. As a result, purchasing and using a data plan is 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.

What you require to begin

A laptop or smartphone, money for the first purchase, decent internet connections, and a bank account as a form of payment are some prerequisites for starting a data reselling business.
To succeed with this business, one must be an effective marketer, which entails being able to actively promote it on various social media platforms and through face-to-face interactions. To obtain a significant advantage over your rivals and persuade clients to buy data from you rather than their network service provider directly, you should also lower the cost of your data plans.

8. Mini Import Enterprise

The best profitable business to start with 100,000 naira in Nigeria is a mini importation operation. By inexpensively importing goods from other countries and then expensively selling them there, people in Nigeria make money.

You merely need to implement your marketing strategy right if you want to thrive in business. Before beginning a mini-importation business, you should get advice and start with the most well-liked products.

You can import from China or any other country, depending on the product you want to sell.

You Can Import The Following:

Clothing, and earpieces, Phones, Bags for travel, Electrical devices, Blender Grate Portable USB, Best Jewellery
other wireless phone chargers etc.

You can get supplies on wholesale from Amazon, Alibaba, Ebay, Aliexpress etc.

9. Car Wash Business

One of the most successful businesses nowadays that anyone may start with 100,000 naira is the car wash industry.

Today, a lot of people are either too busy, stressed out from a long day at work, or unable to wash their automobiles properly. In these situations, their only option is to get their cars washed.

You may start a car wash business anywhere there are a lot of vehicles and enough water.
There won't be any issues running the business since the car washing sector in Nigeria thrives in both the wet and dry seasons.

Another requirement for starting a car wash business is a suitable location.

You must pick a prominent location and have the following items/equipment's which includes,  car wash gears, tank used to store water a generator, bucket, detergent, and soap, tires' brushes, Clothes, etc.

10. Decluttering service industry
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. 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 Facebook with the handle "deluxe declutter" and  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. However, she stated that her biggest commercial challenges are trust and sellers' dissatisfaction.

what you require to begin 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.

In Nigeria, you can launch a variety of businesses with as little as 100,000 naira. Your capacity to examine carefully and choose which category you fit best is what matters most. It's also vital to have patience, as the early stages of a personal business may be frustrating and not yield as much as expected, but with commitment and hard work, it won't take long for you to achieve financial independence in the enterprise.

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