TOP 10 BUSINESSES IN NIGERIA WITH LOW START-UP CAPITAL
The first stage of every business is usually the most difficult. Starting a business from scratch requires a high level of financial and mental commitment. The amount of capital needed to start up certain businesses sometimes makes people hesitant to engage in them, especially those who want to start small and grow later. Hence, businesses with low start-up capital are sometimes more attractive to entrepreneurs in Nigeria.
In this article, we will be highlighting the top 10 businesses in Nigeria with low start-up capital. Read on, for more insight.
What is a Business With Low Start-Up Capital?
A business with low start-up capital is one that requires little financial resources to kick-start it. This type of business is ideal for persons who do not have access to ample funds and are therefore looking to start small and build their brands.
Why Should you Choose a Business With Low Start-Up Capital?
For some persons starting up a business requires a great deal of funding and resources. Hence the idea of starting a business is stalled until they get access to a large amount of funds.
However in reality, the amount of funds needed for any business depends on the type of business. Some businesses require little capital, hence you do not need to wait to have all the money in the world to become a business owner.
Having a business with low start-up capital has a lot of benefits, and they include:
1. You get to start really small and build your brand slow and steady.
2. You become your own boss for less.
3. Invest less and bear less loss.
4. You do not have to wait too long to bring your business idea to reality.
Top 10 Low Cost Businesses to Start in Nigeria
It is essential to note that there are different categories and types of businesses. There are physical and remote businesses that require little start-up capital.
While some persons prefer physical businesses, others prefer online businesses. Based on this, here is a list of the top 10 businesses requiring little financial resources, compiled in no particular order. Feel free to choose from these, depending on your personal preferences:
1. Picture Framing Business:
This is a very profitable business that you can start in Nigeria with little capital. The best part about this business is that you do not need to have a shop to start it; you can begin right in the comfort of your home! This could double as an online business, depending on your choice.
It involves the framing of images, certificates and pieces of art. For as low as NGN40,000, you can get the basic tools and instruments to start a framing business.
2. Cleaning Services:
The demand for cleaning services is gradually getting high; hence many homes and businesses occasionally require the services of a cleaner.
Just like the picture framing business, you do not need a physical shop to start up a cleaning business; all you need is the basic tools such as: micro fibre cloth, cleaning solution, bucket, mop, dustpan, brush and broom. All these you can purchase for as low as NGN30,000.
3. POS Business:
POS business is one of the businesses you can start in Nigeria with low start-up capital. It is a highly profitable business which is on demand by persons who do not want to go through the stress of standing in queues at banks, and those who need cash urgently.
You do not need to own a shop to start a POS business, all you need is a POS machine, a table and a chair. You can purchase these for as low as NGN45,000.
4. Drop-Shipping:
Drop-Shipping is one of the highly profitable businesses that require low capital to start up. It involves the sale and supply of goods directly from a third-party supplier to your clients, without actually having possession of the goods.
All you need to start a drop-shipping business is a phone or a computer that has internet access and a social media account to serve as your online shop.
5. Perfume Sales Business:
This involves buying perfumes in large quantity from wholesalers and reselling them at retail price. To start this highly profitable business you do not need to have a physical store. All you need is a little cash and an active social media account, and you are good to go.
You can start a perfume sales business with as low as NGN20,000 and make over 50% profit from it, as long as you employ the right marketing strategy, and have a solid pricing system.
6. Graphic Design:
Graphic designing is one of the most profitable businesses that you can run with little or no cost. Owing to the fact that graphic designing is now on high demand by both individuals and businesses, there are a lot of opportunities to make through it.
All you need to start a graphic designing business is the skill and a device such as a smartphone or computer to make designs for your clients.
7. Freelance Writing:
Just like graphic designing, content writing is also highly profitable and currently on demand. What’s more is that you get to work from the comfort of your home.
All you need is a smartphone or a computer and excellent writing skills to put you ahead of competitors in the industry.
8. Social Media Management:
The desire of brands to have higher visibility and social media presence is what creates the need for social media managers. As businesses and brands grow, the demand for a social media manager increases.
All you need to become a social media manager is your device and the requisite skill, and you are good to go.
9. Cook-On-Demand Business:
The cook-on-demand business involves getting paid to make a meal for one or two persons at a time, and having it sent to them. It requires small capital and can be done from the comfort of your home, in your kitchen.
All you need to start a cook-on-demand business is a kitchen with the necessary utensils and excellent cooking skills.
10. Domestic Assistance/Errands Business:
This involves running errands and carrying out chores for businesses or individuals such as grocery shopping, cleaning, delivery, etc.
This business is not very popular in most parts of the country and is relatively new in our society. As a result of this, the market is not highly competitive.
All you need to kick-start this business is proper marketing and a good network of persons involved in affiliated businesses.
Conclusion
Starting a business that requires high capital can be very taxing, especially if you do not have the resources. Sometimes, you may need to stall your ideas until you have enough finances to fund them. This is why some entrepreneurs opt for businesses with low financial requirements.
It is essential to note that no matter how lucrative a business venture may seem, you need to have a killer business plan to stand a chance in the industry. This is why you need a business consultant to craft your ideas into a solid and winning business plan, thereby giving your business a head start and an edge over others.
At In-Charge Solutions Limited, we make individuals into the business owners of their dreams by assisting them to turn their ideas into a solid and formidable reality. Contact us today and watch your business idea come alive.
