Starting a business can be an exciting and rewarding experience, but it can also be expensive. For those looking to start a business in Nigeria, there are plenty of options that don’t require a large amount of capital. In this blog post, we’ll discuss some of the cheapest businesses to start in Nigeria and the resources available to entrepreneurs to help make their dreams a reality.
Whether you’re looking to start a small side business or a larger enterprise, there are plenty of cost-effective options available. Read on to find out more!
Selling Secondhand Clothing
One of the cheapest businesses to start in Nigeria is selling secondhand clothing. With just a few thousand naira, you can source quality clothes from various markets, sort them out and resell for a profit.
To start this business, you need to have a good eye for quality clothing, an understanding of fashion trends, and excellent customer service skills. Once you have sourced your clothes, you can set up a physical store, sell on social media, or online marketplaces such as Jiji or OLX.
As with any business, you need to build a loyal customer base. To do this, ensure that your clothes are affordable, stylish and in good condition. Keep your store clean, well-organized and make sure your customer service is top-notch.
By providing affordable clothing options for your customers, you are not only helping them save money but also supporting sustainability in fashion. With dedication and a good strategy, selling secondhand clothing can be a profitable and fulfilling business venture.
Offering Laundry Services
Another low-cost business idea that is popular in Nigeria is offering laundry services. Many people don’t have the time or resources to do their laundry themselves, which is where you come in.
To start offering laundry services, you’ll need a washing machine, dryer, iron, and other necessary equipment.
You can also offer pick-up and delivery services to make it more convenient for your customers.
Start by marketing your services to friends, family, and neighbors. Offer special promotions to attract new customers, and make sure to provide excellent customer service to keep them coming back.
Once your business grows, you can expand by hiring additional staff and offering other services such as dry cleaning or alterations. With hard work and dedication, you can turn your laundry service into a successful business that generates a steady income.
Another great and low-cost business idea in Nigeria is selling foodstuff. Nigerians love food, and you can easily tap into this by starting a foodstuff business. To start, you need to identify a market gap and the right location to set up shop.
One option is to specialize in selling local foods like beans, rice, yam, plantain, and vegetables. This could be an excellent idea for a business in the countryside where most people prefer traditional meals. If you’re in an urban area, consider stocking up on popular ingredients for Nigerian dishes like jollof rice, fried rice, and soups.
You can purchase your supplies directly from farmers, wholesalers, or open-air markets for a lower cost and then sell them at a reasonable price to your customers. Be sure to keep an eye out for seasonal produce so that you can take advantage of their lower prices and increase your profit margins.
Selling foodstuff requires some marketing skills to make your brand known. You can make flyers and posters to post around your location, create a social media page to showcase your products, and even consider offering home delivery services to make it more convenient for your customers.
Starting a Car Wash Business
If you’re looking for a profitable business that requires minimal capital, a car wash business may be perfect for you. It is one of the cheapest businesses to start in Nigeria and requires little investment, making it ideal for entrepreneurs on a tight budget.
To start a car wash business, you’ll need to find a location with enough space to accommodate cars. You can set up your business on a piece of land or rent a space in a busy area where there’s a lot of traffic. You’ll also need to purchase car washing equipment, such as pressure washers, hoses, buckets, soap, and wax. If you’re unable to purchase these items outright, consider leasing or renting the equipment until you can afford to purchase them.
To attract customers, consider offering additional services, such as detailing and waxing. These services may cost extra, but they can help increase your profits. You should also advertise your car wash business using social media platforms and local newspapers. Use eye-catching graphics and images to draw attention to your services and entice customers.
One important aspect of starting a car wash business is ensuring that your employees have proper training on how to use the equipment safely. You should also have a clear process in place for handling cash transactions, keeping track of supplies, and addressing customer concerns.
Overall, a car wash business is an excellent option for those looking for a low-cost business idea in Nigeria. It may require some effort and time, but with dedication, you can build a successful and profitable car wash business.
Offering Hairdressing Services
Hairdressing services are always in high demand in Nigeria. Hair is an essential part of the Nigerian culture, and many people are always looking for hairdressers to style their hair. Starting a hairdressing business is not only cheap but also relatively easy, especially if you already have the necessary skills.
To get started, you need to invest in some basic hairdressing tools such as combs, hair dryers, curlers, hair straighteners, and a set of hair clippers. These tools are readily available in local markets, and you don’t have to break the bank to acquire them.
You can start by offering basic services like haircuts, hair coloring, and hair treatments. As you build a loyal customer base, you can then diversify your services to include more advanced services like braiding, weaving, and other styles.
To attract customers, you need to ensure that you offer high-quality services that exceed their expectations. You can achieve this by attending hairdressing courses or watching tutorials online to learn the latest hairdressing trends. Additionally, you should also invest in creating a comfortable and relaxing environment for your customers. This includes investing in comfortable seats, providing quality hair products, and playing soothing music in the background.
Marketing your hairdressing business is crucial for its success. You can use social media platforms like Facebook and Instagram to advertise your services. Additionally, you can also partner with other businesses like makeup artists, event planners, and fashion stores to offer combined services to your customers.
Setting up a Phone Repair Kiosk
Another inexpensive business to start in Nigeria is setting up a phone repair kiosk. With the increasing number of smartphone users in the country, there is a growing demand for phone repair services. This makes it a lucrative opportunity for entrepreneurs who have knowledge of phone repairs.
To set up a phone repair kiosk, you need to have the necessary skills and equipment. You can start small by offering simple repairs such as screen replacements and battery replacements. As your business grows, you can expand your services to include more complex repairs.
Location is important for a phone repair kiosk. It is best to set up in an area with high foot traffic such as a busy street or a mall. You can also partner with other businesses such as phone accessory stores to increase your visibility.
Marketing is also crucial for this type of business. You can leverage social media platforms such as Instagram and Twitter to advertise your services and showcase your work. You can also offer discounts or promotions to attract customers.
The startup cost for a phone repair kiosk varies depending on the location and equipment needed. However, you can start with a budget of as little as N50,000 for equipment and renting a small space.
Overall, setting up a phone repair kiosk can be a profitable and low-cost business venture in Nigeria. It is an opportunity for individuals with technical skills to start a business and cater to the needs of phone users.
Running a Photography Business
Are you someone who loves capturing the beauty around you and turning it into art? Then starting a photography business might be the perfect opportunity for you. In Nigeria, the demand for photographers is always on the rise, and with the right skills, equipment and strategy, you can build a profitable business with low startup costs.
Here are a few tips to help you start your own photography business in Nigeria:
- Decide on your niche: Photography is a vast field with different areas of specialisation such as weddings, portrait, landscape, fashion, and commercial photography. Knowing your niche can help you tailor your services and attract the right clientele.
- Invest in equipment: Starting a photography business doesn’t require expensive equipment. You can start with a basic camera and a lens and gradually upgrade as you grow your business.
- Build your portfolio: Having a portfolio is essential for showcasing your skills and attracting potential clients. You can start by offering free services to family and friends, volunteering at events or creating a personal project that showcases your work.
- Create a business plan: A business plan helps you define your goals, marketing strategy, pricing, and financial projections. It’s essential to have a clear idea of what you want to achieve and how you plan to get there.
- Network and market your services: Building relationships and networking with other professionals in the industry can help you attract potential clients and build your reputation. Social media platforms such as Instagram and Facebook can also help you market your services to a broader audience.
Starting a photography business can be an exciting and rewarding venture, with the potential for a high return on investment. With dedication, patience, and the right strategies, you can turn your passion into a thriving business.
Providing Cleaning Services
Another profitable and affordable business you can start in Nigeria is offering cleaning services. In urban areas where people are too busy to keep their homes and offices clean, the demand for cleaning services is high. With as little as N50,000, you can start your cleaning business and generate a substantial income.
To start a cleaning business, you will need basic cleaning equipment like mops, brooms, and cleaning solutions. You can also buy a vacuum cleaner and other specialized cleaning equipment to cater to more clients. Additionally, you may want to get insurance coverage for your business in case of accidents or damages while working.
To find customers, you can offer your cleaning services through flyers, social media, and online platforms. As your business grows, you can hire additional staff to help you clean multiple locations and earn even more income.
One of the benefits of starting a cleaning business is the flexibility it offers. You can decide to work on weekends, evenings, or during the day depending on your schedule. Moreover, the initial capital investment is low, and the ongoing cost is minimal, meaning you can maximize profits.
Read Also: Hidden Business Opportunities in Nigeria
Setting up a Small Provision Store
Another cheap business to start in Nigeria is setting up a small provision store. A provision store is a small retail outlet that sells essential goods like food items, toiletries, and household supplies.
To start a provision store, you don’t need a large space or a huge investment. You can start small and gradually expand as your business grows. The most critical factor to consider is location, as it will determine the traffic flow to your store.
To get started, you will need to stock your store with essential goods that are in high demand. These goods include rice, beans, pasta, cooking oil, seasoning, and snacks. You can purchase these items in bulk at a discounted price and sell them at a profit in your store.
Ensure that you provide excellent customer service to your customers. It’s crucial to have a friendly attitude and be attentive to their needs. If your customers are satisfied, they will come back and refer others to your store.
Lastly, you can differentiate your provision store from others by offering additional services like a mini cafeteria, a delivery service, or loyalty reward programs. These additional services can help you attract and retain more customers.
What business can I do with 20k in Nigeria?
- Snack vending business
- Mobile phone accessories sales
- Small-scale poultry farming (backyard chickens)
- Graphic design or logo creation services
- Recharge card and data bundle sales
- Popcorn production and sales
- Laundry and dry cleaning services (using manual methods)
- Fruit juice or smoothie stall
What business can I start with 50,000 naira?
- Fashion accessories retail business
- Event decoration services
- Mini importation of low-cost products
- Beekeeping and honey production
- Plantain chips production and sales
- Small-scale fish farming
- Tailoring and fashion design services (if you already have the necessary skills and equipment)
- Mobile phone repair services
What business can I start with 30k in Nigeria?
- Daycare or babysitting services
- Mini bakery for baking bread or snacks
- Home-based tutoring services
- Plantain or potato farming
- Online thrift store or second-hand clothing sales
- Fast food stand or small-scale food vending
- Bookkeeping or accounting services for small businesses
- Car wash services
What business can I start with 10,000 naira?
- Small-scale vegetable farming (container gardening)
- Shoe polishing and repair services
- Selling homemade snacks or pastries
- Phone charging and accessories rental service
- Cleaning services for homes or offices
- Freelance services like writing, graphic design, or social media management
- Pet sitting or dog walking services
- Carrying out small repairs or handyman services
How can I invest 10,000 naira in Nigeria?
- Invest in a micro-investment platform that allows you to buy fractional shares of stocks or invest in mutual funds.
- Start a small-scale farming venture, such as poultry farming or vegetable farming.
- Invest in your skills by taking online courses or attending workshops to enhance your expertise in a particular field.
- Buy and resell products through e-commerce platforms or social media.
- Invest in a small-scale franchise opportunity.
- Consider peer-to-peer lending platforms that allow you to lend money to individuals or small businesses and earn interest on your investment.
- Invest in cryptocurrency, but be aware of the risks and volatility associated with this investment option.
Starting a business in Nigeria doesn’t have to be an expensive venture. There are many low-cost business ideas that you can start with just a small capital. Selling secondhand clothing, offering laundry services, selling foodstuff, starting a car wash business, offering hairdressing services, setting up a phone repair kiosk, running a photography business, providing cleaning services, and setting up a small provision store are some of the cheapest businesses you can start in Nigeria.
With the right planning, hard work, and determination, you can turn any of these low-cost businesses into a profitable venture. Just remember to do your research, identify your target market, and create a marketing strategy to promote your business.
We hope this article has given you some inspiration and motivation to start your own business in Nigeria. Remember, the road to success may be tough, but it is worth it in the end. Happy entrepreneuring!