How about starting a small and lucrative business in Nigeria in 2023? According to studies, the ideal times to start a business are during times of economic crisis and financial disaster. The good news is that you don’t need a lot of money to establish a successful small business in Nigeria. All you need are small business ideas but even if you don’t have them. In this short read, I have listed the 10 best lucrative ones you can start with a little capital.
You know you want to start something for yourself. Channel your desire and effort into a money-making idea that brings pride and the possibility of quitting your job. In this day and age of the internet and social media technologies, the cost of launching a business has significantly decreased. Here are a few confirmed business ideas that you may start with absolutely little cash.
Lucrative Business Ideas with small capital in Nigeria
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Uberpreneur – Driving for Uber
People opt to drive with Uber for a variety of reasons. Some do it to have the freedom to drive whenever and wherever they want. They are the boss, and they work for as long or as little as they like, according to their schedule. A typical Uber driver makes between 80,000 and 120,000 Naira per week.
Driving for Uber is now one of the most profitable business ideas in Nigeria. It not only allows you to work when you choose (including nights and weekends), but it also allows you to make some additional money while doing so. While some drivers do this full-time, others just do it after work and on weekends.
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Social Media/Influencer marketing
Instagram, Snapchat, YouTube, Twitter, and Facebook are the Next Big Things in Social Media. These are venues where Nigerians may make a lot of money just by providing interesting material and growing a large following. If you love social media, this is a company you should consider starting.
Developing a following on platforms attracts large brands and relevant businesses, offering partnerships related to your content. With a substantial follower count, you can charge 15,000 to 50,000 Naira or more per post—a lucrative side business idea.
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Web Design and Development
As a web designer or developer, you will get tremendously important skills that are in great demand in the Nigerian industry. Using a free program like WordPress, you can learn how to construct websites in as little as a few weeks.
Aside from the ability to work on your schedule, you may earn between 50,000 and 250,000 Naira for every website project. If you want to dramatically enhance your web development abilities, Andela is a terrific place to start and learn everything you need to know.
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Freelance Content Creator / Ghostwriter
Do you consider yourself a wordsmith? Setting yourself up as a freelance content developer might be a side business or even full-time employment.
Companies in Nigeria, such as media agencies, blogs, and startups, would pay top dollar for someone who can create a clean copy of the material, whether for adverts, websites, or blogs. Some will even pay you for your editing skills. Consider how much work it takes to make freelancing your full-time job.
See: How to start a fintech business in Nigeria [2023]
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Graphic Designer
While a formal experience in graphic design is certainly advantageous, it is also rather simple to study the fundamentals of graphic design on your own utilizing programs such as Adobe Illustrator and Photoshop.
However, before you can start earning a career as a graphic designer, you must first develop your talents and be innovative in all of your designs. To build a strong consumer base, I propose exhibiting your creative abilities on platforms like Instagram and Facebook.
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Creating a Blog or a Vlog
Do you believe that blogging is no longer a viable source of income? Consider again. Tens of thousands of bloggers provide material on a wide range of themes, including culinary, fashion, gossip, news, travel, movies, and lifestyle. Starting a blog/vlog with a specific specialization and focusing on a certain group of people is a lucrative business concept with high potential.
Your first step should be to improve your writing skills, understand what your audience wants, and learn how to produce a blog post that generates traffic and brings you, visitors, consistently.
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Bakery of Cakes and Cupcakes
Making, decorating, and selling one-of-a-kind cakes and cupcakes for events ranging from birthdays to weddings to anniversaries is a terrific business concept for a hobby baker to explore, and it has the potential to be extremely successful.
You may start on a tight budget by baking and decorating in your kitchen. Sending samples of your cakes to interested parties to ensure they send business your way is a great marketing strategy, as is showcasing images of the cakes on Instagram with proper hashtags.
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Small Chops Food Company
In Nigeria, starting a small chops food company is a profitable business concept. Nigerians’ appetite for light meals such as tiny chops has grown significantly in recent years. Aside from large occasions such as weddings, funerals, and birthday parties, little chops are also popular when meeting friends for a get-together, boat trip, and beach time.
The beautiful thing about little chops is that, even though many people are offering this service, there will never be a shortage of demand. Creativity and packaging are essential for running a successful small chops company.
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Digital Marketing Firm
A digital marketing agency differs from a traditional marketing firm in that it focuses on results-based marketing in the digital environment. The goal is to have measurable marketing and ROI.
There are several ordinary digital marketing agencies in Nigeria at the moment. Starting your own digital marketing business does not involve a large investment; all that is required are digital skills and expertise to produce results for your clients.
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Drop Shipping
This is a type of business that may be started with very little money. What you’ll need is a laptop or smartphone, internet access, and social media sites such as Facebook, Twitter, Snapchat, and others (which might function as your online store).
This is a profitable business concept that has generated millions of naira. Understanding customer needs and knowing where to find desired products is key (consider starting a dropshipping business with AliExpress in Nigeria). Click on the link and check out how to start.
The business ideas presented in this post have been tried and tested in the Nigerian market, particularly for small firms. To succeed in these enterprises, a profitable online business in Nigeria requires the right plan and ideology for attracting and retaining clients long-term. You must be able to sell yourself and your ideas to those who wish to work with you.
See also: How to start a POS business in Nigeria
How to Start a profitable business in Nigeria
Most entrepreneurs’ ultimate goal is to own their firm. Having your own business is great because you can do things when you want without worrying about your employer. However, as wonderful as it seems, creating a lucrative business is a difficult endeavor that only a few firms complete.
Collins Dictionary defines business as “work relating to the production, purchase, and sale of goods or services.” Nobody is barred from becoming a company owner or entrepreneur. To manage your own business, you do not need a large quantity of money in your bank account or a degree.
What you do need is a decent business idea, a solid execution strategy, and the drive to get up every morning and keep working. In this essay, I’ll go through the major procedures and processes required to launch a lucrative business in Nigeria.
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Assess yourself
Some small business ideas may not be easy to start. Since you’ve decided to establish a business, you should thoroughly analyze yourself by asking yourself these questions.
Do I have the necessary talents to manage this business?
Is it possible for me to lead or manage a team?
Do I have what it takes to raise funding for my company?
Do I have the drive and motivation to see this through?
So, be honest in your responses, and if the majority of your answers to the above questions are “YES,” you are ready to start your firm.
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Look for a business idea.
When it comes to launching a business, not all ideas are worth pursuing. The finest company ideas are one-of-a-kind, practical, market-required, and simple to grow. Begin your hunt for a company concept by examining what problems exist in your area and attempting to supply a remedy to such a problem while monetizing it.
If your business idea is fresh, consider what your company can provide and how you can make it better and cheaper. You may need to ask people questions, conduct your research, and seek guidance from entrepreneurs.
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Do a market research
If you have small business ideas and you are confused about which one is best? Before you start a business, be sure you understand it well. Try performing market research by asking a few questions of your target clients about the problem you’d want to address for them.
Also, research the market’s existing direct and indirect competitors. Learn about their products and services, as well as how you believe your company can stand out from the crowd.
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Feedback
Conducting market research is important, but applying the information is crucial. The whole point of this is to assist you learn more about the business you want to establish and to provide a solid foundation for it.
You wouldn’t want to establish a business today and see it crumble tomorrow or to watch your business fail instead of thrive. That is why you must understand how to establish a business.
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Develop a business plan
A business plan, according to Wikipedia, is a formal declaration of company goals, reasons why they are feasible, and methods for achieving them. It may also provide background information about the company or team striving to achieve those objectives.
Every firm, no matter how large or little, need a business strategy. A business plan may help you keep focused and organized while beginning a business. Remember that one of the abilities of a successful business is organizational ability. Find online business plan samples to guide you before drafting your own plan.
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Obtain business funding
Starting a business necessitates not just your talents and work, but also your money. Every firm requires starting cash, which will be used to support the business’s day-to-day operations.
Lack of funds to start your firm? Explore options like bank loans, grants, and equity investments. Most firms fail due to a lack of money, so be sure you have adequate capital to cover financial downturns.
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Business Registration
For everyone who wishes to establish a business, business registration is critical. You should register your business with your country’s government or the agency in charge of business registration in your country.
Nigerian firms can register with CAC at the federal level and the Chamber of Commerce at the state level. Registering your company with the appropriate authorities provides your company legitimacy and credibility.
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Create Your Team
If you want to be the only proprietor of your company, you may not need to begin assembling a team. However, if you are going to hire individuals, you must first put together a solid team.
Assembling a strong team is crucial for company success, but a poorly assembled team may lead to a downfall. So, is it designed to develop and succeed?
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Growing your Business
A company’s survival depends on its ability to grow. Any firm that is not growing will eventually die, regardless of how long it takes. Make sure you’re doing everything you can to keep your company growing.
A consistent positive cash flow is the most important statistic for measuring a company’s growth. The more cash flow a company creates, the greater its opportunity to develop and expand. Ensure you have the necessary tools to track cash flow right from the start of your firm.
You may really be looking out for the capital to start any of these businesses and so you are looking for the best way to save toward it
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