35 Profitable Businesses to Start with 700k in Nigeria | 2025 Business Tips

In Nigeria’s thriving entrepreneurial scene, aspiring business owners frequently seek attractive companies that may grow with a fair investment. The search for profitable businesses to start with 700k in Nigeria will receive substantial traction by next year. 

Entrepreneurs are already taking advantage of this readily available financing to launch enterprises that promise both financial stability and development potential.

Starting a business with 700,000 may appear difficult, but the Nigerian market is filled with varied opportunities that may be tapped into with a modest investment. Nigeria, being Africa’s most populous country and a commercial and trading powerhouse, provides a perfect environment for anyone ready to embrace innovation and hard work. 

This article goes into the exciting world of business prospects for those with a budget of 700k Naira. We investigate a wide range of industries, from tech-driven startups to established firms that resonate with the local market. 

With the appropriate approach, perseverance, and a great understanding of market expectations, this inexpensive investment can pave the road to amazing success.

Join us on this thrilling adventure as we reveal the potential profitable businesses to start with 700,000 in Nigeria next year. The market is ready, and your journey to entrepreneurship begins here.

TransferXO wants to guide you through this journey.

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Those Who Read This End Up Reading: 35 Profitable Businesses to Start With 1 Million Naira in Nigeria

35 Profitable Businesses to Start with 700k in Nigeria

Nigeria is a land of opportunity, and there is no better way to take advantage of this than by starting a profitable business. With 700k in your pocket, you can launch a business that can turn your life around. 

Starting a successful business in Nigeria does not have to be a pipe dream. You can make your entrepreneurial dreams a reality if you have the appropriate idea, commitment, and budget.

Whether you’re an entrepreneur looking for your next challenge or just looking for a new way to earn money, here are 35 profitable businesses you can start with 700k in Nigeria.

If 700k seems way big to you and your budget is within 500k – 300k, you can explore this article on 35 Profitable Businesses to Start with 300k in Nigeria.

Profitable Online Businesses to Start with 700k Naira in Nigeria

#1. Crypto Trading 

Cryptocurrency exchange trading, also known as crypto trading, is the buying and selling of paired currencies for profit. It provides an opportunity to profit from currency exchange rate swings.

Crypto trading is a great way to turn your passion for investing into a profitable business. With 700k, you have more than enough to start trading Crypto and create a thriving enterprise. 

With a 700,000 naira initial deposit, you can register on a reliable broker site like TransferXO. This platform is simple to use and provides you with the required market analysis tools. Trading with TransferXO means having access to competitive spreads, tight stop losses, and fast execution times.

The beauty of crypto trading with TransferXO is that it provides traders with an opportunity to trade on the largest financial market globally.

With the ease of accessing foreign currency, traders can use Crypto trading as an excellent way to expand their business abroad. Also, you can enjoy the 24/7 trading hours with TransferXO, making it perfect for people who cannot be present in front of the computer screen the entire time.

When trading with TransferXO, it’s easy to start making profits from day one, thanks to their fantastic tools, education, and trading guides.

Additionally, their responsive customer service will provide you with the assistance and answers you need. Crypto trading can seem like a complicated and risky investment option. But with the help of TransferXO, it can become a lucrative venture.

Overall, Crypto trading with TransferXO can be a profitable business opportunity for Nigerians looking to grow their capital and explore international trading options. With your 700k investment, coupled with TransferXO’s great services, the sky’s the limit!

You can also explore other businesses to start when you have lower budget like 500k through this article; 17 Profitable Business to Start with 500k in Nigeria.

#2. Blogging

Blogging has become a profitable business for individuals who have a passion for writing and sharing information online. With just 700k in Nigeria, one can start a successful blogging business that generates consistent revenue.

The key to a successful blogging business is to identify a profitable niche that aligns with your interest. A niche that solves a problem for people and offers solutions.

This could range from lifestyle, food, fashion, tech, book review, health, or even education. Once a niche has been chosen, create quality content that is relevant to the audience. 

To generate revenue from a blogging business, one needs to monetize their platform. This could be through affiliate marketing, sponsored posts, sponsored ads, product reviews, and guest posting. With consistency, dedication, and patience, a blogger can generate enough traffic to their website, which will result in higher revenue.

Blogging is a profitable business that requires passion, dedication, and the right approach. With 700k in Nigeria, anyone can start a successful blogging business and generate revenue through various monetization methods.

If 20k is below your budget, you can explore this article on 35 Profitable Businesses to Start with 300k in Nigeria

#3. Starting an Online Store

Creating an online store is one of the most accessible business endeavors available right now. You may start this business in Nigeria with just 700k and no further fees for an online store platform.

You may start a free online store in Nigeria using systems like Paystack, Flutterwave, and Bumpa. Alternatively, you can sell your stuff on social media platforms such as Facebook, Instagram, and WhatsApp. If you prefer paid systems with more features, you can look into Shopify, Wix, Square, Godaddy, and others.

You can sell a wide selection of products in your online store, from new fashion items to used goods, books, or any commodities in high demand by online buyers.

Additionally, you can register on prominent online markets such as Jiji, Jumia, and Konga, allowing you to establish your business within these platforms and tap into the current pool of potential clients who visit these online marketplaces.

Starting an online store is a varied and profitable business option in Nigeria. You can harness the power of e-commerce and profit from the expanding trend of online shopping by utilizing a free online store platform, a premium online store, or social media platforms, in conjunction with the ability to join existing online marketplaces.

You can also explore other businesses to start when you have a higher budget like 500k through this article; 17 Profitable Business to Start with 500k in Nigeria.

#4. Selling Used Books

Every day, thousands of books are published, and an equal number of people buy these publications. Individuals seek consolation in the pages of books as they seek information and knowledge.

Amazon, which first focused primarily on book sales, is a testament to the industry’s future expansion. Books serve as portals into diverse cultures and represent a profitable business opportunity in Nigeria with a 700k initial investment.

A thorough study is required to succeed in this enterprise. Understanding the popular book genres in Nigeria, such as romance, self-help, finance, and religious novels, will assist in guiding your selection and stocking decisions. Furthermore, finding used books in excellent condition from reputable vendors is critical.

Rather than investing in a physical store, it may be more advantageous to use the funds to build a strong online presence. Selling books online gives you more freedom and a larger reach, allowing you to maximize income while minimizing operational costs.

The book market in Nigeria continues to expand, fueled by a thirst for information. You may capitalize on this business opportunity and unleash its potential for success by completing market research, obtaining great books, and developing a strong web presence.

Explore this article 35 Profitable Businesses to Start with 700k in Nigeria if you’re aiming for a higher budget to start a business in Nigeria.

#5. Dropshipping Business

Dropshipping is a low-maintenance business where you may make money by doing nothing more than promoting your dropshipping website for additional business prospects.

This is an e-commerce venture, however, unlike other e-commerce ventures, you do not keep inventory. That is, your work is more like a middleman that brings business leads to an e-commerce site in exchange for a commission that is often 20% to 30%.

And because renowned e-commerce companies such as Amazon, Ali Baba, Esty, and others allow dropshipping on their e-commerce platforms, it is simple to persuade potential purchasers to buy through your website that directly links to their products.

Dropshipping allows you to sell things all over the world. To get started, you’ll need to develop an e-commerce website where you may promote your products and handle sales transactions.

While dropshipping, keep in mind that the most profitable sales opportunities frequently come from the United States. As a result, implementing tailored advertising campaigns to attract potential customers is critical for success.

#6. Create a YouTube Channel

YouTube is similar to blogging. What distinguishes them is that the former focuses solely on video material, and the latter combines video and written information.

Opening a YouTube channel is completely free, however, if you want to expand your channel quickly, investing #700k is more than enough to help you build your channel.

If you want to be successful with your YouTube channel, you must be familiar with the following steps:

• Select a Niche 
• Optimize your channel
• Produce Unique and High-Quality Content
• Promote your content and monetize it

Building a successful YouTube channel, like blogging, needs patience, perseverance, and creativity. To increase your reach, focus on making an authentic connection with your audience, reacting to comments, and partnering with other YouTubers.

Also read – 17 Profitable Businesses to Start with 500k in Nigeria

Profitable Offline Businesses to Start with 700k Naira in Nigeria

#7. Football Viewing Center and Game Center

Both establishments can be found in the same location, providing clients with a varied choice of entertainment options. A football viewing area necessitates enough room as well as a sufficient quantity of chairs.

A subscription package with DStv and Startimes is also required, as well as a large TV set, preferably 43 inches or larger. Depending on the size of the viewing center, many TV sets, maybe even a 65-inch TV, may be necessary, however, this would be more expensive. While a 700k budget may not entirely cover these costs, opting for nice used TVs may save some money for PR.

A game center, on the other hand, takes up less area and costs less money. Four PS4 consoles and four modest 24-inch TV sets would be plenty to set up the game center.

These gaming systems and televisions would cost roughly #300,000, allowing a major chunk of the remaining funds to be dedicated toward putting up the business and producing a signpost for publicity.

By constructing both a football viewing center and a gaming center in the same area, you can appeal to a larger audience and provide them with a variety of entertainment experiences. Proper funding allocation and strategic planning will ensure the effective launch and operation of these enterprises.

#8. POS Business

Nigeria’s POS market has grown in popularity, giving it an excellent business prospect in the country. You can start this business whether you already own a shop or not.

The inconvenient nature of visiting banks and ATMs has created opportunities for individuals to become POS agents and provide financial services in their communities. Starting a POS agent business in Nigeria does not necessitate a huge capital investment or extensive technological knowledge.

The POS business is one of the simplest to start in Nigeria, with a capital of only 500k. The following are the requirements for starting this business:

• Getting a good location for your shop.
• Signing up with a mobile money agent company.
• Getting a POS gadget.
• Keeping a cash reserve on hand to assist consumer withdrawals.

Several notable POS agent organizations stand out in Nigeria, including Moniepoint POS, Opay POS, Baxi POS, Kudi POS, and PalmPay POS.

#9. Printing and Publishing

Every day, numerous people print goods such as banners, magazines, novels, and newspapers.

You can spend your money on printing machines, a workstation, and someone who understands how the machines function. You’re ready to go with these. The advantage of this business is that it does not require a large investment.

To begin this business, you will need the following items:

• Office space
• Large Printing Machine
• Computer 
• Generator

With those items in hand, you are ready to take advantage of this industry. Because of the depreciation of the Naira versus the dollar, purchasing a new large printing machine is now more expensive, but you can obtain a nice second-hand large printing machine for a reasonable price.

With a minimal investment of #700k, this company idea can become a reality and provide you with a steady stream of revenue.

See Also – 35 Profitable Businesses to Start With 20k in Nigeria | 2025 Business Tips

#10. The Concrete Building Block Business

With so many construction sites nearby and so much money in the housing and real estate market, the concrete block company becomes one of the best investments with quick returns.

With a #700k in Nigeria, you can become the owner of the newest block factory firm in your neighborhood. In this lucrative enterprise, all you need are;

• Consistent water supply
• Land 
• Molding machines 
• Laborers

You can rent land if you believe it will be a significant expense in launching this firm. Preferably, rent or buy land in an area with active construction activities. Molding machines are incredibly simple and inexpensive to obtain, as well as simple to operate.

If you believe that demand in your current site has decreased due to it being entirely residential, you can relocate all of your equipment to another place where there is a lot of building going on. -This is what makes this company mobile. You’re ready to go with all of these.

All you need to keep the firm running is to purchase sand and cement. You can still go into interlocking tiles, which is highly successful with a very similar approach to running the block molding.

#11. Renting Service for Building Materials

Another approach to profit from the construction industry. In most construction sites, the building contractor (Architect) rents the necessary equipment to aid in the construction process. This is when you come into play.

From the most basic, such as headpans, shovels, and wheelbarrows, to the most complex, such as cement mixers, compacting machines, and so on.

You can buy these supplies and machines, and then rent them out to reap the financial benefits. It is recommended to opt for the more expensive ones, which will be tough to find among your competition and cost more to rent.

#12. Computer Service Center (Cyber Café)

The cyber cafe company idea can become a reality with #100,000. However, you need at least 700k to obtain all of the current computers and printers required for this profitable business.

Before the widespread use of personal computers, the Cyber Cafe business was one of the greatest, if not the best, small-scale business ideas to start in Nigeria.

Nonetheless, if located in the correct area, this business might be one of the most profitable in Nigeria. You can easily establish a computer service center that offers computer-related services such as typing, internet access, computer repairs, computer accessories, and much more.

Consider the following while selecting the optimal location for your cyber café business:

• Where there are a lot of Offices.
• Schools
• Government office buildings (for example, Secretariat, Local Government, Police Stations, and Tax Offices) should be targeted.

#13. Exportation

Nigeria exports a variety of products, including palm oil, garri, melon, cocoa, cashew, and so on.

There are many Nigerians in nations outside of Africa who want to consume Nigerian food but cannot get it. As a result, the cost of Nigerian food outside of Africa, primarily in the United States and Europe, is exceedingly high.

The beautiful part about this export business is that you may export for industrial or personal usage. You’ll make a lot of money in any case.

You are ready to launch this profitable business with less than #700k.

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#14. Eatery

Even if the entire world is in crisis, the restaurant business will remain on the list of high-income-generating industries. All you have to do in this business is have a location where the ambiance is pleasant and conducive to clients eating without being bothered by flies, intrusions, or foul odors. 

Serve meals that consumers can eat without ending up in the bathroom for the rest of the day. Check that the food tastes nice. With 700k or less, you can have a conventional eatery where clients can dine and also have time to relax afterward.

#15. Real Estate Business

As Nigeria’s real estate market develops, you can enter the industry with a 700k investment and make a good profit in no time.

You can’t buy a house in Nigeria for 700k Naira, but you can obtain an apartment for that price or less and rent it out at a higher price.

For example, if you buy two apartments in Lagos’ Ajah neighborhood for 150k, you can rent them out for 200k, giving the real landlord 150k for each unit and earning 100k.

This is a really simple and profitable business idea that you can replicate in Lagos, Abuja, and Port Harcourt. The more properties you acquire for others, the more money you will make.

#16. Cooking Gas Business

With almost every household now using cooking gas for cooking, starting the business is one that will expand if done effectively. All you need to get started with this business is N700,000 plus a gas tank, scale, dispenser, hosepipe, and other little yet required equipment.

If you have a tiny space in front of your house, you can start a cooking gas business in Nigeria from home. Keep in mind that, due to some of the risks involved, you will need to study a little about this industry before you begin.

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#17. Food Processing

Nigeria’s main food challenge right now isn’t production, but rather processing and marketing.

Food waste would be reduced if Nigeria processed more of its food. While food supply will be more consistent and less seasonal, food costs will be less volatile.

Nigeria, for example, is Africa’s biggest tomato grower, but the government spends millions of dollars each year importing processed tomato paste from China.

The same is true for other imported processed food goods whose raw components are abundant in Nigeria. You can enter this multi-billion naira market with a #700k or less.

#18. Logistics or Courier Service

Because of the recent strong demand, the logistics industry is one of Nigeria’s fastest-growing enterprises. The huge demand is due to the high volume of e-commerce transactions in Nigeria. Not just in Nigeria, but throughout the world.

If you want to start a business that will not add to your stress while also providing a high return, I recommend that you consider beginning a logistics firm.

#19. Car Wash Business

Despite the economic slump, Nigeria’s constant increase in car purchases gives a potential prospect for developing a new car wash business, particularly in highly populated locations.

Individuals with hectic schedules frequently lack the time to completely clean their cars, creating a demand for convenient car wash services. A car wash service can draw a consistent stream of cash by providing a solution to this problem.

To get started, you’ll need a good place, access to a local water source, and the appropriate auto-cleaning equipment. Once you have these necessities in place, you may launch your business and start earning money daily.

Despite economic constraints, the demand for vehicle wash services in Nigeria remains high. Your car wash business can develop and prosper if you seize this opportunity and provide convenient and high-quality auto cleaning options.

See Also – Top 17 Legit Online Business that Pays Daily in Kenya

#20. Thrift store

For many years, Nigeria’s thrift sector has thrived. If you have enough money, you may make a fortune selling everything from clothes to shoes to electronics. But exactly what is thrifting?

Thrifting is the practice of purchasing gently used products at a considerably cheaper cost than if they were brand new. However, it can also apply to selling these things in a physical or online store.

In Nigeria, this business is known as okrika (after the Rivers State island) and has specific markets in practically every city.

It’s a great business if your target market is low-income earners like students and recent graduates. It’s also a fairly cool business that you can start in Nigeria with 700k.

#21. Bookstore

Another great business to start with $500k in Nigeria is a bookstore. Find a great location and load it with books. These novels can range from romance and thrillers to academic textbooks and workbooks – whatever the reader desires or needs.  You can even limit yourself to selling solely religious books if there is a market for them.

Furthermore, your bookshop does not have to exclusively sell new things. You could sell old books for considerably less money and move stuff much faster. Whatever you choose to sell, if your bookshop is in a good location and your books are of high quality, it will prosper and make you more money.

You might potentially save money (and broaden your market) by going online. PocketApp and other e-commerce sites are ideal for this, and you can use the extra cash to buy more products.

#22. Event Planning

If there is one thing Nigerians adore, it is events! And not without reason. Who doesn’t enjoy a good party? Nigerians are so party-loving that we spend millions of naira planning the perfect celebration for everything from birthdays and graduations to burials and weddings.

The country’s event sector is so robust that you may make a lot of money by starting an event-planning business. One of the best aspects of event planning is that it is pretty simple to get started, and you may start small (for example, with birthdays and dinners).

However, if you want to develop a thriving event-planning business, you’ll need to brush up on your management skills.

See Also – Top 17 Legit Online Businesses That Pays Daily in Ghana

#23. Mini Importation Business

You are already qualified to begin producing money by importing various commodities or any goods of your choice with your 700k.

This could be gadgets, clothing, or any other products in high demand in Nigeria. You should know that Nigerians don’t take lightly old products; they always believe that worn items are better and stronger than brand-new ones.

So, if you can import high-quality things into Nigeria, you may not be the one to seek out buyers, as buyers would seek you out.

#24. Palm Oil Business

If you are looking for a profitable business to start with 700k in Nigeria, the Palm Oil Business is a perfect alternative.

You may be aware that some sections of Nigeria have an abundance of palm oil, while others, particularly in northern Nigeria, have neither palm trees nor palm oil.

You’d be shocked how far your $500k could go if you developed a successful company strategy in Palm oil.

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#25. Lesson Center

If you enjoy education and want to learn more about the possibilities, why not open a lesson center? Your 700k would be more than enough to establish a highly standard learning facility that would stand out among the best.

This is not the same as starting a school, such as a primary or secondary school. It is simply a lesson center where students come to sign up for classes, particularly around the holidays.

This lesson could be for any level, nursery, primary, secondary, or all. If your lesson is aimed at secondary school students, offering WAEC, NECO, JAMB, and other related lessons may help your business grow.

#26. Photo & Video Studio

In today’s society, it’s difficult to go a week without witnessing at least one event, such as a wedding, a burial, or a birthday. It may be obvious to you that practically every occasion will want the services of a photographer or filmmaker. This is to demonstrate how profitable this business would be.

Some people are operating this business today and are successful without a studio; consider whether you should have a studio while performing this business.

With 700k, you may build up the highest-quality photo and video studio and begin identifying the finest in the sector.

#27. Recharge Card Printing

Another 700k business idea in Nigeria that is currently profitable is the printing of recharge cards. According to a study, around 170 million Nigerians use mobile phones out of a total population of over 212 million.

Of course, you are aware that no one uses a mobile phone without first inserting a recharge card. This is to inform you that the recharge card printing business is one of the most profitable in Nigeria, and with 700k, you can simply start and prosper in it.

You can begin printing all of the prominent networks, such as MTN, Glo, and Airtel, and distribute them to stores.

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Profitable Agricultural Businesses to Start With 700k Naira in Nigeria

#28. Cassava Farming

Cassava farming is becoming more profitable by the day, thanks to the increasing variety of uses for cassava products in Nigeria. This agricultural commodity has long provided a source of income and food for millions of Nigerians. 

Every day, 90% of Nigerian families consume cassava products. Cassava is used to make garri, wheat flour, animal feed, industrial caramel, and a variety of other cuisines.

As the population of Nigeria and Africa as a whole continues to expand, so will the demand for cassava products, resulting in higher income for cassava farmers. Cassava farming is an excellent agricultural business to start if you want to ensure that you almost always sell out all of your harvests.

#29. Poultry Farming

Poultry farming is the process of growing domesticated birds for meat or eggs, such as chickens, ducks, turkeys, and geese. Poultry farming is unquestionably one of Nigeria’s most profitable farming enterprises. 

The rapid maturation of chicken gives one of the best prospects for entrepreneurs to make a lot of money in a short amount of time.

With over 160 million consumers in Nigeria alone, the market is continually present and waiting to be tapped. The demand for chicken goods such as eggs is so great that people travel out of their way every day to see where they can receive the supplies they require.

#30. Rice Farming

Nigeria is the major producer of rice in West Africa and the third largest producer in Africa, behind Egypt and Madagascar, with an annual output of approximately 3.6 million metric tons. Surprisingly, Nigeria continues to fall short of meeting its domestic demand, which is estimated to be 5.5 million tons.

Because Nigeria has a large rice market, if you are looking for a profitable agricultural business idea in Nigeria, you should carefully consider entering the rice farming business, which is unquestionably one of the most profitable in the Nigerian agricultural sector.

#31. Cocoa Business

Cocoa is still one of Nigeria’s undeveloped and extremely profitable businesses. It is making millions for people while many are unaware of it.

Cocoa is utilized in the production of various items, including Nestle, Bournvita, and other chocolate products that we consume regularly.

Numerous businesses are always in great demand for cocoa. Most of these enterprises were recently purchasing a kilo of cocoa seed for N500; this implies that if you had up to 5 tons of cocoa seeds, you would make a whooping N2.5 million.

Cocoa farming is highly popular in Edo state, and the state is widely renowned for it. If you are not from Edo state and want to establish a cocoa-growing business, you may easily find a friend from there.

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#32. Snail Farming

Snail farming is regarded as one of the most profitable agribusinesses that can be started with little capital in Nigeria today. Despite this, it is one of the most underserved animal-rearing industries in the country. Snail farming in Nigeria is one of the best ways to gain money in a short amount of time.

Snail farming is a unique and niche form of company. Because snails are dormant throughout the dry season, they become progressively scarce during this period, and the market is starved of appropriate supplies until the following wet season.

#33. Maize Farming

For decades, the maize agricultural industry in Nigeria has been prospering. Maize, often known as corn, is a significant food crop in Africa. Maize may be cooked in a variety of ways, and millions of Nigerians rely on it because it is less expensive than wheat, rice, and other common grains and cereals.

The value of maize production in Nigeria cannot be overstated. Maize yields a plethora of byproducts. Many other products are derived from maize farming, including Pap, Custard, Corn Oil, Alcohol, Cornflake, Animal/Livestock Feeds, Corn Flour, Corn Starch, and Corn Powder.

#34. Catfish Farming

Many different types of fish are being grown in Nigeria, but many people like catfish since its meat is juicy, soft, and delectable. However, not everyone is aware that this fish can be developed quickly; even on a small farm, catfish farming can be organized at home.

Catfish are in high demand throughout the year. Football viewing centers, restaurants, and market women who buy in quantity and sell as live catfish or smoked catfish have the biggest demand. Individuals want catfish for personal consumption as well. You’ll have no trouble selling your catfish farming equipment.

#35. Pig Farming

Pig farming is one of the most lucrative and successful animal businesses in Nigeria. Commercial pig farming is advantageous because pigs are prolific breeders, capable of producing 10 to 14 piglets in a single birth.

Pig meat (pork) has a strong demand since red meat is a good source of protein and is appetizing. The West African pork market alone is worth approximately $3 billion in terms of consumer value. Imports account for 80% of that. That is a significant amount of untapped revenue.

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How to Choose a Profitable Venture Within the 700k Budget for Business Startups in Nigeria

In Nigeria, starting a business may be both thrilling and intimidating. With the right mindset and approach, however, it can be one of the most rewarding ventures you could ever embark upon. 

One of the biggest questions most new business owners grapple with is how to choose a profitable venture within a budget. In this blog post, we will guide you through some key tips that can help you make the right choice within your 700k budget for business startups in Nigeria.

1. Research the Market

Before investing your hard-earned money into any venture, it’s essential to carry out market research to know what businesses thrive in Nigeria. 

Look for trending business ideas in Nigeria that fit into your budget, and understand what your potential customers want and their buying behaviors. 

That way, you can easily narrow down your options to a select few and focus on researching them more in-depth.

2. Consider Your Interests

It’s not uncommon for aspiring entrepreneurs to jump into a business solely for financial reasons. However, it’s important to consider what you’re passionate about when deciding on a venture.

Choosing a business that aligns with your interests can help motivate you to stay dedicated and work harder.

Moreover, it allows you to apply your unique perspective and creativity to the business, setting you apart from the competition.

3. Look for a Market Gap

One key way to make your business stand out is by identifying gaps in the market and filling them. Find out what’s missing or in high demand in your locality, that your business can offer.

Your venture can even cater to niche markets or offer specialized services or products, giving you an edge over bigger and more established players in the market.

4. Consider a Partnership

If your budget isn’t enough to finance your startup alone, consider finding a partner or teaming up with a like-minded entrepreneur.

Joining forces with a complementary partner with similar or different skills and interests can offer advantages like reduced financial burden and pooled expertise, creativity, and effort.

5. Plan for Long-Term Sustainability

Building a successful business takes time, so plan your venture with a long-term focus in mind.

Consider how your chosen business can grow over time and eventually bring in more revenue and opportunities.

Assess your competition and seek to provide better customer service or quality of products or services, add new offerings, improve marketing strategies, and more.

How to Maximize your Income on Businesses You Started With 700k in Nigeria

With 700,000 Naira to start a business in Nigeria, here are some tips to maximize your returns by leveraging the local market dynamics and available resources.

• Effective Tax Planning: Engage with tax professionals to navigate the complexities of Nigerian tax laws. Understanding allowable deductions and taking advantage of investment incentives can significantly reduce your tax liabilities, increasing your net income.

• Utilize Allowable Business Expenses: Ensure that all the business expenses are duly recorded, as this will aid in maximizing deductions. Such expenses would include rent, salaries, utilities, and advertisement costs.

• Leverage Capital Allowances: This means claiming the wear and tear of assets like machinery or vehicles in your business to efficiently bring down taxable income.

• Explore Government Grants and Incentives: Go in for research on government grants and incentives available to encourage entrepreneurship in Nigeria. These would provide extra funding or save some operational costs.

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Frequently Asked Questions

Conclusion

Starting a profitable business in Nigeria with 700k requires thorough research and careful planning. 

With the current economic situation in the country, it is essential to identify opportunities that have a high demand for services or products. 

Some profitable business ideas include fashion design, hair and beauty salons, poultry farming, and e-commerce stores. 

Aspiring entrepreneurs should consider the market size, competition, and the availability of resources when deciding on the type of business to start. 

Success is not guaranteed, but with determination and hard work, any business idea can turn into a profitable venture. 

With the right approach and a willingness to learn and adapt, anyone can succeed as a Nigerian entrepreneur.