As the economic landscape in Nigeria continues to evolve, there has never been a better time to start your own business. However, not everyone has access to substantial amounts of capital to get started. This is where the best business to start with little money in Nigeria comes in.
In 2023, entrepreneurs looking to establish themselves with limited resources need not despair. The country is rife with opportunities that do not require massive investment, and with the right mindset, creativity, and hard work, you too can be on the path to financial freedom.
The best businesses to start with little money in Nigeria include those that can be launched from the comfort of your own home, and that require minimal start-up capital.
Such businesses range from freelance writing, to web design, to social media management, and other online services that are increasingly in demand in the digital age.
By leveraging the power of the internet and adopting a smart, lean approach, you can turn your entrepreneurial dreams into a profitable reality.
Join TransferXO on this journey as we explore some of the best business ideas that you can start with little money in Nigeria in 2023.
35 Profitable Business to Start With Little Money in Nigeria
Starting a profitable business with little money in Nigeria can seem like an impossible feat, but it is achievable.
It all starts with having the right mindset, the right business idea, and a plan to execute that idea. The key is to focus on businesses that have low start-up costs and can be operated from home.
The Nigerian business climate is ripe with opportunities, and with a little bit of creativity and ingenuity, you can launch a profitable business with little money. So here are different profitable businesses to start with little money in Nigeria.
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.
Best Online Businesses to Start With Little Money in Nigeria
#1. Forex & Crypto Trading
If you’re looking to start a profitable business with little money, these two ventures are a good place to start. Forex and Crypto trading allows you to leverage your funds and maximize profits through strategic trading and investments.
One of the best platforms to start with is TransferXO. The platform offers a simple and intuitive trading interface that even beginners can easily navigate. Plus, TransferXO has low trading fees and is easy to deposit and withdraw funds.
This makes it the perfect option for Nigerians looking to make their mark in the Forex and Crypto trading market.
In summary, starting a Forex and Crypto Trading business in Nigeria is an excellent way to invest your funds and earn some good money. And with TransferXO as your trading platform, you can easily set yourself up for success in this lucrative market.
Starting a blog is an excellent way to make money with little investment in Nigeria. You only need a laptop and internet connection to get started. Blogging is an easy way to share your expertise on a subject and provide value to your readers.
By generating high-quality content, you can attract a large audience and earn money through advertisements, affiliate marketing, and sponsorships. In addition, you can also sell digital products, such as e-books or online courses, on your blog.
As a blogger, you can earn a steady income by providing useful information and entertaining content to your followers.
E-commerce is another profitable business you can start in Nigeria with little money. All you need is a website or a social media account, and you can start selling products or services online.
The beauty of e-commerce is that it provides you with an opportunity to reach a wider audience and expand your business without a physical location. You can start small by selling products like handmade crafts or products you’ve produced from home, then scale up over time.
E-commerce in Nigeria is growing at an exponential rate, making it an attractive venture to venture into. You can source products from abroad, locally, or sell on a consignment basis to increase your profit margins.
If 20k is below your budget, you can explore this article on 35 Profitable Businesses to Start with 300k in Nigeria
#4. Online Ad Agency
An Online Ad Agency is an ideal business to start if you are skilled in online marketing and advertising.
With minimal start-up costs, all you need is a computer, an internet connection, and the know-how of ad platforms such as Facebook, Google Ads, and Twitter Ads.
With these tools, you can help small and medium businesses reach a wider audience and grow their brand.
Plus, online advertising is an industry with a steady growth rate, meaning that you can generate a significant income while helping others grow their business.
#5. Online Teaching
Online Teaching is another excellent business option with minimal start-up costs. The rise of technology and e-learning platforms like Zoom, Skype, and Google Meet have made it easier to teach online.
With only a computer and internet connection, you can offer your skills as a tutor in a wide range of subjects to a global audience. You can create an online course and market it via social media, websites, or online communities.
You can teach in your free time and generate an income that complements your 9-5 job or do it full-time to generate substantial income. In summary, with the power of technology and the internet, you can start profitable businesses with little capital.
#6. Manage Social Media Profiles
Are you a social media-savvy person looking to make a living off it? Then, managing social media profiles for small businesses can be a lucrative venture.
With little to no investment, you can help businesses build their online presence and increase their customer base.
The job involves creating and posting engaging content, scheduling posts, and responding to customer queries.
Social media management requires an eye for detail and the ability to adapt to changing trends, which makes it a rewarding and fulfilling job.
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.
#7. Sell Photos Online
You can start selling photos online if you’re a photography enthusiast, this can be a great opportunity to showcase your work and earn some extra cash. All you need is a good camera, some editing skills, and a passion for capturing beautiful moments.
From stock images to portraits, there is a vast market for creative and high-quality photos. Platforms like Shutterstock and iStock allow photographers to sell their photos for a commission, giving them access to a global audience.
#8. Sell Financial Products
Selling financial products is a business opportunity that requires little startup capital. Products like insurance policies, mutual funds, and savings accounts are in high demand in Nigeria, and it’s possible to earn commissions as an independent agent by marketing them.
As a financial product seller, it’s important to partner with reputable companies that offer reliable and valuable products. You can reach out to potential clients through social media, personal networks, or local communities.
#9. Affiliate Marketing
Affiliate marketing is another viable business opportunity for entrepreneurs with little money to invest.
By partnering with online businesses to promote their products or services, affiliate marketers earn a commission on any sales generated from their promotional efforts.
Nigeria’s digital landscape provides an excellent platform for affiliate marketing, with social media, email marketing, and blogging being effective marketing channels.
As an affiliate marketer, you can earn passive income while leveraging the popularity of established businesses.
Ensure you explore this 17 Profitable Businesses to Start with 500k in Nigeria | 2023 Business Tips
#10. Paid Content Writing
With a knack for writing and a laptop, you can make a lucrative living as a content writer. Paid content writing entails writing articles, blog posts, social media captions, email newsletters, and more for businesses that need to maintain their online presence.
All you need is a good writing portfolio and the right contacts to start earning anywhere from 10,000 Naira to 50,000 Naira per project. To excel, consider improving your writing skills and creating an online presence to market your services.
#11. Virtual Assistant
Being a virtual assistant involves providing remote administrative and creative services to businesses. Virtual assistants typically handle tasks like scheduling, email management, data entry, and social media management. All you need is a phone and a laptop with internet connection to start this business.
It is possible to make over 50,000 Naira monthly by taking on clients as a virtual assistant. With hard work and networking, this business can grow and open doors to more lucrative business opportunities.
Profitable Offline Businesses to Start With Little Money in Nigeria
#12. POS Business
Looking for a profitable business to start in Nigeria without spending a fortune? Consider starting a POS business. A Point-of-Sale (POS) system is an electronic device used for processing payments from customers using credit or debit cards.
You only need a small capital to buy a POS machine, and you can start by offering services to local merchants who don’t have their machines.
Once you’ve established your credibility, you can start renting out POS machines to small businesses, and earn a percentage of their transactions. It’s an excellent business opportunity that doesn’t require a lot of initial investment.
#13. Sale of Mobile Phone Accessories
Another profitable business you can start in Nigeria is selling mobile phone accessories. The demand for mobile phone accessories like cases, screen protectors, chargers, earphones, and more is on the rise, and you can take advantage of this opportunity.
With as little as a few thousand nairas, you can buy bulk accessories and sell them online or in-person to consumers in your local area.
You can also offer customization services like adding phone cases with pictures, logos, or names. With social media marketing and excellent customer service, you can build a profitable mobile accessories business in no time.
Take Out Time to Read; 35 Profitable Businesses to Start With 20k in Nigeria | 2023 Business Tips
#14. Mini Importation
Starting a mini importation business in Nigeria is a lucrative venture that requires little capital to set up. All you need is a computer or smartphone and access to the internet to connect with foreign manufacturers or wholesalers.
The goal is to identify high-demand products that you can buy at a cheap price and resell in Nigeria at a profitable markup. Common items to import include fashion accessories, electronics, cosmetics, and home appliances.
With the right marketing strategy, your mini importation business can thrive in Nigeria’s booming e-commerce market, reaching customers across the country and generating a steady stream of income.
#15. Food Cart/Mobile Food Business
Food carts and mobile food businesses are also excellent options. Nigeria is a country that loves good food, and street food is an important part of the culture. Entrepreneurs can take advantage of this trend by starting their food cart or mobile food business.
With the right location, high-quality ingredients, and a bit of marketing, one can quickly grow a loyal customer base. Additionally, because the business is mobile, entrepreneurs can easily expand into new locations as demand grows.
#16. Sale of Drinks and Water
In Nigeria, selling drinks and water can be a profitable business venture to start with little money. This is because there is a constant demand for these products, especially during the hot season or events.
Starting small, you can purchase a few cases of bottled water and assorted soft drinks from wholesalers and sell them at a higher price.
Another way to make more profit is to set up a mobile drink cart and go to events and public gatherings to sell.
It is important to find the right location, offer competitive prices, and maintain a clean and attractive display to attract customers and build a loyal client base.
#17. Light Export
Do you have relatives or friends who live in another country? Rather than constantly asking them to send you money, form a business agreement with them to supply African food goods.
Allow them to assist you in locating African shops and restaurants in their different areas, while you source and package the things they require.
You ship the goods by air freight. Africans in the diaspora long for the foods of their homeland.
Numerous items can be exported, including vegetables, seafood, melon, chili peppers, and so on. This is one approach to earn dollars while avoiding domestic currency depreciation.
#18. Sale of Home Security Gadgets
In Nigeria, starting a profitable business doesn’t always require a huge investment. One of the most lucrative options is the sale of home security gadgets. As security is a primary concern for many Nigerians, the demand for these products is high.
With a small capital investment, one can buy items such as security cameras, alarm systems, and door locks at wholesale prices and sell them at retail prices for a significant profit.
In addition, with the rise of smart home technology, there is a growing market for high-tech security solutions. Investing in this business is a sure way to yield impressive returns.
#19. Retail sale of Perfume Oil
Another low-capital investment idea in Nigeria is retailing perfume oil. The demand for fragrance in the country is high, and selling perfume oils can be an excellent way to make good profits with little capital.
These oils are more affordable than branded perfumes, yet they offer long-lasting and delightful fragrances. One can source wholesale perfume oils from suppliers and package them in small, attractive bottles for resale.
The flexibility of this business also makes it easy to start from home and requires no storefront. With the right branding and marketing strategies, it can be a profitable venture in no time.
#20. Sale of Building Materials
The real estate industry in Nigeria is booming, and there’s always a high demand for building materials. This makes the sale of building materials a highly profitable business venture to start with little money.
All you need is a good location, where you can source materials like cement, roofing sheets, wood, blocks, etc., at wholesale prices. With excellent customer service and competitive prices, you can establish a steady stream of customers, and soon, you’ll be on your way to building a successful business.
#21. Mobile Phone Repairs
With the increasing reliance on mobile phones and gadgets, there is a significant demand for mobile phone repairs. Starting a mobile phone repair business in Nigeria can be a very lucrative venture with little capital. All you need is to master the skills required to repair damaged phones, a small workspace, and basic tools.
To make your business stand out, you can also sell accessories like phone chargers, batteries, screen protectors, and cases. With exceptional customer service and affordable pricing, your business is guaranteed to grow.
#22. Dry Cleaning and Laundry Services
The dry cleaning and laundry industry in Nigeria is experiencing significant growth due to the busy lifestyles of people. Many individuals and families do not have the time to clean their clothes themselves, which makes dry cleaning and laundry services a promising business opportunity.
To start, you will need a space to work, a washing machine, an ironing board, an iron, hangers, and detergents. As your business grows, you can consider adding additional services like dry cleaning, stain removal, and folding services. With the increasing demand for such services, you can expect to see a quick return on investment.
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#23. Car Wash
Another lucrative business venture to start with little money is a car wash. With an increase in car ownership in Nigeria, car washing is a viable business opportunity that requires minimal investment.
To start, you will need to have a space with a good supply of water, soap, a pressure washer, brushes, sponges, and cleaning agents. You can start by washing cars in your neighborhood and advertising your services through word-of-mouth.
As your business grows, you can consider expanding your services by offering detailing, waxing, and polishing services. You can also introduce additional amenities like Wi-Fi and refreshments to attract more customers and increase your profits.
#24. Rental Services
The rental industry in Nigeria has been on the rise in recent years. With a growing population and economy, there is a constant need for affordable and accessible rental services. From event tents and chairs to generators and PA systems, the opportunities in the rental market are endless.
The initial cost to purchase or rent equipment may be a challenge, but with proper planning and management, this business can be profitable. Identify your target market, create a marketing strategy, and provide excellent customer service to gain loyal customers and steady revenue.
#25. Sports Betting Agency
The popularity of sports betting in Nigeria has soared in recent years, with more people participating in the activity. This has opened up a niche market for entrepreneurs looking to venture into the industry. Start with a small kiosk or an online platform to offer sports betting services.
However, it is crucial to have adequate knowledge of the sports and betting rules to avoid losing clients’ money and getting into legal trouble. With the right strategies and consistent profits, this business has the potential to grow into a large enterprise.
#26. Catering Service
If you love cooking and have a talent for creating delicious dishes, starting a catering service may be a great way to turn your passion into profit. With little investment, you can start small and gradually grow your business through referrals and repeat customers.
Nigerian cuisine is rich in flavor, making it a popular choice for events and parties. Catering can also include food delivery services for offices, events, or busy families.
Ensure to obtain the necessary health and safety permits from the relevant government agencies. As you grow your catering business, invest in marketing strategies to reach a larger audience and increase your profits.
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Profitable Agribusinesses to Start With Little Money in Nigeria
#27. Organic Produce
If you’re thinking of starting a business in Nigeria but have limited funds to start with, then the Organic Produce business might be for you. Organic Produce farming is gaining popularity as more and more people become concerned about the harmful effects of chemicals on their health.
By growing organic fruits and vegetables, you’ll be able to tap into a growing market that values natural produce.
You can start small by cultivating in your backyard or rent a small piece of land. As your business grows, you can invest in more equipment and scale up your production.
#28. Herbal and Medicinal Planting
Another profitable business to start in Nigeria with little money is Herbal and Medicinal Planting. This type of business involves growing and selling natural herbs and medicinal plants for use in traditional medicine.
Many people in Nigeria still rely on traditional medicine for their health, which presents an excellent opportunity for you. Starting a herbal business involves sourcing and cultivating plants such as moringa, ginger, garlic, aloe vera, turmeric, and many more.
With a small plot of land, you can grow herbs and medicinal plants to meet local demand and supply the growing market. You can also explore value addition, such as creating tea blends or producing skincare products from your herbs.
#29. Poultry Farming
Poultry farming has long been known as one of the most profitable businesses in Nigeria, with relatively little capital needed to start. With a growing population, the demand for eggs and poultry meat is ever-increasing.
Starting a poultry farm requires only a few chickens and basic housing, making it an accessible option for many people. Poultry farming is a relatively easy business to manage, making it ideal for first-time entrepreneurs.
With the right marketing strategies and good management practices, poultry farming has the potential to generate significant revenue for little investment.
#30. Bee Keeping
Beekeeping is another lucrative business that requires relatively little capital to start. With a vast market demand for honey and related products, beekeeping offers numerous benefits. Beekeeping requires very little land and only a few bees, making it an ideal venture for rural areas with limited resources.
Nigeria is blessed with abundant vegetation, which provides ample opportunity for beekeeping. As such, there is an increased need for more beekeepers to meet the high demand for honey in the local market.
Beekeeping is a simple and lucrative venture with significant potential for generating steady income and contributing to sustainable economic development.
#31. Fish Farming
Fish farming is a lucrative business that deals with the cultivation and production of fish for commercial purposes. Nigeria has a large fish market, making this a promising venture for entrepreneurs.
To start this business, one must have access to water and fish feed, as well as fish seedlings. With just a small pond or tank, you can get started on producing fish and supplying the market demand. This is a business that can be done from home, and it has a high profit margin.
Fish farming is an excellent business venture that guarantees a stable source of income with little investment. Nigeria is blessed with a vast water body, making it a perfect place for fish farming.
#32. Wheat Farming
Wheat is a highly nutritious grain used for different purposes such as baking bread, cakes, and pastries. It has a high demand in the Nigerian market and can be sold in both raw and processed forms.
Starting this business requires access to farmland, irrigation facilities, and quality wheat seeds. The initial capital investment might be relatively high compared to other agricultural ventures, but the profit margins make it worth the investment.
Wheat farming requires some expertise in agricultural practices, but it is not too difficult to learn. Entrepreneurs who venture into wheat farming in Nigeria have the opportunity to expand and supply a growing market that needs this staple grain.
#33. Spice Processing
Spice processing is an excellent opportunity for entrepreneurs who want to start a business with low capital and earn a significant profit. In Nigeria, there is a high demand for spices like pepper, turmeric, and ginger, and processing these spices can add value to the raw materials, making them more profitable.
Processing spices involves cleaning, sorting, drying, and packaging the spices, and then selling them to retailers, wholesalers, and supermarkets. As a spice processor, one can expect to make a significant profit since the raw materials are cheap, and there is a steady demand for spices.
#34. Rice Farming
Rice farming is another profitable business to start with little capital in Nigeria. Rice is a basic food in Nigeria, and there is always a great demand for it. The market for rice farming is broad and is expected to continue growing.
Rice farming involves cultivating the rice plants and harvesting them when the time is right. As a rice farmer, one can make a considerable profit from selling rice grains, rice straws, and even rice husks.
In addition, the Nigerian government is committed to increasing local rice production, and this can translate into significant financial incentives for rice farmers.
#35. Dairy Farming
In Nigeria, dairy farming is becoming increasingly popular as more people are beginning to understand the health benefits of milk and dairy products. The good news is, that it’s not difficult to start a dairy farm as long as you have some basic knowledge about livestock management.
You can start with just a few cows and gradually increase your herd size as you become more comfortable with the business. With a steady demand for milk and dairy products, dairy farming in Nigeria can be a lucrative venture.
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How to Choose a Profitable Venture Within the Little Budget for Business Startups in Nigeria
Starting a business can be quite a daunting task, especially when you’re operating on a shoestring budget. It’s important to choose a venture that’s not only profitable but also manageable within your budget. In Nigeria, several business ideas require little capital but can yield significant returns if done correctly.
Here, we’ll explore how to choose a profitable venture within a small budget for business startups in Nigeria.
1. Identify Your Niche
The first step to choosing a profitable venture within a small budget is identifying your niche. This involves discovering the business idea that suits your passion, skills, and expertise. For instance, if you’re an excellent writer, you can start a blog or freelance writing business.
If you love cooking, you can start a food delivery or catering service. The key is to find a niche that you’re passionate about, as this will motivate you to put in the work needed for success.
2. Do Market Research
After identifying your niche, the next step is to conduct market research. This involves researching the demand for your product or service, analyzing your competitors, and determining the target market.
A thorough market analysis can help you determine if your business idea is viable and profitable. It will also help you refine your product or service to meet the needs of your target market.
3. Choose the Right Business Model
Choosing the correct business model is critical for any business. There are various models to choose from, such as sole proprietorship, partnership, Limited Liability Company (LLC), and others.
Each model has its advantages and disadvantages, and you need to choose the one that best suits your business idea and budget.
For instance, if you’re just starting, you can begin with a sole proprietorship or partnership and then move to LLC as your business grows.
4. Leverage Social Media
For businesses, social media has become a vital tool. It’s an affordable and effective way to market your products or services and reach a wider audience.
You can leverage platforms like Facebook, Instagram, Twitter, and LinkedIn to promote your business and engage with potential customers. It’s essential to create quality content, engage with your followers, and monitor your analytics to track your progress.
5. Build Your Brand
The development of your brand is critical to the success of your business. Your brand should reflect your business’s values, personality, and identity.
This involves designing a logo, creating a website, establishing a social media presence, and creating quality content.
A strong brand will help you differentiate yourself from your competitors and attract loyal customers.
Frequently Asked Questions
How do I raise funds for my small business?
One way to raise funds for your small business is to look for grants or micro-loans. You can also consider getting a partner or investor to provide some funds in exchange for equity in the business.
What are some tips for starting a business with little money?
When starting a business with little money, you need to be resourceful, creative, and determined. Start with a solid business plan that outlines your target audience, unique selling proposition, and revenue model. Also, focus on low-cost marketing and use social media to reach your target audience.
As a small business owner, how should I manage my finances?
Managing your finances as a small business owner involves creating a budget and sticking to it, keeping detailed financial records, separating your personal and business expenses, and investing in accounting software.
What are some challenges I may face as a small business owner in Nigeria?
As a small business owner in Nigeria, some of the challenges you may face include limited access to finance, inconsistent power supply, bureaucracy and red tape, and an unpredictable economy.
Starting a profitable business with little money is a great way to achieve financial independence in Nigeria.
With the right mindset, dedication, and hard work, there are numerous businesses that one can venture into with little capital.
By focusing on building strong relationships with customers and providing high-quality services, these businesses can thrive and generate significant profits.
With these ideas, anyone can begin their entrepreneurship journey and become a successful business owner.