Many people might be asking “What business can I start with 4 million Naira” especially amidst the country’s economic hardships but find themselves unsure of where to begin. Having the capital is one thing, but choosing the right business is crucial to avoid potential pitfalls and ensure profitability.
In Nigeria, with 4 million Naira, you have a lot of opportunities at your disposal from trade and agriculture to technology and service-based businesses.
To help you navigate these choices and answer the question to What business can I start with 4million Naira TransferXO has curated a guide on the best businesses you can start with 4 million Naira in Nigeria.
We’ve identified some of the most promising and profitable ventures based on practical experience and market research.
With the right approach, you can turn your 4 million Naira into substantial profits, and navigate Nigeria’s economic challenges effectively.
So, if you’re ready to take charge of your financial future, read on as we explore what business you can start with 4 million Naira despite the country’s economic hardships.
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List of Businesses to Start with 4 million Naira in Nigeria
Profitable businesses that you can start with 4 million Naira in Nigeria in 2024 include:
1. Laundry Business
This business typically involves offering services like washing, drying, ironing, and sometimes dry cleaning.
Initial investment costs for a laundry business primarily include purchasing equipment such as washing machines, dryers, and ironing tools. Additionally, you’ll need to budget for cleaning supplies like detergents and fabric softeners.
Renting a suitable commercial space is also essential; this space should be easily accessible and large enough to accommodate your equipment and operations.
2. Transport Business
You can establish a transport business in Nigeria with 4 million naira if you’re looking for a business to start.
Purchasing a few bikes, tricycles, or other vehicles, then hiring riders or drivers to utilize them for everyday work and deliver for you at the end of the day is this business strategy.
You can start with a few automobiles or tricycles for as little as N4,000,000 and earn at least N20,000 a day on a regular basis.
You can also explore other business ideas to start with a million naira budget, through this article; 35 Profitable Businesses to Start With 1 Million Naira in Nigeria | 2024 Business Tips
3. Open a Boutique
A boutique where you sell clothes, shoes, caps, belts, and other accessories is a very profitable business that you can start in Nigeria with 5 million naira or less and earn a huge profit.
All you need to start this business is some manikins and a well-designed, appealing shop.
Next, search for vendors of various apparel brands, such as Louis Vuitton and Gucci, buy goods in large quantities, and begin selling.
4. Car wash Business
A car wash business involves providing cleaning services for vehicles, including exterior washing, interior vacuuming, and detailing.
It requires an initial investment in equipment like pressure washers, water tanks, and cleaning supplies.
Renting a visible, high-traffic location is key for attracting customers. With a focus on reliability and quality service, you can build a loyal customer base.
5. Photography and Videography
Starting this business requires investing in high-quality cameras, lenses, and editing software.
You can offer services like event photography, portraits, or promotional videos. Building a strong portfolio and leveraging social media for marketing can help attract clients.
With creative skills and professional equipment, this venture can be profitable and scalable, catering to a wide range of clients and needs.
6. Open a Gas Plant
Selling cooking gas is another venture you may launch in Nigeria for 4 million naira or less.
Given that practically every household now cooks with a gas cooker, this business sells quickly.
You will need to have some prior knowledge of how this firm operates before you start.
Next, choose a plot of land, construct your gas station or plant, and begin selling gas to small sellers at both retail and wholesale prices.
7. Open a Bakery
Searching for a profitable venture that you can launch with 4 million naira or less? How about you start making bread and sell it to stores?
This is a lucrative and very simple business to establish; all you need is a blueprint to construct your bakery, purchase and arrange all the supplies and equipment, and then recruit bakers to assist you in producing bread loaves that you will sell to shops.
8. Fitness Studio or Gym
A fitness studio or gym offers workout facilities and fitness classes to individuals seeking to improve their health and physical condition.
With a 4 million Naira budget, you can rent a space, purchase essential exercise equipment, and potentially hire trainers.
Key services may include group classes, personal training, and gym memberships.
You can also explore other businesses to start when you have a lower budget like 500k through this article; 17 Profitable Business to Start with 500k in Nigeria.
10. Open a Jewelry Store
Looking for a very lucrative business to start with 3 million naira in Nigeria and become a multimillionaire in just a few months? Then buy and sell expensive jewelry.
This business involves buying jewelry such as wristwatches, necklaces, rings, and so on at cheap prices and selling high.
It is a high-value commodity that appreciates with time, especially in gold and silver; you can, for example, buy a necklace for 50K and sell it for 70K.
11. Become a Cement Distributor
You can start registering, and become a distributor of cements such as Dangote, Elephant, and BUA cement with 4 million naira or less.
This business is very profitable as you could make a profit of as high as 1 million naira per truck.
To start, all that you need to do is to register as a distributor, pay and get a truck of cement, then you supply them to the retailers at cheap prices.
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12. Become a Soft Drinks Distributor
You can start soft drink supplies as a distributor with as low as 4 million naira in Nigeria, just like the distribution of cement in another wholesale business.
This business is very lucrative and super easy to start because all you need is a big shop that could contain trucks of soft drinks; then, you register to become a distributor in soft drink companies like Coca Cola and Smoov.
Get a truck of soft drinks, then sell them to retailers at cheap prices.
13. Livestock Farming
Entrepreneurs looking for what business can i start with 4 million naira should consider starting a livestock production business.
Livestock production is a business model whereby you engage yourself in poultry farming, fish farming, snail farming, pig farming, goat farming, cattle farming, and so on, then sell their products like eggs and milk to make money.
This business is very lucrative since much livestock feed is available in Nigeria, especially when you are into goat or cattle farming.
14. Block/Bricks Industry
This is a very lucrative business, especially if one is living in a newly developing area (site). It can be started up with 4 million naira or less.
This business entails molding different types and sizes of bricks used for building.
All one needs to get started is find a wide area, purchase all the necessary materials, and hire some bricklayers who are knowledgeable about brick production to make the blocks for you; then, you sell for profit.
15. Hair Salon or Barbershop
The beauty industry remains one of the most consistent and lucrative businesses in Nigeria due to constant needs arising from grooming and beautification.
You will need to invest in renting some small space, buying equipment-hairdryers, clippers, chairs-and initial supplies.
You can start off with a basic setup and scale as your customer base grows.
16. Logistics and Delivery Services
Along with increasing e-commerce websites, the demand for logistics and delivery services is also on its way to an upward graph.
The estimated budget of 4 million Naira will cover a couple of motorcycles or vans for delivery, branding, and building an online booking platform for customers.
Focus more on working with small businesses or e-commerce platforms to help them with deliveries.
It therefore follows that logistics companies that are dependable have a high demand for their services, especially in major cities like Lagos and Abuja.
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17. Event Planning or Decoration Business
The services provided by event planners involve planning and decoration, which include wedding services, birthday parties, corporate events, and other social events that are in demand.
If you are thinking about what business can i start with 4 million naira you should consider investing in materials for decoration, renting spaces for equipment if needed, transportation, and initial marketing.
Nigerians love events, and clients will pay a good price for creative, organized event services. You may want to consider charging per event, making this business very scalable and profitable.
18. Mini-Importation Business
Mini-importation can be described as the importation of small volumes of goods in high demand from countries like China at cheap prices and reselling them in Nigeria at profitable values.
You will require an initial investment in the purchase of goods, shipping, and probably warehousing.
Other popular products to sell will include electronics, fashion accessories, home appliances, and gadgets.
To this effect, one can markup the prices really well while reselling the imported goods locally.
19. POS Business and Mobile Money Agent
Becoming a mobile money agent through a PoS business is considered a relatively low-cost, high-return agency venture in Nigeria’s financial services sector.
With four million Naira, one can buy as many POS machines as possible and display them at strategic locations.
POS businesses make their money by charging transaction fees: for withdrawals, deposits, and transfers.
If strategically placed at a place where there is heavy traffic, you can make a steady income from the many transactions day in and day out.
20. Small-Scale Fish Farming
Another business to consider when wondering what business can i start with 4 million naira is Fish farming as it is one of the numerous lucrative and scalable ventures you can embark on with a relatively low capital.
Major expenses will include setting up fish tanks or ponds, buying fingerlings that are young fish, their feed, and equipment such as water pumps and filtration systems.
A reasonably well-managed fishery can have a few ponds and start well within the 4-million-naira range.
21. Poultry Farming
Poultry farming is one of the best and most profitable agriculture in Nigeria as a result of the high consumption rate of chicken meat and eggs by the population.
You will have to invest in land, in case that is necessary, construction of poultry housing, chicks, feed, and some simple equipment like feeders, drinkers, and heaters.
This amount should be able to accommodate a small-scale poultry farm with 1,000 broilers or layers.
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How to Choose a Profitable Venture Within the 4 Million Naira Budget for Businesses in Nigeria
With an investment capital of 4 million Naira in Nigeria, starting a business has great potential scope across many areas.
The best option will be to get into a venture that aligns well with one’s ideas, interest, and required skills, and at the same time ensures reasonable demand in the market to navigate your way towards profitability.
To help you choose, here’s a step-by-step guide on how to choose a profitable venture with this budget:
1. Assess Your Skills and Interests
Pick a business you have some strengths in and are passionate about. Running a business in an industry you have some experience in will most likely increase the chances of your success in that endeavor. Ask yourself these questions: What industries do I know? What am I passionate about?
2. Locate High-Demand Industries
Target the industries where growth is presumably high in Nigeria, including but not limited to agriculture, technology, e-commerce, education, renewable energy, and real estate.
Look out for businesses that solve common problems or satisfy some urgent needs. Such businesses will include food production, logistic services, and mobile money services.
3. Market Research on Trends and Competition
Conduct market research to be assured of the demand, competition level, and pricing trends. With high demand previously recorded in poultry farming, mini-importation, and fashion retail, deeper details on competition and niche opportunities are essential.
Visit local markets, discuss with potential customers, and study online trends to assess demand.
4. Research Low Overhead Businesses
Invest in low overhead or businesses with the least start-up money so that more resources can be available for marketing and operations.
Other options may include online businesses, food processing, tutoring, or small-scale manufacturing-like soap or cosmetic production. All these can be initiated with minimal capital and then can easily be expanded further.
5. Pinpoint The Revenue Streams
Think about how you can make money from your business. Are you selling a product or service? Is there another way that one might make money off of a business, like affiliate marketing or advertising dollars? Plan how to optimize streams of revenue for your business.
6. Plan for Growth
Have in place a growth strategy, understanding how you will scale your current production or expand into other product offerings. This can help ensure that the venture will remain profitable long-term.
FAQs
What businesses can I start with 4 million Naira?
You can start ventures like poultry farming, fish farming, online retail, POS services, food processing, mini-importation, event planning, logistics, or a hair salon.
How do I know if a business idea is profitable?
Evaluate market demand, competition, startup costs, and potential revenue. Conduct thorough market research and seek advice from industry experts.
What should I consider for a poultry farm?
Focus on location, housing, chick quality, feed, and biosecurity. Also, plan for market demand and distribution.
How can I market an online store effectively?
Use social media, SEO, and influencer partnerships. Provide great customer service and ensure reliable delivery.
What challenges might I face in logistics and how can I handle them?
Challenges include traffic, delays, and efficiency issues. Address these with route planning, reliable vehicles, and good communication.
Conclusion
This concludes our list of what business can i start with 4 million naira,make sure to find one that suits your ambitions in order to be successful.
Choosing a profitable business venture within the budget of 4 million Naira requires just planning and tactical decision-making.
One can ensure the optimization of their investment through poultry farming, online retail, and logistics in such high-demanding sectors.
Ensure thorough market research and knowledge about the challenges and accord the budget accordingly.
If done rightly, the business shall start paying well in the dynamic market of Nigeria and would be remunerative as well as sustainable..