By Olamide Fred-Ahmadu
You are in the hustle era and prepared to start a new business or set off on your business path. But you’re also constrained by a lack of funding. Many Nigerians think that starting a business costs a lot of money and is frequently a high-risk endeavour.
What if I told you that is not always the case? Most of the time, the issue isn’t a shortage of funding, but rather a lack of business opportunities that one may start with a little sum of money. In reality, there are a lot of lucrative enterprises that you may launch with around N20,000 or less.
No matter what category you fit into—whether you have a 9–5 job, are a student looking to launch a side business, or want to launch a new low-risk enterprise. Any one of these 5 business concepts can be launched with some money set aside:
1. Thrift / Okrika Business
Particularly among students and young people, the business of thrift, Okrika, or bending down is very profitable. People adore used clothing because it is inexpensive, environmentally friendly, and full of hidden treasures.
You can establish a thrift shop with N20,000. To get inexpensive, high-quality garments to resell, all you need to do is explore the finest market. Yaba Market, Balogun Market, Oshodi Market, Aswani Market, Katangua Market, and so forth are prominent markets in Lagos where people go to buy clothing.
Additionally, some of these markets hold sales on designated days. Generally speaking, Mondays, Wednesdays, and Fridays are the best days to shop for high-quality clothing in Lagos marketplaces. There is a Yaba night market in addition to Tuesdays, which are typically days for discounts.
2. Accessories Business
Another low-investment, high-reward venture is this one. Not selling actual gold or diamonds, but rather non-tarnish steel accessories is what I mean. There is already a market for this; people enjoy accessorizing with lovely, appropriate, high-quality items that don’t break the bank. Basically, maintaining decent looks on a tight budget.
Wholesalers can be found in Balogun Market, China Town, or any other market in Lagos. You can order the accessories directly from online retailers like Aliexpress or have them shipped to you. This might not be a good idea given the rapidly rising exchange rate. To guarantee the quality of your purchases, it’s sometimes advisable to stick with a single source. Being a devoted customer of your provider may also earn you discounts.
3. Finger Foods/Pastry
Do you enjoy sharing your love of baking and cooking with others? Then, you may turn your passion into a successful business.
This company can be launched from the convenience of your own home whether it’s chin-chin, little chops, smoothies, zobo, cupcakes, bread, cocktails, or anything else. There will always be people willing to take advantage of you. With top-notch customer service, appropriate branding, and marketing, you’re set to go.
4. Home cooking
You can start preparing meals at home for customers who require them but are too busy to do it. Many people would rather have someone else prepare their meals, such as stews and soups. You don’t need more than N20,000 to start this business.
You only need to be passionate about cooking, promote yourself effectively on social media, and produce quality photos and videos of the cuisine you prepare. Additionally, make use of interpersonal connections by providing samples to loved ones for tasting and savoring. It can not only persuade people to place orders but also encourage conversation. Additionally, you can make short meals like noodles and sell them to nearby offices during their lunch breaks.
5. POS/ Agency Banking
Point of sale (POS) services makes it simple for us to withdraw and transmit money. In Nigeria, becoming a POS agent is quickly gaining popularity, particularly in places where a commercial bank or an ATM are difficult to find. It is also profitable. An agent typically receives N100 for every N5,000 a customer withdraws. What an interesting method to make money!
You need to purchase a POS machine, which normally costs N15,000 before you can begin making transactions with any amount of money you choose.
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