13 Top Businesses in Nigeria to Start with Little or No Capital (2023)

When you talk about businesses in Nigeria what comes to mind is buying and selling products and services, business can be done in two ways physically that is having a physical place of doing the business, and non-physical which is an online business.

What is a business?

Business refers to the activity of producing, buying, or selling goods or services to make a profit. It encompasses a wide range of activities, including the creation of products, marketing and sales, financial management, and operations.

It can also be the effort individuals put on to produce goods and services, it can be profitable and non-profitable. Profitable in the sense of doing the business to earn money for yourself, while in non-profitable you do it for a charitable organization.

Business in Nigeria can take various forms, such as sole proprietorships, partnerships, corporations, or cooperatives. They can operate in different sectors, such as retail, manufacturing, finance, technology, healthcare, and more. But the primary objective of a business is to generate revenue and maximize profitability, while also providing value to customers and meeting their needs.

Types of business

a.Sole Proprietorship  

To put it another way, It is called a one-man business when the business is owned by a person who is also liable for its taxes and other legal obligations. There are no legal distinctions between people and businesses. The person takes pleasure in the gain and bears the loss.

b.Partnership

A partnership is a sort of business where there are two or more owners. These owners pool their resources and money to manage the business; as a result, they share in the loss and the profits.

c.Corporation

In this type, a group of people band together to form an entity. The group expresses its opinions regarding the common stock of the company used in the business, which has adverse taxation rules for the owner. A shareholder is the name of the company’s owner.

In Nigeria, starting a small business is the most satisfying and thrilling experience one can have. When starting a business, you should think about a few key strategies that will help you launch, grow, and flourish. You should have a proactive mindset before establishing a business so that you can be consistent, avoid procrastination, and deal with each step or phase of your business in Nigeria right away.

You should take into account the following when establishing small businesses in Nigeria and how to write a business plan.

Questions to ask consider before starting up a lucrative business in Nigeria

  •  Who is your ideal customer?
  •  What is your vision for the business?
  •  How do you bring your vision to life and serve your customer better?
  • What are your goals in setting up this business?
  •  What challenges may you face as you start the business?
  •  What method would you use to succeed in the business?
  •  How would you determine when success is on and failure comes in?

Starting up small businesses in Nigeria will lead to a more significant business.

9 Steps to Starting up a Small Businesses in Nigeria

  • Choose and create a business idea: This will help you to know the type of business you want to set up or venture in.
  • Develop a business or write a plan: Developing a business plan before you start will give you a clearer picture of how to manage your business because it involves both financial and physical aspects for you to succeed.
  • Choose a business name.
  • Conduct market research: Researching while starting up a business in Nigeria is very vital it will help you to know the product you will sell very well and your audience.
  • Choose a business structure.
  • Research for your competitors: To succeed, you need to know those who are competing with you in the business market it will help you to devise a strategy that will help your business to stand.
  • Get a federal ID: Having a Federal ID will help your business to stand the test of time, and getting a loan from the government will be possible.
  • Open a bank account for your business before starting up the business.
  •  Register your business with the government.
  • Own a website, This aspect will help you to advertise your business online.

13 Top Businesses in Nigeria to Start with Small Amount

1. Digital Marketing

Digital marketing is one of the successful businesses in Nigeria you can start with low initial money because practically all teenagers and adults own smartphones and frequently use them. Because Android phones are readily available, you won’t need a loan to start your business.

It’s an online business that can be run from a smartphone and doesn’t call for renting a physical location.

To start producing money, all you need to do is identify your target market and have a solid marketing plan or expertise. Digital marketing has helped firms develop by using an internet platform. 

2. Delivery service

Service delivery is a lucrative business in Nigeria to start with little capital. it is a medium of supplying services from a provider to a client. It also includes the constant interaction between the buyer and the supplier. you can even start a delivery service business from the comfort of your home. what you need is a delivery box and Motorcycle, with this on board you can start these businesses in Nigeria and make a profit.

3. Baking Business

Making bread is perhaps the first thing that comes to mind when we talk about bakeries. It is among the top profitable businesses in Nigeria that you can start with little money and in the convenience of your home, baking cakes is not the only activity involved in the business. There is also a local oven to use for the business, just check around your locality and ask questions.

4. Selling of Fruits

Fruit selling is one of the top lucrative businesses in Nigeria that you can start with little money, especially if you live close to a school environment or other places where students stay. What is necessary is to find out a nearby village where fruits can be purchased cheaper and sold again for a profit. You can begin without taking out a loan from any organization.

5. Phones and other gadgets charging 

Charging Phones and other gadgets is another top business in Nigeria. Most parts of the country don’t have steady power, and the cost of fuel is not something to talk about, so many find it difficult to charge their phones, especially in remote areas. This situation has made this business a lucrative one in Nigeria as little as you can afford the fuel money.

6. Creating Online Courses

If you have the ability to instruct, consider tutoring local students. You may also offer online classes in subjects such as music, baking, and cooking. If you can make your products stand out from the competition, they will sell online. these are among the lucrative businesses in Nigeria you should try.

7. Foodstuff Business

Selling Foodstuffs is among the successful businesses in Nigeria that you can start at home with little startup money. It requires a business strategy where you need to know what local customers want and buy the goods in response to those needs to prevent perishing and losing your small investment. Don’t buy in a large quantity when the demand is not much.

8. Point of Sale Business(POS)

POS is a business in Nigeria you can start this with a small capital, in front of your house, or a small shop that can enter one sit to be comfortable while attending to your customers, Many today even stay in an open place where movement is with their Unbrallar and a chair. Enquire to check is needed to know the type of POS you will go for and the cost.

9. Caregiver

9. Caregiver

Staring at a care home can be demanding, caring for other kids or adults is among the most lucrative businesses in Nigeria because you don’t need capital to start. Look around your area and check government workers that have toddlers or aging parents at home, you can help to take care of them and be paid at the end of the month.

10. Makeup Artist

If you have a talent for beautification, you might be able to start earning money from it by enhancing yourself, your neighbor, or your pals. Being a markup artist is a successful company in Nigeria you can start with no money down. You can share photos of your work online using your phone, and you can keep promoting it on social media sites like Facebook and YouTube. MakeUp Artist is also one of the businesses in Nigeria.

Check here for social media platforms you can do so.

Related Topic: Banks for Business Loan

11. Event Planner

Do you think logically a lot? This is a chance for you to start one of the businesses in Nigeria to get off the ground. An event planner does not require a physical location or financial backing to get started. It is one of the most profitable businesses you can start in Nigeria. If you appreciate a well-planned event, such as a birthday party, get-together, wedding party, or a creative planner, keep marketing it online and be persistent; clients will come.

12. Dropshipping

Dropshipping is one of the online businesses in Nigeria where a third party is used to store inventory and send it to clients on behalf of the product’s original owner. The drop shipper needs to handle the items, and have the sales send orders on to your supplier, and the goods will get to the buyer simply by doing so. It’s one of the greatest businesses to start because it is profitable and maybe start with little capital.

To develop confidence in your connection with the suppliers you might collaborate with regional, national, and even international organizations.

13. Phone Accessories

Phone accessories are among the most lucrative businesses in Nigeria because so many people have a mobile phone, there are so many ways you can venture into it like on demand, drop shipping, by product type, and more.

Phone accessories include

  • Air pod
  • Phone Cases
  • Wireless chargers
  • Bluetooth speakers
  • Potable chargers

While buying the phone accessories for sale, remember to include which device is compatible with each one to avoid the mistake the customer will regret.

Conclusion: Remember, starting a business in Nigeria requires dedication, perseverance, and a willingness to learn from both successes and failures. While limited funds may present initial obstacles, a well-executed business plan, combined with hard work and determination, can lead to long-term success in Nigeria’s entrepreneurial landscape.

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