Due to the high rate of unemployment in Nigeria, entrepreneurship has become the preferable venture for youths who are facing the high rate of unemployment and its aftermath. This article provides the top profitable businesses you can start in Nigeria within the limit of 100,000 naira. The article also exposes resources, skills, techniques and expected profit which is associated with these small scale business ventures. Some of the lucrative businesses you can start with less than one hundred thousand naira (N100,000) include the following.
1. MOBILE FOOD VENDING- Mobile food vending is one of the oldest methods of selling food to the public in Nigeria and still one of the most profitable methods of operating the food business due to the low level of capital required to set up such business and the profit made within the business daily. Road side food is preferred by most Nigerians because of its ease of accessibility at every point in time. Food is an important aspect of human existence and thus mobile food vending is one of the most profitable small scale businesses out there with the right target market. The most important thing in mobile food vending is packaging, taste of the food and strategic locations. A mobile food vendor is expected to find a strategic position in a very busy environment which allows for the movement of different people. The major customer base of mobile food vendors are white collar job customers, students, artisans and bricklayers etc due to the cheap nature of food and ease of its accessibility. One of the key mobile food vending businesses is the early morning rush sales strategy which ensures that people get access to breakfast very early before going to work. As a mobile food vendor, it is imperative to package your sales techniques and use good foils in putting food for customers. If possible, totally ignore the use of ceramic plates and spoons as it would limit your patronage and make your mobile food vending businesses unnecessarily untidy. As a mobile food vendor, you must ensure that your mobile space is kept neat at all points in time in order to help you attract a higher level of customer patronage. Also, a mobile food vendor can learn to run delivery services of food to different clients as this will help in retaining customers and help in the future growth of chains of restaurants. Also, a mobile food vendor should focus more on selling light foods as much sales will be made in the morning and night than other parts of the day. Also, a mobile food vendor should be consistent with any location they chose so that they can easily retain their customer base. Food vending business can be started with only 3 coolers, packets of foils, rubber spoons, one bench seat and a food vending cart or space and the budget can be as low as below N50,000 to start up this business. However, daily sales can amount to as high as above N6,000.
2. POULTRY FARMING- Poultry farming is the process of raising various domestic birds like chicken, turkey, geese, ducks etc for their eggs or meat. It is one of the most lucrative agricultural businesses in Nigeria and requires small capital for its start-up and can also be done in the comfort of our houses if there is available space. In the process of starting up a poultry business, one must choose the type of breed that they will want to farm. The breed may be broilers, cockerels or layers when it comes to chickens. Furthermore, one must select a suitable farm location which is calm from pollution and easily accessible to the road and also free from poultry enemies. One must also ensure they provide good housing and shelter for birds to ensure their survival for commercial purposes. Furthermore, one must develop adequate feeding diets for birds and ensure that shelters are kept clean to prevent infection of the poultry and also engage in vaccination to prevent many poultry diseases. One must also develop methods to sell and market chickens and eggs through proper advertising, selling to wholesalers, eateries and restaurants etc. A poultry business can be started and operated with as low as N50,000 which covers the cost of buying chicks and feeding them and will expect 100% return on capital investment before 6 months. A poultry business provides the fastest cash out for any small scale business.
3. MOBILE SNACKS, JUICE AND ICE CREAM- Snacking is one of the most profitable business ideas especially in the urban areas of Nigeria which require small capital for its start-up and operation and could provide excess profits. The most imperative factor in this business is to get the required skills needed to ensure the smooth running of this business and introducing a unique style and thus creating a unique line of product. A very good thing about this business is the nature of its versatility. Furthermore, one can be working under an organization while running this type of business because sales mostly starts in the evening and night time which makes it a very lucrative business venture. This business includes the sales of shawarma, meat pie, donuts, smoothie, branded ice cream and ice cream parfait, pizza etc. This can include other snacks which is conversant to the culture of the local area. This business also builds customer base in order to supply home delivery at every point in time. The major limitation to this business is location and electricity supply and these must be taken in perspective before running this business.
4. TAILORING- Tailoring business is a decent business in Nigeria which requires little capital to start and makes high returns for entrepreneurs. The services of a tailor are required in many capacities which makes it a very profitable business. In order to start a tailoring business, one must acquire the skills needed in the field of tailoring. After the era of skill acquisition, one is advised to get a good location and strategic point where direct customer base will be high. Furthermore, one is expected to get the needed machines required in the field of tailoring. Also, one is expected to discover their niche and focus on such niche eg womens office clothes, gowns, men suit etc. Also, one should develop a unique style and brand his products effectively and seek out methods to market products. Tailors can market to boutiques or even engage in home to home sales of their products. Also, tailors can utilize the internet and social media to their leverage in order to boost customer patronage. Tailoring business can be slashed down effectively and be carried out with as low as N100,000. However, the return on capital investment can be expected in months depending on customer patronage and the skills of the tailor.
5. CATERING SERVICES- catering services simply entails providing food and drinks for any social gathering or events. Catering business is one of the business you can start up without requiring huge capital and can also sky rocket profits within a short time. One of the most important factor in running a catering service business is customer satisfaction and service delivery. This is because referral client base in the field of catering makes up a high rate of profit and utility of service by prospective clients. Prospective entrepreneurs in this field must acquire the skills needed in catering and ensure that they have effectively perfected such skills before attempting to open a catering service business. Catering business is a business that you can do from anywhere and require almost no capital to venture into such business. Even, an advance payment from your first client is enough to start up a catering business. A prospective entrepreneur in the field of catering should have passion and must ensure they have good skills in cooking as this is imperative to ensure success in the business of catering. Furthermore, one must be very organized in order to cater for big events. A caterer is an important personnel in every event. A prospective caterer should ensure that they have the required equipment needed to effectively run their business and advertise their servces to a larger client base. Caterers should also find a very good location which is very strategic and ensure that they can pitch to organizations, build a rapport with organizations so as to run their catering needs at every point in time when required.
6. DAY CARE CENTER/CRECHE. A crèche or day care center is a business venture which entrepreneurs who have interest in education can easily engage in or run within the neighborhood level with low capital and make high profits. Day cares are in high demand in Nigeria due to the new role played by women in the work place and the evolution of the society. Thus, day care businesses make it in the top 10 of the list of the most profitable businesses which involve low capital. A day care center must be registered with the CAC and obtain relevant permissions from the department of women affairs and other government permits. Also, a well ventilated space should be gotten for children and such a space should be gotten at a strategic position. This strategic position should be in the neighborhood or in areas where there is concentration of female workers. Also, the development of a good curriculum and getting the required necessities is important to running a day care center. Also, one must have the patience and skills to deal with children before venturing into starting a day care center.
7. ELECTRONIC/PHONE WARES. Selling phone accessories and wares is a profitable business which requires very little capital for start-up. This business requires little knowledge and can be easily done at any point in time. Entrepreneurs interested in this business venture are expected to get a strategic position for their wares and also engage in getting quality products and less cost intensive products to effectively contain all markets. Phone accessories like air pods, chargers, screen guards, phone pouch etc are very profitable ventures which require little capital for its start up and makes massive profits as the market base is very high.
8. BEAUTY SALON- Beauty salons are another small venture profitable business which entrepreneurs are advised to venture into. Beauty salons are very easy and relatively cheap to set up. The most important thing in this business is building effective customer base which will help to maintain a high level of patronage. All you need is to get a strategic position and get all the required instruments you need. Also, one must learn the skills needed to operate a beauty salon. Beauty salons are profitable because of its adaptable situation and ease of setting up new customer base. For instance, one can venture into a hair line production, skin care production, wig making etc while operating this scope of business. Also, outside ventures provide high profit for this businesses on a weekend.
9. SOCIAL MEDIA MARKETING. With the advent of the social media and E-commerce, social media marketing has become one of the less capital involved business which brings higher profits. Social media marketing means wide exposure of companys profit through the social media to increase the customer base of a company. One of the best things about social media marketing is that it requires no funding to start up. The only thing required is adequate skills in the field of social media marketing so as to increase your customer base. Social media marketing is a gold mine because most companies and entrepreneurs are looking for a market base for their product and the social media marketer uses this leverage and skills to market these businesses through the social media and end up earning high commissions from sales. A social media marketer can engage in sales of land, cars, companys product etc A social media marketer must have access to products and thus is a bridge between the producer and the consumers. So, Yes! Social media marketing has its place in the top 10 businesses to start with little or nothing. Absolutely nothing!
10. BLOGGING AND FREELANCE WRITING. Blogging and freelancing is another venture that an individual can start with little or no funding in Nigeria. Individuals must get the required skills needed to blog and freelance and use sources such as medium, freelancer, fiver etc. Also, individuals can open mini blog and post contents with the intent to run ads in the future in order to make massive profits. Blogging and freelance writing requires skills like search engine optimization, content writing, journalism and creative writing and this is a good source for individuals to make massive profits within the leverage of the internet space.
All these are some of the businesses that require very little capital to start up and also provides massive profits for individuals involved in it. Remember, prior study must be undertaken effectively before venturing into any of the above businesses. In the next article, Ill point out strategies needed to run a business effectively in order to stimulate higher profits.
adex3g 2 months
