Top 10 Profitable Business Ideas in Nigeria to Start with 100,000 Naira in 2023
Here are ten business ideas that can be started in Nigeria with an investment of 100,000 Naira or less, all of which promise a 100% return on investment in 30 days or less:
- POS/E-Payment Business: A profitable business in Nigeria that involves providing e-payment services to customers who want to conduct financial transactions like withdrawals, transfers, and bill payments.
The POS (point of sales) business is a highly sought-after and lucrative venture in Nigeria. Starting with as little as 100,000 naira, you can establish a profitable POS business that yields a 100% return on investment within 30 days or less. The essence of this business is to offer e-payment services, which enable clients to conduct various financial transactions such as withdrawals, transfers, and bill payments.
The POS business idea in Nigeria has many advantages, such as providing an alternative to long bank queues, offering financial freedom, and helping to reduce unemployment. Many successful entrepreneurs, like Mr. Tayo Adewale, have built a stable income from starting a POS business.
When starting a POS business, the location is critical. Choosing an area with a good GSM network and proximity to customers is essential for success. Security is also a priority to avoid criminal activity due to the cash transactions involved.
In addition to providing e-payment services, a POS business can also offer other services, such as selling airtime, data bundles, and conducting BVN registration. Diversifying services can attract more customers and increase profits.
To start a POS business in Nigeria, you must meet specific requirements, such as registering with CAC, obtaining a TIN, and opening a bank account. You also need to apply to a payment solution provider to obtain a POS terminal.
Although a POS business can be lucrative, there are also challenges associated with it, such as high competition, network failure, and power outage. However, having contingency plans can help overcome these challenges.
Marketing your POS business is crucial to success. You can promote your business through social media platforms, word-of-mouth referrals, offering discounts, and partnering with local businesses to expand your customer base.
Starting a POS business in Nigeria is an excellent business idea that requires minimal capital investment. With a good location and reliable payment solution provider, you can achieve financial freedom and provide an essential service to your community.
- Phones and Gadgets Charging Business: With the unstable and unreliable electricity supply in most states in Nigeria, starting a phone and gadget charging business in an area with poor electricity supply can be profitable.
Starting a Phones and Gadgets Charging business requires the following steps:
- Research and Planning: Conduct market research to determine the demand for gadget charging services in your target area. Determine your target market, competition, and potential profits. Develop a business plan that includes your mission, vision, objectives, and financial projections.
- Register your Business: Register your business with the appropriate government agency and obtain all necessary permits and licenses required to operate your charging business.
- Choose a Location: Choose a strategic location that is easily accessible to your target customers. Consider factors such as foot traffic, proximity to transportation hubs, and parking availability.
- Purchase Equipment: Purchase high-quality charging equipment such as power banks, charging stations, and cables. Choose equipment that is compatible with a wide range of gadgets such as phones, tablets, and laptops.
- Marketing: Develop a marketing plan that targets your potential customers. Consider advertising your business on social media platforms, distributing flyers, and offering promotions such as discounts and referral programs.
- Set Prices: Set competitive prices that are fair to your customers and profitable for your business. Consider charging a flat rate or an hourly fee for charging services.
- Provide Excellent Customer Service: Provide excellent customer service to your customers by ensuring your charging equipment is always in good condition, providing comfortable seating and entertainment while customers wait, and offering quick and efficient service.
By following these steps, you can start and run a successful Phones and Gadgets Charging business.
- Mobile Food Vendor and Delivery Business: With the need for food being a necessity of life, starting a mobile food vending and delivery business can be profitable, especially targeting working-class individuals, students, and artisans.
Mobile Food Vending and Delivery Business: A Profitable Venture
Mobile food vending and delivery business is a lucrative venture because food is a basic necessity of life. With only 100,000 Naira, you can start your own mobile food vendor and delivery business.
Target Market
Mobile food vending and delivery businesses cater to customers who are often on the move such as working-class, students, and artisans.
Cooking Skills
To succeed in this business, having cooking skills is essential. Preparing delicious, nice, and affordable meals will help set you apart from competitors.
Requirements
Fast and reliable means of transportation are necessary for the smooth running of the mobile food business. You can start by cooking from the comfort of your home without needing a shop or office and expand the business as time goes by.
- Copywriting: A profitable online business that involves writing content to persuade or promote a product, service, or cause.
Copywriting refers to the practice of writing various types of content, such as advert copies, blog posts, video scripts, presentations, direct mails, jingles, and creative content. It can be pursued as a full-time profession or a side hustle that guarantees a decent return on investment.
Earning Potential
Copywriting has great earning potential, with salaries ranging from 100,000 to 300,000 naira. Freelance copywriters charge clients based on the number of words, with an average rate of 11-20,000 per 1,000 words.
Getting Clients
For beginners, various methods can be utilized to get clients, such as applying for freelance job boards, cold pitching, speaking at conferences/workshops, and promoting your business on professional platforms like LinkedIn.
What You Need to Start
To start copywriting, you must possess writing skills, which can be improved by reading books, watching videos, following blogs, taking courses, and getting a mentor. All you need to start is a laptop, a good internet connection, and a reliable power supply.
Introduction to Graphic Design
Graphic design is the art of visually communicating a message by combining various elements. In today’s digital age, it is a valuable skill with many industries requiring graphic design services. It is essential to understand the basics of graphic design, such as color, typography, lines, shapes, balance, texture, alignment, proximity, contrast, and hierarchy.
Starting a Graphic Design Business
Starting a graphic design business requires learning the skill and having a laptop and software like Corel draw, Adobe Photoshop, Adobe Illustrator, Canva, Pixellab, Logo maker, and other similar software. A physical shop is not necessary. You can learn from professionals by paying for master classes or watching graphic design videos on YouTube.
- Selling Clothes in Nigeria
Clothes are essential, and selling them in Nigeria is a profitable business that can be started with 100,000 naira or less. To succeed in selling clothes, it is crucial to build a good relationship with your customers, advertise on social media, and engage in one-on-one interactions. The types of clothes to sell are children’s wear, native wear, English wear, jeans, underwear, and more.
Starting a Clothes Business
You don’t necessarily need a shop to start selling clothes. You can deliver clothes to your customers’ doorsteps. To succeed, you must convince your customers to buy your products. Good networking skills and maintaining a good rapport with your customers can help refer you to other potential customers.
Laundry Business in Nigeria
Laundry is a profitable business in Nigeria due to people’s busy schedules that make it challenging to find time for washing clothes. To succeed in the laundry business, honesty is essential to gain your customers’ trust, ensuring their clothes’ readiness as promised, and establish good connections for referrals.
Starting a Laundry Business
You can work from home without owning a personal shop or space. Basic tools like a washing machine, iron, and generator in case of power failure are needed. Richard Ojigbede, a student of Ambrose Alli University, started with washing clothes with bare hands but now owns two washing machines and a generator, making nothing less than 10,000 naira daily.
Shawarma Selling
Shawarma is a popular snack made of beef or chicken filling loved by many, especially the younger generation. With as little as 100,000 naira, you can start a shawarma selling business in Nigeria. Before starting, it is crucial to get proper training on shawarma making to ensure high-quality products.
Starting a Shawarma Business
You need to find a strategic location, preferably in an urban area near a students’ area, supermarket surroundings, or a T-junction, to attract your target audience. Equipment required for the business includes a shawarma toaster, show glass, pot/utensils, spron, and insect killer for flies.
Data Reselling Business
In today’s digital world, staying connected is a necessity, leading to high data consumption in Nigeria, with over 80,000 terabytes used monthly.
How Data Reselling Business Works
Data resellers buy data in bulk from telecom companies at a lower cost and resell to customers at their preferred rate.
Starting a Data Reselling Business
To start a data reselling business, you need a laptop or smartphone, capital for the initial purchase, a good internet connection
BONUS
There are various profitable business ideas in Nigeria that you can start with 100,000 Naira in 2023. Here are some suggestions:
- Mini Importation Business: You can start a mini importation business with 100,000 Naira by importing goods from countries like China and reselling them in Nigeria. You can start by selling small items like phone accessories, fashion accessories, and household items.
- Online Retail Store: With the increase in e-commerce, starting an online retail store is a viable business idea. You can sell items like clothes, shoes, and accessories on platforms like Jumia, Konga, or your own website.
- Freelancing: If you have a skill like writing, graphic design, or programming, you can offer your services as a freelancer. Platforms like Fiverr, Upwork, and Freelancer.com provide opportunities for freelancers to find clients.
- Agriculture: Agriculture is a lucrative business in Nigeria, and you can start a small-scale farm with 100,000 Naira. You can cultivate crops like tomatoes, pepper, and vegetables, or rear poultry and fish.
- Snacks Business: You can start a snacks business by selling items like popcorn, chin-chin, and plantain chips. You can sell these snacks in high-traffic areas like schools, markets, and bus stations.
- Cleaning Services: Starting a cleaning service is a low-cost business idea that requires minimal investment. You can offer cleaning services for homes, offices, and events.
These are just a few examples of profitable business ideas in Nigeria that you can start with 100,000 Naira in 2023. It’s important to research and evaluates your options before starting any business.
