Ideas rule the world — and the business world is not an exception — here are the 10 profitable businesses in Nigeria with low capital.
We all need money, but not everyone knows ways to make money. For many in this country, the Nigerian economy is not robust, and it could be hard to remain sangfroid in the face of this gloomy reality.
However, try not to be deterred by this as research has shown that the times of economic crisis & financial meltdown are one of the best periods to launch a business enterprise. Fortunately, you do not require large capital to start a successful small business in Africa’s most populous nation.
All you need is great business ideas as well as a well-designed execution strategy. Of course, you also require a healthy dose of passion, ambition, and determination.
Talking about sound business ideas, let’s look at the top 10 profitable businesses in Nigeria with low capital.
Profitable Businesses in Nigeria with Low Capital
Uberpreneur (Uber Driving)
Based in San Francisco, US, Uber Technologies is an American ridesharing organization, operative in more than 790 countries, which provides services such as ride service hailing, peer-to-peer ridesharing, bicycle-sharing system, and food delivery.
People elect to drive with Uber for a wide range of reasons. For some, it affords them the leeway to drive at any time and in place they choose. Such individuals are averse to working under anyone and cherish the opportunity the job gives them to work for as long or as little as they like, sticking to a schedule most suitable for their needs.
Driving for Uber is among the most lucrative businesses in this country in 2019. An average Uber driver makes around ₦80,000 – ₦120,000 Naira each week.
Social Media/Influencer Marketing
According to Statista, some 40 million Nigerians own a smartphone in Nigeria right now. Looking at this huge figure, you would understand why popular social media networks like Facebook, Instagram, Snapchat, YouTube, and Twitter are a powerful money-making tool for millennials in the 21st century in Nigeria.
On these platforms, you can make a load of cash by sharing compelling content, by developing a loyal followers list. Social media marketer or influencer is a promising niche if you are gung-ho about social media.
Start by building up a following on your preferred network and, in no time, you could get deals from famous brands, gear companies as well as other relevant businesses selling products or offering services that are related to the kind of content you share.
Freelance Content Development/Ghost-writing
If you are a kind of person who has a way with words, you can carve a solid niche for yourself in freelance writing/web content development. Depending on your passion and interests, you can choose to set yourself up as a freelance content developer, working full-time or part-time.
You can earn constant streams of income writing for companies in Nigeria like media agencies, blogs and business startups. They will deploy your content for advertisements, on their websites or blogs.
To foray into graphics design, you can learn the foundations of the art on your own with the aid of tools, such as Adobe Illustrator and Photoshop. (Having a formal background in graphics design will surely make things easier, though.)
Start by learning the ropes and honing your skills with creativity and excellence as your watchword. You can showcase your design skills on platforms, like Instagram, Nairaland, and Facebook, to develop a good customer base. Apart from these sites, you can also source for clients on online marketplaces.
An excellent approach to making money is harnessing your culinary skills to start a bakery business. Your friends might have commended you as a great cook; it is time you considered selling this skill.
To earn a decent income as a baker, you can open a social media account (Facebook, Instagram Snapchat, YouTube) on which you’ll share a picture of your samples, post your bakery and contact details, make use of relevant hashtags to advertise your work.
The platform will also let you gain the interested audience and handle requests from people that need cakes or cupcakes for events, such as birthdays, weddings, anniversaries, etc.
Small Chops Food Making
Small chops business is one of the profitable businesses in Nigeria with low capital. This is another area you can venture as a great cook. The business is currently in huge demand as a lot of Nigerians, holding celebrations with friends & family, need small chops food to entertain their guests.
Interestingly, there has been a spike in the desire of Nigerian people for light meals. Party-goers now prefer light food at various outings, so hosts hire a nice cook to make it for them.
- Top 10 Signs a Nigerian Man Wants to Marry You
- Top 10 Highest Paying Jobs in Nigeria
- Top 10 Most Marketable Courses in Nigerian Universities
Blogging or Vlogging
Did you think I would leave this out? The Internet boom in this age has been a boon for many tech-savvy people, not less bloggers or vloggers (YouTubers).
Blogging or vlogging is among the most popular and lucrative sources of income today. A bevy of bloggers develop their own content, which focuses on different topics, such as business, technology, fashion and lifestyle, politics, celebrity gossips, and many others.
To start a blog, find that particular niche focusing on something the public would find engaging.
You can vlog on YouTube, creating and posting content users will find appealing to garner thousands of subscribers, likes, and comments.
If you have some understanding of marketing and are a talented writer or creative individual, these will be a big boost.
Digital Marketing Agent
Social media marketing is one of the core aspects of digital marketing, a term encompassing all marketing efforts involving the use of electronic device or the Internet.
A digital marketing agency is starkly different from a traditional one: The former involves efforts that are fundamentally concentrated on marketing in the digital world, unlike the latter which deals with the real world. You do not have to spend huge capital on starting your own agency.
Once you have some skills in the digital ecosystem and experience in marketing, you are all set.
Dropshipping is also a great business idea, which can potentially generate some income for you. Plus, it doesn’t require much money to start.
These are the essential things you need: a smartphone/laptop, internet connection, and social media accounts (Facebook, Twitter, Instagram, Snapchat, and the likes).
You will carry out your internet promotion on these platforms. Many people have already generated millions of naira in this business.
It is crucial that you try to identify what people mainly need at the moment and learn ways to search for these items. AliExpress is a nice place to get started.
Last on the list of profitable businesses in Nigeria with low capital is teaching. If you are skilled in areas like academics, sports, music or games, you can venture into this business. As every parent would desire that their kid be famous for something, hobby teaching might be a good enterprise for you.
You can organize weekend classes. This type of business does not also require huge capital, so it is easy to start.
In a Nutshell
To make money in 2019 as a Nigerian, you will need to invest some money. However, the top 10 profitable businesses in Nigeria with low capital are great business ideas that you pick from and create a business venture easily, without making a huge investment.