10 Profitable Business to Start with #100k in Nigeria 2023.
The current Monetary and Economic situation in Nigeria is getting worse. Not with standing, one can still start some business in Nigeria with as little as N100,000. Getting a job is one thing, getting a dream job is another.
It requires a lot to run a business, especially in today’s climate. Numerous things can be a challenge, First, you need Capital to start, a good site or location, and customer base. However, the defining moment in any business is the point when the right idea came to mind. Many businesses are started with enough money and the best location but because they are not the best ideas for some reason, they fail. Another thing we have realized is that a major factor why businesses fail is not that they are not great business ideas in themselves; but because the owners did not put as much into the actual business to pursue.
Businesses with a daily income guarantee their owner a profit each and every day the operation is active. This sort of business can be done by anybody in Nigeria.
Apart from being a gateway to self-employment and helping to put an end to job hunting, starting a private business from various business ideas also comes along with several advantages. Which includes but are not limited to Financial freedom, Unlimited Freedom and Fulfillment of dreams and ambition
In this article, we will be looking at 30 Profitable Businesses you can start with as little as N100k in Nigeria.
10 Profitable Business to Start with #100k in Nigeria 2023.
List of business to start with N100,000 in Nigeria are:
- P.O.S. Services
Which is known as (point of sales) services are carried by external agents. The business is one of those businesses that has come to stay specially here in Nigeria and is one of the most popular businesses in Nigeria today.
POS serves as a subtle alternative to banking transactions and saves people from wasting their precious time that could be spent on something productive in bank hall queuing because of basic financial transactions. Financial transactions such as transfer of funds and withdrawals, payment of bills (DSTV, GOTV, PHCN), recharging of airtime, and selling of data among others can be taken care of by POS.
The customers do not always have to use physical banks or ATMs to access or pay in cash. If you want to start this business, you’d need to find a bank that supports external agents like them, acquire a P.O.S machine and invest your starting capital into the assigned account.
In starting a POS, one of the most important things to consider is the location you want to situate the business. The nature of the location your business is sited can either make or mar your POS business idea.
2. Phone Accessories Business
Selling phone accessories such as phone casings, earpieces, screen guards, and other such phone accessories is profitable business because there is always a market for phone accessories. You can start a phone accessories business with as little as 100k, and make quite an income after a few months
It is no secret that most of Nigeria’s electricity supply is unstable, erratic, and at best subpar. In this digital age, everyone needs to stay connected, particularly through their mobile phones.
Because the power supply is poor and the cost of petrol and gasoline is high, Nigerians in desperate need of power use payphone charging vendors to charge their phones, usually at a fixed rate. The basic things you need to start a phone charging business are an electric generator, electric socket board with multiple electric sockets to charge phones, connecting wires, and switchboard, etc.
- Hairdressing and Hair Styling Business
Hairdressing and Hair Styling Business is one of the lucrative business in Nigeria
This kind of business required you to have skill. Be good in what you do. When you know how to fix Weaves, Nails, eyelash, plaiting of hair and others then you are good go.
With N100k, you can purchase weaves and basic tools to get you started with hairdressing. Once you’re good enough, customers will naturally find their way to your shop.
- Hair cutting:
Cutting hair is another business that would require a skill first. Before starting this business, you should learn the `art of barbing first. Find a good barber and work under him for a while or as soon as you learn this skill. The next step is finding an easily accessible salon, then tools for work. A list of tools you’d need includes;
Clippers, Aftershave creams, Hair creams/lotions and more.
5. Laundry Business
The laundry business is very popular in urban regions. It’s a good and profitable business venture. And it will not cost you above 100k to set up.
Since many huge men and women don’t have enough time to wash their clothing and would rather pay someone to do it for them, this is one of the most lucrative enterprises in Nigeria.
If you are good at washing, you should enter this rewarding industry right now.
This business does not require so much besides the basic tools. To get started, just get yourself a washing machine (not compulsory) and an iron, and you are set! One good thing about this business is that you can work right from your home.
6. Car Wash Business
This is definitely a good business to start with 100k in Nigeria.
If you have the required talents, you may launch this well-known. It doesn’t take much to start a car washing business, other than finding a location.
People would want to wash their vehicles every day, so if you have everything you need, you can start an extremely lucrative daily income company.
You might acquire advice from those who have already carried out comparable tasks to assist you in successfully launching your own daily income business.
- Mobile Phone Repairer
This is another top business you can start with 100k in Nigeria. However, you need to know how to repair phones or phone accessories. People often have phone issues and need to get them resolved, so there’s enough demand. You just need to be located in the right place.
This is an underrated offline business in Nigeria.
If you are interested in this daily income business, then you should definitely learn how to repair gadgets and phones if you don know how already.
Another option is to employ somebody who can make repairs, however, you need to have a full grasp of the phone market, how to source for parts, etc.
- Foodstuff Transport Business
Foodstuffs like rice, beans, garri, etc., is another business you can start up using N100,000. You can purchase major commodities like rice, garri, beans, oil, etc., using the 100 and start retailing to gain income. Look for a good supplier that can supply you the food stuffs at a cheaper rate to gain more income on sales.
Food is an important aspect of human existence that is simply inevitable. Regardless of the situation, we must always find something to eat. Foodstuff Transport Business is very lucrative in Nigeria.
This business is a very profitable one because you don’t need to have fixed capital to start. All you need to do is find vendors in a designated part of the country, buy foodstuff from them, and transport them to other parts of the country.
To make your business easier and more productive, you can have traders who are ready to buy your goods off your hands the minute they land. All you need for this one is a good means of transport and an ability to bargain.
9. Sports Betting Shop
People of all ages are often interested in sports, which are highly popular. As long as you know how to run sports betting business, you can not only make a lot of money in the sports betting market, but you can also keep a steady flow of income coming in.
All that is needed to get started is to choose a location and buy computers and other essentials.
You may anticipate starting to make money every day once your sports betting business is operational.
- Catering Service:
In Nigeria today, there are lots of event taking place here and there. Events like Wedding Events, Thanksgiving Event, even Burials and more that needs Catering Services
This is one business that can thrive in Nigeria because there are so many delicacies and options to choose from. With your capital, you can acquire the basic things that you require to start a catering business. Another reason why this business is so good is that you don’t have to struggle so much to make a daily turnover.
All you need to do is make sure your ingredients are ready, make nice meals and deliver them off to customers. You can take this business online as well. We have countless food caterers online who don’t have physical stores or restaurants.
In conclusion, there are many business ideas in Nigeria that you can start with as low as 100,000 naira. What is most important is your ability to look in depth and analyze the category you best fit into. Also, it is important to have patience, as the initial stage of personal business may be frustrating and not yielding enough as expected, but with dedication and hard work, it will just be a matter of little time before you unlock your financial freedom in the business.