Nigeria is a big country lacking good leaders that terminate youth's financial empowerment completely while there is no good paying jobs powered by government, this has lifted poverty in the country by 20%. We have notice about 70% Nigerians want to start their own business due to lack of jobs and youth empowerment. We have put together this list of small businesses to start in Nigeria with 5K or 10k.
We notice getting loan is not that much easy process if you don’t have any business or some thing that could stand as collateral for you, therefor this makes it almost impossible for up coming entrepreneurs to get loan of good amount that could establish standard business at the beginning.
This list of business will help you to get started. All the business ideas listed on this post are businesses that someone can easily start with 5000 Naira to 10000 Naira
Remember it is far better you have something doing than begging, no mater how small your business is, it's far better than begging. There are so many business one can start with 5k to 10k but i will be listing just few of them here which i think are more lucrative in Nigeria.
1. London Used Cloths (OKREKA)
Okreka are used clothes that are being imported from other countries. About 60% Nigerians wore okreka but you won’t know because they are first class okreka. the facts is that you won’t be able to differentiate okreka from new clothes if joined together. Many boutique in Nigeria stock their shop with okreka and sell them at higher price.
Starting this business is a good idea for Lagos residents and some other populated places in Nigeria. This is the most currently moving business in Lagos which the youth venture into, and it yielding good amount of profit. This business doesn’t required shop to start with if you don’t have the cash, no worries. If you have been to Lagos or live in Lagos then you should understand better why you don’t need a shop to start okreka business.
The people in this business are merely find in popular areas of Lagos such as railways. All they do is arrange the cloths on top of a wide nylon or table. This business doesn’t even required full day and won’t disturb you of your other daily activities. The main appropriate time for this business to start is during the evening when workers are returning from work at (4:30pm-7:30pm).
Buying Okreka cloths bell cost from 10k to 20k and you could find more than 200 pieces of cloths inside a complete set.
The people selling this cloths sell them from the rage of 500 Naira to 1200 Naira. Now if you have a set of cloths bought for 10k and find 200 cloths worth of 500 Naira each, how much will be your profit? if we should calculate it 500 x 300 = 100,000 Naira – 10,000 Naira which is your capital = 90,000 Naira – 4,000 Naira for transportation = 86,000 Naira , wow definitely you will make 85k profit in less than two weeks if you are smart and God is in your side.
Which Nigeria company are ready to pay their workers such salary this days? Note, to succeed in this business you must have to terminate any act of shame in you. you have to act smart calling customers, shouting etc. You have to take it as your means of survival, since you are not stealing you definitely have nothing to be ashamed of.
2. Pure water/bottle water business
If you are living in a populated place such as Lagos then pure water business could be a very good option, this business doesn’t required a lot of start up capital. with just 3000 Naira to 5000 Naira you can start this business in a stable way.
You don’t have to hawk yourself. All you have to do is meet with those people selling pure water/table water along the road and tell them that you are willing to sell to them at a lower rate from the normal price they are buying.
Even you can get those jobless beggars in your area to hawk this sachet pure water for you and on every bag sold they get N50 naira on it while you keep the rest. Afford their lunch, and try to be kind to them, get them a hocking bowl. You can include table waters and caned drinks such as team drink etc. those people hocking sell more than 20 bags of pure water daily if God be for you.
You can get as much as hawkers up to 10 or 15 of them to be selling for you on different location in Lagos, you will be making up to #3000 from this business daily, it highly better than begging or being jobless. The cost of pure water at wholesales is currently 80k per bag.
3. Buying And Reselling.
This is one of the business many people don’t know much about in Nigeria, There are only few people in this business and they are really making it, This business is profitable more than you can ever think and the good part of it is that you don’t have to under goes factory working stress. No shop is needed, this business requires a start up capital of up to 10,000 Naira or above depending on the item you will be dealing on.
This business is the act of sorting for items to buy online and sell them again online. The profitable side of this business is buying already used properties that you can resell and make good money. Phones and computers are the main target items of this business if would like to make good amount of profit.
The secret is that, so many reasons prompt people to sell their current mobiles or laptops, some reason are because of urgent needs for money to solve another issues that is more vital to them than their property. Therefore they will put that property for a very cheap price to be able to get a buyer faster.
All you have to do is meet with the seller and confirm that the item is working 100% perfectly and also be sure the property belong to him/her. Buy item and re-post it for a higher amount of 10k more profit.
The best place to do this business is Olx.com, jiji.com and efritin.com.
You will be able to sell that item as fast as even that the same day or the next day.
Keep repeating this till you could be able to rent your own shop. It a cool business and some wise entrepreneurs are really making it greatly with this business now, because it still very new in Nigeria.
4. Noodles preparation business
This business doesn’t require much money to start, you can start with small amount as 5k to 8k depending on how you want it to look like. This is an act of preparing noodles, using bread and egg in preparing messiah, it doesn’t have to look like that of local once the Hausa guys in your area does.
You can make a neat place for it, build it round with planks or plastics cover then wrap the body up with wrappers, ta-poling or whatsoever that will make it acceptable and very neat. You can be doing this business in advance way where as using take away parks.
You can also be supplying to office workers of that company in your area at their break time. In a short while you will have their contact and they will be calling you to bring for them. This business is at a medium level lucrative if you give it a time and try to do it in a modem way, you can be earning 4k to 5k daily from it.
Some people look this business down while some others are making it big on this business, I know of someone running this business and his shop is always busy because he did it in advance way to the extend of selling noodles 500 Naira per plate which include chicken and any soft drink of someone’s choice.
5. Mini meet pie production.
This business required 10k and above if you don’t have it requirements yet. The requirement to start the business are
Oven
Pot or Frye pan
Flower
Sugar
moiling board
Rolling wood
Stove or electronic cooker or gas cooker
Most of this requirement listed above are not cost to get, the only expensive item there is the oven. The good thing is there is now a mini oven you can get as low as 30k and it very perfect for a start. You can start this business right from you home without a need for shop, all you need to do is meet with fast foods and those people selling meet pie and egg rolls along the road. Offer to be delivering your product to them at a cheaper rate of 50 Naira from the normal price they use to buy, treat them very well and hold them customers.
Collect their number and always call them to know when they will be needing meet pies. I know of a lot of people who started this business with this method, they now have bakery of their own and buses which they use for delivery now. This is a business that really yield wide in future, but first you have to acquire the production knowledge from those already on the business or get a dvd tutorial to help you archive this.
6. Liquid soap production.
Today many people now venture into liquid soap production business because it easy and selling faster, people uses soap every day, and there is this nameless new popular liquid soap with green color mostly. This soap are produced locally and doesn’t required much start up capital, it very possible to start this business with just 5000 Naira.
Before you start this business it's recommended that you meet with your neighbors and tell them of your new idea and when you will be starting production. Tell them you will be supplying them at a low rate from the normal price they use to buy.
If you are making 50 Naira from each soap you sell and you are able to sell 20pcs of soap daily then you will be making 1000 Naira daily, you can also inform some retailers to be patronizing you. This could not be source of good living but you can be able to gather some good amount to start a better business from it.
7. Daycare centerbusiness
The need for good managing childcare service is increasing by day. Many Parents are really working hard in other to make enough amount of income to keep the family moving, this has been leaving them with less time for the children. and want their children to be taking care of by someone worthy enough.
Though there are many daycare centers out there, but if you can come into field with exceptional service and creativity, you will surely be making money from this business. You don’t have to start with setting up a daycare service center, you can easily start this business right from your home.
Those who lack the capital to setup a full-scale childcare center can still make profit of this area of business by starting a small scale Nanny agency or babysitting service.
Some other small businesses to start in Nigeria includes
Real Estate Agency
Proposal writing
Information Marketing
Selling Fruits
Web publishing
Selling honey
Freelance marketing
Home tutoring
Freelance writing
Affiliate marketing
E-books publishing
Crafts business
Weight loss classes
Bead making
Exercise Instructor
Business plan writer
Party Planner
Business broker
Carpet Cleaning and car washing
Aerobics Classes
Corporate Cleaning Services
Dance Instructor
Computer instructor
Graphic Designer
Mobile Phone Repairs
Web designer
Charging of car and phone batteries
Cooking service
Time management consultant
Cosmetic sales
Event Management
Employment Agency
Fruit Selling such as Apple, Pineapple etc
Event Planner
Hair Stylist
Beautician
Freelance photographer
Make-up Artistry
Ghost writer
Food Delivery service
Greeting cards designer
Home made story books
Internet recruiting
Information broker
Interpreter/translator
Mailing list service
Foreign Language Teacher
Market research
Music lessons
Monogramming
Note: don’t make a mistake of using your small money in starting long run business all because you heard people on it are making millions (Ex. blogging, fish farming, Agriculture, importation e.t.c). These business are good but it a long run investment, they don’t start yielding on the first year. You can start small and gather more money to invest in them else there will be a regret at the end. Starting is easy but what is the profit maters. Many people that started blogging, fish farming, importation business with little startup capital in expectation of making millions within few months get frustrated out of it with a great lose. so be careful with your choice of business.
As an expert in entrepreneurship and business development, it's evident that the challenges faced by Nigeria, particularly in terms of leadership and youth financial empowerment, are significant. The lack of good-paying jobs and limited access to loans for aspiring entrepreneurs contribute to the poverty rate, emphasizing the need for alternative avenues of income generation. The article discusses various small business ideas that require a modest initial investment of 5,000 to 10,000 Naira, catering to the financial constraints often faced by the youth.
Let's delve into the concepts covered in the article:
-
London Used Clothes (Okreka) Business:
- Importation of second-hand clothes is a thriving business in Nigeria, especially in Lagos.
- The strategy involves selling these clothes at a higher price than the purchase cost.
- Location and timing are crucial for success, with popular areas like railways being mentioned.
-
Pure Water/Bottle Water Business:
- A low-capital business that involves selling sachet water at a lower rate than competitors.
- Involves employing individuals, like jobless beggars, to hawk the water.
- Suggests expanding the product range to include table water and canned drinks.
-
Buying and Reselling Business:
- Focuses on the online buying and reselling of used items, particularly phones and computers.
- Platforms like Olx.com, jiji.com, and efritin.com are recommended.
- The key is to purchase items at a lower price and resell them for a profit.
-
Noodles Preparation Business:
- Inexpensive business involving the preparation of noodles with added ingredients.
- Emphasizes making the business visually appealing and targeting office workers.
- Describes a case where someone sells noodles for 500 Naira per plate, including chicken and a soft drink.
-
Mini Meat Pie Production:
- Requires a small capital investment in equipment like an oven, pot, and rolling wood.
- Suggests offering products at a lower rate to existing sellers, building a customer base, and eventually expanding.
- Highlights the potential for significant future growth.
-
Liquid Soap Production:
- An affordable business option with a focus on local production.
- Recommends pre-selling to neighbors to build initial clientele.
- Stresses the recurring demand for soap and the potential for steady daily income.
-
Daycare Center Business:
- Identifies the increasing demand for childcare services due to busy parents.
- Suggests starting small, potentially from home, and later expanding.
- Mentions the option of starting a nanny agency or babysitting service for those with limited capital.
-
Other Small Business Ideas:
- The article provides an extensive list of additional business ideas across various industries, emphasizing the importance of choosing a business based on available capital and potential for profit.
In conclusion, the article aims to empower individuals in Nigeria by offering practical and feasible business ideas that align with limited startup funds. The emphasis on creativity, resourcefulness, and adapting to local needs underscores the practicality of these entrepreneurial endeavors in the Nigerian context.
