Do you want to start a business in Nigeria with little capital? Are you searching for the cheapest business ideas you can start with?
Starting a business in Nigeria is one way to become financially free and independent. The Nigerian business landscape has evolved over the years. Today we can still say that Nigeria has great potential and a huge market that allows for an easy product or service penetration. There are lucrative business ideas scattered across Nigeria waiting to be untapped.
SMEs in Nigeria are springing up at a very fast rate across diverse industries, accounting for over 80% of the nation’s GDP.
Today, It has become easier to set up a business with little or no capital. If you want to start up your own business and become financially free, I’ll advise you to read on.
Here are 7 of the cheapest business ideas you can start in Nigeria today!
Catering business
Yes, the catering business is number one on the list. Catering is always in demand with a high level of competition in Nigeria. Nigeria is home to a variety of food. Food will never be irrelevant. From ceremonies to parties, events, and individuals, food is always on demand. There are several services in the catering business.
You can provide catering services for ceremonies or you could also offer home deliveries. But guess what? This is a business you can start at any scale; right from your kitchen. Remember to keep the quality of your food high and maintain good relationships with your customers. You can also promote your business on social media to get potential customers and expand your business.
Dry Cleaning business
Great Business ideas sometimes come from very obvious problems. There are a good number of people who don’t have the time to wash their clothes. In urban areas like Lagos, where people are mostly out and about, you will find a good number of people who need help doing their laundry.
You can start a dry cleaning business right from your home with very little capital. You can start by getting a washing machine and iron to start your dry cleaning business. Also, you can start by publicizing yourself in your neighborhood and getting as many customers as possible. This is one of the cheapest business ideas you can start and scale up in no time.
Freelance writing business
This is one of the cheapest business ideas to start with in 2021! Now more than ever, companies are looking to sell their products and services online. Through content writing, they can offer value to their potential clients and customers and also advertise their products.
If you love to write, you can pick up a freelance writing business and write articles, blogs, sales letters, and even reviews and make lots of money. There are lots of freelance writing sites available online. You can check out sites like Upwork and Fiverr to get started.
Social media marketing
This is one top skill in high demand in 2021. Social media has become the order of the day as businesses are scrambling for the attention of their audience online. Many businesses push their products through social media and are able to get a wider audience on it.
If you are skilled with handling social media platforms like Facebook, Instagram, Twitter, etc, you can start offering your services to companies who need them. This can make you lots of money. All you need to start is your phone or laptop. With social media marketing, you are sure to attract a lot of clients if you are good.
Pastry business
Small chops and other pastries like doughnuts, sausages and meat pie are ever in demand. Most parties or ceremonies in Nigeria need small chops, cakes, or pastries. If you have a knack for creating deliciously baked products, you can turn that passion into a money-making venture.
You can start up your own pastry business and deliver to individuals, parties, events, and ceremonies who need them and make money. You can start small and scale-up. It requires little capital and is a business you can start right from your home. It is also very lucrative.
Tutoring business
Do you love to teach? Are you knowledgeable in a particular field or subject? You can start up your own tutoring business and teach people who need your knowledge. There are many students in need of tutors to guide them through various subjects and across different levels. You can start right from your neighborhood to offer your tutoring services to those who need them and make money from it.
As a tutor, you can get hired by a private school or as a private tutor for a particular subject and make money. You can decide to upload teaching videos online and get paid for them. You can also hold online classes through WhatsApp or Zoom and charge students for your services. Either way, tutoring is cheap to start up and is also a lucrative business.
Cosmetics business
The cosmetics industry is growing at a highly competitive rate and a high demand. Women are always looking for the right skincare products or make up. You can start up your cosmetics business and provide quality cosmetics to your customers. This business requires little capital and is very lucrative. You can learn to make quality cosmetic products like soaps, creams, and lotions and sell them at a profitable price to customers. You can also promote your cosmetics business through social media to get new customers and expand your reach!
Conclusion
So there you have it! Those are 7 of the cheapest business ideas for SMEs in Nigeria. Starting a business can be both exciting and challenging. Remember to build quality customer relationships!
Look at the resources available and decide which of these business ideas you would love to start. Don’t be afraid to take that first step!
Do you have any questions or suggestions on other cheap business ideas for SMEs in Nigeria? Kindly drop them in the comment section below!