Are you looking for businesses you can start with 10k in Nigeria? These businesses fall under the Micro, Small, and Medium Enterprises sector. The Micro, Small, and Medium Enterprises (“MSME”) represent one of the most important sectors of any economy. It currently represents 96% of the businesses in Nigeria and contributes 75% of the National employment.
There are several startup business ideas in Nigeria that are quite lucrative that you can start in 2021. However, starting a business in Nigeria can be difficult when there is no capital to begin. The good news is that there are several businesses that you can begin with as low as 10k.
Top 6 Businesses You Can Start with 10K in Nigeria
Check out some interesting businesses that you can start with 10k in Nigeria:
Cake and Pastry Making
The events are endless in today’s society, ranging from weddings to birthdays, anniversaries, and year-end celebrations. This need presents an opportunity in the baking industry as a major potential.
Baking, decorating, and selling unique cakes and cupcakes are great potentially lucrative businesses for such occasions. Now that we are digital, it is easy to sell out your cakes and pastries without having a physical location. You no longer have to worry about rent or being situated at the best possible location.
As such, you can begin on a very small budget by baking and decorating your cakes right from your kitchen. An effective marketing strategy is to forward your cake samples to interested parties and party planners. This way, they can partner with you when the need arises. Also, you can showcase your works on Instagram and Facebook using the most effective hashtags that drive sales.
Dropshipping
Dropshipping is a form of business that you can start with very low capital. What you need is your laptop or smartphone, internet data, and your social media platforms. These platforms include Facebook, Twitter, Snapchat, etc., and they can serve as your online shop.
Dropshipping is lucrative and can bring a reasonable amount of profit. The secret of this business is identifying what the people need and how to source those items. AliExpress is a good place to start a dropshipping business in Nigeria.
Buying and Reselling
This is one of the businesses that many people in Nigeria are unaware of. There are just a few people in this business, and they are making a lot of money. This business does not require a shop. However, it does require a start-up capital of up to 10,000 Naira or more, depending on the market.
This business involves sourcing 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.
Blogging
Blogging is one of those businesses that is the easiest to start. You get to work at your pace, whenever, and wherever you want. However, you just have to choose a profitable niche and where your passion lies to sustain the business.
With just a laptop and a good internet connection, you can start a profitable blog in Nigeria.
You can start a free blog with WordPress, Blogger, or Wix. If you have sufficient funds, set up your blog on a self-hosted server. Publish quality content, drive qualified traffic to the content, and get their confidence and trust. Monetize your blog with Google AdSense, affiliate marketing, display advertisement, or selling quality information products such as ebooks, etc.
Online Food Vendor
The food business is one of the fastest-growing businesses in Nigeria. Every human being eats, regardless of their social standing. As a result, the food industry in Nigeria will always be profitable.
First of all, decide what kind of food you want to sell and how. You can focus on specific niche markets, such as meal delivery or baked goods. Then, consider using social media platforms such as Facebook and Instagram or an e-commerce business with a platform like Shopify. Put up a lot of pictures of your products and perhaps include recipes that use your food. When orders come in, have those meals made and delivered to the right location.
T-Shirt Customization
These days, everyone loves to wear their hearts out on their T-shirts. That is to say, inscription on T-shirts is a new fad you can leverage on.
Today, with digital printing, online marketing resources, and vast distribution networks, starting a T-shirt business is easier than ever. With 10k, your focus should be on sourcing for clients while you outsource the printing to people with printing equipment.
However, one of the most important parts of building a successful t-shirt business is the ability to stand out. An easy way to do this is by catering to a specific target audience or interest group.
Conclusion
That’s it for our top 6 businesses to start with 10k in Nigeria. Which of these ideas appeal to you the most? Share with us in the comments section.