Nigeria is a massive nation with poor leaders who stop the financial empowerment of youth even though the government doesn’t support good pay jobs. This has raised the level of poverty in the country to 20 percent. We’ve noticed that 70% of Nigerians are keen to establish their own business due to unemployment and lack of youth empowerment. We’ve put together this list of small-scale companies you can begin within Nigeria that require 5k or 10k.
We have noticed that getting loans is not straightforward when you don’t own an enterprise or other thing that can be used as collateral for you. It is almost impossible for new entrepreneurs to obtain a loan of a decent amount to establish a standard business in the initial stages.
This list of business ideas will aid you in starting. All the arguments for business listed in this article are businesses that can be started by investing 5000 to 10000 Naira.
It is always better if you are doing something rather than begging, regardless of how small your company is, and it’s much better than soliciting. Many businesses can be started with just 5k-10k, but I will only list a few here that I believe are the most lucrative in Nigeria.
1. London Used Cloths (OKREKA)
Okrika is clothes worn by people who are imported from other countries. Around 60% of Nigerians used to wear Okrika. However, it’s hard to tell since they’re top-quality OKREKA. It is a fact that it is impossible to distinguish between okreka and new clothes when they are paired. Numerous boutiques in Nigeria sell their products with okreka and offer these at a higher price.
It is an intelligent option for Lagos residents and other areas that are populated in Nigeria. This is the fastest growing business in Lagos, which young people are launching, generating impressive profits. It doesn’t require shops, to begin with. Even if you do not have the cash to start, there’s no need. If you’ve been to Lagos or reside in Lagos, then you must know why you don’t require a shop to begin an okreka business.
The workers in this field can be found in the most populated areas of Lagos, like railway stations. The only thing they have to do is put the clothes over the table or in large nylon. The business isn’t even a to be open for the whole day and will not distract you from your routine. The best time to begin is in the evening when workers are home from work (4:30 pm-7:30 pm).
The purchase of Okreka cloths can cost between 10 and 20k, and you will get more than 200 pieces of material in a set.
The people who sell these clothes are selling them at 500 Naira up or 1200 Naira. So, how do you expect to make if you’ve got clothes that you bought at 10k and locate 200 clothes for 500 Naira? If we consider 500 300 x 500 = 100,000 Naira x 10,000 Naira, which is your capital. 90,000 Naira. Add 4,000 Naira for transportation = 86,000 Naira. You’ll make 85k in less than two weeks if you’re clever and God is on your side.
Which Nigerian firm is ready to pay their employees such a pay this day? To be successful in this field, you stop doing anything that causes a sense that makes you feel shameful. You have to be careful when calling customers, shouting at them, etc. It would help if you used it as a means of survival. Since you’re not taking anything for granted, there is nothing to be ashamed of.
2. Pure water business/bottle water
If you reside in a heavily populated city like Lagos, the pure water-related business is an ideal option. It doesn’t require much start-up capital. You can steadily begin the business with just 3000 to 5 000 Naira.
There is no need to sell yourself. All you need to do is talk to those selling pure water/table waters along the way and tell them that you’re willing to sell their product at a lower price than they are purchasing.
Getting homeless people in your community can sell this sachet of purified water to you is possible. Also, for every bag sold, they receive N50 Nigeria; you can keep the rest. Take their lunch, and try to be nice to them if you can. Get them a dish to hock. Include table water and canned drinks like drinks for teams, etc. The people who hock can sell over 20 bags of water per day If God is with you.
You can find as many hawkers of 10-15 to sell for you at various locations in Lagos. You could be earning up to $3000 per day from this venture. It is far superior to working for free or begging. The price of pure water at wholesale is currently around the equivalent of 80k per bag.
3. Buying And Reselling.
It is an industry that most people don’t know the most about in Nigeria. There is a handful of people working in this field, and they’re doing it. The business is more lucrative than you could ever imagine, and the great thing about it is that it doesn’t have to go through the stress of working in a factory. There is no need for a shop for this business. It needs a starting capital of at least 10,000 Naira or higher according to the product you’ll be dealing with.
It is the process of searching for things you can purchase online and then selling them again on the internet. The most profitable aspect of this venture is buying existing properties that you can resell and earn a decent profit. Computers and phones are among the essential items to target for this type of business if you want to make substantial profits.
The truth is that numerous reasons can cause people to sell their existing laptops or mobiles. Some motives are related to needing money urgently to address other issues more important to them than their house. So, they’ll sell the property on the market at a bargain cost to find a buyer quicker.
All you need to do is visit the seller to verify that the product is operating flawlessly and ensure that the property belongs to them. Purchase the item and then return it to the seller for a more significant amount of 10k more in profit.
The most effective place to conduct this kind of business can be found at Olx.com, jiji.com, and efritin.com.
You can sell your item as fast as possible, even on the same day or the next.
Continue to do this until you can lease your shop. It’s an exciting business, and some intelligent entrepreneurs are doing very well with this particular business as it is still young in Nigeria.
4. Noodles preparation business
It doesn’t need a lot of investment, and you can begin with a small amount, as low as 5k to 8k, depending on how you would like it to appear. It’s a way of making noodles, using eggs and bread to make messiah. It isn’t required to be similar to the local one, like the Hausa people in your neighborhood do.
You could create a tidy space for it, make it around with planks or plastic covers and then wrap the body in wrappers, tooling, or anything else to make it look acceptable and neat. It is possible to conduct this kind of business in advance and use take-away parks.
You could also supply to employees at that firm in your region during their breaks. In no time, you’ll have their contact, and they’ll be calling you to get them. It is a moderately lucrative level. When you put in the time and attempt to manage it in a sensible method, you could earn between 4 and 5k a day from it.
Many people view this business with a skeptical eye while others are making huge profits in this industry; I know of a person who is running this company, and his store is always busy since the business was set up in a manner of selling noodles at 500 Naira per plate, which includes chicken as well as every soft drink that is the customer’s preference.
5. Mini meet pie production.
The company requires 10k and over if you don’t meet the requirements. The prerequisites to start your company are
- Pot or Frye pan
- moiling board
- Wood for rolling
- Stove, electronic cooker, or gas cooker
Most of the requirements mentioned above will not cost you anything to buy. However, the most expensive thing would be an oven. It’s good to know that a mini range is available for as little as $30k, which is suitable for an initial start. It is possible to start your business from your home and not require shops. You must connect with fast food establishments and those selling eggs and meat pie rolls in the streets. Offer to ship your product at a price lower than 50 Naira, which is a fraction of the cost of the item they purchase, treat them with respect, and keep them as customers.
Get their contact number and contact them when they need to order meet the pies. I know many people who have started their businesses using this method. They have their bakery and buses that they use for delivery. This is a lucrative business that will could yield a lot of money shortly. However, you need to learn the production knowledge from the people already in the market or obtain an instructional DVD to help you save this.
6. Liquid soap production.
Many are stepping into the business of making liquid soap due to its ease of use and the possibility of selling more quickly. People use soap daily, and this new and popular liquid soap is generally green. The soap is produced locally and doesn’t require much-starting capital. It’s easy to begin the business for just 5 000 Naira.
Before you start, it is recommended to meet with your neighbors and inform them about your new venture, and the time you’ll begin production. Inform them that you’ll supply them with goods at lower prices than the usual price they pay to purchase.
If you earn 50 Naira per soap and you can sell 20 pieces of soap a day, you are making 1000 Naira a day. You could also notify retail stores to start patronizing your business. This may not be an income-generating venture; however, you could make enough money to begin your own business.
The business ideas shared in this post have been tested and proven lucrative in the Nigerian market, especially for small businesses. But for you to succeed in any of the above listed businesses, you need to have the right business strategy and ideology.
Most especially when it comes to getting customers and keeping those customers over a long period of time. You need to be able to sell yourself and your ideas to the people that want to do it.