Top 10 Profitable Businesses to Start With Low Capital in Nigeria

Have you thought about starting a small business in Nigeria in 2019? Research has shown that, the times of economic crisis and financial meltdown are the best periods to start a business. The good news is that you don’t need a huge amount of capital to start a successful small business in Nigeria. With great business ideas and a good execution strategy, you are on to a successful business venture.

You realize you need to begin something for yourself. You simply need to pipe your desire and time into a thought that will win you additional money, do right by you, and perhaps lead to a full-time venture—and that astounding minute you get the opportunity to state "I quit!" to your boss.

Most importantly, you will not only need to create a successful business venture but put your whole heart and soul into it. This way, you will love what you do, and it will simultaneously earn you money. Besides, this is the era of technological progress, so it has become easier to make a profit not only by performing regular job duties but also by doing something outstanding on the Internet. Keep in mind, though, that every business requires a lot of dedication, and you will not become rich overnight.

Without further delay, we will have a look at some of the most profitable business opportunities in Nigeria that you can start without having a huge capital.

1.       Uberpreneur – Uber Driver:

There are many different reasons why people choose to drive with Uber. Some do it for the freedom to drive when and where they like. They are the boss, and they work for as long or for as little as they want, following a schedule that suits their needs. An average Uber driver earns within 80,000 – 120,000 Naira a week.

Driving for Uber is one of the most lucrative business ideas in Nigeria right now. It does not only give you the opportunity to work when you want (including nights or weekends) but also give you the ability to earn some extra cash while doing so. While some drivers are doing this full-time, some only do it at nights after day job and on weekends.

Seeing how many people, especially in big cities, use the Uber service, you can definitely say that the Uber drivers earn good money. If you are a good driver and know your city very well, you should not pass up this opportunity.

2.       Social Media Influencer / Marketing:

These days, It is impossible to live without social media – so many people use Twitter, Facebook, Instagram, YouTube, Snapchat, and the other popular platforms. Of course, they are also good sources for making money – you only need to share the content that interests people and gain yourself a trustworthy follower base. This can be one of the business ideas that you can turn your attention to if you are good with social media and have enough creative content to post. When you become a popular social media personality or influencer, you can be contacted by major companies who would want you to post their advertisements on your page. Depending on how many followers you have, you can charge money for their ads. This business idea requires time and patience because you will not be able to create a popular account in one day, but over the time you will understand that it is so worth it.

3.       Blogging or vlogging:

These days, one of the most popular sources of income is blogging or vlogging. Thousands of bloggers create their own content, covering various topics from fashion and lifestyle to gossips, entertainment, tech and lot more. All of your favorite YouTubers started small too, and eventually, they became rich and successful, with thousands of subscribers, likes and comments. Try Starting a blog/vlog with a particular niche and focus on a particular set of individuals is a lucrative business idea with great potentials.

Your first step is sharpening your writing abilities, understanding what your audience craves and learning how to write a blog post that drives traffic and brings you readers on a regular basis.

4.       Web Design and Development:

Are you good at web designs? Then you should totally try out such opportunity as web designer or developer. Even if you feel like your skills are not so professional, you can easily attend related courses or webinars to improve your abilities and get new knowledge. In a short period, you will be able to create your own websites. This is a freelance job, which means that you can build your schedule yourself. Aside from having the opportunity to work on your own schedule, you can make as much as 50,000 – 250,000 naira per website project.

5.       Graphic Designing:

While having a formal background in graphic design is absolutely going to be helpful, it’s also relatively easy to learn the foundations of graphic design on your own using tools like Adobe Illustrator and Photoshop. There are a lot of graphic designers nowadays, and many of them are appreciated by big companies. But it also means that the competition is extremely high, and to stand out, you need to be really creative and original. We recommend showcasing your design skills on platforms such as Instagram and Facebook to earn a good customer base.

6.       Freelance Content Development / Ghost Writer:

Are you good with words? If you consider yourself a talented writer, then you might try a freelance job connected with writing articles, posts, or advertisements. Lots of websites nowadays are in need of a creative writer. Some of them also need the administrator to post it on their website, which you will receive the additional pay for.  However, consider how much work it takes to make freelancing work your full-time gig.

7.       Cakes, Cupcakes & Bakery:

People can earn a lot of money from the cakes or bakery business. All you need to do is create a social media account where you will post your bakery/cakes and contact details, use the appropriate hash tags to advertise your work, gain the interested audience, and take requests from different people who need cakes or cupcakes for their birthdays, weddings and anniversaries.

8.       Drop shipping:

This is a form of business that you can start with a very low capital. What you need is your laptop or Smartphone, internet data, and your social media platforms e.g. Facebook, Twitter, Snapchat etc. (which could serve as your online shop)

This is a lucrative business idea that has made millions of naira. What is the secret to success in this business? It is the identification and knowledge of people’s primary needs at the moment, and being aware of how to search for these items. You can start this business on AliExpress or another platform.

9.       Affiliate Marketing:

Everyone has considered this way of making money at least once because the big market networks offer huge opportunities for those who want to make money easily and quickly. For signing up to become the affiliate of one of the huge programs, for example, the Jumia or Konga ones, you should go on their website and register there, along with reading and understanding of the main rules of how the affiliate marketing works. Basically, this is advertising the big internet store’s goods on your own blog. To make it work, your blog has to be quite popular among the audience.

10.       Digital marketer:

A digital marketer is different from your traditional marketer in that they are typically focused on results-based marketing in the digital world. Measurable marketing and ROI is the name of the game.

There are lots of average digital marketing agencies in Nigeria right now. Starting your own digital marketing agency does not require much capital all that is needed is the digital skills and experience to drive result for your customers.

One can also try some agricultural businesses in Nigeria. For instance, you can try these:

·         Poultry business

·         Fishing business

·         Snail rearing business

·         Maize business

·         Rice business

·         Palm oil business

Also, if you want to do something connected with education and share your knowledge with people or caring for them, you can try the following businesses:

·         Home tutoring business

·         Catering business

·         Nanny service

·         Running the educational internet course

If you are keen on computers, you can attempt to get involved into these:

·         Computer repair service

·         Mobile phone repair service

·         Mobile phone app development

·         Gaming development

·         Mobile money agent business

Finally, if you want to thrive in the beauty business, you should definitely try:

·         Makeup business

·         Nail business

·         Soap-making business

·         Perfume production

Of course, all of these require skills and knowledge. But over the time, you will find out that all the effort you put into learning paid off. Apart from it, your dedication and passion can truly do wonders.

Goodluck!