Starting a business involves several critical requirements, with finances being the most important. Initial investments are crucial for launching a new business, and it is essential to explore all available opportunities before committing capital.
Although some businesses require relatively low capital, it is still necessary to conduct thorough research. Below are some business ideas to start with ₦50,000 to ₦200,000 in Lagos, Nigeria.
Business Ideas To Start With ₦50,000 In Nigeria
Having only ₦50,000, ₦100,000, or ₦200,000 might make you wonder if it’s enough to start a business. The answer is a resounding YES!
1) Oil Perfume Making
Buying and reselling perfume oils can be highly profitable with low initial investment costs. Selling 12 perfume oil brands costing between ₦3,000-₦4,000 each is a lucrative business idea. Purchasing in bulk ensures you receive wholesale or retail prices, making it an affordable and profitable business.
2) Jewelry and Accessories
Selling jewelry such as earrings, watches, wristbands, necklaces, chains, cloisonné, and headscarf pins is another rewarding business, especially with limited funds.
3) Point of Sales Machine (POS)
The POS business involves transacting and disbursing cash to people. It requires a minimal capital investment, mainly for purchasing the POS machine, which is relatively affordable.
Business Ideas To Start With ₦60,000
Research shows that the best time to start a new business is during periods of economic recovery. Entrepreneurs drive creativity and problem-solving, which revitalizes the economy.
In the USA, start-ups have played a key role in the rise of mega-corporations such as Apple, Facebook, and Google. Similarly, your business in Nigeria has the potential to grow significantly.
1. Venture into Small-Scale Baking Business
The Nigerian cake-baking industry is thriving, with bakers always having cakes or pastries to bake for various celebrations like weddings, birthdays, and graduations. A home-based baking business can start with cupcakes and small treats, eventually growing into a larger business. Use social media to showcase your creations, build a customer base, and boost revenue.
2. Fast Food Enterprise
Food plays an essential role in daily life, making it a valuable business asset. A food stand requires minimal equipment and spices and can be set up in high-traffic areas. Focus on popular items like spaghetti and turkey, and explore catering for events and parties. Social media marketing is crucial for promoting your products to a wider audience.
3. Plantain Chips Manufacturing
Producing plantain chips is a lucrative venture in Nigeria, where plantain is a popular snack. Create and brand your own plantain chips, and distribute them to local retail outlets, ensuring a steady cash flow.
4. Beverage and Water Sales or Rental
Selling beverages and water is profitable due to high demand and continuous consumption. A minimal investment is required to set up a stand with a cooler and ice blocks, making your products readily available.
5. Small-Scale Farming
Starting a small-scale agricultural business can be highly profitable with a relatively low investment. You can grow simple crops like peppers or snails, or even start a poultry business. Small-scale farming allows for steady growth without exceeding production capacity.
Business Ideas To Start With ₦100,000
With ₦100,000, you can explore various business fields that offer high potential for growth and profit.
1) Crafting Homemade Products
Consider making DIY products such as hand-beaded jewelry, antique pieces, candles, crochet items, soap bars, and cleaning products. These products can be developed and sold with an initial investment of ₦100,000.
2) Micro Catering Ventures
Small-scale catering services are perfect for those seeking value for money. Specialize in areas like baking cakes or preparing ready-to-serve dishes. This business can be highly profitable with a low initial investment.
Business Ideas To Start With ₦200,000
With ₦200,000, you can explore more diverse and potentially lucrative business opportunities.
1. Venturing into Mini Importation
With a budget of ₦200,000, you can import goods such as bags, shoes, and high-quality clothing. Reselling these products at wholesale or retail prices can attract many customers and yield significant profits.
2. Diving into Cold Beverages
Invest in a mini freezer and a blender to start a business selling frozen fruit smoothies, fruit juices, and other refreshing beverages. Your menu can include a variety of options like zobo drinks, smoothies, yogurt parfaits, tiger nut drinks, iced coffee, and fresh fruit juices, catering to different tastes.
3. Exploring Perfume Retail
The perfume trade offers a significant business opportunity. Buy perfumes in bulk and sell them directly to customers at retail prices. You can also offer personalized scent pairing services, making your business competitive and popular.
In conclusion, starting a business with ₦50,000 to ₦200,000 in Nigeria is not only feasible but also offers numerous opportunities for growth and profitability.
Whether you choose to venture into oil perfume making, jewelry sales, POS services, baking, fast food, plantain chips manufacturing, beverage sales, small-scale farming, homemade products, micro catering, mini importation, cold beverages, or perfume retail, there is a business idea to suit your budget and aspirations.
Conduct thorough research, leverage social media for marketing, and focus on providing quality products and services to build a successful business.
