In this blog, I will discuss 10 different business ideas in Nigeria, or anywhere actually, that you can start with very low capital and resources. In future blogs, I will explain each business idea in detail and show you how to go about it. Most of these businesses are small business ideas which you can start alongside a 9 to 5 job or as a student. I published a previous blog on this topic with also 10 very different ideas, so if you need more ideas, feel free to read my blog on 10 businesses to start with less than 100K in Nigeria.
For those of you looking out for great business ideas to start either as a full time venture or with little capital or as a side business, or for stay at home mums and dads, the simple truth is that you should stop looking too far. The business idea is right within your community and often right in front of you. Great business ideas start with the goal or urge to solve a problem that affects you or people around you. What do I mean by that? Read my previous blog on how to find a great business idea.
Key to success – solve a problem and add value to someone’s life!
The driver of a business case is a problem. So to find business ideas in Nigeria, you should find a problem to solve. Wanting to solve the problem or something that causes discomfort will lead you to a genius idea. Now you know the first step to take after reading this blog – find a problem to solve, period! Maybe you already see a problem and you have a genius idea but you do not know what to do next. I shared 2 key tips on how to move from your idea to actually achieving the vision in a previous blog. Click to read – How to achieve your dream or vision, 2 key secret steps.
Take it to another level to research about it so that you can understand the problem. Then ask yourself how you can solve the particular problem? In my 6 key foundation program, I have a couple of tutorials that explore what a problem for a business case is and how to define it. So if you are hot on how to start a business or what business idea to start, then be sure to join my program. Learn more about our free coaching servicewithin the 6 key foundation program for African entrepreneurs.
Start a business with little capital
Now let’s explore some very unusual business ideas in Nigeria that you can start with very little capital. Due to the lenght, I will expand briefly on only 2, but like I mentioned earlier, more details will follow. Not to miss out, make sure you save my website joadrebusinesslab.com on your phone as an app and turn the notifications on. To be on the safe side, you can subscribe to my newsletter. Want more? Join our forum discussion and post your questions, I look forward to answering them personally – Join Joadre free forum. Let’s move!
- Copywriting & content creation.
- Direct sales aka. Network marketing.
- Healthy fast food and delivery.
- Cleaning and domestic agency.
- Designer fabric retailing.
- Documentary making.
- Healthcare agency for seniors.
- Lending and sharing platform.
- Personal sport trainer.
- Nutrition and dietary practice.
Copywriting and content creation business:
You will not consider this to be a business idea in Nigeria, but trust me, you need to go out there and see how much “good” content is needed everyday. Copywriting is the act, or occupation of composing and writing text for the purpose of advertising or other forms of marketing. Your product that you sell is called “copy” – a written content! Your business goal is to increase brand awareness and ultimately persuade a person or group to take a particular action.
So it is more of a service business that you offer to corporate clients. Which means you need a good laptop, internet and fresh ideas. How do you get clients and deals? Join my free coaching program so that I can support you to build this business. You can scale your business by adding content creation to it, which is very diverse. You could offer the clients editorial pictures with nicely made graphic as well as content for their social media and so on. The fees you charge is based on the quality of your work and how you position.
Direct sales aka. Network marketing.
Wikipedia has explained this very well: Direct selling consists of two main business models: single-level marketing, in which a direct seller makes money by buying products from a parent organization and selling them directly to customers, and multi-level marketing, in which the direct seller may earn money from both direct sales to customers and by sponsoring new direct sellers and potentially earning a commission from their efforts. Multi-level marketing is also called referral marketing.
The deal here is to be street smart. To look for what people need regularly and sell it to them. Actually, this is a very lucrative business idea in Nigeria, because we do not have a fully developed retail system, so we definitely will rely on informal network, word of mouth to access new good products. Key here is to stay ahead. If everyone is selling a particular brand, you can stock it but make sure to get in new brands that is not overcrowded in the selling space because being on top of the network level is key! That is how you earn more money in network marketing.
You do not need to stock any product. But when you venture into network marketing, it is advisable to take on several products categories and I mean “diverse” categories. Network marketing is a type of business opportunity that is very popular with people looking for part-time, flexible businesses. Find the company that suits you and apply to be a sales rep. You have companies in cosmetics and makeup like Avon (here is the link to their site for more information), or health products like Riviera (This is an Austrian company, so I can connect you to become a consultant if you wish), or kitchen wares like Tupperware. Even smaller brands offer referral programs.
If you want to take this to another level, You can create your own drop-shipping site and integrate multiple products into it without having to stock any product or handle shipping.
Recap of key takeaways.
Finding the right business idea is all about finding a problem you are passionate about to solve. Look deeper into the service industry as there are many opportunities there. Service industry does not really require high capital, and your fixed cost could be as low as zero if you work from home. Ok, maybe internet cost and transportation, some advertising cost and setup of company.
Yes, company setup has been an issue many students ask me about. I will cover this topic in the future. What is the best legal set up for you and why? We now partner with a law firm that helps our students with such setup matters at a very affordable rate. So make sure to take advantage of this. You can request more information by posting a topic or question in our Joadre forum.
There are more ideas and remember I only introduced 2 from 10 business ideas to start with less capital. I would love to share more but at the same time, I do not want this blog to be too long as some readers have told me to reduce the length. Look out for upcoming blog content, courses, tutorials and life conventions. Thank you so much for reading this blog. Share with people you know will need the information. If you are really serious about starting up something soon, then be sure to join my free coaching sessions. I look forward to working with you soon.