So, we made it our mission to scout for digital businesses you can launch in Nigeria as of 2024. And we are amazed at just how many possibilities there are despite infrastructural challenges. It is the infrastructural challenges that bring about these low-capital businesses. Here are 3 ideas and how to launch this low-capital business in Nigeria:
- Beauty platform where beauty technicians offer services
- Micro investment platform where diasporas invest in micro businesses
- Home care platforms where technicians like plumbers or electricians provide services.
Now, let’s break down each business idea:
Beauty Platform: Launch a Low-capital Business
Have you ever been stuck in traffic in Lagos? If you have, you know too well that things you can get within the comfort of your home should be done precisely there. You might need to head to an event, and spending two hours in traffic is not the most exciting way to get your hair, nails, and makeup ready. There are technicians who can bundle their equipment on a bike and get to you earlier.
The best way to start a low-capital business platform of this nature is to scout for technicians within specific areas. Consider targeting a niche within beauty services, like skincare, haircare, or makeup. It can help you stand out and appeal to a particular audience. When you have a good base of technicians, you will need to create a digital platform where you showcase these technicians and services for customers to book from.
Your income stream can come from the commissions you get when clients book, revenues from add-on beauty products, and monetisation of your social media, where you post technicians’ tips and how-tos. Here are 2 things to consider when launching a beauty platform low-capital business:
- Technician Onboarding: Develop a user-friendly platform for beauty technicians to register quickly and showcase their skills. Include a rating system for customers to build trust. Technicians should be able to update their services and choose the geographical areas they service. Your platform should easily match clients with technicians from that area to enable swift logistics.
- Marketing Strategies: Leverage social media and collaborate with local influencers to promote your platform. Offering exclusive discounts for the initial sign-up period can attract technicians and customers.
Micro Investment Platform
Look around you in African urban cities; the micro businessman or woman keeps the city moving. Many need more capital to grow or the cash flow to keep their low-capital businesses thriving. These micro-entrepreneurs employ apprentices and expand the economy. In Nigeria alone, over 85% of the jobs are created by such SMEs. However, lack of funding hinders their innovation.
Setting up an investment platform to connect these SMEs to cash is a great way to develop society and earn growing revenues. Your income stream can come from interest, deals commissions, financial literacy training monitoring, and many more. Yes, monetise around educational Content explaining the benefits of micro-investing, how it works, and success stories. This will help potential investors understand the concept and feel confident in participating.
You can focus on engaging the diaspora to get the funds you need. Connect with diaspora communities through targeted online campaigns and partnerships. Highlight the potential impact of their investments on local micro-businesses and communities, especially those with low-capital businesses. To stand out, you must make your platform user-friendly so investors can quickly board on and invest; the businesses are well showcased. It is all about transparency. That is how you can build trust. Provide transparent information about the businesses seeking investment. Employ a secure and user-friendly platform for transactions.
Read our blog article on Low-Capital Business Approach for 2024 >
Home Care Platform
This is very similar to the beauty platform. However, to launch a low-capital business in this sector, you should create a system to verify the technicians’ skills and close insurance in case of severe damage. Ensure technicians on your platform have their skills verified and background checks conducted for safety and reliability. You offer a platform where clients can book instant services such as electricians, plumbers, cleaners, gardeners and many more.
Speed is key! Consider offering emergency services, as this can be a unique selling point. A quick response time for urgent home care needs can set your platform apart. Introduce a subscription model for regular home maintenance services. This can create a steady income stream and encourage long-term customer relationships.
When you are ready, you can explore these start-up templates to help you shape your idea >
Remember to keep an eye on market trends, stay flexible to adapt to changes, and actively seek user and service provider feedback. Good luck with your ventures!
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Joadre
