Big things start small. In setting up a business, capital is important, but what is more important is having a good business idea harnessed with capital. In the business world, every cent has power, it is not about how much you have rather what you do with them.
Most world richest men built their wealth out of very little. Entrepreneurship drives every economy. In a country like Nigeria with over 200 million people and a teeming unemployed population, it is imperative that people embrace entrepreneurship.
One hundred thousand Naira (100,000) isn’t a huge amount to start up a business neither is it too small. Cosmas Maduka one of Nigeria’s richest men once recalled how he built his conglomerate with capital of 5000 Naira. This post will aid your brainstorming over starting up a business in Nigeria with amount of 100,000 or less. Nigeria informer will enumerate 10 lucrative businesses in Nigeria that with capital of 100,000, its starting up becomes feasible.
Here Is 10 Businesses 100k Can Start Up In Nigeria
1. Data Reselling
Data reselling is one of the fast growing businesses in Nigeria. The good thing about the business is that it does not require a huge capital before one can start. Internet data market is so big and profitable too. Over 60 million Nigerians use internet and these statistics makes the business a very viable one.
An amount of about 100k can be used to start up Data reselling business in Nigeria. It involves buying huge volume of data from network providers for commercial purposes. It is also known as data SME.
In Nigeria, it is more expensive to buy data directly from the service providers, also while purchasing data, the high volume of date purchased the cheaper it becomes and this is where opportunities presents for data reselling entrepreneurs. Imagine buying data worthy of 50k and after reselling you make profit of 15k and sometimes these data can be sold off within a short period as you can have schools, churches, offices as your clients or customers.
It is advisable that while starting data reselling business, one starts with a smaller volume so that he or she can be able to sell off the data within the stipulated time. With time as the customer base grows you can increase your purchase simultaneously.
Also before you venture into the data reselling business make sure you inform families and friends as they are the ones who will be your first and immediate customers and try using social media to promote the business. I know lots of entrepreneurs who are making cool cash by data reselling. Data reselling is really one of businesses you can comfortably start and run with 100k budget.
2. Cold Sachet Water Supplying
If you live in a thick populated city like Lagos, Onitsha, Aba, Port Harcourt, Kano etc, then you should consider this business. It is one of fast moving businesses and its startup capital can be covered with N100,000.To start up the business you need four (4) things:
- Location within or near market
- Electric chiller
- Bags of sachet water
It is important that you find a location or stand preferably with or near markets as it will help the business. The water retailers also wouldn’t have to go a long distance to locate you and their target place too.
Also you will require an electric chiller, electric chiller is specially built for water chilling business and it uses air conditioner compressor which makes its chilling faster and more effective, big welders are into the production.
Also you must consider locating your stand at a place where the electricity condition is good and improved so that you would start needing a generator or ice blocks to do your freezing. This business is fast moving and lucrative, those at Onitsha and some traders can attest. On a very busy hot day one can take 4 to 5 sachets of water between 8 to 5 in the evening.
3. Overseas Used Clothes (Okirika)
Most okirika clothes dealers in Nigeria started the business with 100k or below. Nigeria is a third world country, most nice shirts, jeans, skirts you see people wear is oversea used clothes popularly called okirika. A bale of oversea used clothes is around 70k depending on the type of cloth. Because your budget is 100k, you can start with one bale.
Make sure your stand is a thick populated area. You do be surprised how customers will be waiting and circling once you shout new bale or ring a bell. But be ready to separate fights that will arise from customers dragging over some nice outfits in these bales.
For effective collection of money, you can engage a friend to help you collect money as you might have an overwhelming customers and some might want to take advantage of the numbers and leave with your stock without paying. Oversea used polo is the highest selling bale among male outfits followed by combat shorts.
4. Palm Oil Supply To Urban Markets
One lucrative business in Nigeria that can be started with 100k is palm oil business. Before the advent of crude oil, palm oil was selling on high, till date it is still. Perhaps the rush for white collar jobs made people to often neglect this profitable business.
With one hundred thousand naira, you can visit villages with palms plantations like Igbariam in Anambra, Ibuzo Delta state, Ohaji Imo state and purchase gallons of palm oil and move them to port Harcourt, Lagos, kano, Onitsha, Enugu, I bet you will smile home with good profit.
5. Road Side Bakery
One of the fast rising business across urban and semi urban centers in Nigerian is road side baking and fries. “As e dey hot” we usually call it in Osogbo. In most cities you do find people mixing their floor and frying kpof, bons, doughnut and popcorn on the spot. Traffic in some of these stands is unbelievable. These days some do combine it with chilled soft drinks.
For this business, all you need is an iron stand, gas, frying pan, floor and frying condiments and groundnut oil. All these are well covered with one hundred thousand naira. It is important is for one to be acquitted with the baking and frying techniques of these snacks.
6. Phone Accessories
Mobile phones have come to stay in Nigeria. Just like vehicles, mobile phones keep evolving from time to time, some parts get damaged and will need to be replaced. Most people can’t go without earphones for a day yet no earphone can out last 24 months no matter how strong or originally made.
Phone accessories business can be ventured into at different levels. With 100k you can start up and deal on either one or two phone accessories, you can decide to sell earphones only or memory cards likewise phone pouch. Whichever one you choose, you can either use a mobile shop or get a stand so as to save cost and make sure your location is a busy one.
7. Soap Production
Liquid soap productions are fast rising because of its high demand. Almost every restaurant needs liquid soap for running of their business, even in offices and households, liquid soap is needed for essential chores.
Starting up the production would be taken care of with N100,000. What is most important is knowing how to do it well i.e having a good skill of the production
8. Poultry Farming
We all eat eggs and chicken and each time we do, someone gets paid. Poultry is a lucrative business, however it requires dedication and passion to succeed. 100k should go a long way in getting chicks and their feeds for 2 to 3 months.
For commercial purposes chicken is mostly sold after 3 months. 100k should cover for their feeding and treatment within the period depending on the number of the chicken, you need not get 150 chicks for a budget of 100k. For a budget of N100,000 you should be looking at between 50 to 80 chicks.
9. Hiring Of Wheel Barrows
Hiring of wheel barrows is a business 100k can start in Nigeria. If you have been to Port Harcourt, Mile 3 market precisely, you do notice that there is a particular name written on many wheel barrows, it is not coincidence, rather is the name of the owner of the investment. People rent out wheel barrows to barrow pushers for business purposes.
It a very viable business in Port Harcourt and can be replicated in other places. The terms of rent differs, in some cases those willing to rent pay before they are allowed to take the wheel barrow for their daily hustle in some other scenario at the end of day activities or hustle an agreed amount will be returned to the owner of the wheel barrow.
Those willing to come and take the barrow on rent must produce sureties. N100,000 can get 5 wheel barrows and the number can keep growing if the business is well nurtured.
10. Garri Processing And Supply To Urban Markets
If there is another business in Nigeria 100k can be used to start it, it has to garri processing. Garri is the highest selling commodity without advert. If you can really visit any agrarian areas where cassava is cultivated and processed into Garri, you do be surprised how cheap Garri is traded at. However, if can get some bags of these Garri to Abuja, Onitsha, Port Harcourt, Lagos, Calabar you will make a good profits and one hundred thousand Naira isn’t too small to start the Garri business.
In conclusion just like Richard Quest of CNN, it doesn’t matter how much you have, it’s all about what you do with what have got. Every currency has power and big things starts start small.