If you have been thinking about starting a profitable business in Nigeria with N100,000 or less, you are in the right place.
Gone were the days when a single source of income or salary was enough to foot one’s bill. With the rising cost of living and massive layoffs, multiple income streams are now necessary. With an additional income, you can navigate the high cost of living and even build wealth that will support you in later years. If the average millionaire has seven income streams, the average person should have 10. Wondering how that’s possible, then let’s dive into today’s article.
- POS BUSINESS: Word on the street is that a POS operator makes an average of N7,000 to N10,000 daily. Considering the high demands for cash and how companies and individuals utilise e-payment systems, POS has come to stay. Simply visit any bank of your choice or any POS service and ask for a POS Machine to get started. Once all necessary fees have been paid to the company, you become an agent, and you can use POS to perform financial transactions and get paid. Some of the common POS companies include First Monie, Opay, Monie Point, and Nomba. Awabah also gives free POS, which comes with some terms and conditions. You can also collaborate with a highly patronised store so that if there’s a need for cash, you are the go-to.
- Wig Making, Revamping and Styling: Every woman owns at least one wig in her closet, and I can bet that a very large percentage did not make it themselves. On average, ladies spend up to 3-5k to have their hair bundles transformed into wigs and an average of 5-10k to revamp old wigs. If you don’t have the expertise, you can invest between 20-30k to acquire the knowledge and techniques for making wigs, revamping, and styling them.
To start your wig-making business, all you need to get are basic wigging tools like needles, thread, mannequins, styling products and, if you desire, a sewing machine (a thrift sewing machine should cost about 35k).
You can work closely with a hair vendor that sells bundles to reach more customers. The great thing is you can make up to 3 wigs in a day which means you can take up enough jobs to earn a substantial amount daily or weekly, as the case may be.
- Liquid soap making: Liquid soap is one of the fastest-selling small-scale businesses in Nigeria. Everyone must wash their dishes regardless of household income. There are a lot of resources and videos on how to make liquid soap. All you need to do is draft a marketing plan, work on your packaging, get quality stickers and reach out to supermarkets and restaurants to offer your product at a discounted price. You should be ready to package your products attractively, as liquid soaps are widely used in every household and several industries. Therefore, there are several factors you will have to consider before becoming a successful liquid soap vendor. For example, is your product eco-friendly? What does your packaging look like? How will you market your brand? These questions must be addressed strategically.
- Dropshipping: This is a great business if you have a passion for retail but don’t want to deal with inventory and shipping. The way it works is whenever a customer orders a product, as the business owner, you’ll buy the item from a third-party supplier, who will ship the product directly to the customer. You can start by dropshipping products from popular online retailers and then selling those products on your website or social media.
- Affiliate marketing business: This is a great business to start if you have a blog or website with a large audience. Affiliate marketing is where you promote another company’s product or service. When someone purchases through your affiliate link, you earn a commission. These commissions are usually a percentage of the sale price or a fixed amount. You can start by promoting products and services from other companies and earning a commission on each sale you generate.
- Personal Shopping: You can become a personal shopper by helping people shop from online stores like Shein, Zara or Aliexpress and get your commission from it. You can also assist in doing local market runs for families, especially busy corporate workers or people who do not enjoy the hassles of going to the market. Get familiar with market prices, and connect with traders to get goods at more discounted prices.
- Gift Curation: Starting a gift box business requires minimal to no initial capital. Expressing love and affection through thoughtful gifts is a universal desire, and you can contribute to this by curating personalised gift boxes tailored to individual needs. Conducting thorough market research and comparing prices from various vendors is essential. Since you’ll likely be sourcing items from multiple vendors, opting for cost-effective options is recommended. Once you have calculated the total cost of gift items and factored in transportation expenses, you can add your profit margin and provide your client with a total bill. As a beginner, consider creating special occasion packages like a Period Care box that encompass items readily available in nearby supermarkets, such as sanitary pads, treats, and perhaps a heartfelt handwritten card.
- Fresh Fruit Juice Production: Fresh fruit juice has major health benefits like reducing cancer risks, boosting the immune system, aiding digestion and many others. You can start a Fruit juice business where you buy fresh fruits, process them at home and package it to sell. Fruits like oranges, watermelons and apples are cheaper when you buy them from local farms. However, it is crucial to ensure the fruits are fresh and you maintain stringent hygiene standards, including a clean processing environment, washed hands, sanitised utensils, and hygienic packaging containers. You can watch videos on youtube to help you gain more knowledge on ideal ways to produce fruit juice.
Also, work on packaging, buy attractive bottles, get quality stickers, and reach out to supermarkets, restaurants, schools, gyms, churches, and mosques, offer discounted products, and expand your market reach.
- Mobile Phone Accessories: Online shopping sites like Aliexpress have many beautiful phone cases that cost 1.5 dollars or less, equivalent to about N1,050. Some of these items have a free shipping fee, and others have a shipping fee that costs less than 1 dollar. You can ship in up to 10 phone cases and sell each at N3,000.
Note: You don’t want to ship too many items at once to avoid paying custom fees.
- Baking/Catering: This is a great business if you love to cook and have a knack for making people happy. You can start by catering small events such as birthday parties and weddings and grow from there. To start a successful catering business, you must choose a niche and study the catering market in your location. Look for gaps in your market research or areas you can fill that have been overlooked. You can choose from the following catering niches: Corporate lunch packages, birthday parties, corporate parties, concerts and festivals, bars, etc. Choose a location that particularly targets your desired customer. This is important. You can also sell your food business online through social media. Post quality pictures of your food on social media platforms like Instagram, Facebook or Twitter. Sponsor these posts to reach more audiences, and you will potentially set up your catering business for success.
Other opportunities like thrifting, content marketing, virtual assistance and even social media management are great opportunities to creating additional income streams. With the University of YouTube, there is no skill you cannot learn online to create an income opportunity.
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