8 of the Cheapest Business Ideas in Nigeria to Start Today
Starting a business is terrific, but it can be challenging — especially if you have little to no capital.
#BREAKING NEWS..."wetin don happun again", "hmmn! Dem don increase fuel again" or "unknown gunmen don strike again?". Yeah, these days in our beautiful country, is what usually first gets into our minds anytime we see or hear about a breaking news.
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Well, please don't be alarmed, because I've got good news for you and it's all about cheap, and yes you read that well, not kidding you, " Cheap and profitable business ideas in Nigeria". It's not all doom and gloom, with a little bit of effort, you can still make things happen for you.
Starting a business is terrific, but it can be challenging — especially if you have little to no capital. There are, however, several businesses you could start in Nigeria without breaking the bank. Most of these are quite popular and can be profitable if you play your cards right.
Now, don't get me wrong, there might be other business that is cheap to start up but for the sake of this write-up, we have selected 8 of the cheapest business ideas to start in Nigeria, and these include cleaning services, POS business, freelancing and tailoring. Other options are make-up services, hairdressing, barbing and personal shopping services
Alright, enough talk already, let's get you acquainted with 8 of the cheapest business ideas in Nigeria and offer practical insights into how these low-cost business opportunities can be profitable. But first, let’s list out these business ideas.
Cleaning services
POS business
Freelancing
Tailoring
Hairdressing
Barbing
Personal shopping services
Make-up services
Let’s get started!
1. Cleaning services
There’s not much to starting and running a cleaning service — all you need are customers and cleaning supplies like detergent and bleach. In fact, you can start this business today with zero equipment if you can find willing customers.
Thankfully, many Nigerians will pay you to clean their houses, offices and even hotels. So you shouldn’t have too much of an issue getting customers.
However, you might need to do some online and offline marketing (via social media and word-of-mouth) to kick things off.
2. Point of Sale (POS)
Point of sale (POS) businesses have become commonplace in Nigeria today and with good reason. Let’s face it — who wants to spend hours in a bank or ATM queue to get cash? It’s just not worth it.
In fact, many people would choose the convenience and speed of a POS vendor than the hustle and bustle of a bank or ATM. This means good business for you if you decide to be a POS vendor.
You can start this business with ₦20,000 (or less) and make a profit from charges on each withdrawal. While you might not exactly start swimming in millions a week after starting, it could be pretty profitable in the long run. Also while you are doing your transactions, you can still add a savings program, it's essential, and with Moor Pay's Spend+ Save feature, it would not be stressful at all. What it simply does is take a percentage of your spending and save it for you. The good part? You can withdraw it anytime you want.
3. Freelancing
Freelancing is one of the leading ways to make money daily and an excellent method to earn money directly into your bank account.
It’s no surprise that freelancing is one of the cheapest business ideas to start in Nigeria and one of the most profitable ventures you could try. Just ask Samson.
Freelancing isn’t complicated. All you need to succeed are digital skills, internet access and a solid freelance platform like Fiverr.
4. Tailoring
First, you’ll need to acquire tailoring skills to start a tailoring business. And while this might take a while — depending on how quickly you learn to sew — there’s a lot of money in the industry.
As a tailor, you can choose to sew for male or female customers and earn even more than most if you’re good. Of course, it’ll help if you have excellent customer skills and learn to incorporate personal branding into your work (like including a tag on every item).
The major equipment you’ll need to start a tailoring business is a sewing machine — which you can get for less than ₦100,000.
You may also need to invest in a shop as your business grows. However, this is up to you. Your room or apartment will suffice if there’s enough space for your sewing machine.
5. Hairdressing
Hairdressing is undoubtedly one of the cheapest business ideas in Nigeria, but most people don’t realise how easy it is to make it profitable. Like tailoring, all you need is to have the required skills and market yourself to clients — online and offline.
You don’t even need to have a shop to be successful. Many Nigerians will pay a reasonable sum for home service if your work is excellent. You can also operate out of your room or apartment.
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You might not need to spend more than ₦10,000 to start a hairdressing business, and most of this money will cover stuff like combs and hair products.
6. Barbing
Still, think there are no cheap business ideas in Nigeria? Then try barbing!
Barbing is pretty much like hairdressing — except you’ll need hair clippers to start a business in the field. These typically cost around ₦20,000, but you can pay much less if you don’t mind using second-hand equipment.
Of course, you’ll need to develop your skills as a barber before you venture into the business, and you can leverage social media immediately after you start.
7. Personal Shopping Services
E-commerce is a very profitable business in Nigeria, but it requires a bit of capital to start. Fortunately, you could try another great option — personal shopping services! As a personal shopper, you’ll help clients buy items on their wishlist — from clothes to groceries and even books.
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It’s like being a delivery person, but you’ll also handle purchases and customer relations.
You don’t even need any money to get started. In fact, you’re good to go if you have a paying customer and an internet-enabled smartphone for communication.
8. Make-up Artist
There’s absolutely no way this article would be complete without make-up services. Make-up artists are selling their services like hotcakes in Nigeria these days, and they can make anything from ₦3,000 to ₦100,000 (or more) per client.
Of course, the exact amount you’ll make from offering make-up services depends on factors like your clientele, skill level and the products you’re using.
Overall, it’s a pretty cheap business idea to start in Nigeria. Depending on the level you choose to begin with, you should only need some capital for make-up products and maybe a ring light (for content creation) to showcase your work online.
There’s also no pressing need to have a shop if you’re offering make-up services. This should help keep costs to a minimum.
There are many affordable business opportunities for aspiring entrepreneurs in Nigeria. By focusing on low-cost ventures and leveraging your skills and interests, you, too, can start businesses with minimal financial resources.
But don’t forget to practise healthy financial habits when your business becomes profitable. You’ll need to save and invest your funds in a safe and secure platform like Moor Pay.
Enjoy your weekend!
Dafe.