The cheapest business to start in Nigeria is to import goods at affordable prices to sell at a profit. This business requires little capital and can be run from home.
You can also run dry cleaning business. All you need is a washing machine, a phone number, and a signboard. This business is very popular in Nigeria today because it is highly profitable and requires very little time.
You can also learn about the 7 daily income businesses and the 5 lucrative businesses to start with 500k in Nigeria here.
The cheapest business to start in Nigeria
Importing affordable goods for profit
One of the cheapest businesses to start in Nigeria involves selling affordable goods made in other countries. The demand for these products is high and you can start a business to sell them.
This business requires little capital and can be started in the comfort of your home. All you need is a telephone line for people to reach out to you, and a advertisement.
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Many Nigerians do not have enough money to afford designer clothes and prefer to buy reasonably used items. This makes the fashion industry in Nigeria a multi-million naira industry.
Most people cannot survive without clothing, so selling affordable goods to the people will earn you a profit.
The success of your mini importation business depends on the products you sell. Research the market to find out which products are in high demand. You can also visit popular e-commerce websites and look for sellable products.
Once you have a list of products, you can begin selling them.
This type of business allows you to import affordable goods directly from manufacturers and suppliers overseas. The costs involved are low, and you can easily start a business with as little as ₦30,000.
Errand service company
The errand service business is a lucrative business opportunity in Nigeria and can earn you millions of naira monthly. Nigerians are increasingly busy with work and other activities of daily living.
The average woman has moved from being the primary caretaker to a supporting provider, and many homes don’t even have a staff to do basic housekeeping. In this era of increasing workload, it is important to realize that the need for an errand service business will not change.
Errand service businesses have been in existence for decades. Starting an errand service business in Nigeria is relatively inexpensive and involves little capital. However, you must ensure that you network with the people you plan to serve.
For instance, people in high-net-worth neighbourhoods are more likely to use your services than people in lower-income neighborhoods.
An errand service business can offer a variety of different services to clients. Depending on the services offered, an errand service business in Nigeria can target various market niches.
For example, an errand service business may provide grocery shopping, medical appointments, or other types of transportation.
If you are looking for a cheap business to start in Nigeria, data reselling can help you achieve your goal. The business involves purchasing data bundles from network companies and reselling them to individuals.
You can start your business with a small capital, as little as ₦1,000. If you want to earn more money, you can increase your capital over time. In order to start your business, you need to register with VTU or another telecom platform.
After that, you will need to fund your account.
Data reselling does not require large capital; however, the amount of money you need to start your business depends on how big you want your business to be. If you are planning to sell big, you will need more money.
Data bundle packs can start at ₦100 and can be sold for as much as ₦200. However, if you only plan on reselling small amounts of data, you can start with a small capital of N500.
In order to start this business, you will need to sign up with a data reselling company. A company that offers you a better discount than the rest of the resellers. The prices should also be extremely cheap.
For example, if you buy a 2GB data bundle from a good company, you will make ₦340 profit. Likewise, if you sell fifty data bundles per week, you will earn ₦17,000 profit. And if you sell 200 bundles per month, you’ll earn up to ₦68,000!
Snail farming in Nigeria is a highly profitable business for new entrants. It costs less than N50,000 to start up and you can expect to earn up to 5 million Naira in a year.
You can sell your snails to the local market, agro-allied businesses, high net worth individuals and food outlets. It is not necessary to have any special skills or knowledge to start a snail farm. It just requires some careful planning and good feeding.
First, you need to feed your snails. Snails are vegetarians, which means you should give them a balanced diet of leafy greens and fruits. Snails also need food to grow their tissues and their shells will get thinner if they do not get enough calcium.
You can also feed your snails leftover vegetables and fruits. You can sell snails at local markets in Nigeria.
Snail farming costs about ₦60,000 to ₦1 million to start, depending on the size of your farm. Snails can be sold raw or cooked. You can also sell snail eggs for about ₦50. Snail farming can be very lucrative and profitable if you’re dedicated enough.
In Nigeria, snail farming is among the cheapest businesses to start. You can start your snail farming business by hand-picking snails in the bush during the rainy season. Once you’ve gotten used to breeding snails, you can rear and sell them.
Once your snails are ready to sell, you can make as much as five times the amount you invest.
Small chop business
Chops business involving selling anything that is sellable or buyable.
There are many benefits to starting a small chop business. First, you don’t have to rent a shop. This is an extra cost and a source of headaches. Instead, you can work from home and focus on promoting your business and buying equipment.
Second, the business can earn you a lot of money. It’s possible to sell small chops for as little as ₦1,000 per plate if you are selling plate of food. That means that if you serve a thousand guests, you can earn ₦1 million.
However, you should keep in mind that it’s not a good idea to open a shop right away. It’s advisable to start small and expand it later on.
Third, you can sell a variety of small chops on social media. You can post pictures of your dishes and use relevant hashtags to advertise your business. This will help you gain interested customers and handle requests for your cake.
The small chop business in Nigeria can be profitable if you know how to manage social media. It’s a low-cost business that offers good income and a high demand.
Finally, you can start a small chops business for women as well as men. The business doesn’t require any fancy equipment or specialized skills. It can be a side hustle or a full-fledged business. Just make sure that you’re committed to it.
A small chop business is rewarding as long as you have the right attitude and passion for it.
Online Mini importation Business
Mini importation is a type of online trade that you can start with a small amount of money, say ₦100,000. You can purchase items from eCommerce sites, like Aliexpress, Alibaba, Dhgate, etc and ship to customers. There are a variety of items that you can import.
This business can be done as dropshipping. Learn more from this category, it’s dedicated to dropshipping business.
Before importing, you should market the products. You can do this through social media. For example, you can create a short Youtube video, Instagram reel, and use hashtags to market the goods you are importing.
You can also use Whatsapp groups to promote your products. The success of mini importation depends largely on the products you import, which you can find on e-commerce sites.
If you don’t live in Nigeria, you can use a logistics company to send the goods to your location. These companies charge a fee for the services, which is usually based on the weight of the products. After receiving the goods, you can claim them at the logistics company’s office.
If you are ambitious and have a knack for selling, then you can easily get started with mini importation. Usually, this type of business is profitable, and you can start importing goods for yourself from the comfort of your home.
While there are some costs involved, you can get started with as little as ₦50,000 or ₦100,000. If you know how to import, mini importation can be one of the cheapest businesses to start in Nigeria.
Another cheapest business you can start in Nigeria:
- Barbing salon,
- Hair dressing salon,
- Dry cleaning, or
- General cleaning business