Starting a business in Nigeria can be a golden opportunity for those seeking a better livelihood in a country where economic deficit and unemployment are prevalent. With a forecasted unemployment rate of 33% in 2022, and over 40% in 2023, according to Statista.com, self-employment is becoming an increasingly popular option. While starting a personal business can be challenging, it also offers many advantages, including the potential for financial gain. Capital is often a major constraint, but in this article, we will explore 10 business ideas that can be started with as little as N100,000 and offer a 100% return on investment in 30 days or less.
At the top of our list is the Point of Sale (POS) business, which provides an alternative to traditional banking transactions for Nigerians. POS services enable customers to perform basic financial transactions like transfers, withdrawals, and payments for bills like DSTV, GOTV, and PHCN. One example of a successful POS business owner is Tayo Adewale, who used N100,000 from his family to start his business and now claims to make at least N100,000 in return on investment. Location is a significant factor in the success of a POS business, and choosing the right one is crucial. This is one of the most lucrative top 5 business ideas you can start with 100000 Naira this year.
Phone and Gadget Charging
Another idea is phone and gadget charging, a business that capitalizes on the unstable and unreliable electricity supply in many states of Nigeria. Charging vendors can provide a valuable service to lower and middle-class citizens who cannot afford to buy a generator, with some vendors charging as little as N100 for a phone charge. Wale Olakunle, a phone charging shop owner, started his business with a N100,000 loan from a microfinance bank and now makes around N200,000 a month. This is one of crucial top 5 business ideas you can start with 100000 Naira this year.
Food Vending and Delivery
Food vending and delivery is another lucrative business idea, with working-class, students, and artisans among the target audience. Offering delicious, affordable, and convenient meals can set a mobile food vendor apart from the competition. Copywriting is another option that requires good writing skills and a firm grasp of language, with potential earnings ranging from N100,000 to N300,000 depending on the nature of the copy and the organization.
Graphic design is another profitable business idea that can be started from home with just a laptop, internet connection, and adequate power supply. Clothes vending and laundry services are also in high demand, with the latter often overlooked despite being a lucrative opportunity.
Shawarma, a popular snack made with beef or chicken filling, is another potential business idea, with equipment requirements including a shawarma toaster, show glass, pot/utensils, apron, and insect killer for flies. Finally, becoming a data reseller or a declutter agent can be a profitable business venture, with the latter requiring a good online reputation and trust from sellers and buyers alike.
In conclusion, starting a business in Nigeria can be a challenging but rewarding opportunity, with many ideas that can be started with as little as N100,000. Dedication, patience, and hard work shall make you succeed.
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