Business Opportunities in Nigeria: Top 10 Biz Ideas with low start up cost

January 14, 2020 Business,Business Ideas,Nigeria

The reality of the economy ashness in the country is real; and so is the search for wealth creation. With many thriving business opportunities in Nigeria, individuals are taking advantage of it to create wealth for themselves.

Where are the business opportunities in Nigeria?

A question asked by majority of us on a number of occasion.

Also, ask majority of individuals what they want in life, they will tell you that they want financial freedom. In line with this, they look for ways and possible business ideas that will fast tract their dreams.

That is the purpose of putting up this article. It is a piece of work that is well researched into; not only will it give you great biz ideas, but also equip you with the top 10 lucrative businesses in Nigeria.

What is your dream business?

Truly, you may not know for now. One thing that is certain is that you can achieve your dreams with great efforts.

This efforts comes within; that is to say, you are the only one that can push yourself.

Using myself as an example, I found myself in similar situation like most of you today.

Seven years ago, I asked a colleague this question – “Michael, what business can I do to make lots of money? He replied by saying – “bro, you better work hard and live within your salary means.

Today I know better.

Why?

Simply because I can see that starting my own venture has made me to gain that financial freedom.

You too can do the same.

Before diving straight into our topic of the day, let’s look at two important things you need to know. These are:

  • What is a business; and
  • Reasons why you should start a business.



What is a business?

A business is an entity or organization that is engaged in providing trading activities. This activities could be commercially, industrial or professionally focused.

It can also be defined as a place where individuals work to achieve a common goal.

These goal could be directed to making profit or for charitable purpose.

Ultimately, a business is an entity with a goal to achieve a common goal. It could be for profit by selling products or providing services; or could be for humanitarian purposes.

Regardless of what the entity may be into, there are many business opportunities to take advantage of.

Why Should You Start A Business in Nigeria Today?

Starting a business for wrong reasons can be the beginning of failure. This was the first point we spoke about in “Why businesses fail in Nigeria with solutions“.

Nevertheless, greater benefits await you when you start it for the right reasons.

Ultimately, starting your own business gives you an opportunity to go after your dream. Not only will you be increasing your independence, but also gain flexibility to do things your own way.

Besides, there are several other advantages that owning your own establishment brings your way.

In the light of this, here are the reasons why you should start your own business today.

Independence:

Some people refer to this as freedom.

Your freedom is key; and it can never be traded for. Also, freedom is the ultimate promise of entrepreneurship all over the world.

Survey shows that independence is the most common reason people look to start their own enterprise.

With this in mind, following through your biz ideas give you a better chance of attaining your independence.

Financial Freedom:

It may not be that easy initially; but with dedication and persistence, you will achieve your main goals. When you get to this stage, you will have your financial freedom.

Whether you are into buy and sell, or fast moving business, be rest assured that you can achieve your financial freedom.

Employer of Labour

Starting your own lucrative enterprise makes you an employer of labour. Not only will you be contributing to the economic growth of the country, but also building your own future.

Starting lucrative businesses in Nigeria may be all you need to become an employer of labour.

The most important part of this is, you’ll creating an opportunity for someone else.

Self Fulfillment

Starting your business is exciting; at the same time, gives you a sense of self fulfillment.

You see your passion come to life. What a great self believe you have in yourself. Come to think of it, your dreams and future is in your own hand.

Escape the Rate Rate

Starting your business gives you back your time. You are free of the nine-to-five cat race jobs.

You do not have to go report to any boss in the office. Come to think of it, you have your time to yourself.

You can use it to build your own dream.



Top 10 business Ideas in Nigeria with Opportunities

Whether you want to gain personal and financial freedom, or you just want to supplement your revenue streams of income; this is the time to start.

I have put together some of the best business ideas that will benefit any serious minded individuals.

Be that as it may, working for yourself or starting and growing a business (becoming an entrepreneur) has never been easier.

Additionally, this is the best period of the year to start actualizing your financial goals.

Hence, here are the top possible business ideas in Nigeria to make money.

1. Franchising Business in Nigeria

Is franchising a profitable business? Yes it is. In fact, you will get good return on your investment in record time. Inasmuch as you know the franchising industry and the business you are investing in, I will advise you go for it.

Let us look at it this way, franchising Business is a fast growing business that many Nigerian are not yet aware of. With this kind of business, you are guaranty not to fail.

Why?

You will be successful in it because the business model is already set up for you. Additionally, will you enjoy great business support from the franchisor; also, you will ride on the franchisor’ brand name.

What a minute, what is franchising?

Franchising is a business venture whereby license is granted to a person or organization (franchisee) by an entity (franchisor). This license allow franchisee to trade with the brand of the franchisor.

In other words, Franchisor grant Franchisee license to operate under its own brand.

It is important to realize that with Franchising, you will be required to make a minimum capital investment for the business. This minimum investment varies from franchisors to franchisors.

Available Franchising Business opportunities and Investments in Nigeria

Depending on the sector of business you may want to go into, below are suitable businesses in the franchising sector for you to consider:

  • Franchise Direct (international Franchising website):
    A website that has been in operation for over 15 years. The company has opportunities for people looking to start their own business in different business sectors; such as Accountancy & Finance, Business Consulting, Education Franchises and many more.

    The website has different business listings on franchising which yield good return on investment (ROI).

    In addition, Franchise Direct businesses can be tapped into if you are in other countries too.

    Few of their franchising business that you will have seen around are Papa John’s Pizza, EasyGym and few others.

  • Select Your Franchise (international Franchising website):
    A well established UK Franchising company with franchise opportunities in various sectors. You can select from any of the franchises type of your choice.

    Uniquely, Select Your Franchise gives Nigerians opportunity to replicate the UK franchising business in the country.

  • Franchise Opportunities Network (international Franchising website):
    While some franchise websites are good, some may not be that good for you. You have to do a bit of research on them.

For Individuals looking for one ways of making money or organizations looking to diversify; in order to enhance their revenue, this is one way to do so.

In the first place, by becoming a franchisee, you have a proven business model at your disposal. All you will need is the capital to set up the business and a good location. Inasmuch as you can come up with the required capital (franchisor’s fee), you are ready to go.

Cost of Starting A Franchising Business - ₦50,000.00+

There is no lower or upper limit to what franchisor may ask you to pay; the cost mainly depends on the franchise brand and the market rate.

Generally speaking, funding required may vary; it all depends on the type of franchise you are going into and the franchisor. With as little as ₦50k, or as high as ₦20M, you can become a franchise business owner.

I know what you are thinking…..

You want to know your return on investment.

Well, your return also varies. It varies on the fact that some factors such as location, initial drop-down, your marketing strategy and few others. But you can be looking at the range of ₦1.5M – ₦2.5M per year for a ₦300,000.00 franchising fee paid.

As shown above, the listed are great business opportunities to start in the country.

2. Online Business Opportunities in Nigeria

Online business can be office or home based. In the world we live today, this type of profession is regarded as one of the most profitable business one can start.

Hey!

What in an online business?

Online business is any kind of trading or activities that is carried our over the internet; this may be, buying and selling, or brand promotion, or selling of services. Regardless of what it may be, as long as the activity happens on the internet, then it is referred to as an online business.

A business owner, self employed individuals or organizations that runs any (or part) of their business activities on the internet is running an online business. Similarly, blogging or establishment of online forum can all be referred to as part of the online business.

The good thing about this kind of business is that you can start them from the comfort of your own house. In other words, they are home business ideas that you may want to consider.

Now, let us run through few of those that may worth looking into.

E-commerce:

Golden business opportunities exist within the e-commerce space. Although, it is no news that jumia.com and konga.com (now yudala.com) are the biggest players in that space. Nevertheless, you to can play in that niche market.

As can be seen, they are the typical Nigeria e-commerce businesses that are setting the pace; they have similar business model that anyone looking to step into that space can duplicate. And I will show you how.

To setup similar e-commerce business, you will need to consider the following:

  • Are you looking to sell your own products?
  • Will you be providing just the e-commerce platform whereby other sellers will be selling their products?

As mentioned above, the two types of E-Commerce Business ideals in Nigeria are profitable and you can start as soon as possible. I will shed more lights into this; that is to say, how you can make money with either of the two models.

i. Your own products website:

Let us start with business owners looking to have their own business e-commerce site. Believe it, this is the simplest of business opportunity available in the online shopping e-commerce business. It is simple because you only have to build your own shopping website and off you go.

I will advice you employ the services of a good web design professional. This should not be that capital intensive.

With this model, you will have to have your own products to sell; you fix the prices and also workout your own logistics (as in delivery mode).

How to make money with your own eCommerce website:

This is pretty straight forward – through buying cheap and sells with a profitable margin. You will have to scout around for where to buy your products to resell. A good place to start can be through Aliexpress.com, banggood.com, Tomtop.com and few others.

In addition, some of the sites mentioned above do free shipping that you may want to take advantage of.

ii. Other business owner products platform:

Similarly, you will need a website for this model. The only different is that you will be allowing other merchants to sell their products through your platform. This is the model adopted by amazon.com, jumia.com, konga.com and few others.

In order to make this kind of business opportunity a success for yourself, you will need a lot of merchant to place their products on your site; and these merchants have to be price competitive. This is the number 1 strategy to use in order to run a successful business venture relating to e-commerce.

With both models mentioned above, you will be required to promote the website through any of the online marketing strategy that best work for you. If this is new to you, you may want to look into other resources that write about “Online Strategy for Nigeria businesses”.

According to the latest report from the London Economist Intelligence Unit (EIU) reports, the Nigeria E-commerce Business is worth over $15 billion (as at the time of this article).

The report shows that Jumia is leading the pack. The company is valued at over $100 million; the company also operates in different African countries.

But wait a minute….

How much will it cost to build an eCommerce website in Nigeria? Generally speaking, the cost will depend mainly on the person building the site; but to just put a general price on it, it will cost you nothing less than ₦200,000.00.

3. Agricultural-products exportation

Agricultural Products Exportation, Nigeria Export Promotion council, Investment in Nigeria

In the first place, look around you or in front of you, Nigeria has agricultural products and many natural resources that are of high demand across the world; and these products are needed to produce some finished goods that are resold to consumers by manufacturers.

In fact, they are referred to as export products. They occupied a top spot on our topic of discussion; and at he same time, them come with great potentials.

Why do they occupy this top spot?

As you read along, many of the points mentioned below answers the question.

With the research conducted, Nigeria has large deposits of minerals and raw material such as cocoa, rubber, iron ore, coal, animal skin and many others.

In order to start the agricultural product exportation, you will need to do a bit of research on the particular product that you want to export; just like any other business, a basic understanding of the business is required.

Additionally, you will have to register with the Nigerian Export Promotion Council; the council assist in promoting the development of export related industries in Nigeria.

Image above shows the related fees with the Nigeria Export Promotion Council as at the time of publishing this article.

As can be seen, the fees are considerably good; you can now decide on which product to export.

4. Consultancy business opportunities

First, I love consulting; secondly, you have to be a specialist to operate in this sector.

To begin with, there are lots of openings in consultancy world. So what is a consultancy business?

This is a business set up to provide professional or expert advice; it analyze business objectively and create meaningful business solutions for companies to meet their goals. These professionals are known as consultants.

Things to remember – In consulting business, you will work with clients on various roles such as problem solving, strategy, marketing and planning.

Who is a consultant?


A consultant is that professional that provides expert advice on specific areas to businesses when needed. These sort of advice can be in the areas of accounting and finance, engineering, business development, security, marketing and many more.

Let us look at it in this way – consultants provide solutions and these solutions in turn yield profitable result for business owners.

Putting your expertise to practice as a consultant, you are getting into a lucrative business in Nigeria that can turn the table around in your favour. That is, making you millions of Naira.

Moving-on on this topic, I will like to ask you the following question:

  • What skills or experience have you got?
  • Which area of consulting business will you like to get into?

If you can answer the above questions satisfactorily, you will be setting-up yourself for a successful consultancy business in Nigeria.

For more information on the above questions (and more on untapped business in Nigeria), you can have a look at the Best Successful Home Base Small Business Ideas for Men & Women.

5. Real Estate Business Opportunities

Real Estate Business, Business Opportunities in Nigeria, Lucrative business Ideas in Nigeria

With the right business network, starting and running a real estate business in Nigeria is profitable. As a matter of fact, it create a great business opportunities for many Nigerians.

From time to time,