Best Businesses To Start With 1 Million Naira in Nigeria: Starting up a business is never a day event. It is something that demands upmost meticulous measures, leaving no factor and circumstance unconsidered. One of the necessary things to consider is the nature of the business coupled with the threats, opportunities, strengths and weaknesses likely to have an impact on the intended business.
Opportunities includes factors and existing circumstances which when considered, gives a hope that an intended business would be viable, whereas threats are existing circumstances which poses as a challenge to the viability of a business. The end point of every business is the making of profits. No one desires to start up a business which is not essentially lucrative.
One million naira is a super start up boost for a business. Here are super cool lucrative and workable businesses to start with your one million naira in Nigeria.
Top 16 Most profitable and lucrative Businesses to start with 1 million naira in Nigeria 2024
1. Eatery/Restaurant Business: Eatery or restaurant is an eating establishment where people purchase and eat food. This is a very lucrative business in Nigeria, although not without challenges. With one million naira, one can secure or rent a place and get it properly equipped for restaurant business. Items such as table and chairs must of course be bought and positioned.
Then to get a taste of a class, the room needs to wear an attractive paint or be designed with attractive wallpapers, the floors are to be tied, and most importantly, a reasonable portion of the money should be mapped out as a working capital. The money also should cover for kitchen expenses and all cooking equipment.
From one million naira, the eatery can be made as comfortable as it should be. The money should also carter for fans, television, sound system, refrigerator, air conditioner, etc. generator is also a necessity as an alternative power supply.
Having got your restaurant well packaged, people would troop in as long as the quality of the food and services suits in. in addition, there could be a section of the restaurant mapped out for table reservation, and maybe also a bar at a corner of the surrounding. One million naira can comfortably cater for these expenditures and still have a working capital left.
2. Cybercafé and Computer Business Center: Cybercafé is an establishment where the public can access the internet at a charged fee.
Starting up a Cybercafé business requires computers, not necessarily laptops; desktop computers may suffice which are relatively cheaper than laptops. Generator is absolutely needed. Network devices such as WI-FI, router, etc are definitely needed for internet connection. There certainly should be desks for the number of computers, chairs, and other devices such as printers, scanner, laminator, etc. CCTV is also needed for security purposes.
This is necessary for the purpose of taking coverage of customers who come in to use the computers, in case a customer uses the computer to perpetuate fraud. Fan is also necessary for adequate ventilation in a computer environment. Having spent on the necessary things required for a start, there should remain a considerable amount of money which can be channeled to foster the business proper and cater for mini, contingent and other expenses: data subscription, papers, inks and other tools.
3. Fish Farming: This is an agricultural and commercial activity of raising fishes and other seafood for sale. One million naira is more than adequate to startup fish farming. This first important thing to do is to invest on information about the intricacies of fish farming.
This is because it is a delicate business and therefore seems to require certain degree of expertise and mastery. Another thing is to build a pond. The bulk of expenditure in fish farming is not in its startup but in its sustenance of which of course, a million naira can see through.
4. Poultry Farming: This is the rearing of domestic fowl such as chickens, ducks, turkeys, geese. One million naira can be safely channeled into poultry business in Nigeria. All you are required to do is to build a poultry house, get the necessary feeding equipment and then start ordering your specie and make sales.
The bulk of the expenditure here also seems to be in sustenance of the business.
5. Logistic Business: Logistic business is like agency. They basically undertake to go errands for people at a charge, mostly delivery of goods. They make use of dispatch riders.
Here, the bulk of the startup expenses in on buying of motorcycles to be used by dispatch riders, and then getting the necessary registration and certification from the appropriate authorities.
6. Supermarket: One million naira can start up a middleclass supermarket. The funds can carter so securing a place and doing the necessary partitioning and beautification, and equipment of tools such as counters, table and chairs, lightening, CCTV, barcode readers, computer, etc. then get the counters equipped with the goods to be sold.
7. Printing Press: Starting up a printing press business requires equipment such as computer, laminator, cutting system, binding machines like comb binders, thermal binders, wire binders, and then graphic design software, printers, embossing machines, flexographic printing machine, letterpress printing machine, engravers, scorers, etc. generator is also needed.
A million naira can carter for the totality of the equipment for a startup.
8. Photography: Photography is another business in Nigeria which can be comfortably started with one million naira. A starter would be needing equipment such as camera (an outstanding one), camera bag, tripod, backdrops, editing software, external hard drive, photo printer, computer, memory cards, etc. photography business also needs a studio or workshop for obvious purposes.
An alternative means of power supply is also a necessity. Then for the studio, there should be a studio space for studio shots, chairs, mirrors, fans, adequate lightening, desks, etc. these in all can be catered for with one million naira.
9. Beauty Salon: This is another business to invest your one million naira in. it can incorporate variety of services that is concerned with maintaining human beauty. Ranging from hair keep ups, barbing, facial makeup, fixtures, styling, skin treatment, manicures, etc.
You need not necessarily have all the skills or even any. Skilled persons may be employed on a salary basis. The beauty salon may be unisex or otherwise.
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10. Pharmacy: Are you a licensed pharmacist and have one million naira for a business, you should consider starting a pharmacy shop. Pharmacy shop just like supermarket will require partitioning of the hall, devices such as computer, barcode readers, CCTV, proper lightening, alternative power supply, etc. and of course, basic health facilities such as sphygmomanometer, thermometer. The bulk of the expenses should then go to getting drugs from most trusted suppliers.
People who are not pharmacists can also start up pharmacy business but under the license of a licensed pharmacist.
11. Wholesale of soft drinks: Sale of soft drinks is a very lucrative business which one million naira can comfortably start up. Rent a spacious store, order from the producers. Your business is set. If bottle drinks are involved, you may need to acquire your own crates and bottles.
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12. Trades and Importation: This covers every other type of business which involves buying and selling of commodities. With one million naira, one can rent a shop and start up any business of buying and selling of commodities of one’s choice. This could be clothing, accessories, gadgets, provision stores, furnitures, agricultural produce, building materials.
The list is endless. If it is such that requires importation, one million naira can comfortably cover the cost. Nowadays importers need not travel to the countries which they are to import from. Technology has made this feasible, the risk regardless.
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13. Boutique Business: Today in Nigeria, boutique is a trending business especially the ones dealing on dresses such as: shorts, T-shirts, Jeans, caps, and footwares such as shoes. It requires even less than one million naira to start depending on the quality of the product materials imported or bought.
Usually, this business is located in areas where there are lots of young people as they are fashion-based and the dealer can even start it where he lives (without renting a store) if the targeted customers (the young people) also resides around there.
Again, boutique business is so profitable and easy to start as all that is needed is a well-designed materials and a good location. Also, the dealer needs to create awareness around his place of business. Formerly, most Nigerians could only afford fairly used clothes from their local materials. But today, they have joined the trends and upgraded their wardrobes. By doing so, the boutique dealers are patronized as they make huge profits in their business.
Most recently, it is advisable to starting this business with only new materials and may not cost more one million naira.
Again, some factors to consider before starting this business include trends and location.
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14. Bakery Business: Usually in Nigeria, this business is all about bread making but most recently, dealers also considers other pastries such as: cookies and cake. Today, one million naira can start a home-based bakery business as some of the necessary equipments are cheap and affordable.
The dealer can start from the scratch and still make huge profits with just the capital of one million naira. He can bake different sizes of pastries and sell to different people.
However, it is pertinent to set this business in a good location. Today in Nigeria, bread is one of the most demanded foods and starting its production at any level by interested persons is advisable. Also, aside the one million naira investment, the dealer needs to know how to bake, or hire bakers who already know about the business in order to maximize profit effectively.
15. Affiliate Marketing: As at 2023, affiliate marketers are highly demanded in the Nigerian society because some consumers do not have the time to visit the market to make purchases and some of them do not know the good quality of the product they actually need or want to buy.
In this case, such consumers will be in desperate need for an affiliate marketer.
This business is so lucrative and easy to start with any amount (less than one million naira) depending on the type of marketed product.
However, some dealers market or advertise trending products via online platforms, make them available to the interested buyers, and make their commission (as agents of the seller to the buyers). However, the marketer must invest into the affiliate program in order to become a member and the more buyers he attracts, the more commission he makes.
16. Driving Business: This business involves driving people from one place to another for premium prices. Most recently, online taxi businesses such as: bolt, uber, etc has been introduced in Nigeria and interested persons can buy a car worth any amount less than N1,000,000, register on any of the online taxi companies, and start the business for profits.
Again, this business can be done as a side hustle as the dealer can work anytime he wants. Also, he can assign his tricycles, bikes, or vehicles to his employees who will use them and account to the dealer on daily basis. This is possible because a dealer in this business can get three bikes or two tricycles with N1,000,000.
Having successfully started a business with one million naira, a newly started business remains so newly started until after sometime. One may discover that through the early years of a business, there is usually little or no profit. Rather, several other expenditures and investments are still made. Therefore it is important to map out a working capital for furthering and sustaining the business while it remains less profitable for the mean time.
Edeh Samuel Chukwuemeka, ACMC, is a lawyer and a certified mediator/conciliator in Nigeria. He is also a developer with knowledge in various programming languages. Samuel is determined to leverage his skills in technology, SEO, and legal practice to revolutionize the legal profession worldwide by creating web and mobile applications that simplify legal research. Sam is also passionate about educating and providing valuable information to people.