Best businesses to start with 100k in Nigeria 2022: Running a business can require a lot, especially in today’s climate. Numerous things can be a challenge, including starting capital, appropriate location, and customer base. However, the defining moment in any business is the point when the right idea came to mind. Many businesses are started with enough money and the best location but because they are not the best ideas for some reason, they fail. Another thing we have realized is that a major factor why businesses fail is not that they are not great business ideas in themselves; but because the owners did not put as much into the actual business to pursue.
Much of business owners just want to own a business and make money. Only a small percentage of those, think of exactly what business would work best at the time they intend them to start. This is why we came up with this least. You’re probably ready to own a business, have sourced your capital, and just looking for the perfect business idea. You should consider some suggestions on our list.
We compiled this list after much consideration to several factors that are unique to the times that we are in. One of the factors that you’ll find recurrent in this list is the “digital factor“. The world has become almost, if not completely, digital. Every organization has an online presence, social media is at an all-time high. Whether it is something we’d like to accept or not; being online can have an astonishing influence on any business.
An enterprise can get ahead, simply they have an online presence. One of the many advantages of being connected on social media is marketing. People are aware of businesses that exist various state lines away.
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Top 10 Best businesses to start with N100,000 in Nigeria
1. Catering Service: This is one business that can thrive in Nigeria because we there are so many delicacies and options to choose from. With your capital, you can acquire the basic things that you require to start a catering business. Another reason why this business is so good is that you don’t have to struggle so much to make a daily turnover.
All you need to do is make sure your ingredients are ready, make nice meals and deliver them off to customers. You can take this business online as well. We have countless food caterers online who don’t have physical stores or restaurants.
2. Laundry Service: This business does not require so much besides the basic tools. To get started, just get yourself a washing machine (not compulsory) and an iron, and you are set! One good thing about this business is that you can work right from your home.
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3. Foodstuff Transport Business: This business is a very profitable one because you don’t need to have fixed capital to start. All you need to do is find vendors in a designated part of the country, buy foodstuff from them, and transport them to other parts of the country.
To make your business easier and more productive, you can have traders who are ready to buy your goods off your hands the minute they land. All you need for this one is a good means of transport and an ability to bargain.
4. Cryptocurrency Trade: This is one of the least physically demanding businesses on our list. You can completely work from the comfort of your own home. Cryptocurrency has become so widely popular and is still getting more traction. Many big companies and key players are now taking their pay in these alternative coins.
There are so many coins one can invest in; from bitcoin to dodge coin etc. So, invest first in a particular coin, wait for it to rise by monitoring the market, and sell at the right time.
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5. Small-scale Importation Service: These days, people are important several small products from other countries into Nigeria. In source countries, these traders get the products at fair prices and sell at costly rates.
The trick here is to know exactly what to import; what people are likely to purchase. The easiest way to do this is by going for basic products and daily use. Products like clothes, phone devices, small electronic devices, toys, jewelry, etc.
6. Popcorn Business: This business is one of the easiest on our list. If you want to make a lot of profit, find ways to make your popcorn taste sweeter than the regular. You can incorporate various other flavors, or add milk to your recipe. Another thing is location.
For a physical location, find a place that is close to a constant activity, like a church or a school. You can take this online with very attractive packaging ideas.
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7. Cake/Pastries Making: Another business to start with 100k and make lots of profit is the baking business. You can cater for events such as weddings, anniversaries, and birthdays, with your nicely baked pastries. You can also take this business online; delivering up orders for cake, cupcakes, fish rolls, etc.
Please remember that this is one of those businesses that you cannot excel in if you lack the required skill. This means that the first thing you have to check off your list is great baking.
8. Hair cutting: Cutting hair is another business that would require a skill first. Before starting this business, you should learn the `art‘ of barbing first. Find a good barber and work under him for a while or as soon as you learn this skill. The next step is finding an easily accessible salon, then tools for work. A list of tools you’d need includes;
9. Fruit Drink Business: You’d need a store, blending tools, and fancy cups/packages. This business entails the making of drinks from fresh fruits. It would help if you have a refrigerator, as many customers like their drinks chilled.
10. P.O.S Service: This one requires the least capital on our list of ventures. Point of Sale (P.O.S) services is carried out by external bank agents, who aren’t direct bankers with financial institutions but have the fiat to carry out some mobile transactions like credit or withdrawals.
Here, the customers do not always have to use physical banks or ATMs to access or pay in cash. If you want to start this business, you’d need to find a bank that supports external agents like them, acquire a P.O.S machine and invest your starting capital into the assigned account. After this, you can start your business in a location where you have access to persons who are more likely to need financial transactions.
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In conclusion, these businesses made our list for best ventures in 2022 because, after the lockdown, you’d find that the most profitable businesses are alternatives. People are looking for other means of making money; investing in e-naira and online stock. With 100k and enough commitment, you are looking at a great return by the end of next year!
Edeh Samuel Chukwuemeka ChMC, is a Law Student and a Certified Mediator/Conciliator in Nigeria. He is also a Developer with knowledge in HTML, CSS, JS, PHP and React Native. Samuel is bent on changing the legal profession by building Web and Mobile Apps that will make legal research a lot easier.