You don’t need a lot of money to start a business. In fact, you don’t even need capital to come up with an excellent business idea. However, if you have little cash on hand, it might be challenging to start your own business from home. Even so, that shouldn’t stop you from taking this great leap forward in your career and life. After all, there are numerous small businesses that require minimal startup costs. If you are searching for affordable business ideas that won’t drain your pocket or break the bank account, read on and get inspired – we have listed 6 excellent low-capital business ideas for small businesses in Nigeria and key considerations while choosing one as a company.
Food Truck business
Literally, this is one of the most common small business ideas in Nigeria. Across some of the country’s major cities, there is no street without a food vendor. An average Nigerian loves to eat well due to the level of stress they have to cope with.
While some food sellers are stationed in a rented place or an approved stand, a few others hawk their wares as a form of publicity and advertisement. Some also prefer to move around with the food they sell because they are mandated to do so – they cannot afford a stand.
In fact, there is a general belief in Nigeria that a food seller that cooks very well can never run at a loss. People will come for what you have to offer. It is not surprising to see men and women drive out of their offices in search of food in food trucks. Another interesting angle to it is that you do not need all the money in the world to start this business. You can start small and hope to grow.
If you already have a blog, then you can turn your passion into a profit with this business idea. You can find advertisers who are willing to pay you to promote their products on your blog. You can also use affiliate marketing to earn money off of the products you write about. You can also sell your own e-books, online courses, and other products to earn a steady income from your blog. You need to be careful when choosing products to promote on your site. You don’t want to be accused of spamming your readers or engaging in unethical marketing practices. You also need to keep a close eye on your expenses when running a blog, like hiring a designer and developer to maintain your site. These days casinos are in rising popularity among the youth and you can choose to create casino websites to attract target readers just like https://parimatch.co.tz/en/casino/slots.
A dropshipping business is where you sell products without having them in your possession. You purchase items from a supplier, mark up the price and then sell them for a profit. The supplier will ship the items directly to your customers, and you will be responsible for covering the cost of the product, shipping, and any related taxes. However, don’t let the word “dropshipping” scare you away, this business model has become as easy as one, two, or three.
There are different dropshipping platforms that make it easy for you to create an online store and sell products without having to worry about managing inventory, shipping, and customer service. The best part is that you don’t need to have any marketing experience to succeed with this business model since it’s all done for you. All you need to do is build an online store that promotes your products, collect money from customers and then have the supplier ship the products directly to them. If you can take advantage of the low-capital opportunity that this business model presents, you will be well on your way to success.
House cleaning services
As an unemployed person, you can take advantage of the fact that quite a number of people are preoccupied with official engagements and may be unable to take care of the home front.
This is one of those small business ideas in Nigeria that doesn’t require huge capital.
If you are a smart individual, offer to render this service, agree on a price and time, and close the deal.
You’d be amazed at the response you will get. However, you must be able to earn the trust of these people as nobody is willing to do an unnecessary exposure for himself or herself.
You can implement these small business ideas in Nigeria with #NGN 8,000 only. The returns will be well worth it.
Online retail business
An online retail business lets you sell products online, just like bricks and mortar store would. The only difference is that you don’t have to pay for the rent on a building or hire employees to run your store. If you have a computer and an internet connection, you can start your online retail business from home. One key to success in this business is finding a niche
You can sell anything online, but you need to make sure it’s something people are willing to pay for. You can’t make any money if no one buys what you’re selling. You also need to consider the cost associated with running an online retail business. You’ll need to pay for hosting your website, buying inventory, and shipping costs. You might also need to hire a web designer to create a website for you. However, with a little research, you can find low-cost alternatives to each of these things that will keep your business within a low budget.
Freelance writing business
Many businesses hire freelance writers to create blog posts, e-books, and sales letters. If you have a background in writing and English, you might be able to break into this industry. Once you have a few clients, this business can become a passive income that works for you 24/7. You can find online courses and courses on Udemy to help you break into this industry. You can also find freelance writing jobs on freelance job boards like Upwork. To succeed as a freelance writer, you need to know how to write well and understand the needs of your clients. If you can demonstrate these skills, then you can make a good amount of money as a freelance writer. Be sure to check out this business idea before making a final decision.
Congratulations! You’ve come a long way on your entrepreneurial journey. Now, it’s time to pick an excellent low-capital business idea and get started. Remember, these businesses require minimal startup costs and can help you get your feet wet in the field of entrepreneurship