Most Profit Funding to build the most profitable small business has always been a pain in the butt for an entrepreneur since days of old. Many because of this abandon, kill or sell off their idea forgetting that once a good business idea secures its place in the market, it can automatically pool in every bounty-full thing required to grow your business drastically.
Your business idea will bring you your company, your company will bring you people, and in turn the people will bring you the market as they are literarily the market. We should know that a good idea until worked upon does not possess any monetary value, just a whole bunch of powerful potentials.
In our world today, the most successful entrepreneurs in the world like Mark Zuckerberg, Bill Gates and Elon Musk may possess the ability of building empires out of dollar notes, but none of these men started at the top of the financial ladder. For instance, Facebook( a large social network) was created out of a dorm room at Harvard University at a small cost and Microsoft, a company owned by Bill Gates was created two years after Bill decided to drop out of college.
You might be wondering:
Is there a need to talk about these successful entrepreneurs?
Yes there is. These remarkable entrepreneurial stories provides a very important lesson for all those wishing to embark on a similar journey- that a great single idea is the most important factor to create a life changing business. And if planned strategically, these cool ideas can build you a successful company at the lowest early startup costs while providing you with the highest profitable returns.
A close examination of our country’s history reveals that our economy is ripe for the taken by any strongly desirous entrepreneur to dominate today. Most individuals possess the business insight to influence and dominate the market but are yet to decide on a single idea to begin with.
But as Tai Lopez said, “The space between failure and success seems large. The difference between a good carpenter and a bad one is almost a quarter inch.
Don’t you just love this guy? *Lolz*
On this note, we shall examine today 35 lucrative small scale business you can launch within an initial cost of N60,000( 60K ).
35 Most Profitable Small Business
1. Cooking Classes
Food is important to everyone. That is why cooking classes are a big hit amongst people who live in urban areas. As a professional or master, you can conduct online and offline cooking classes.
For online coooking classes, you can use social media platform like facebook, Youtube, skillshare or launch your very own blog or website to serve your goal. Blogging is quite popular these days and you’d be more than able to monetize your skills in many ways.
For offline cooking classes, you can book an outdoor space, a studio or use your home kitchen on the days you wish to conduct the classes. Either way, the cost for any is bare minimum.
Taking into consideration the number of hours and days selected for cooking trainings, the latter can be said to be fairly cost effective.
READ ON: 35 most profitable small business in Nigeria
2. Travel Agency
Let’s face it, who does not like to travel? , very few people . That is why this is #2 on our list of most profitable small business in Nigeria.
Nigeria’s travel industry has experienced an explosive growth in the past period of 10 years. People desire to get rid of home sickness by traveling- wanderlust!. It is time for aspiring ambitious entrepreneurs to put their money where the map is.
While opening a home-based travel agency , it is best to take cost-effective measures. And one of this is to link up with a host-agency. By doing so, you will reap many benefits like (helping to get your license),they will help you perform all the back-end function, and they also help you earn higher comissions while keeping your costs less. Your rates will differ according to the host agency you are working with. Keepin mind that your initial cost should not be more than N60,000.
3. Card Making
Africans especially Nigerians haven’t really taken card making business serious. The world is becoming digital but we cannot deny the good feeling that comes with presenting our loved ones with physical card( they get good chills) when compared with E-cards.
Starting a card-making business in Nigeria will help you dominate the market as the business is fairly a virgin in the country when compared with it’s growth in European countries. To really game this business, you will need to:
- have and maintain an attractive website to showcase your skills and goods.
- take custom made orders for cheap price.offer discount on pre-orders grow and maintain a powerful social media presence so that people all over the world are exposed to your business. This makes it easy for them to try out your business, talking about it after testing your service.
4. Mobile Recharge Shop
Even with the advent of online recharge, in Nigeria most mobile-users still prefer visiting an airtime shop to fill their airtime balance. So if you are looking to startup this business, you can start by renting aspace in a small local shop. The rent should be paid monthly or can be paid ahead depending on your plan and where your business exposure and customers lie. You should also form and build ties with the most popular and most used network providers in your area, such as Airtel, Mtn, Glo mobile and 9 mobile(formerly Etisalat) , and write down their comission rates, where they will receive a share of your profits from your sale of the commodities taken from them.
Is this the most profitable small business? the answer is No.
Your overall costs should definately fall within the range of N10,000 to N60,000. Unless ofcourse you are looking to rent out a shop-space in an expensive location or real-estate properly.
5. Tour Guide
Since the creation of man, Africa has been one of the few continent blessed with abundance of land, a rich culture and a wide range of natural resources. It’s no wonder that such a land holds lovely, beautiful and wonderous places that attracts foreign people.
Do you love to plan travels? can you source for the cheapest and most reliable tickets combined with a rich knowledge of your country’s heritage? If your answer is “Yes”, then you should consider opening a tour-guide business, where groups of travellers ( tourists, school-trips and college) can rely on you to make arrangements each trip and guide them through as their leader.
Isn’t that cool?
KEEP READING: 35 most profitable small business in Nigeria
The bussiness doesn’t require much funds and can be done on the internet. The starting cost would require a SEO mobile and PC friendly travel-guide website for your potential clients.
Do you think this is the most profitable small business? Grab a coffee because we are just starting.
6. Breakfast Joint
I am pretty sure that you must have noticed how those little breakfast shops accross your neighbourhood are almost filled with huge base customers almost all the time. You must realise the huge money-making potential of this business. You can quitely take control of the market by coming up with innovative ideas.
How can I open my very own breakfast joint?
To set up your very own breakfast joint, you need to invest money in renting a space for it, after having received a permit for it from the respective authorities.
It gets better:
If the rent paid per month is N10,000, you can utilize the rest of the money on purchasing groceries, creation of awareness, purchase of new or second-hand tables and chairs with other raw materials.
7. Consultancy Services
Home-runned consultancy services have grown significantly in recent years making them quite popular. While many continue to run a one-man business, others have employed many people to satisfy the queries made by potential customers from around the world.
Here’s the deal:
If you decide to run these kind of business, you must possess a background knowledge in this field. Also, the minimum capital required to run this business is considerably low.
8. Tuition Centre
This business is possibly one of the most profitable small business to give a shot, due to its almost zero startup cost requirement. It’s no suprise that most tuition-teaches opt to take classess of their own in their own personal residence, thus avoiding any cost on supllies and rent.
The only thing you need to start is to advertise yourself as a tuition teacher on social media like twitter, facebook, linkedin, google plus etc, advertise with flyers or try out word-of-mouth or person-to-person recommendation.
9. Translation Services
In Nigeria, the average salary for a translator is N100,000 monthly. This high paying job owe it’s price to lack of professional translators in the country. The rise of foreign business deals has risen four times, and in many cases, it has been difficult to arrange the meetings, because of the lack of a common language (which is not English in all cases).
Thus, translators are high in demand by these bodies, and if you are planning on diving into this business, you will be happy to know that the costs of setting up a translation business service is at a bare minimum. The only thing you will need to spend money on would not be to attend translation classes on the particular foreign language to become fluent enough to practise it.
It becomes better:
If the target language is your mothertongue. You do not need to spend again unless you deem it necessary.
READ ON: 35 most profitable small business in Africa
10. Fruit Juice Kiosk
Who doesn’t love to have a cup of fresh- fruit juice on a hot and humid day? To really enjoy the huge potential this type of business offers, you will need to acquire a permit that allows you to open a kiosk in a chosen locality, preferably a locality that makes your product eye-catching to potential customers.
The cost of setting up this up involves:
- payment to rent a shop-space.
- purchase of machines for making the juice.
- buying the raw materials needed.
- payment of salaries of your employers( if you choose to have any).
11. Research Based Business
While most corporate entities prefer to have their own research teams, a good number of newly launched startups and smaller bodies tend to send away (some of their company’s work) to be done by people outside the company, preferably to independent researchers in similar or same field, on a contract basis.
You can setup this money making business right from the corner of your room by offering your time to perform independent research for these companies yourself or with another person. If you decide to work with another or a junior worker, you must plan ahead by setting aside an amount of money as their salaries.
Unless you decide to opt to rent a shop-space, your initial investment will be your time.
12. Sports Coaching
Do you have a flare for sports? do you possess love and history for a particular sport or group of sports? do you understand and have worked your way around it? If your answer is “Yes”, then t’is time to make more money by coaching amateurs in the same sport you are a master at.
Your expertise and experience at a particular sport will help build your brand value and grab the attention of sport academies looking to hire a good independent coach for a specific season. As a sports coach,you should look forward to train aspiring sportsmen who wish to receive professional training from an independent teacher instead of learning from an academy.
Who said you can’t have fun while making money?
This is why we have added sports cpaching as #12 on the list of 35 most profitable small business in Nigeria under 60k.
13. Garment Tailor
The demand for good tailor has increased tenfold in cities like Lagos, Port-Harcout, Abuja, Oyo and Abeokuta. This is partly due to rising popularity of self-made designs and a big number of events( birthdays,weddings and burial ceremonies. Apart from a rented space investment in electricity, sewing and stitching machines are also necessary.
READ ON: 35 most profitable small business in Africa
You can either choose to rent, buy a new or used powerful sewing machine. Whichever one you choose, it’s cost is only bare minimal.
14. Pet-day care/ pet-friendly service
Wouldn’t you feel so much at ease knowing that your pet is in good hands enjoying a great care- fed just the right amount of food, played with and having other playmate? especially when you have to be away on a trip, vacation or holiday.
This is an extremely lucrative business, infact it is one of Nigeria’s most profitable small business, and yet, to an extent, still the most largely unexplored business in our dear country that holds robust promising potentials for as many who wish to build a brand around it.
What are you waiting for today? act on this most profitable small business !
The cost of acting upon this business idea involves creating and maintaining a website and advertisement through social media, word of mouth and registering in your cities business directory.
Don’t know how to set up a business or blog? Not to worry we can help you set up one- we are affordable and of quality too.
15. Online Bakery
While names like “Value, Butterfield and HappyChef” have taken years of hard-work, quality recruitment of workers and immense funding to reach what they are today, it only goes to show that the market is ripe for online food-based services, especially in the field of baked foods.
Online baking companies like Diva cakes and waracakes are ruling the Nigerian cake baking business. You too can in a matter of seconds take your cake making business online. You can start little, learn as you grow and expand your customer base.
16. Handyman Services
Handy services include plumbers, the electrician, the home-staff and others without whom we wouldn’t be able to to get through a single day. These handymen are mostly not affiliated with any company and would gladly work at homes on their own at a nominal charge.
The price of running this business involves the purchase of the necessary tools needed to get the job done, transport fare to distant places and money for airtime (airtime used to get accross to your customers).
And-bada bing, bada boom- you’re set.
Once you’ve carried out all the necessary steps, move unto idea #17 most profitable small business
This is possibly one of the most lucrative small business to tap into in this digital age.
Want to know the best part?
With just N10,000, you can have your blog up and running .
You only need to invest in custom domain and hosting, you can choose to write content yourself or hire professional writers. As for promoting your blog, you can do so through Youtube, forums, social media and word of mouth. A few ways to monetize your blog include but not limited to advertisement, paid guestpost , sponsored articles, sale of spots, affiliate marketing etc- streams of endless possibilities.
18. Tiffin Services
As earlier discussed, venturing into the food industry is almost always a profitable move because humans love food:
A lot of working professionals prefer to “eat in” but find it difficult to spare part of their time to cook and carry home-cooked food to their place of work.
This is where you come in. There is need for a little extra space since the cooking will most probably be done in your kitchen. Therfore, the only “big looking investment” you’ll need to make at this stage is in a middle-man to deliver these foods.
19. Youtube Channel
Youtube is a very popular platform promising great returns on little monetary investments for talented and creative individuals looking to try out a digital business. Youtube allows it users of it’s platform to create and own their channels independently- and upload their videos for free.
It gets better on our list of most profitable small business:
This great platform pays some youtubers whose channel are popular and have decided to monetize through adverts.
20. Sript Writing
Cities like Lagos state are very famous for independent scriptwriters, who are not only creative and offer quality service, but also work on project basis at anytime from anywhere.
To be really successful at this type of business, you will need to be affiliated with a productionhouse through a contract. There is no monetary cost of starting this small scale business but a time alloted to each project is necessary.
Nollywood although blooming is still a young industry with huge potential. Take charge of the moment and become a script writer!
21. Event Organising
We all know that event mamnagers spend little time in their respective offices. A huge part of their time is given to networking and managing people, meeting up with sponsors, scheduling performances,checking out in person hundreds of venues and basically being on the road almost 24/7.
Here’s the deals:
If you are the social jovial type, you will really do great at this business- having fun, making friends while still making money. On that basis, your demand will revolve around the brand image and popularity which you have been able to build for yourself through a good online marketing strategy.
Want to know the best part?
READ ON:35 most profitable small business in Nigeria
The overall startup cost for running this lucrative small scale business is minimal.
22. Dance/Music School
This startup is one that relies heavily on your skill as a dancer and instructor. The investment of this business includes paying for a rented space. To run a music or dance school successfully as the business begins to grow, you may need to employ an employee, assistant or employee, but in the early stages, it is best to make sure that enough people are recommending your school to it’s potential students.
23. Wedding Consultant
Can wedding ever stop? No. That is why weddings are taken very seriously by all cultures in Nigeria. In this light, even multinational companies like “Uber” are tapping into this lucrative business and have centred their campaign on this in the past.
READ ON: 35 most profitable small business in Nigeria
The best way to reach out to potential clients in this field is going online. You need to maintain a popular and standard website for this business- this helps your potential customers discover you. Thus gaining you a huge list of followers. Owning , managing and promoting your social pages is also needful.
24. Graphics Designing
People tend to bear a conception in their hearts, that graphic designers are one of the most paid people in the world; earning more than full time workers. This might sound like a lie, but in fact it is an oversimplified truth.
Graphic designers are highest in demand when they work independently and can control a wide list of project from clients. Let us assume that you already possess the required equipment to execute their project and meetup request( software, computers etc), all that you need to make a fortune is to make your work go viral, so that other potential clients can come accross it and reach out to you for a new project.
25. Online Courses
You can develop and run an online course for students interested in learning a subject on your own personal website or decide to partner with other digital content companies, as this provides you with better tools to carry out your lessons.
The initial cost of setting up an online course business involve purchasing a brandable name, an hosting space or payment to the selected digital content company in question for them to feature your course on their platform.
26. Online Fitness Instructor
Tail Lopez once said “Never sacrifice physical health in the pursuit of money. That’s a given. Figure out a strategy to raise both simultaneously. It’s tricky”
Smart people are looking to get fit while still making money daily, weekly and monthly. While not everyone has the time or the feeling of wanting to visit the gym regularly or join a fitness class, the thought of a fitness instructor visiting their house and helping them look fit is definitely more appealing to their emotions.
If you are looking to launch your online fitness business, you should spend your money on maintaining a strong online presence through hour well designed website and social media pages. This cost less to nothing when compared with renting a studio space or equipment.
If your intention is professional photograpghy, you will need to purchase a high-definition camera (skip this if you possess one already). You will need to grow your online profile by building your portfolio online.You can also setup a website so people can book your service and get to reach you. It’s no wonder we added it in our list of 35 most profitable small business in Nigeria.
28. Fashion Desgning
Let’s face a simple truth- everyone wants to look good. Let’s be honest, who doesn’t? the answer is probably “none”. Fashion designing can go from chick look to classic, from classic to traditional. The demand for these designs are usually high in Nigeria.
Join the moving train, don’t be left out!
READ ON: 35 most profitable small business
The cost of running a fashion design business runs from maintaining a studio space, payment of tailors and growing your portfolios.
29. Street-side book stall
If you’ve ever crossed by Ikeja underbridge, computer village, Kakawa street and Marina(CMS) you’ve probably encountered a number of little second-hand bookstalls patronized by crowd of curious readers and undecided students. The first step is to setup a small stall with permit from the right local containers and then you can move on to purchasing a dozen or more second-hand books to begin sale.
30. Social Media Strategist
Social media has become part of the existence of the world. Personal channels, corporate bodies and startups have all realized this fact and begun work to increase their online presence ( particularly in the media).
The initial and only investment that you as someone looking to be successful at this business should be making is increasing your online presence by advertising on Linkedin and Facebook.
Spending a target amount of money on your website to make sure that it ranks higher on search engine pages ( preferably first page ), this means more visits and increased potential to gain more customers.
READ ON:35 most profitable small business
31. Ghost Writing
Ghost writing is not usually recommended to choose as a primary profession, but it usually ranks high among other works considering the high money a client is willing to pay for a story to be written anonymously. Just like any other field of work, the best way to get clients is through in person or online recommendations, and upon accepting a project, your only investment would be your time. This business is highly lucrative since clients offer ridiculously high payments as compensation for choosinf to write for them.
32. Customised Jewellery
If jewellery made out of original gold, silver or diamond is all the options we ever had today, most humans would probably be roaming the streets withj empty-pockets for the most days of our lives. However Custom jewellery has provided us an affordable and quicker option, it existence has also been in our ancient tradition since the days of old. To try out this business, you must be prepared to get into a well-placed bargaining deal(s) with the manufacturers of these customised jewellery pieces, either offering them a nice cut from your sales of their product or buying their products in bulk for cheaper prices.
Either way, the goal is to sell these customised pieces at a higher price than it was bought at, in a stall or a shop, for which you have to pay for a rented space. The overall cost should be covered within N60,000.
33. Advertising Campaign Developer
This profession is known to be performed exclusively online., the idea of running this type of business was developed from the fact that most corporate advertising firms have made outsourcing their campaign developers an habit, an attempt to reduce pressure and break free from standard patterns. As a result, many solo advisors on a company’s advertising campaigns are highly demanded in the market today. Now as someone looking to build a business along advertising, you need to be prepared to invest your energy, time and money in running an active website ( with a brandable domain name,hosting service, and perhaps SEO’s), offering your services to potential clients.
34. Tea Stall
Can you imagine what the world would be like without tea? what would we drink while we chill out in our yards during evenings? while the tea-industry have done exceedingly well over the years, the small Aboki shops have been reaping the benefits of their total success.
The funny thing is that, these shops are majorly owned and runned by the Hausa tribe of Nigeria with about 20 controlled by other Nigerian tribes.
Should this be so? Ofcourse not!
You must realize the huge money-making potential of this business. You can quietly take control of the market by coming up with innovative steps. Apart from a simple budget which covers the cost of renting a room or stall space, the other investment you would need to make is buying tea from manufacturers and purchasing tables, cups, spoons ,bread and benches.
While most of the businesses explained above do contain its fair share of risks and barriers, they also hold great potentials to turn an idea into great success stories. On a closing note, here’s a quote from TaiLopez who said ‘As you rise, the number of critics will also rise. Humans seek out neghativity. it’s aa cognitive bias of their brains. Stay focused and proceed.”.
No matter never give up on any of these 35 small scale business ideas to try out in Nigeria