Many people want to start a profitable business and, usually, people start small before developing into something great. If you consider starting a business and maintaining it, then you have a great chance to make good money out of it. In this article, we will list the most successful small business ideas which will help you to decide what you want to do, and how to do it most effectively. Follow our pieces of advice and become wealthy in no time!
If you are searching for opportunities to invest your limited funds or maybe searching for a fast-growing small business in Nigeria, we assure you that this article is specifically for you, and other people who are looking for the most creative small business ideas.
Here are some examples of new business ideas that you can start with average capital and make a profit! Research the business you want to start and go at it with commitment and enthusiasm.
1. Livestock Farming:
One of the fast business opportunities in Nigeria is livestock farming. This industry is continuously emerging and is yet to discover its fullest potential. This business can be started even in your backyard if you know how to operate the equipment and care for your livestock. For this business, you will need patience, knowledge, and experience. Some of the niche areas you can venture into are catfish farming, poultry farming, cattle grazing, goat rearing, snail farming, and many others.
2. Exportation of Agricultural Products:
Nigeria is a country that is full of various natural resources and quality food. You can start your own exportation business by registering with the Export Promotion Council of Nigeria, and deciding which specific product would be best for exporting. Some of the products in high demand abroad are cassava flakes, cocoa, yam flour, groundnut, chili pepper, cashew nuts, mango, and many others.
If you, for some reason, do not want to get involved in exporting the agro-production abroad or have no capital for this, you can sell your products within the territory of Nigeria. You can earn a good profit by buying and reselling a product like palm oil.
Nigeria is a very vibrant country when it comes to mineral resources. Some of the minerals that our country is especially rich in are coal, iron ore, limestone, bitumen, and others. The mining sector is growing in Nigeria, and the government is incentivizing people to attract investment into this industry. So if you have a good and trustworthy team and financial capabilities, you could try your luck in this sector.
4. Private Refinery Business:
The oil and gas sector is extremely prominent these days. All the most successful business people are involved in this sector and are making huge money off it. For instance, the wealthiest person in Africa, Aliko Dangote, is an oil and gas billionaire, and he raised $9 billion after setting up his refinery. You could build a private refinery of your own; it is another business that is supported by the government and some of its decisions, including the fuel subsidy removal, are geared at promoting investment in the Industry. If the refinery does not work for you, then perhaps you could invest in the oil and gas business a different way – for example, start a filling station or kerosene depot. Or you could establish a cooking gas retailing company. There are plenty of possibilities for you to start small and then develop your business in the oil and gas sector.
5. Uniform sewing:
If your hobby is sewing clothes, and you would not mind doing it for a living, then you should probably choose this business. There are plenty of schools in every State of the Federation, and they all need uniforms for their students. Besides, there are also a lot of corporate organizations whose employees also wear uniforms – for example, the security staff, military organizations, etc. Due to the population of the people in this group, the market is lucrative. So, you can offer your services to these organizations, promote yourself as a supplier of uniforms, and make good money from this business.
6. A Writing Company:
Excellent writing is valued nowadays, and you can make some money if you take up freelance writing. At first, you will not even need the starting capital to begin your journey – the only things you will need are skill and desire. You can search for the orders online, or write for a company that needs your skills. The benefits of this job are countless, and the main one is: you will not have to go to the office or perform some hard work – it can be done at home from your laptop with a cup of coffee. When your business grows, you could hire other writers and start your little company. Writing content, especially of high quality, is in very high demand nowadays, and it is usually difficult to find writers who will sacrifice themselves for this job. If you have good skills and a way with words, this is a business for you.
7. A Call Center Agency:
The call center business is very popular, because there are lots of people who need guidance, advice, or want to complain about services. Therefore, you can set up a call center agency where you can work for large companies according to contracts. This business will also not require substantial start-up capital unless you would like to hire more workers, which you can do when you stabilize.
8. Recruitment Agency:
Nigeria suffers from the problem of unemployment, and there are many people in desperate search of jobs. You can become a recruitment agent to connect people to their dream jobs. All you need to do is cooperate with different companies and recruit people for them. Your recruitment agency can grow and expand with time, as you make more and more profit. To succeed, you need to be good at finding the right people for specific jobs.
9. Importation of Clothes:
If you think about the basic needs of every person, clothing is undoubtedly one of them, because we wear them every day and are always in need of new ones. Many people do not just wear clothes but also purchase some cute accessories for themselves. There is still a market for clothes, especially when they are trendy and at the same time not very expensive. You can set up the business of selling clothes to clients. You may import your clothing from countries like China, India, France, Italy, and many others. There is a trend of buying recycled clothes in Nigeria due to the tough economy, so you should keep this in mind while doing this business.
10. Daycare Center:
Many families have young children that need care, but the parents also need to work hard to earn enough income to cover their expenses. There are quite a lot of daycare centers, but not all of them are competent. So if you love children and are sure that you can care for them, you should consider setting up a daycare center. To start a successful business, the environment has to be suitable for children so that parents would trust you with their kids. If you are creative in your approach to the youngsters and can create a good atmosphere for them, you have a chance to make good money from this entrepreneurship. Besides, it is possible to start it from home, as long as you think that your home would be a good starting place for the daycare center.
TO BE CONTINUED IN THE NEXT EDITION