16 Profitable Business To Start With 100k Naira In Nigeria 2024
Well done on saving up ₦100,000 in your bank account! That’s a big achievement! Now, you might be asking yourself, “Is it actually possible to start a business with only ₦100,000 in today’s economy?” or “What kind of business can I start with ₦100,000 in Nigeria?”
The good news is, yes, you absolutely can. There are numerous business ventures and side hustles you can embark on with little or no capital in Nigeria.
Below, we’ve compiled a comprehensive list of some of the best business opportunities you can pursue with under ₦100,000 in Nigeria. Ready to turn your ₦100,000 into ₦1 million within a year? Let’s dive in.
Business To Start With 100k
1. POS Business
Starting a POS business is one of the most popular and lucrative opportunities in Nigeria, creating jobs for thousands across the country. Depending on your location, a typical POS agent can earn between ₦10,000 and ₦15,000 per day.
To get started, you need a startup capital—which you already have. Next, you need to request a POS terminal from a reliable bank. The price for getting a terminal can differ based on which company you choose. For instance, the acquisition fee for a Bankly POS is just ₦12,000. To get a Bankly POS, you’ll need to open a Bankly business account. This process involves providing a valid ID, a business name, a phone number, and a bank verification number (BVN).
Once you’ve successfully requested a terminal, you’ll still have ₦88,000 to run your business until you start making profits.
2. Food Business
The food industry is another profitable venture to consider in Nigeria. Food is a basic necessity of life, and if you have skills in cooking or baking, you’re already halfway there. Whether you’re a full-time employee or a student, you can leverage your culinary skills to earn extra money with less than ₦100,000.
Start by using some of your capital to buy food supplies. Many successful food businesses began by selling to colleagues, friends, and family before expanding to a larger customer base. You can kick off a business selling smoothies, cupcakes, parfaits, finger foods, rice dishes, and other tasty treats.
If balancing this with work or school seems stressful, consider serving customers on specific days or on a preorder basis. This way, you can reduce waste, minimize stress, and manage expectations more effectively.
3. Crochet Business
Crocheting is a creative business you can start with minimal capital. You can follow in the footsteps of RedHot and Elsi Stitches on Instagram and turn this skill into a lucrative business. Start by purchasing knitting materials with your capital and watch YouTube tutorials to perfect your craft.
A well-made crochet piece can sell for at least ₦20,000, while the materials might cost you half that amount, depending on the size of the piece. Although crocheting is time-consuming, the rewards make it worthwhile. So why wait? Start creating unique crochet items today.
4. Hair Products and Accessories
Nigeria’s beauty industry has seen significant growth, and despite economic challenges, the demand for hair care products remains high among young people. Typically, young Nigerians update their hairstyles every two to four weeks.
You can sell hair attachments, hair creams, shampoos, conditioners, scrunchies, and other popular products. With thorough market research in your area or school, you can identify a niche that needs your service before investing in this business. This research helps you avoid financial losses by ensuring there’s a demand for your products.
5. Drinks and Snacks
Selling drinks and snacks is another business that requires less than ₦100,000 to start. You can partner with a nearby school to supply their canteen with drinks and snacks, creating a steady income stream.
Offer a variety of popular drinks such as zobo, juice, and soft drinks, along with snacks like donuts, egg rolls, peanuts, popcorn, and cookies. Opening a business account can make handling your finances easier and also make your business look more professional.
6. Bed Sheet/Undergarments Making
If you have sewing skills, this business might be perfect for you. It involves choosing the right materials and using your creativity for color combinations to make appealing bed sheets and undergarments.
Once you have sewn your items, focus on attractive packaging to entice customers. You can skip the physical store and still reach many people by selling your products online.
7. Skit Making/Content Creation
With creativity fueling the entertainment industry, content creators can earn substantial income. Investing your ₦100,000 in social media content creation can be highly profitable.
Start by making funny videos using an affordable Android phone, much like the Ikorodu boys. You can also create memes and get paid for them. To succeed as a content creator, stay ahead of trends and create content that resonates with your audience.
8. Drop Shipping
Dropshipping is a simple way to make money with minimal investment. If you’re tech-savvy, find household items in demand on platforms like Alibaba and list them on another site like Amazon. When a customer orders, you just arrange for the item from Alibaba to be shipped straight to their address. This method requires some technical know-how but can be done with a budget of ₦100,000.
9. Sales of Phone Accessories/Gadgets
Selling phone accessories and gadgets can be lucrative, and you don’t need a physical store. Market your products online and identify high-quality items like chargers, phone batteries, earbuds, smartwatches, and phone pouches that are in demand. Keep your prices reasonable to attract customers and encourage word-of-mouth referrals.
10. Thrift Store
Opening an online thrift store is a great way to provide affordable items to those who can’t buy new ones. Focus on finding quality items and a reliable supply source. Enhance your offerings by dry cleaning and repackaging clothes before selling them. With a keen eye for quality and strategic marketing, your thrift store can thrive.
11. Recycling Business
The large amount of waste generated in Nigeria presents a lucrative opportunity for those interested in starting a recycling business. While starting a recycling business used to be expensive and complex, platforms like Scrapays have simplified the process. With less than ₦100,000, you can download the Scrapays app, complete the training, and launch your recycling business. Recycling businesses can earn an average of ₦200,000 monthly.
12. Hairstyling
Hairstyling is a consistent and lucrative business, as people often get their hair done monthly or even more frequently. Starting requires hairstyling skills and a small space. As your business expands, you can start investing in equipment such as dryers. Utilize social media and your personal network to attract clients. Additionally, you can sell related products such as wigs, hair attachments, and hair care products to increase your income.
13. Fitness Instructor
If you’re passionate about fitness and have the necessary experience and certification, think about becoming a fitness instructor. As sedentary lifestyles increase, so does the demand for fitness instructors. Use social media and your network to find clients. One advantage of this business is the subscription model, allowing you to predict your monthly income and focus on client retention.
14. Event Planning and Management
If you enjoy organizing events and ensuring everything runs smoothly, consider starting an event planning and management business. There’s a constant demand for event planners, as people regularly celebrate weddings, birthdays, anniversaries, and other events. You can expand your offerings by providing additional services like drinks, chairs, and canopies, or by collaborating with other service providers. Begin by leveraging your network and providing excellent service to build your reputation and clientele.
15. Liquid Soap Making and Sales
The demand for liquid soap and detergents is steady, as people wash dishes daily and clothes weekly. To start a liquid soap business, you need training, readily available raw materials, and effective packaging. Branded packaging can add value and help distinguish your product in the market.
16. Ice Block Selling Business
Despite being considered old-fashioned, selling ice blocks remains lucrative. If you have a reliable freezer, a steady water supply, and consistent electricity or a generator, you have the essentials for this business. With your ₦100,000, invest in publicity materials and disposable nylon bags. Save the rest of your capital for fuel costs if the power supply is unreliable.
Additional Business Ideas In Nigeria
With ₦100,000, you can also explore reselling data bundles, acquiring new skills or taking certified courses online to become a freelancer, graphic designer, social media influencer, copywriter, or even a DJ. The key is to remain passionate, committed, and adaptable to market needs. With perseverance and continuous learning, the sky’s the limit for your entrepreneurial journey. Cheers to transforming ₦100,000 into a billion-naira business!
ALSO READ: What Business Can I Start With 50k Naira In Nigeria?