10 Profitable Businesses to Start with ₦20,000 in Nigeria 2024
Starting a business in Nigeria can be an exciting venture, especially with the right capital. With ₦20,000, aspiring entrepreneurs can tap into various profitable sectors. This article outlines ten businesses you can start with this amount in 2024, complete with essential insights and links for further exploration.
Profitable Business in Nigeria:
1. Food Delivery Service
In a country where food is a central part of culture, a food delivery service can thrive. You can start by partnering with local restaurants or cooking from home.
Initial Investment:
- Cooking materials: ₦5,000
- Packaging: ₦3,000
- Transport (bike or public transport): ₦5,000
- Marketing: ₦7,000
Tips:
- Use social media to promote your services.
- Focus on niche markets, such as healthy meals or local delicacies.
Further Reading: How to Start a Food Delivery Business
2. Laundry and Dry Cleaning Service
With the busy lifestyles of many Nigerians, a laundry service can be highly profitable.
Initial Investment:
- Washing materials (detergent, fabric softener): ₦5,000
- Laundry equipment (buckets, basins): ₦5,000
- Transport: ₦5,000
- Marketing: ₦5,000
Tips:
- Offer pickup and delivery services for convenience.
- Use social media to advertise and attract customers.
Further Reading: Starting a Laundry Business
3. Event Planning
With numerous celebrations and events occurring throughout the year, event planning can be a lucrative business.
Initial Investment:
- Marketing materials: ₦5,000
- Office supplies: ₦5,000
- Networking (attending events): ₦5,000
- Transport: ₦5,000
Tips:
- Build a portfolio by planning small events initially.
- Network with vendors and suppliers for better deals.
Further Reading: How to Start an Event Planning Business
4. Mobile Phone Accessories Sales
The demand for mobile phone accessories continues to rise, making it a great business option.
Initial Investment:
- Stock (phone cases, chargers, headphones): ₦15,000
- Transport: ₦3,000
- Marketing: ₦2,000
Tips:
- Sell on social media platforms and through local markets.
- Keep up with the latest trends to stock popular items.
Further Reading: How to Sell Mobile Phone Accessories
5. Personal Care Products Sales
Selling personal care products such as lotions, soaps, and hair care items can be profitable.
Initial Investment:
- Stock (local brands or homemade products): ₦15,000
- Marketing: ₦3,000
- Transport: ₦2,000
Tips:
- Consider starting with homemade products to minimize costs.
- Use social media to create awareness and reach customers.
Further Reading: How to Start a Personal Care Products Business
6. Affiliate Marketing
Promoting products online for commission can be a low-cost business model.
Initial Investment:
- Internet and data subscription: ₦3,000
- Website hosting (optional): ₦10,000
- Marketing: ₦7,000
Tips:
- Focus on niche products that have a strong following.
- Utilize social media and blogs to drive traffic to your affiliate links.
Further Reading: Understanding Affiliate Marketing
7. Freelance Services
If you have skills like writing, graphic design, or programming, offering freelance services can be rewarding.
Initial Investment:
- Marketing (portfolio website or profiles on platforms): ₦10,000
- Internet subscription: ₦5,000
- Professional tools (software): ₦5,000
Tips:
- Use platforms like Fiverr or Upwork to find clients.
- Build a portfolio to showcase your work.
Further Reading: How to Start Freelancing
8. Photography
If you have a good camera or smartphone, you can start a photography business covering events, portraits, or product photography.
Initial Investment:
- Camera (if you don’t own one): ₦10,000 (consider renting)
- Editing software: ₦5,000
- Marketing: ₦5,000
Tips:
- Create an online portfolio to showcase your work.
- Network at events to gain clients.
Further Reading: How to Start a Photography Business
9. Cleaning Services
Offering cleaning services to homes and offices can be highly profitable.
Initial Investment:
- Cleaning supplies: ₦5,000
- Transport: ₦5,000
- Marketing: ₦10,000
Tips:
- Build a reputation for quality service to encourage word-of-mouth referrals.
- Offer various services, from basic cleaning to deep cleaning.
Further Reading: How to Start a Cleaning Business
10. Online Tutoring
With the rise of e-learning, offering online tutoring services can be a lucrative business.
Initial Investment:
- Marketing: ₦5,000
- Internet subscription: ₦5,000
- Teaching materials: ₦10,000
Tips:
- Focus on subjects you excel in and market to students through social media.
- Consider using platforms like Zoom or Google Meet for lessons.
Further Reading: How to Start an Online Tutoring Business
FAQs
Can I really start a business with just ₦20,000?
Yes, many businesses can be started with ₦20,000 in Nigeria, especially in sectors like food, services, and online ventures.
What skills do I need to start these businesses?
Skills vary by business. Basic marketing, customer service, and sector-specific skills (like cooking or cleaning) are beneficial.
How can I market my business with a low budget?
Use social media platforms, local word-of-mouth, and community bulletin boards to reach potential customers without significant costs.
Is it necessary to register my business immediately?
While registration is important for long-term success, many small businesses start informally. Consider registering once you establish a customer base.
What is the best business to start for quick profit?
Service-based businesses, such as cleaning or food delivery, often yield quicker returns due to immediate demand.
Related Article: 10 Profitable Businesses to Start with 100k in Nigeria 2024
Conclusion
Starting a business with ₦20,000 is not only feasible but can also lead to substantial profits with the right strategy and dedication. Each of these options requires commitment and a clear understanding of the market to succeed.
