Requirements And Cost Of Starting A Profitable Business In Nigeria

Nigeria is a nation full of many profitable business opportunities. The problem we have is the word “white collar job”. That’s why every state in Nigeria have 70% of unemployed individuals. White collar jobs have destroyed the dreams of so many individuals, Nobody wants to be an Entrepreneur again, rather almost everyone is waiting to be employed. There are different businesses that are thriving here in Nigeria which ranges from online businesses, agriculture, oil and gas sector, school sectors etc.

Nigeria is a land of great different opportunities for people who are ready to grab the opportunity. Irrespective of the thriving businesses in Nigeria, the rate of unemployment is still very high. That is why Nigerians need to create out their own business opportunities. You should know that starting a profitable business in Nigeria is not a complicated decision, you will probably need to be well equipped with knowledge and good research.

The economy of Nigeria is expanding and waxing stronger day by bay and the population is very huge (200 million + citizens). As the country is developing, so as it is unveiling new best business opportunities in Nigeria.

List Of Profitable/Lucrative Businesses In Nigeria

Are you looking for small business ideas in Nigeria that are suitable for this present economic condition? Have you been searching for low investment profitable businesses in Nigeria this year? If yes, then you are in the right place, because we are going to share some of the best most successful business ideas in Nigeria. Some of them are not capital intensive though this will depend on the size of operation.

1. Waste Disposal: In this business, you get to remove people’s waste like the trash in their bins and dump at the appropriate places. The success of this business will depend largely on the area you have chosen. Make sure to pick an area with working class people where they will hardly have time to empty their bins.

2. Livestock farming: You can start livestock farming if you have an area specifically made for the business. Farming livestock involves rearing of animals like birds, goats, cows etc.

3. Day Care Services: A day car business is a small business to start, in this case, you get to watch over the children of other people while they are busy in their places of work.

4. Sell Recharge cards: You can start recharge card business in wholesale and retail, recharge cards are used by mobile phone users in Nigeria and depending on the area you cover you can make a lot of profit.

5. Car Wash Business: This business can be started with a small capital and again you have to pick your location carefully.
Car owners visit car washing centres to get their cars washed and they pay for it.

6. Computer Business centre: With a computer business centre, you can do various things like photocopying and typing of documents. This is one of the most popular small businesses in Nigeria.

7. E-services: With a fast internet connection, you can get to register people for online programs like JAMB, WAEC, NECO, NYSC and opening and checking emails for people. All you need is a good internet connection, a location, computer equipment and a little experience. You can get the experience by just meeting someone who is already in the business to show you something that you need to know to get started.

8. Haulage and Logistics Business: You can help people to move their properties and goods with your truck or vehicle in Nigeria.
Haulage business involves transferring, moving
and transporting heavy goods from one region to another.

9. Freelance Writing: Freelance writing is one of
the small businesses to start in Nigeria and make money. You get to help people to write articles, poems and even CV’s. You need good writing skills to make money from this business.

10. Barbing Business: Barbing salon business is one of the hottest business ventures on our streets today. The business is booming as a result of the creative efforts put in by lots of barbers. As a hair stylist, you can get to make people’s hair like like braiding, hair dying and making dreadlocks.

11. Graphic Design Business: Day after day, the services of graphic designers are needed. You can set up your own graphic design company for the purpose of designing and making banners, logos and other designs for people.
What you need to get started is a good computer system or laptop and photo editing software like the Corel Draw and Adobe Photoshop. It will be easier if you have the skill already but if you don’t have you can acquire in just 6 months time.

12. Home Tutor Business: You can also be a private tutor to students who are down in different academic fields of study and make money from it. In this case, you either choose to be a private student tutor or opening a tutorial center for the purpose of teaching registered students privately.

Requirements & Cost Needed In Starting A Profitable Business In Nigeria

No matter how great a business may be, it is not simple to get started, it will only be easier to start if you have done research and have adequate knowledge about it. A lucrative business requires proper analysis, plan and good business decision.

Here are the basic requirements in starting a profitable business in Nigeria:

(1) Business Plan: It is very important for every aspiring entrepreneurs or beginners to formulate a good business plan. Business plan is a written (documented) plan which defines your objectives, aim, vision, mission, goal and targets. Note that a good business plan can help in getting loans, investors, funding and other profitable creditors. This will give you a clearly view on what you want to achieve.

(2) Training: You need proper training or coaching on the type of business you are venturing to. This is an important factor to be considered when starting a business in Nigeria. You can trainings or coaching from forums, groups and through your research.

(3) Location: Your Business location should fit in where it can get it constumers and consumers. Your choice of location should be environmental friendly and accepted.

(4) Branding & Business Registration: After all set and done, next step is to register your business or join association related to your business. Get legal license and certificates, for this is very important to avoid business disturbance or harrassment in future or when starting. Create a name for your business then register on the required laws of Nigeria.

(5) Employment & Marketing: Employ the necessary staff or workers needed for the business, And ensure that each workers are well experienced on their area of work concentration. The next step should now be “MARKETING”. Create awareness both online & offline. All good marketing strategy is all you need to boost your business sales and growth.

Cost Of Starting A Business In Nigera

The cost of starting any business in Nigeria depends on the size and structure of the business. In Agricultural sector, you can start with N15,000 upward, In oil and gas sector, you can start with N1 million upward, On internet businesses you can start with N10,000 up_sometimes FREE, but it all depends on the scale you want to start with.

SUMMARY

  • This aricle have given out the list of profitable businesses in Nigeria, the necessary requirements to get started and lastly, cost of start of starting a business in Nigeria, although the cost depends on the size at which the business is to be run. Get started with anyone that fits your criteria, And lastly be COMMITTED.