Starting a business is largely perceived as expensive. This mindset limits the thought process and actions of people, and so, confines them only to their jobs, immediate social circles, and how they accept whatever life throws at them.
While the bulk of the population complains about the high costs of starting and running a successful business, they forget that success comes in variations, and that small wins are the steps needed to drive any business towards its short and long-term goals.
If you find yourself cash-crunch and worrying about how much it costs to start and grow a business, here are 10 low cost business ideas you can start with 100,000 Naira or less:
1). Baking & Selling Roadside Snacks:
This spans through vast categories like preparing and selling shawarmas, popcorns, meat pies, doughnuts, and several other quick snacks. While many may see this as a petty business, only a few look beyond its shortcomings and identify with its big picture.
A visionary entrepreneur could take advantage of the less crowded roadside snack niche and build a brand around it, where there’d be many mobile branches around the state selling the tastiest snacks in the neatest and most attractive ways.
Some great locations to put them up are markets, schools, estates, and several others.
2). Mobile Phone Accessory Sales:
One great low cost business idea with a large revenue potential is the sale of mobile phone accessories.
So many people buy power banks, headphones, batteries, phone pouches, phone chargers, and more on a regular basis. The volume of phone accessories sold daily trumps the volume of mobile phones sold by an extremely wide margin.
This frantic demand hasn’t just made it a great business opportunity for the populace to get into, but an affordable one to start from as low as 100,000 Naira and below.
With a small stand at a public tech hub like the computer village in Lagos, you can start a mobile phone accessory business.
3). Soap Production:
Every year, the population of people venturing into local soap manufacturing grows substantially. This industry which had been dominated by the likes of Dettol and Lux for so many years is now experiencing a large influx of investors because, it is relatively easy and cheap to start manufacturing all kinds of soaps with 100,000 Naira and below.
If you’ve always had a flare for fast moving consumer products, venturing in soap manufacturing at the lowest possible cost is a great bet.
4). Roadside Bar:
Roadside bars also called beer parlours in Nigeria are extremely popular. A lot of them usually have a large influx of people every evening and profit from them by not just selling popular beers, but also serving delicacies like pepper soups, nkwobis, and a lot more.
Opening a roadside bar is one of the top low cost business ideas you can start with less than 100,000 Naira. Choose a good location, preferably a street filled with a lot of middle and lower class citizens, rent a store, then place tables and chairs in the public view where people can sit, drink, and converse.
5). Organic Juice Production:
Any individual with 30,000 Naira or less can start extracting fresh juice from Oranges, Apples, or more, to prepare organic juice, which can be turned into a thriving business.
If you live in a highly trafficked neighborhood or in a university campus, preparing and selling freshly made juice can be a profitable investment to make.
6). Web Design & Development:
Web design and development consultancy services cost almost zero dollars to start up if the founders have good programming skills.
If you have a knack to learn new things and are largely tech savvy, you could spend two months learning how to code, building sample works, and then officially launching a web development coy.
All these can be done for less than 10,000 Naira.
7). Affiliate Marketing:
Affiliate marketing largely involves getting a commission for every sale or lead you bring to a company. Carrying this out doesn’t require any funds being spent, but that you have a wide network of people you can market the affiliate services to.
For instance, if an affiliate is willing to pay you $65 for every successful sale you bring in, getting 10 people from your network to subscribe to their service would amount to $650, 100 people would be $6,500, and 1,000 people will be $65,000.
8). Sachet Water Production:
Sachet water popularly known as pure water in Nigeria is one of the fastest selling commodities on the streets. People buy them in schools, events, for parties, in traffic, and in almost every other part of the country. Its low cost of production and explosive demand doesn’t just make it a lucrative business, but a highly affordable one to venture into.
9). Poultry Farming:
Poultry farming is a low cost agricultural business idea that can be started with anywhere from 30,000 Naira to over 10 billion Naira. It involves the raising of chickens, guinea pigs, turkeys, and several other domestic birds. A good advantage of this business idea is that it can be started from your backyard.
10). Nanny Services:
Got a knack for taking care of kids? Or have you previously worked for a day care? If yes is the answer, starting a nanny service is a great bet for you to try out. This business can be started with almost zero capital and involves you spending time taking care of the kids left at home by busy parents.