10 Cheapest businesses to start in Nigeria (2024)

As a Nigerian, you should be aware by now that the era of hoping for the government to provide employment is no longer tenable. As an average Nigerian who is ready to create income for himself, you should rather look at how you can start your own little business and grow it until it can cater to all your financial needs.

There are several businesses that one may consider, especially those that require very minimum base capital, high profit, and the potential of becoming something big. So if you are that one person who is interested in changing the narrative about your life and making some good fortune for yourself rather than relying on the government to provide a job that may never come, it might interest you to know that there are varieties of options to choose from and start immediately, with little capital.

Why start your own Small business?

Apart from becoming financially independent, the benefits of owning a business whether small or big are mind-blowing. First, you become your boss with nobody to account for but yourself. Also, in this era where inflation is on the high side, those on the monthly payroll become the victims of the day because their paycheck is continually devalued every day because of the ever-increasing cost of goods and services.

And so the business owner doesn’t have to worry because as inflation sets it, the cost of his products also increases. Another reason for owning your business is that you can decide how much you want to profit just by scaling up, unlike the employee who has a specific salary no matter the time and effort he puts in.

As a business owner, you have control over the business, when or how you intend to run it, and when you intend to close or open. This makes you boss, and believe me, it sounds so great to be one. 

However, you must not forget the place of dedication and discipline. As a business owner, you’re responsible for the decision you make, and this decision can either crumble you or make you. 

So as much as you’re interested and excited about the prospect of starting your small business, you must guard against any action or inactions that may put the business in danger, and self-discipline or self-control comes on top of that list.

List of the cheapest businesses to start in Nigeria 

Starting a business especially those that require little or no capital is quite easy, it’s just a matter of willingness and of course knowledge of the market or the craft. Below are 10 businesses that require little capital and how you can learn the craft and begin immediately.

1. Graphic Designs Business

Graphics design is a very lucrative business that is in increasing demand among business owners and those in need of the service. To learn graphics design is also quite easy, as many now charge less than 10 thousand nairas in most cases to learn the craft. What about YouTube?

I know someone who is now a professional graphics and video editor, who never was mentored by anyone but boasted that he knew all he knew today from watching YouTube videos.  One thing about this business is that you can even begin with your smartphone as most of the applications for graphics design can be sourced on the Google play store. 

When you’re able to master the craft, getting clients becomes easier. You can display your works on social media and also go around to meet business owners and tell them what you do. The beautiful thing about it is that they will always recommend you once they know you are good at what you do. Then comes the aspect of scaling up.

As you grow, you can now delve into video editing and learn the software needed and before you know it, you’re already on your way to building a name for yourself as a media specialist.

2. Freelance writing business

If you’re that type that has a strong flare for writing, and you haven’t thought of monetizing it, then now is the time. All you need to do now is to take some classes on writing, it could be on YouTube or get a paid mentorship.

Get people you can write for. Persuade them to give you a trial. You can even write free for them, as this will make up your portfolio. Then begin to search forums and other social media for opportunities. The truth is that there are ever-increasing opportunities for writers.

3. Perfume oil business

With about 5000 naira you can start a perfume business. All you need is to buy a small quantity. And with word of mouth, you will be amazed at how things turn out. The market is there. Especially if you’re that person that meets people every day, goes for worship, or as a student. 

As you sell, you increase the quantity. And don’t forget to always ask for feedback from your customers, because that will help you to better serve them, and they too will be satisfied to recommend you. And with time you can scale up adding other things to it like earrings and wears especially for the females

4. Affiliate marketing

Affiliate marketing is the business of promoting other people’s business or helping others sell their products. Whenever many hear affiliate marketing, selling online comes to mind. In as much as that is where it’s most profitable, that’s not all there’s.

Most people in the market do affiliate marketing. They meet you to know what you want to buy and take you to a shop where you will be sold to. Then they get their commission for every successful purchase. Online, you promote other people’s products and get a commission for a very successful sale.

You need little or no capital. However, to be a good affiliate maker, you might need a mentorship program that will help you and groom you on how to make successful sales. But if you are good, this can make you reel in hundreds of thousands every month from just less than 100 thousand invested in mentorship.

5. Laundry business

Starting a Laundry business is easy. You might not need a washing machine initially, but if you have the means you might just go for it, as that signifies you want to scale up quickly. You might also need a generator for constant power.

But most people started this business without these two things but today they are not just doing well, but have gone on to employ more people. All you will need initially is an industrial iron. Then begin to tell people around you what you do. You can start from your home.

 6. Fruit business

With less than 10 thousand Naira, you can start this business. All you need is to source your varieties of fruits from a local market at a cheap rate. Then add some apples and other foreign fruit to it, and that’s it.

If you’re in a good strategic position and there’s patronage, you could easily scale up and make so much profit.

7. Pet business

Raising pets, especially dogs, has become another lucrative but cheap business. As most people need dogs and other pets for security and comfort. You may start by buying a female dog of a good on-demand breed.

Then begin to feed and rear it until it gets matured. Get a male counterpart to mount it for pregnancy. You will be amazed how much you begin to rake in as you begin to sell the puppies.

To source good food, you can always resort to those locals selling food and make arrangements to get their waste food as that is cheaper. 

8. Bead making

Bead making is another cheap but fast-selling business. All you need is to master the skill, then go to market, buy the material in low quantity, and start. Begin to supply shops and also carry them everywhere you go and display them.

You might be surprised at the patronage you will get.  You can start this business with about 10 thousand Naira, and increase your capital as time proceeds.

9. House agent 

Being a house agent is another lucrative cheap business. It requires almost no capital, but the return is mind-blowing if you know the business. Get good mentorship from someone with experience. They set out to print banners to paste on strategic positions. 

When someone who needs accommodation contacts you, and you help get the accommodations for him, you get to earn 10 per cent of the rental. If you’re good and know what you’re doing, you can rake in at least 100 thousand naira monthly. Then you can begin to become a  real estate agent and before you know it you’re on par with having a business that employs others too.

10. PoS business

Starting a POS business does not require a store. All you need is a POS machine, and a strategic position, preferably far from banks or a place with high human traffick

POS operators make a whole lot of money, depending on patronage. With less than 100 thousand you can have a POS and a good start-up capital.

Conclusion

The chance of becoming a business owner and becoming financially independent is more available than ever. Look for that business that you feel you can start with and start immediately. The best time to have started was yesterday, and the next best time to start that business is now.  And with no time you will realize you made the best decision ever in your lifetime.