Since industrialization has taken place, the emergence of small businesses and industries has now been considered important in the development of human society.
If you’re looking for business ideas to starting a profitable small business with just 20,000 Naira only, look no further, I am here to walk you through.
That said, in today’s blog post, I will discuss the 10 most lucrative small businesses to start with 20,000 nairas only. Let’s quickly get started.
If you’re looking for a lucrative small business idea you can start with 20,000 Naira in Nigeria, kindly check the list below and make sure you read to the end.
- Fast Food Restaurant
- Laundry and Dry Cleaning Services
- Snail farming
- Cake and cupcake bakery
- Barbing saloon
- Poultry farming
- Mini importation ( Drop shipping)
- Selling phone accessories
- Trading Cryptocurrency
1. Fast Food Restaurant
Do you know that you can start fast food restaurant in Nigeria with N20,000 is possible? There are some certain things that are needed for start up.
First, you’ll need to know the different types of fast food you want to venture into.
You may select one out of the popular ones which include sandwiches, burgers, fries, fried chicken, and indomie preparation. Once you have an idea of what to offer, you’ll need to choose an area with high foot traffic.
When choosing an area, look for a less expensive place, and erect or rent a small kiosk.
Next is to get some kitchen equipment, such as knives, pots, cooking gas or stove, spoon, and fork.
Make sure that your food is delicious because this will help to retain someone like me.
2. Laundry and Dry Cleaning Services
Another way to start a small business with 20k is by investing in laundry and dry cleaning.
It’s very easy to get started and can bring in six figures in income if you know what you’re doing.
All that you need for a start is electric Iron, Soap, clothes hangers, washing machine, water, and a customized nylon package which can be funded with 20,000 naira only.
To maximize your profits, you should consider offering a delivery service for those who don’t have time to pick up their items. This will make your brand stand out from other organizations.
Lest I forget, you will need to advertise your business in local newspapers and on social media always. This will surely keep you abreast of others.
3. Snail farming
Snairy is a hot potato because it has been discovered by scientists that it cures a lot of illnesses. With this, the demand of snail is in high demand both locally and in the international market.
To start a snail business, you need to buy a few snails and rear them in a suitable environment.
Make sure the environment is spacious enough for the snails to move around freely so that they feel their natural habitat.
You can also create your enclosure by building or buying a cage and setting it up in a shaded area.
Once you have the enclosure set up, you’ll need to find some food for your snails such as leaves and vegetables, or buy artificially made feeds that can improve their growth easily.
With time, when your snails get matured, you can sell them out for profit.
4. Cake and cupcake bakery
If you don’t know, stating a cake and cupcake business with just N20,000 is very possible right now in Nigeria.
You will need to invest in ingredients such as flour, sugar, butter, eggs, baking powder, and other necessary items.
You will also need to buy or rent baking equipment, such as baking pans and cake stands. With right method and approach, I am well assured that you can start a cake and cupcake bakery business with 20,000 and make multiple profits in two months.
5. Barbing saloon
Starting a barbing saloon with N20,000 in Nigeria is a great way to turn your passion for haircuts into a profitable business.
All you need is a reliable and affordable space, good-quality tools, and a few experienced staff members.
You can use the money to rent a suitable space, purchase professional tools like clippers, scissors, and trimmers, and hire barbers or hairdressers to work in your salon. To learn more about salon business, kindly read our article on this.
6. Poultry farming
Like other forms of agriculture, You can start your poultry farming with twenty thousand Naira only. To get started, you will need to purchase day-old chicks from a reputable hatchery.
Depending on the type of poultry you plan to raise, the cost for day-old chicks can range from N1,000 to N2,000 per chick.
You will also need to purchase feeders, drinkers, and other necessary supplies such as bedding, a brooder, and a coop. Additionally, it is important to have a secure area that will house your chickens and protect them from predators.
Once your poultry farming business is up and running, you will need to create a feeding and cleaning schedule to ensure your chickens remain healthy.
If you wish to venture into the poultry farming business, click on this link to read how to start a poultry business
7. Mini importation (drop shipping) business
Starting a mini importation business with N20,000 in Nigeria is an excellent way to generate a steady stream of income.
It involves purchasing items from overseas vendors and selling them in Nigeria at a markup. The key to success in mini importation is finding the right product and the right suppliers.
To start a mini importation business read our compressive guide on how to start Dropshipping business.
8. Selling phone accessories
Starting a phone accessories business with just N20,000 in Nigeria is a way to make mad money because almost everyone uses phones and within some time, wear and tear visit these phones.
To get started, you will need to purchase wholesale stock such as cables, cases, chargers, earphones, and screen guide.
Once you have purchased these accessories in stock, you can begin marketing your business by creating a website, setting up a store in local markets, and joining social media platforms to advertise your products.
It’s very easy to start a blog with twenty thousand naira only. To build your blog, you’ll need to select a reliable hosting provider such as Harmonweb.
Many providers offer basic shared hosting packages for as low as N4,000 per year. This should cover the cost of domain registration and web hosting.
Once you have the hosting setup, you’ll need to install WordPress, the leading content management system, and then find and install a suitable theme for your blog.
After that, you can start writing content and promoting your blog.
Finally, if you want to monetize your blog, you can join affiliate programs and start earning commissions from your posts or join Adsense partnership program.
10. Crypto trading
Cryptocurrency trading is becoming increasingly popular in Nigeria, and with just N20,000, you can start trading digital currencies.
If you want to invest in crypto, you will need to open an account with a reputable crypto exchange platform. After creating your account, you should fund it with your N20,000.
You can then start to research and analyze various digital currency pairs to determine which ones are likely to yield the most profits.
My advice is that you should stay up-to-date on market news and trends in order to make informed decisions when trading. Once you are familiar with the platform, you can start placing orders on different cryptocurrencies and making trades.
Lastly, It is important to remember that trading in the cryptocurrency market is risky and always monitor your positions carefully to minimize your losses.
Examples of businesses you can start with 20,000 Naira only
Thanks for reading to this very end. Now, let’s talk about the examples of business you can start with 20,000 naira.
It won’t be okay if I discuss small business you can start without giving concrete examples. This said, I have a complete list of businesses you can start with 20,000 naira. Kindly check below to see the list.
- Local food stall business
- Grocery shop
- Second-hand clothes ( Okirika) business
- Barber/beauty salon
- Tailoring shop
- Printing/graphics design business
- Car washing service
- Mobile phone repair service
- Book store
- Hardware store
- Stationery shop
- Electrical repair service
- Bead making/jewelry business
- Delivery service (such as for food, packages, or laundry)
- Sports equipment rental shop.
Frequently Asked Questions
What business can I start with 20 000 Naira in Nigeria?
The best business you can start in Nigeria is POS business. It’s very lucrative.
Can I start a business with 20K?
Yes of course. They are many business you can start with 20,000 Naira. They include; Real estate, cryptocurrency, Barbing, and fast food restaurants to mention but a few.
What business gives daily income in Nigeria?
The transportation business is commonly believed to be a lucrative business that generates daily income for drivers.