Are you interested in starting a business in Nigeria but have limited capital to invest? Or searching for the best low-capital businesses that you can start in Nigeria. In this blog post, we will walk you through it. Kindly read to the end.
What are low-capital businesses?
Low capital businesses otherwise known as small businesses are businesses that require low start-up or little capital.
Top 5 Best Low-capital Businesses to start in Nigeria in 2023
Below is the list of the top 5 best low-capital businesses to start in Nigeria today.
1. Poultry farming Business
Poultry farming is an excellent business to start with low capital in Nigeria in 2023. This business involves rearing chickens for the purpose of eggs and meat production, and it is a great source of income for those living in rural and urban areas. It requires minimal space, low capital investment and provides good returns on investment.
The most important factors for setting up a successful poultry farming business are the choice of breeds, location, housing, feeds and bird care. Read more on how to start your poultry business today.
2. Selling sachets and table water
Sachets and table water is a great way to start a business in Nigeria, particularly if you have low capital.
All you need is a vehicle or cart to move your products around, as well as some money to purchase the product.
Once you’ve made these arrangements, it is easy to start selling sachets and table water.
You can either set up shop in an area with a lot of traffic especially students’ environment or you can move around with your cart and sell in places where people are many. For example, if you live in Lagos, you can go out to any traffic junction and start selling sachets and table water.
This type of business does not require a large capital investment and is relatively easy to set up.
3. Drop shipping business
Drop shipping is a business model where you act as an intermediary between the customer and supplier. Instead of holding inventory in your own shop, you partner with suppliers who will store and ship the products for you.
This is one of the most popular business models for entrepreneurs in Nigeria due to its low-cost start-up requirements and the ability to generate significant profits.
With drop shipping, you can get started with as little as 100,000 naira. You don’t need to rent or buy a shop or any other physical space, and you don’t need to hire staff or purchase stock upfront.
All you need is a website or Whatsapp with a lot of contacts and some promotional materials to get your business up and running.
The beauty of drop shipping is that you don’t need to buy in bulk, meaning you can purchase just one item at a time and then resell it at a higher price.
This enables you to control costs while still making a profit. Additionally, since you’re not taking possession of the items, you don’t have to worry about storing them or delivering them yourself – your supplier takes care of all of that.
4. Retailing mobile telephone recharge card
What is Recharge Card for Mobile Phones?
Recharge card for mobile phones is a pre-loaded card that comes with airtime credit that can be used to make calls, send texts and access the internet. The cards are sold by retailers and are available in different denominations. To use the card, customers need to enter a code printed on the back of the card into their mobile phone’s keypad. This code allows them to access the airtime stored on the card.
How Can I Start Telephone Network Recharge Card Business in Nigeria?
Do you wish to start selling cards either in bulk or small? If yes, what you need is a good supply of cards from various networks, like MTN, Glo, Airtel, and 9mobile.
You will also need to find a suitable retail outlet where you can sell your cards.
5. Dispatch riding
Dispatch riding is a great business for entrepreneurs who want to start a business with low capital. It does not require large sums of money to get started, but it does require some investment in terms of the bike or moped, protective clothing, and insurance which is most covered by logistics companies.
Dispatch riding is the process of delivering documents, goods, and parcels to customers or business partners from one location to another.
It is a type of courier service that requires the rider to pick up items from the sender’s address and deliver them to the receiver’s address. Dispatch riders are also known as bike messengers, moped couriers, and motorcycle couriers.
If you are looking to start dispatch riding in Nigeria, you need to register your business with the relevant government agencies, obtain a license, and purchase the necessary equipment such as a bike or moped. You also need to have a valid driver’s license and experience riding a bike or moped.
There are several dispatch riding companies operating in Nigeria such as Rapid Delivery Services, Swift Delivery Solutions, Gogosmart, Crusty Courier, Naijalink Express, Nexocourier Services, Yabaleft Logistics, and MyBike Messenger. All of these companies offer competitive rates and efficient delivery services.
Is 2023 a good year to start a business?
Yes. 2023 is an ideal year to launch a new business. Many industries are in the midst of a transformation that creates tremendous opportunities for entrepreneurs.
What is the cheapest most profitable business to start?
- Freelance Writing
- Web Design
- Virtual Assistant
- SEO Consulting
- Social Media Management
- Online Tutoring
- Affiliate Marketing.
Which business is best for the next 5 years?
The most promising businesses for the next five years are businesses in technology, e-commerce, content creation and streaming, digital marketing, healthcare, and renewable energy.