If you’re looking for the cheapest business to start in Nigeria right now, this guide is definitely for you!
Let’s say you’re a student, a recent graduate, stay-at-home mum, or just someone tired of staying broke and looking for a lucrative, yet cheapest business to start immediately in Nigeria with little to no capital; every line of this post will benefit you.
Read it from start to finish and you’ll be on your way to financial freedom!
8 Profitable and Cheapest Businesses to Start in Nigeria
1. Affiliate Marketing
One of the cheapest businesses to start in Nigeria is Affiliate Marketing. Affiliate marketing is not only cheap but also profitable. Luckily, starting affiliate marketing in Nigeria requires little to no capital.
Moreover, you do not need any qualifications to start affiliate marketing. Even if you do not understand how the internet works, affiliate marketing is simple and easy to do.
What’s Affiliate Marketing?
Affiliate marketing is the selling of digital or physical products created by someone else. In this business, you won’t need to buy any product or create one. You only have to recommend affiliate products to people looking for them. Once they make a purchase, you earn a commission.
To get started as an affiliate, you will have to sign up to a legit affiliate platform. After you have successfully signed up, the next thing to do is to start recommending affiliate products to people. This qualifies you to earn money every time someone makes a purchase.
Legit Affiliate Platforms In Nigeria
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If you have been on the internet for a while, you may have heard of freelancing once or multiple times from people. Freelancing is yet another profitable and cheapest business to start in Nigeria. In fact, freelancing is one of the hot business ideas in Nigeria right now. With freelancing, you are sure of steady daily income, without having to leave the comfort of your room.
Freelancing involves performing simple tasks online. For example, if you have skills in social media management, you can find small business owners online and help them manage their social media pages. It’s that simple.
There are various services you can render as a freelancer and make tons of money. Some of them are;
- Content writing
- Social media marketing
- Search engine optimization
- Website design
- Virtual assistant
- Graphics design
- Facebook ads
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Legit Freelancing Platforms To Make Money From;
- Facebook groups
3. Laundry Services
Laundry is an untapped business in Nigeria. This business involves picking, washing, and ironing people’s clothing for a certain amount of money.
You can start laundry services with almost zero capital, depending on how you intend to structure yours. If you choose to start from your home, you won’t need a capital of more than NGN10000. This money will cater to getting cleaning agents, water, electric iron, and other basic tools.
To start, you will first need to announce your dry cleaning business on various social platforms including WhatsApp and Facebook. As soon as anyone shows interest in your services, you head over to their home, pick their clothes and render your services. That’s it.
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4. POS Business
POS Business is a daily income business in Nigeria. You make money daily when people withdraw money using your pos terminal. Instead of visiting the ATM stand, people come to your kiosk, shop, or office to perform money transactions such as deposits, account balance checks, transfers, and withdrawals.
POS business in Nigeria is quite lucrative and does not require so much capital if you already have an existing business. To start, first register with a leasing company, get your POS system, and fund your account with a stipulated amount of money.
Next, introduce the business to your existing customers. Now when people come to buy from your kiosk, they also get to withdraw or deposit money without having to visit the ATM.
5. Online Tutoring
What can you teach someone for a fee? Online tutoring is one of the cheapest business to start right now in Nigeria.
What’s Online Tutoring?
Online tutoring is the act of teaching a particular subject in which you are vastly experienced. It may be in the academic field, business domain, or skill acquisition niche. What matters most is – you are competent and highly knowledgeable in that niche.
How To Get Started In Online Tutoring?
Start by figuring out what you can teach people online. It could be;
- Canva design
- Website design
- Social media management etc
Next is to figure out where your target audience is. Take, for instance, you’re a pro in English Phonetics, you can easily find people looking to learn phonetics in Facebook groups.
Search on Facebook for these groups, join and start teaching what you know about phonetics for free. In no due time, leads will start flowing to your inbox to request your services.
The good thing about this untapped business idea is – it’s flexible and allows you the freedom of earning from your home.
6. Data Reselling
Data reselling is yet another cheap business to start in Nigeria. Data reselling involves buying data bundles from network companies such as MTN, GLO, and Airtel; and then selling in small quantities to individuals.
This business is extremely profitable and requires as little as NGN2000 to start. First, register with a VTU platform or a telecommunication platform, fund your account, and start reselling to others.
7. Home Errand Services
Home Errand Services is an untapped business idea in Nigeria. The basic model on which this business works is to find busy and working-class people, offer them help in running their home errands and get paid after a job well done.
To get started, look for places to find busy and high-profile people. Preferably, visiting top companies and workplaces with a flier of your home errand services will land you your first client. From there, you can get more referrals to expand your client base.
Another option would be to share fliers of your business at the nearest bus stop where these individuals are likely to take, on a daily basis.
A list of errand services to offer people include;
- Daycare pick up for their kids
- Grocery shopping
- Water fetching errand
- Message errands
- Banking errands etc
8. Skincare And Makeup
This business is one of the fastest moving, yet cheapest business to start in Nigeria. According to Statista, in 2015 over 92 billion naira was spent on skincare in Nigeria. What does this mean? It means people are willing to spend money on anything that can keep their skin glowing and healthy.
Starting a skincare and makeup business in Nigeria is easy. Find women and men who have skincare problems, say ance, eczema, dark knuckles, etc, and offer them a solution to their problem. You might not necessarily need to produce the products, just find a good product in the market, and market to your target audience.
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This ultimate guide comprises not just the cheapest business to start in Nigeria, but also hot business ideas anyone can start right now and grow into a profitable venture. Regardless of how little your capital is, the business ideas listed here do not require so much money.
Go through each of them carefully, and get started with the one that fits your financial capacity.
What business can I start with 5000 naira in Nigeria?
You can start data reselling, online tutoring, and freelancing with 5000 naira in Nigeria.
What kind of business can I start with 30000 naira in Nigeria?
You can start laundry, skincare & makeup, and affiliate marketing with 30000 naira in Nigeria.
What business can I start with 30k as a student?
With 30k as a student, you can start data reselling, affiliate marketing, online tutoring, home errand services, and freelancing.