Are you feeling anxious about the possibility of starting a business in Nigeria with 100k? It’s no secret that the cost of living in Nigeria is very high, and people are searching for the best businesses to invest their money in to keep up with the high cost of living. However, some people believe that 100k is too small to start a business that can grow and expand. But I can assure you that you can still start many businesses with 100k or less and make daily profits. Keep reading, and I’ll show you the best businesses to start with 100k and make profits in 2024!
Why Startup a business in 2024?
If you haven’t start up a business, now is the time to start up your own business and start making money in 2024. There are many reasons why people choose to start a business. To have a stable source of income and financial opportunity, to become independent and have full access over your own business and many reasons. Even salaried workers now start up a business and have multiple source of income, so you should consider start one.
10 businesses to start with 100K or less in Nigeria
Here are the 10 Offline businesses you can start with 100K or less in Nigeria:
1. Affiliate Marketing
Affiliate marketing is a great business to start with 100k or less in Nigeria. As an affiliate marketer, you’re required to promote goods or services for brands and earn commission for every successful sale made through you. Affiliate marketers usually use their unique referral link to convince people to buy products from a specific company.
To start affiliate marketing, you first need to build your community, it can be a blog, Facebook page, Telegram Channel or Whatsapp group, then convert people to buy products through you. Here are steps to start affiliate marketing:
- Identify your niche – Choose what your community or fans will get from you.
- Build a community – After you might have successfully identify your niche, the next step is to build a community and grow your audience.
- Join an affiliate program – You needs to join an affiliate program that suits your audience and get your unique link.
- Promote your affiliate link – try convince your users to buy products through your affiliate link so that you earn a commission.
- Run ads to reach more people – For example if you own a blog, you can choose to run Google Ads, or if you own a Facebook page, Telegram Channel, or Whatsapp group, then consider promoting them to gain more audience.
A lot of Nigeria affiliate marketers make up to ₦200,000 interest every month. So you can also try affiliate marketing if you have at least 100k to promote your community.
2. POS Business
Starting a Point of Sale (POS) business with 100K in Nigeria can be a wise choice. A POS business provides users with the ability to perform various transactions such as withdrawing money, depositing money, paying utility bills, and even funding their mobile numbers. This type of business is considered highly profitable, especially for those who operate in high-traffic areas such as busy streets, malls, supermarkets, or institutions.
To start a POS business, you need to obtain a POS machine from a POS service provider such as Opay or Palmpay. POS machines can cost as low as ₦30,000. You can get one for yourself and find a high-traffic area where foot traffic is very high.
3. Start Charcoal Distribution
Starting a charcoal business with 100k can be a highly profitable venture, with potential interest rates of up to 20%. You can buy charcoal at a low price from states like Kaduna, Kano or Plateau, and sell them at a higher price in states like Abuja, Rivers or Anambra.
To start, it’s crucial to analyze the prices of charcoal in different states and choose the ones where it’s cheapest to buy. Don’t forget to factor in transportation and other necessary costs when purchasing charcoal. You can start by buying 15-20 bags and gradually expanding as your business grows.
4. Start Dropshipping Business
Dropshipping business is one of the businesses to start with 100k in Nigeria. Infact, in some cases you could spend less than 100k while running a dropshipping store.
Dropshipping involves the process of selling products online through your website without having to keep products in stock. All you have to do is to forward the inventories to your vendors and have them ship in the product to the customer. To start a dropshipping store all you need is to create and customize your store then run ads regular to attract potential buyers.
5. Food Selling/Mini Restaurant
Yes, you can also sell cooked food and make money daily. Maybe you maintain a good cooking ability, then you can consider venturing into food selling or start a mini restaurant that pays. Food selling as another business you can start with 100k and still make a lot of profits.
To start a food business, you also need a location with high foot traffic. Suitable to start in area’s like schools, motor packs or road side with huge walking traffic.
6. Start a VTU Business
You can also start Virtual Top-Up (VTU) business and make money daily. VTU is a business that involves the electronic sale of airtime and data, pay utility bills and cable subscriptions. In a VTU business, a person or company acts as a reseller for mobile network operators (MNOs) and sells airtime and data to customers. According to statista.com, over 80 million Nigerians have access to Internet, that’s to tell you how lucrative VTU business can be. Here are steps to start a VTU business:
- Create your VTU website or buy a VTU website script.
- Choose your domain name and hosting.
- Choose your API providers
- Customize your website and set your prices
- Launch your website and promote it.
- Constantly run Facebook and Google Ads for better results.
Finally, VTU business is one of the businesses you can start with 100k and stand a chance of making profit.
7. Minerals & Pure water Business
This text provides information on starting a business with a budget of 100k or less. One option is to sell chilled minerals or sachet water, which can yield daily profits. According to NIOPOLLS, over 90 million Nigerians consume sachet water, representing more than 45% of the population. Therefore, this business can be very profitable.
To start a minerals and pure water business, you need to purchase a cooler, find a water supply company with affordable rates, and secure a location with high traffic. It is possible to start this business with a budget of 100k or less.
8. Sell mobile phone accessories
Selling mobile phone accessories is another business you can start with 100k or less. This business involves you buying and selling of mobile phone accessories such as cases, chargers, earpods or screen protectors. The low cost of starting a mobile phone accessories business makes it an ideal option for someone with a limited budget.
To start selling mobile phone accessories, you need a location with high walking traffic, places like campuses, road sides and motor parks are ideal.
9. Start a hair salon
You can also get a salon for your self if you’re good in plaiting hair. A lot hairstylists in Nigeria charge the average of ₦15,000 per hair braided. Many people in Nigeria, especially women, like to have their hair plaited or styled in different ways. So you can now imagine how lucrative this hair salon business can be.
To start a hair salon business in Nigeria does not require much and it’s also something that falls within 100k circle.
10. Selling of fairly used clothes (Okirika)
You can venture into selling Okirika clothes. This is a popular and lucrative business in Nigeria, as many people prefer to buy used clothes at a lower price than new ones. The demand for “okrika” is high, especially in urban areas and in markets. To be successful in this business, it’s important to source quality used clothes, price them competitively, and build a good reputation with your customers.
Please take good note that all the businesses are listed above are very much profitable irrespective of the position (number). You’re to choose the one that is more favorable an what you think you can do.
Are there businesses to start with 100k and make profits?
Yes, there are a lot of businesses to start with 100k and you still make profits on a daily basis. 100k can be very low but a lot of people still use it to setup their businesses.
Challenges to face while starting up businesses with 100k
Starting a business with 100k can be challenging in several ways. Firstly, it can be difficult to secure the necessary capital, as banks and other financial institutions often require more than this amount for a business loan. Secondly, finding the right location for your business can be challenging, especially in densely populated areas like Lagos. Finally, hiring and retaining good employees can be difficult, as many people may be reluctant to work for a small business with limited resources.
Conclusion
It is possible to start a business with just 100k, although it may seem like a small amount. The key is to conduct thorough research, understand your goals, and take action. As your business grows, it is important to manage revenue effectively to ensure continued success. The good news is that all ten of the businesses I listed above can be started with 100k or less, so you have several options to choose from.