Have you been surfing the net for the most profitable business to start in Nigeria with N100K or $300 equivalent? Or maybe you have a capital more than that but you’re still not sure of where to invest your money? Well, I will not tell or force you to start a particular business, but in this blog post, I’ll share some working tips with you.
NOTE: This blog post is inspired by what some entrepreneurs personally share about how they came up with their business model, and I hope it will also inspire you to start something today!
Now let start!
Profitable Business to Start in Nigeria with N100,000
These lucrative business ideas to start with N100k or $300 in Nigeria are;
Turn Your Talent/Passion to Business
Yes, but I know you’re surprised right now that which kind of business is your passion. Well, your passion is a strong force to succeed in anything you lay your hands upon.
Besides, the story of this smart Nigerian entrepreneur will push you to discover your hidden talent today and turn it to a business.
Two years ago, a male friend of mine called me and asked for my opinion on what he can do for his girlfriend on her birthday. I suggested something’s based on what I know ladies love. But he was not satisfied. He wanted something unique and different.
He said Osazua, I want to make it different and memorable. I have gotten her some wonderful gifts in the past. Is there nothing different? I asked him to give me some time to think about it.
After a few days, he called me again. He said his boss has asked him to go and represent him at an important event. He will be going out of town. That means he will miss his girlfriend’s birthday. He said he does not want her to miss him too much on that day. So he is leaving everything to me. It’s my duty to make her happy.
He sent me some money and asked me to arrange something. I got to work. I asked my friend to write a note about everything he likes about his woman. He did and sent it to my email. I hired three people to help me with the surprise I was planning. Since her birthday was on a Sunday, I was ready to give her the best. There was enough time to get it done.
At 6 am Sunday morning, I sent one of the three people I hired to go to her house to deliver a bottle of wine and a birthday cake. With the handwritten note of how her man truly feels about her. Guess, my hired hand woke her up that morning. She was happy and was surprised. What she didn’t know was there was more to come.
By 2 pm I sent someone else to deliver another gift basket that contains various skincare products, another bottle of wine with another handwritten note. At that time her sister and mum were there with her. She was surprised again. She was very happy.
Few days before her birthday, I called a few of her friends, my friend’s other male friends that she knows well, her sister, her mum, and a few of her colleagues. I told them they were invited to her birthday. It’s a surprise and she does not know about it. I told them when and where to meet. But I asked her sister and mum to make sure she was available at her house on that day.
At 7pm, we were all there with another birthday cake, drinks, snacks, and other stuff. That was when she lost it. She could not control her tears. She was laughing and crying at the same time. That night she danced until she was tired. I was very happy to have been able to make her happy. It was not as if she has not received those types of gifts before. It was the way they were delivered that made the difference.
And here is what he realized;
After that day, I knew I wanted to do this more. Yes. I want to do it again and again. I want to create a good business that makes people happy. All I did was to create awareness, and I spoke to my family and friends. Created an online profile and I got to work. All I spent to start this side business was not up to N100,000 before purity_gift was born. Since then till now, I can’t count how many surprise delivery I have done.
ADVICE FROM HIM:
I can tell you to open a beer parlor, I can tell you to sell female wears, I can tell you to sell male underwears, I can also tell you selling fairly used goods move a lot.
But will you be happy? will you be proud of what you are doing? Will you be fulfilled.? I will encourage you to search for yourself. What do you love to do? How will it benefit others? And will you get tired of it easily?
There are many business opportunities here in Nigeria. Search for it.
2. Start Dropshipping Business
I have been preaching about starting a dropshipping business. Well, here we are again.
In case you don’t know about this business, dropshipping is simply the kind of business where you sell stuff such as clothes, cosmetics, software, electronics, etc., online. The main point here is that you don’t need to buy this product or have it in stock.
All you need to do is to dropship from big e-Commerce marketplace like AlieXpress at a cheap rate and resell at a high price. You can see a cloth on Aliexpress for N3,000 and you sell at N5,000 – that’s a profit of N2,000 without doing anything.
You can start a dropshipping business with less than N100,000 and make huge profits. But here is how to do it.
- Do research on what people around you need or can buy (optional)
- Learn how to start dropshipping – Read this blog post to get started
- Start your own online store
- Then dropship the products.
- Start marketing with paid Facebook and Instagram Ads
Note, you’ll need to have your online shopping store or website – that’s the first aspect you need to spend money. You can use N80,000 or $200 to set up a complete dropshipping website (including web designer fee). And use N20,000 or $100 for massive marketing on Instagram and Facebook.
You can probably start this with less than N100K or $250 USD. Here is what you will need your start-up funds for:
- Domain name costs, hosting costs, website costs
- Marketing costs
- Logo design
- Some money to sit stagnant in the bank account in a case of emergency
Dropshipping is a very low cost to start and can be very profitable if you market it effectively. The most expensive start-up cost will be your marketing and you would need to constantly test and refine your ads to make them as effective as possible.
If you don’t want to go through the stress of creating a website yourself, you can buy a profitable Shopify dropshipping website from BeBiggy at the rate of just N78,000 or $200 and use N20 for marketing.
That’s how you start a profitable business in Nigeria with N100k or less than $300.
3. Consulting/Service Business
This is what I do, and I can say it really worth it. You can make millions of Naira with this business idea.
I am sure you are good at something. Right? Think about things like…
- Web Designing
- Web, Software or Mobile App Development
- Virtual Assistant
Can you find people who need help with any of those? If you are not sure go check out top freelancing websites like Upwork and Fiverr. Lots of people need help and are actively looking at those sites.
Read this blog post on how to make money on Fiverr
How to Make Money with Consulting/Service Business?
- Make a killer profile (on Upwork or Fiverr) and start sending proposals/bids
- Attend local events in your city. Exchange business cards and follow up consistently
- Tell your family and friends
- If you start to make money, invest in starting your own digital agency.
- Invest in other businesses.
If you do this right, you can make a fortune, and you don’t need to invest your N100k to start a profitable business in Nigeria.
Check here for the best 15 digital skills to make money easily.
Investment = Nothing, if you have those skills! If you don’t have, you’ll need to invest in learning those skills on YouTube or buying premium courses on Udemy, Coursera, etc.
4. Cryptocurrency or Forex Trading
This is the most trending way to make money in Nigeria, I’m sure you’re aware of that.
BUT, don’t jump into cryptocurrency or forex trading without knowing the pros and cons, you need to learn how to read signals, set your stoploss and other stuff to become a profitable trader.
I personally don’t trade, but I’m in love with Bitcoin of a thing. I do buy and hold it because its price rises (but sometimes, decrease). But if you’re patient enough and ready to take risks, you can make hefty money with this.
For instance, you can buy bitcoin at N50,000 today and by tomorrow, the price might have increased to N67K – That’s N17,000 profits without trading or doing anything. The price of cryptocurrencies can’t be predicted with 100% assurance, as nobody is controlling it (i.e it is decentralized).
How much do you need to start?
You can start this profitable in Nigeria with $100 or N38k (to invest) and pay your mentor (or buy a course) for N40K. That’s approximately N80k
If you got a good mentor, you can turn your N38,000 investment to N380,000 within a month!
So yes, if you ask me: Which profitable business to start in Nigeria with N100,000, I will mention cryptocurrency and forex trading.
I also want to learn Forex trading, I got someone who demanded $200 – about N73K.
5. Blogging and Affiliate Marketing
Blogging is one of the viable ways to make money online, likewise affiliate marketing.
But if you start blogging without any fore-knowledge then, you’re going to quit sooner. I’ve been blogging since 2015 and I’m still in the game, not because I make a lot of money from it but because I have passion for it and, I know different ways to earn some bucks from it.
So, to start blogging, you’ll need to check what you’re good at writing about, or teaching people. If you discover that, then you can start!
How much do I need to start blogging in Nigeria?
You need less than N50,000 – To buy;
- hosting and domain from Namecheap – $34 + $9 = $43/yr (N16,700)
- theme from Themeforest – $59 (N22,900)
- pay someone to design a simple blog for you – (N10,000)
That’s just N49,600 to start a blog in Nigeria!
If you hired me, you’ll spend less than that, I will give you a theme from my portfolio for N6,000.
That is N49,600 -N6,000 = N43,600!
Ways you can make money blogging in Nigeria;
- Ads network like Google Adsense, Media.Net, Propeller, etc
- Selling Ads space on your website
- Sponsored posts
- Selling backlinks
- If you’re starting a music blog, you can help upcoming artists to promote their songs.
You can as well make money with Affiliate marketing in Nigeria, I got some tips to help you;
- How to Start Affiliate Marketing Business in Nigeria
- Top Affiliate Marketing Programs in Nigeria
- How to Create a PayPal Account to receive your payment
- How to Create a Payoneer Account to use as another Method.
In Affiliate marketing, you don’t a dime to start, all you need to pay for is marketing. And you can reserve N10,000 to promote your affiliate products on Facebook and Instagram.
So, combining both Blogging and Affiliate marketing, you can start a profitable business in Nigeria with N100K
So, that’s it – Profitable Business to Start in Nigeria with N100K
I don’t have much to say that to tell you to start taking action today. Starting a business is not easy, but since you have N100k with you, don’t sleep on it, take one of these 5 business ideas and start working on it.
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