Recession is in town; no doubt about that. But, after careful research and analysis, these are the 10 profitable business that you can start in Nigeria with minimum/maximum of 50,000 Naira, this has been ranked according to its profit/returns, and also its convenience, close monitoring (i.e. flexibility) and risk,they have been ranked from the least to the most, here is our list:
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10) Recharge Card Vendor:
Selling recharge card in Nigeria is common because there is availability of existing and prospective customers every where. You need only about 25 000 naira to start this business, all you need is get an umbrella, two plastic chairs and a table, recharge card from retailers (like15000 worth for starters) and voila! you got yourself a business!!! you can also supplement this business by doubling it as phone call center, just buy a phone and recharge, you have yourself a multiple business! however it has its own downturns (actually a whole lot), firstly you are competing with a lot of competitors, then again you have location problem; if you are at a very busy location, you have yourself high risk high sale, if your business is situated at a less busy location, then you are operating on lower risk lower sale. then again you have to be around always or else you have to employ a person you really trust. you also have to be so patient as the profit you make from selling a 100 naira recharge card is about 3 naira. our verdict is; Don’t do it unless you are extremely cash strapped, and if you must, utilize a friendly atmosphere (e.g. office, company’s environment,etc.), not just streets…
9) Sales Of Bottled Drinks/Bottled Water:
This business can also be started for as low as 30,000 naira, you only need to buy yourself a cooler, packs of drinks (different types), and employ a person that is capable of selling for you, but you will be soon to discover it is not very profitable, and also, its has high inconvenience, as the location most times will be on the streets and also low returns, that’s why we rank it 9th.
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8) Popcorn Machine:
Getting a popcorn machine and producing popcorn is also a viable business idea, the machine goes for about 45000 naira, all you need is corn, butter and sugar,that’s all! you got yourself a business!!! but that’s not all, you need to be very patient, usually projected profit could be promising, but your location could be risky and you will need a lot of close monitoring (highly inconvenient if you have other businesses), and the rate of patronage is low, i mean, nobody eats popcorn everyday (that i know of)
7) Sales of CDs:
How can i make this simple? hmmm (looking for the right word), yeah that’s it, ‘Alaba’ is the name of the game! you buy american films and English films for as low as 80 naira each and you sell it almost double (150 naira or more) that’s almost a hundred percent profit, with this kind of business you can always be sure to take something home, but then again, it comes with a high risk as you have to be in a busy location before you can make sales, you also have to closely monitor your business or else you will end up working for your employees, you need to also understand the customers and their needs, if not you are heading for the rocks…
6) Fast Food Sales:
You can find a good location and set up a fast food joint, all you need is a kiosk, a stove, and your cooking materials (oil, kerosene, spoon,etc) and that’s all!, you can be cooking noodle, frying eggs, making teas, etc, you can be assured that you gonna be smiling home always, in the business, location is the name of the game, you need to find a good spot that is domestic, and also you need to know the risk involved, and the practices of that location you want to set up your business, and you are on track to profit, it’s profitable however, it needs to be closely monitored and it usually needs the presence of the owner.
5)Sales Of Phones:
You can make money from the sales of phones, all you need is to just buy cheap phones (say 2500 naira each) and buy a show glass, find a good location and that’s all! this business is a very profitable business and does not need close monitoring as far as you can account for the number of the phones, (you can put a trusted person there and do other business), location is the name of the game of this business. get a good location, get trusted supplier and yo are on your way to money
4) Dry Cleaning:
This is another untapped business profit making avenue, you can do this from your house (just have access to water), you can hire boys that will iron the cloths for you, you only need to buy a washing machine (15,000) and a 3 kva generator set (30-35k) you are gonna be paying your workers from working capital and that’s all??? you have yourself convenience, minimum risk, and what more? profit maximization, this business is very viable and you should try it sometime, the only problem with this business is getting customers and the cost of operation could be frustrating…
This business is viable and you only need to know how to make shawarma and barbecue, you need to buy a grilling machine and get the shawarma ingredients, employ an expert and find a lucrative location (like an hotel) and that is all…no close monitoring (as your materials must be exacted at a certain proportion to equate a certain number), there is minimum risk, and there is huge profit potential, if you have the money, start this business.
This is a quite lucrative and stress free business, you just need to understand the underlays, with 50,000 naira, get 2 big drums, buy fingerlings (@2 naira each), buy feeds (aprox 25,000 worth for 200 fish) the profit is all yours. you need to have access to water though, but there is huge convenience and minimum risk.
You can start your own poultry at the back of your house, yes, its easy, all you need is just getting 100 day old chicken (costing like 200 naira each) for approximately 20,00 naira, and build a nice wooden big cage (like battery cage sort of) (at least that will cost like 15,000 naira) then you can buy their feeds for 15,000 naira, and voila! your business is complete!!! the convenience is OK, you have minimum risk and start up capital is good, you have it on your table, that is our number one…
if you carefully study the above business you might generally struck Gold with any of them, Best of luck guys!!!