Open a small business in Nigeria in 2023. According to studies, the ideal times to launch a business are during times of financial and economic crises. The good news is that starting a profitable small business in Nigeria doesn’t require a significant amount of capital. You are on the right track for a profitable business venture if you have solid business concepts and a solid execution plan.
You are aware of your desire to begin something for yourself. You only need to focus your desire and time on a concept that will bring you more money, pride, and the potential for a full-time business—and that magical moment you get to tell your boss, “I quit!”
With the advent of the internet and social media, it is now significantly less expensive to launch a business. Here are a few tried-and-true company concepts that you can launch with absolutely minimal money.
1. Driving for Uber as an Uberpreneur
People decide to drive for Uber for a variety of reasons. Some people do it so they can drive whenever and wherever they want. Since they are in charge, they can choose their own hours and can work as much or as little as they like.An Uber driver often makes between 80,000 and 120,000 Naira each week.
One of the most lucrative business opportunities in Nigeria right now is driving for Uber. It provides you with opportunities to work other times as well. but also enable you to make some extra money in the process. While some drivers work at it full-time, others only do it on the weekends and at the conclusion of the workday.
2. Influencer and social media marketing
Social media, including Instagram, Snapchat, YouTube, Twitter, and Faceook, is the upcoming big thing. Nigerians are making a ton of money on these platforms simply by providing interesting information and gaining a following of devoted fans. If you are a social media nut, you should also try your hand at this company concept.
If you gain a following on one of these platforms, big brands, equipment manufacturers, and other relevant organizations that offer goods or services related to the material you create may approach you right away.
If you have millions of followers, you can easily charge anywhere from 15,000 to 50,000 Naira or more every post, which is a highly lucrative side business concept.
3. Website design and creation
You will learn tremendously useful abilities as a web designer or developer, which are in high demand in the Nigerian industry. Using a free program like WordPress will help you become proficient at creating websites in as little as a few weeks.
You can earn between 50,000 and 250,000 Naira every website project in addition to the flexibility of working at your own pace. Andela is an excellent place to start if you’re trying to significantly increase your knowledge of web development.
4. Visual Arts
Having a formal education in graphic design is undoubtedly beneficial, but you can also easily study the fundamentals of graphic design on your own using programs like Adobe Illustrator and Photoshop.
But before you can begin making a living as a graphic designer, you must develop your talents and be imaginative in all of your ideas. I advise exhibiting your creative abilities on social media sites like Facebook and Instagram to build up a solid clientele.
5. Ghostwriter or freelance content developer
Are you a wordsmith in your own right? A side business or even a full-time career may result from setting up shop as a freelance content developer.
Companies in Nigeria, including media agencies, blogs, and startups, would pay handsomely for a writer who can provide error-free content for blogs, websites, or adverts. Some people might even pay you for your editing assistance. However, take into account the amount of labor required to make freelancing your full-time job.
6. Creating a Blog or Video Log
Consider blogging to be a declining viable source of income? Reconsider your position. Thousands of bloggers produce content on a wide range of subjects, including cuisine, fashion, rumors, news, travel, movies, and lifestyle. Starting a blog or vlog with a specific niche and a concentration on a certain group of people is a profitable business concept with lots of possibilities.
Your first step is to improve your writing skills, gain insight into what your audience wants, and discover how to create blog posts that attract visitors frequently.
7. The cake and cupcake bakery
A terrific and potentially very lucrative business venture for the hobby baker is creating, decorating, and selling one-of-a-kind cakes and cupcakes for events like birthdays, weddings, and anniversaries.
Starting off on a tight budget might be accomplished by baking and decorating in your own kitchen. Sending samples of your cakes to potential customers in the hopes that they would do business with you, or posting images of the cakes to Instagram with the relevant hashtags, is a successful marketing strategy.
8. The Small Chops Food Company
A profitable business venture in Nigeria is starting a small chops food business. The demand for quick meals like tiny chops has skyrocketed among Nigerians in recent years. Small chops are also the favored option when bringing friends together for get-togethers, boat cruises, and beach time in addition to major events like weddings, funerals, and birthday parties.
The beautiful thing about little chops is that even though many people provide this service, there will undoubtedly be a surplus of demand. Creativity and packaging are essential to running a successful small business.
9. Digital Marketing Company
A digital marketing firm differs from a traditional marketing firm in that it frequently focuses on results-based marketing in the online environment. The key to success in marketing is measurable results.
In Nigeria today, there are many ordinary digital marketing companies. Starting your own digital marketing agency doesn’t demand a lot of money; all you need are the digital expertise and talents to produce results for your clients.
10. Dispatch by Drop
This is a type of business that requires relatively little startup money. Your laptop or smartphone, internet access, and your social media accounts, such as Facebook, Twitter, Snapchat, etc. (which might be used as your online store), are all you need.
Millions of naira have been made by this successful business concept. The key to success in company is figuring out what customers want at any given time, understanding where and how to get it, and knowing how to source it (AliExpress is a fantastic place to start a drop shipping business in Nigeria).
The business concepts discussed in this post have been tried and tested in the Nigerian market, particularly for small firms, and have shown to be profitable. But in order to be successful in any of the enterprises mentioned above, you must have the proper business strategy and guiding principles for launching a fruitful online enterprise in Nigeria.
Especially when it comes to attracting clients and retaining them for an extended length of time. To the people who want to do business with you, you must be able to sell both yourself and your ideas.