You are in the hustle era and prepared to start a new business or set off on your business path. But you’re constrained by a lack of funding. Many Nigerians think that starting a business costs a lot of money and is frequently a high-risk endeavor.
What if I told you that not all of this presumption is accurate? Most of the time, the issue isn’t a shortage of funding, but rather a dearth of business opportunities that one may start with a little sum of money. In actuality, there are a lot of lucrative enterprises that you may launch with around N20,000 or less.
Below are some businesses you can start with less than 20K NGN;
Perfume Oil Business
When someone can’t afford expensive perfumes, perfume oil can be used as a substitute or to enhance other scents.
As usual, starting this business doesn’t cost a lot of money. You might not even spend N20,000 when you first start. You can either make them yourself or get them from a source.
POS Business
Point of sale (POS) services make it simple for us to withdraw and transmit money. In Nigeria, becoming a POS agent is quickly gaining popularity, particularly in places where a commercial bank or an ATM are difficult to find. It is also profitable. An agent typically receives N100 for every N5,000 a customer withdraws. What an interesting method to make money!
You need to purchase a POS machine, which normally costs around N15,000, before you can begin making transactions with any amount of money you choose.
Okrika Business
Particularly among students and young people, the business of thrift, okrika, or bending down is very profitable. People adore used clothing because it is inexpensive, environmentally friendly, and full of hidden treasures.
You can establish a thrift shop with N20,000. To get inexpensive, high-quality garments to resell, all you need to do is explore the finest market. Yaba market, Balogun market, Oshodi market, Aswani market, Katanga Market, and others are popular markets in Lagos where you can buy clothing.
Additionally, some of these markets hold sales on designated days. Generally speaking, Mondays, Wednesdays, and Fridays are the best days to shop for high-quality clothing in Lagos marketplaces. There is a night market in Yaba in addition to Tuesdays, which are often days with discounted prices.
After acquiring a bale of fabric, launch an internet store, make an investment in branding materials, and begin selling. You are now ready to start referring to yourself as a business owner with all of these. Well done; that wasn’t simple.
Pastries
Do you enjoy sharing your love of baking and cooking with others? Then, you may turn your passion into a successful business.
This company can be launched from the convenience of your own home. Whether it’s chin-chin, little chops, smoothies, zobo, cupcakes, bread, cocktails, or anything else. There will always be people willing to take advantage of you. With top-notch customer service, appropriate branding, and marketing, you’re set to go.
Accessories Business
Another low-investment, high-reward venture is this one. Not selling actual gold or diamonds, but rather non-tarnish steel accessories, is what I mean. There is already a market for this; people enjoy accessorizing with lovely, appropriate, high-quality items that don’t break the bank. Basically, maintaining decent looks on a tight budget.
Wholesalers can be found in Balogun Market, China Town, or any other market in Lagos. You can order the accessories directly from online retailers like Aliexpress or have them shipped to you. This might not be a good idea given the rapidly rising currency rate. To guarantee the quality of your purchases, it’s sometimes advisable to stick with a single source. Being a devoted customer of your provider may also earn you discounts.
