Updated on September 13, 2023
Are you eager to kickstart your entrepreneurial journey but worried about the high costs? Well, fret not! In Nigeria, you don’t need a fortune to start a business. With some creativity, dedication, and a pinch of innovation, you can embark on a cost-effective business venture that has the potential to thrive. In this guide, we’ll explore the cheapest businesses to start in Nigeria, ensuring that your dream of entrepreneurship doesn’t drain your bank account.
Nigerians are hardworking people who like to do business. However, many Nigerians are searching for the cheapest company to start in Nigeria owing to the awful economic climate of the nation. This article should be able to assist you in finding the cheapest businesses to start in Nigeria with little or no initial capital.
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Cheapest Business to Start in Nigeria Right Now
After extensive research, we present to you the top cheapest business to start in Nigeria that can yield profits:
1. Phone Repair Business
There are benefits to working in the well-liked field of phone repair. Establishing your company in a commercial location where most people are likely utilising an Android or iOS mobile can increase your earnings.
The greatest money will be made from repairing these phones. You only need to buy your equipment, find a location, and train with someone to start your own phone repair company. You ought to be able to start this business in Nigeria with merely N20,000.
2. Freelance Writing Business
If you have writing talent, you might apply to be a writer. Professional writers and blogs are always seeking authors, and they do pay handsomely. This is one of the cheapest businesses to start in Nigeria as starting this business doesn’t involve any money, but if you want to make money off of it, you’ll need to be an accomplished writer.
By registering with freelance websites that welcome authors, you may start making money if you are a decent writer. Sites like Freelancer, iWriter, Fiverr, and Upwork are good places to start. Although some websites genuinely pay in dollars, being accepted as a Nigerian may need some effort.
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3. Poultry Farm Business
In Nigeria, both chicken and turkey meat are in high demand. Starting this business might make you a lot of money, and you won’t need to invest a lot of money at first to succeed.
You may start your own chicken farm with merely N50,000 and a small number of chicks. Keep in mind that the market is more lucrative during the holiday season when most people are more inclined to buy live chickens.
4. Mini Importation
One of the simplest methods to earn money in Nigeria is to import inexpensive things and then sell them for a profit. It’s also one of the cheapest businesses to start in Nigeria
Only import goods that are popular or in great demand in your nation.
5. Okrika Business
In Nigeria, selling reasonably used clothing is a large industry since the majority of those who cannot buy the original depend on these alternatives.
You may purchase these garments from stores like Cotonu or make connections with other vendors so they can lead you. You may either set up shop at a market, hawk your wares, or travel to a place like a school where these garments will be in high demand if you want to sell worn clothing.
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6. E-book Creation
If you like telling tales, being a writer might be very lucrative. In the modern world, publishing ebooks or online books is a lucrative company that costs nothing to start. To capture readers’ interest, you must be a competent writer.
To attract readers, you will also need to promote your work. The ideal starting point is Amazon KDP. You won’t need to pay anything to have your book published here.
To write the book, all you need is a laptop and a phone. A graphic designer may also be required to create the book cover.
You may publish your book on your KDP account after you’re done. If accepted, you will make money from the book. If you keep adding new books, this is one of the cheapest businesses to start in Nigeria with the potential to make you wealthy.
7. Tailoring Business
If money is particularly tight, you can consider becoming a tailor and starting your own tailoring business. Although getting professional help may cost money, learning the job won’t take that long.
Once you’re finished, you’ll need to get your own sewing machine. The price should be below N30,000. When you start making money, you may start sewing from home and relocate to a better location.
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8. Affiliate Marketing
Simply directing your readers or viewers to items from a manufacturer is all that affiliate marketing entails. You must use your affiliate link to advertise these items as an affiliate marketer on social media sites like Facebook and Instagram. You will get a portion of the sale every time someone purchases the item through your link. Definitely, one of the cheapest businesses to start in Nigeria.
If you already possess a laptop or a reliable smartphone, starting this company won’t cost you any money. However, to boost your chances of success and attract more customers, you may want to spend on growing your Facebook and Instagram following.
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9. Web Design
A laptop and a strong internet connection are all you need to learn web design. To learn it much more quickly, you could wish to enrol in online classes. Your emphasis should be on studying programming languages like HTML, CSS, Python, PHP, and Javascript when it comes to mastering web design. For running website systems like Blogger and WordPress, they are most necessary.
You may simply register as a freelancer after you’ve obtained the necessary training and experience. You may register with freelancing websites to meet customers who will offer you various web design projects. Be aware that you will be charged a fee for each dollar you earn on these freelancing websites.
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10. Social Media Marketing
If you’re skilled at engaging a crowd on social media, businesses could hire you to do it. Brands will pay you as a social media marketer to develop their social media accounts and increase their visibility. Before pitching your services to major businesses, you may wish to start out as a freelancer to gather more expertise.
This is one of the cheapest businesses to start in Nigeria, you just have to reach out to potential clients and sell what you can do for them.
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11. Graphic Design Business
You might easily succeed as a graphic designer if you’re imaginative and skilled with Photoshop and Corel Draw. You may also start from scratch and succeed with this. A laptop and an internet connection are necessary for graphic design so you may always look for fresh inspiration. With both in your possession, this little enterprise may earn you a fortune.
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12. Become a YouTuber
This is one of the cheapest businesses to start in Nigeria as a lot of Nigerian YouTubers profit handsomely from their channels on YouTube, with many of them making monthly payments in dollars.
The advantage of this business is that it is almost free to start. Simply establish a Google account, go into YouTube, and then start a channel.
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To join Google Adsense, you must first direct traffic (viewers) to these videos.
The name of your channel must reflect the kind of videos you want to produce. You may start submitting videos as soon as your channel is ready.
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Conclusion
Nigeria has a high unemployment rate, which leaves a large number of people without jobs. Living without a source of income is suicidal.
Starting a business in Nigeria doesn’t have to drain your savings. These affordable business ideas can help you take the first step towards entrepreneurship without breaking the bank. Remember, success comes with dedication, hard work, and a dash of innovation.
So, pick an idea that resonates with you, create a solid plan, and embark on your cost-effective business journey today. The world of entrepreneurship awaits!
These cheapest businesses to start in Nigeria that we have outlined can be very profitable. They have the capacity to make anybody successful if handled correctly. Many of these have not yet been fully explored in Nigeria.
But if you’re creative, you may start your own business. If you know what you’re doing, you’ll quickly start generating income and even employ others in no time. You can also check out the ultimate guide on Business ideas in Nigeria.
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