How to start a lucrative business in Nigeria with small capital is one of the most sought-after information in Nigeria presently.
A good number of people wish to start a business with small capital but do not know how to get started due to the limited capital available to them.
This article brings you up to speed with detailed step-by-step information on how to start a lucrative business in Nigeria with small capital, top lucrative and profitable businesses you can start with small capital, among others.
How To Start A Lucrative Business In Nigeria With Small Capital
Starting a lucrative business in Nigeria is relatively easy if you plan yourself very well.
Here’s a step-by-step guide on how to start a lucrative business in Nigeria with small capital.
1. Get A Business Idea
Getting a viable and seemingly profitable and sustainable business idea is the first step in starting up a business.
Before you conclude on the type of small-scale business you would like to settle with, be sure to first assess your environment and the location where you’d like to situate your shop to ensure that there’s a concentration of people that would patronize you.
On the other hand, it might also be wise to go for a business that aligns with your passion so that the passion would keep you going in downtime of the business.
2. Conduct A Market Survey
Conducting market research or survey is very essential before starting out every business.
The market survey would help you get an in-depth understanding of the market, the strengths and opportunities of the business, the potential risks involved in the business, the type of products that would most likely interest your potential customers, and where and how to get supplies for goods, among others.
3. Write Down A Detailed Business Plan
Having a detailed business plan is paramount as it would serve as a blueprint for the business not only during the infant stage of the business but also throughout its lifespan of the business.
A good business plan should contain the structure of the business, the capital required to start the business, how to raise capital for the business, the scaling up plan for the business, how to get supplies of your products, how to distribute your products, the risks and opportunities of the business, among other details.
4. Raising Capital For The Business
This is the most important aspect of starting a business because, without capital, you would not be able to execute your business plans.
You could raise capital from your personal savings, contributions, and loans from friends, families, microfinance banks, and other private microfinance establishments.
However, it’s not advisable to borrow loans to start a business unless you’re already doing the business and wish to scale up.
5. Rent A Shop
After you’ve secured the required capital for the business, renting a shop or securing a space is the next step.
Ensure you rent a shop in a strategic location where there’s a concentration of people and also in an easily accessible place.
Ensure you rent a shop that you wouldn’t struggle to renew the rent the following year or a shop that would financially drain you.
On the other hand, if you do not have enough capital to rent a shop, you can decide to use an open place or attach with someone that has extra space in his or her shop but on a mutual agreement basis.
6. Buy Your Commodities
After you’ve rented a shop or secured a space, you should go ahead to buy your commodities and start selling in earnest.
Since you’re starting a small-scale business, you can go to nearby wholesale sellers and buy your commodities and resell them at a higher price.
Subsequently, as you scale up, you can then decide to buy from big distributors directly.
7. Create Awareness
You can have the best products/commodities but without creating awareness for your business, you’re likely going to make little or no sales.
You can create awareness by telling your friends, family, and other people by word of mouth or through any other available means.
Top Lucrative Businesses You Can Start In Nigeria With Small Capital
Below is the list of profitable businesses you can start with little capital in Nigeria.
- Fast food business
- Cooking small chops
- Selling cold drinks and water
- Supplying offices with what they need
- Car wash
- Fish Farming
- Snail Farming
- Manufacture of oil perfumes
- Laundry, etc.
There’re a lot of lucrative and profitable businesses you can start with little or no capital today in Nigeria today and scale up as you progress in the business.
This article extensively discusses a step-by-step guide on how to start a lucrative business in Nigeria with small capital, a list of the top lucrative and profitable businesses you can start in Nigeria with small capital, among other information on how to start a business with small capital in Nigeria.