Business to start with 1 million naira: top 20 ideas
Many of us want to start their own business in Nigeria to become rich, successful, and provide future generations with comfort. So many people start businesses these days, but not all of them are so profitable. All of us want to know what are the business ideas in Nigeria that could be started with a decent amount of money. Today, we will list you some of the best business to start with 1 million naira!
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How to start a business with 1 million naira
Usually, the capital that is invested in the business will not necessarily determine the profitability of it. The profit you get from the business depends on many different factors, for instance, your business vision and ideas, the plan that you have worked out for your enterprise and the general interest of people in your initiative. So many people nowadays start their businesses with little capital or no capital at all. And in the end, a lot of those become successful and bring them much more profit than they originally expected.
Today, we will talk about the investment opportunities in Nigeria when you have 1 million naira in your pocket. This sum of money equals approximately $2,730. We are hoping to answer your question “what kind of business can I start with 1 million naira in Nigeria?” by providing you with the sorts of ideas that you could choose from.
Lots of people want to know how to make money in Nigeria, but it needs a lot of knowledge and determination actually to start your own thing and make it lucrative. If you have 1 million naira in your hands, why not invest it into something and eventually make even more? We believe that one of those businesses will become your source of good money very soon, and you will not have to doubt and wonder where to get cash anymore.
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Business I can start with 1 million naira in Nigeria
So, now we will list the actually profitable businesses in Nigeria for you, that you could attempt setting up. Hopefully, all of our diverse and interesting ideas would be useful for someone.
1. Opening a small supermarket
If you have got one million Naira in your hands, it will be just the right amount of money for setting up a small supermarket. It is a very feasible business which will most definitely pay off if you provide a good and high-quality service to your customers. Supermarkets usually have advantage over the simple local stalls and shops. The price, which is written on your product, is impossible to be bargained, unlike the local shops where the clients usually have a habit to bargain.
In your supermarket, you can provide the products that people in your neighborhood would need the most, and sell it for a good price. It will be even better if you set up your supermarket in the area where there are not so many stores, but many local people. The location is an extremely important point when you start the supermarket business – if there are three similar stores to yours in the same street, then chances are that your own business will be lost in their shadows. Setting it up in an area with a high population which is accessible very easily will be the best way. Your supermarket should not be in the hidden place, covered by the buildings and trees.
2. Opening a small restaurant
Perhaps, one million Naira would be not enough money to work from scratch on setting up a successful restaurant. However, you can start with these funds, and perhaps the restaurant will soon become patronized by the elites. Or perhaps you can combine your money with someone else’s and start a joint business. If you provide good service, restaurant business is a kind of business that moves fast in Nigeria. It will become a very profitable venture for you in no time.
The reason to start the restaurant of your own is very simple: people always have to eat, it is a basic necessity for everyone. And a lot of people are busy with work and have no time to cook for themselves at home, or just want the right place to eat when they have a break from their workday. Without food, people can not last for long, and when the person feels hungry but has no time or energy to buy products from the supermarket and cook, the first option that stands in front of them is going to the closest eatery that is situated near their home or workplace.
To set up a good restaurant, you should remember that it should always remain clean, otherwise, the word will spread that your eatery is unsanitary. The good location is very important too, and preferably it should be situated close to the living or business area where there are a lot of people. Usually, the restaurants situated close to the schools and universities are a big hit, because students always want to eat in their breaks between classes. Finally, of course, the quality of your products should be good, and it should always be monitored very closely. It is very easy to achieve a negative reputation after the clients have problems with your food, even if it happens for once.
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3. Boutique business
The most basic needs of a regular person are food and shelter but also everyone needs clothing, and we all renew our wardrobe once in a while. So, one million naira can be enough for renting a place and starting up the boutique business. With this amount of money, you can buy the basic amount of clothes, and you can choose those which are meant to be bought by regular people, instead of the high-fashion brand clothes that are usually acquired by celebrities and rich people because of their high prices.
There are a lot of clothing shops around, and all of their owners have been uncertain at first, but with time they have expanded their business and attracted the regular clientele. Perhaps, the same thing would happen to you. The well-known fact that would probably lift your spirits is that the average-priced clothing is sold much faster than the overpriced brand clothes. Have you ever noticed that the brand boutique shops are usually empty, and with time they close due to no income? This is because nowadays people cannot afford themselves such expensive clothing, and they always search for a store that would sell good clothes at an acceptable price. So, maybe you can start and develop this store for their needs.
4. Phone and computer accessory business
The majority of the population in Nigeria use mobile phones and personal computers. They often want to purchase new versions of their technical gadgets and the various accessories for them. People also need new technology after their old phone and computer got damaged, because none of these things will last forever.
5. Bakery business
In order to start a bakery of your own, you will not have to be an excellent baker or cook. You can just hire people who can perform the job. The next step would be writing up a business plan and pricing all the goods that you will be selling. You will have to find a good space for your bakery, which will attract people.
Your bakery can start as something small, and later, when it starts bringing you profit, it can evolve into something bigger. Always remember to be original – all of the most successful bakeries that have attracted tons of clients usually have their unique product that no one else sends, or come up with something else to be appealing to the customers. You should just be creative and show people why they have to buy pastries from your bakery, not anyone else’s.
READ ALSO: How to earn money online in Nigeria in 2019
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6. Producing yoghurt and ice cream
This business nowadays is growing and developing very fast and is already acquiring a fair share of market. The appeal of this business is the ice cream and yoghurt being relatively easy to produce. They can not only be sold directly but also supplied to various establishments, like canteens, cafeterias, hotels, and eateries. Except that, they can simply be marketed in a truck.
First of all, you will need a source of energy, which will help you to preserve your ice cream and yoghurt properly. It is quite easy to fall out of business because you caused somebody health problems with bad production. So, you will have to watch your temperature and keep your yoghurt and ice cream in a normal environment. Another thing about this business is that you will need a strong and established market beforehand, because there is a risk that a lot of yoghurt and ice cream will not be purchased and consumed, and these products must not be preserved for long. Nigerian people like to consume yoghurt and ice cream, so it is fairly easy to attract the customer base if you are providing a good product.
7. Poultry farming
Bird’s meat is one of the most consumed products in Nigeria. Many people eat it in the restaurants as a part of some product. Besides, poultry does not only mean meat but also eggs, which are an essential part of Nigerian foods. There are a lot of meals with meat and eggs. Becoming a poultry farmer might require some effort, but in the end, it pays off and becomes profitable.
Your business plan should be the following: at first, you acquire a good suitable land for the poultry business. You have to buy the chickens and all the equipment for them, and then take good care of the birds – feed them on time, vaccinate them regularly, and watch them. The broilers and eggs, provided that they are of really good quality, will be wanted by various customers – restaurants, hotels, and eateries.
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8. Fish farming
If you start farming catfish, you will be in the win, because this is the most popular and cultivated type of fish in Nigeria. It attracts quite a lot of customers because Nigerian people love eating fish and using it in various cooking meals. Catfish is also not too difficult to raise if you know the basics of fish farming. You can also try raising other fishes, like mackerel and tilapia, which are supposed to be cultivated in the pond.
9. Pig and goat farming
Here is another business that farmers could gain profit from. Goats and pigs are often needed, mostly for gifts, sales and consumption. So, if you are interested in starting your own piggery or goat farming, you can start with the small amount of money that you will invest into establishing your farm, and then, when you gain reputation and profit, you can expand your business.
10. Printing and publishing
If your soul is into more creative things rather than farming and physical work, then you should perhaps research the printing and profit that it brings. Usually, the printing business brings a lot of profit if it is established near the school or university because the students always need to print out some materials for work. The educational institutions also have magazines that they would want to print. Except that, the couples that are getting ready for the wedding print out their invitations, the various businesses print out the advertisements and flyers, and the writers want to publish the books they wrote. So, this business is originally destined to be a success if you gain a lot of regular clients.
By the way, there are many more editorial services that you could do along with the publishing and printing, which are copywriting, review, ghostwriting and others. The more you expand your service, the more clients you will attract.
READ ALSO: Business with low capital and high profit to start in Nigeria in 2019
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11. Recharge cards printing and sales
These days, the use of mobile phones is a regular thing. People constantly need them to call their friends, family, and co-workers, as well as use the mobile internet. This is why the lines have to be charged with the airtime on a regular basis. And considering all of these points, it would be really profitable to set up a recharge card business of your own.
For this business, you will not need a lot of investments. All that you will have to acquire for successfully starting to print your recharge cards would be a working computer (does not matter if it is a laptop or a desktop), a preferably LaserJet printer, a lot of A4 paper sheets, the ePins of the mobile network that you are planning on printing out, and the printing software, such as NetDivo ePin Manager. Once everything is prepared, you are ready to start with printing out your cards and making good money off them.
12. Computer training center
There are endless possibilities nowadays for people who regularly use personal computers. We can work online, create the graphic wonders, develop the websites and search for any information we like. However, there are some people who want to start with their computer-related occupation but are experiencing difficulties with it. For such people, you could organize your own computer training center, where you would teach the beginners to work with various programs and types of software.
You could hire some qualified teachers, each one of which would be fluent in certain software or program, so they could all hold their own master-classes. Except that, for broadening the business, you could involve the computer sales and repair services. Generally, for starting a business like this, you need a building for setting up your working space, and ten computers at least.
13. Fitness center
Nowadays, a lot of people want to exercise and stay in a good shape. More people register at local fitness centers in order to have paid exercise sessions with the sports instructors. The significance of fitness centers is huge because every person who likes working out would want to have one close to their home. This is why it would be a profitable business if you start the center in your location, and it would especially work well if you started one in the location where there are not so many other fitness centers. You will not have to be a fitness instructor to be involved in this business – they can always be hired. This business can start with an average budget and then evolve as more clients come to use your services.
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14. Ambulance rental service
There are a lot of people who have weak health, and they have to be carried to the hospital when they are not feeling well. The ambulance rental services also have special equipment, like wheelchairs and stretchers, which are supposed to carry the ill person outside if they are unable to walk on their own. Many people use ambulance rental services because they are determined to bring their loved one to the hospital in the shortest amount of time. This is where you can come in and help them because the regular ambulance gets so many calls that they do not usually arrive on time.
Another similar service you can think about providing is the corpse transportation to the funeral grounds. People pass away every day, so their families need the help of these services to carry over the body.
15. Cassava processing business
Cassava is very loved by Nigerians – it is one of the most favourite foods of the local people, which they consume in great amounts and use basically for everything. The market for this food is huge, and it is constantly growing and expanding not only in Nigeria but in the other countries of Africa. If you are interested in farming and would like to do something that other people would love and purchase, then it is possible that farming cassava is just for you.
The most important step that you should start with is meeting the capital requirements of cassava farming. You will have to find a location of your future farmland, the size of which will depend on the amount of cassava you would want to produce, and your preferred techniques. You will also get the necessary equipment for processing cassava, and learn how to do it before you can prepare these products for marketing purposes.
READ ALSO: Business with low capital and high profit to start in Nigeria in 2019
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16. Maize processing business
This is one more farming business which has endless potential in Nigeria because maize is an extremely popular crop product which is exported, used and eaten all over Africa. According to the statistics, about 900 million African people consume maize annually, and it is cheaper than the other crops, including wheat and rice. This crop will also be very good for harvesting. It has a high nutritional value and is rich in many essential vitamins, including A, C, and E.
Of course, starting this business would mean acquiring the land that is the most suitable. You should take into account that the maize loves sunlight. You will have to plant your maize at the time when there are no rainfalls, and obviously watch out for various pests, weeds, and diseases. Maize farming requires a lot of research, but it is totally worth a try if you are an aspiring farmer.
17. Frozen food business
More people than you might imagine like buying frozen food, because many of them are busy with their jobs and lives, and are not too keen on cooking for themselves. However, they are always ready to buy frozen foods, because they are very convenient for eating quickly and without effort. So, the frozen food business can be very lucrative if you think about it. Consider that people will always need food, and many of them have no money or time to purchase something more financially demanding.
Some of the frozen food ideas can be seafood, yoghurt, poultry production, salads, chopped potatoes, vegetables, fruit juice, pizza, and many others. A lot of people also buy frozen meals for their pets, so you could think of selling frozen dog food as well. In general, it is a very promising opportunity.
18. Palm oil processing
Palm trees are a common thing in Nigeria, and the weather conditions for their growth in the country are very suitable. In the palm oil processing business, it is possible to make good money from producing the palm oil, processing it for the market, or perhaps even both. Either way, this business is quite lucrative, according to the farmers that have had experience with it.
The palm oil is a very universal food ingredient, which is widely used throughout the entire world. It can be put in every type of food. The production of it can possibly bring you good cash and reputation. In conclusion, if you have had the farming experience, you would probably enjoy this branch of farming.
19. Blocks industry
Setting up a concrete blocks industry business is quite possible, even if you have not very large starting capital. A lot of people have already made money from it. You will have to get the land, create a business plan, get some workers, technical supplies and you are prepared to go.
The cement block industry really needs some fresh blood, and you can become just the kind of person that could succeed in this business. It is quite profitable in Nigeria and grows fast because the building workers are always in need of new concrete blocks.
20. Bridal shop
And last but not least, you could make money of something as common and usual as the wedding. People get married basically every day, and they plan their weddings in advance by ordering the place, the services, and wedding attire. This is where you can step in by helping them. All the brides and bridesmaids are wishing to look the best on this special day, and all the grooms also desire to look handsome.
The bridal shop can be very lucrative. Your advantage is that you will not have a lot of competitors, because this business is not being run by everyone. And provided that you have an excellent service and affordable prices, your wedding store will always be in high demand among brides and grooms.
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Those are the twenty profitable business ideas that you can start with an average capital of one million naira! Share your experiences in the comment section!
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Source: Legit.ng
