6 Low-Cost Business Ideas With High Profit In Nigeria

Low-Cost Business Ideas With High Profit – Everyday, Nigerians think about starting a business but do not know which one to try out because they have no clue which requires little or no capital.

Some individuals have enough money to start any business of their choice, however, many lack the funds to kickoff a business even if they have the motivation or idea.

Low-Cost Business Ideas With High Profit

There’s a variety of cheap businesses you can easily start in Nigeria and make money from, so what Ngnews247 will do in this article is list out six of the best low-cost business to consider.

Laundry Services

Working class people often need the services of dry cleaners because they hardly have the time to do their own laundry, this is where someone who operates a laundry business can come in.

This is a cheap business that can guarantee profitable returns. The cost of a washing machine ranges between N40k to N65k and one does not need to rent a physical office space. Instead, it can be easily done from the comfort of your home.

A laundry man recently revealed to a CorrectNG correspondent that he makes at least N20,000 daily.

Other important items you need to work are basins, detergents, bleach or Jik, Iron and hangers.

POS Business

This stands out as the most lucrative business on the scale of cheap businesses. To start POS business, you will need either to get a space in a strategic location.

You can either get a shop or buy umbrella, table and chairs which would be mounted in your secured spot.

The other important things you need to do are register your business, source for capital, and get a POS machine from a bank or a a fintech agent

To start this business you can use as little as N50,000 or as high as N250,000 depending on the scale of transactions.

Data Reselling

Data reselling simply means buying data bundles from registered network providers in the country and selling them to consumers.

You buy purchase the bundles from firms like Airtel, MTN, GLO or 9mobile in bulk then resell them in small quantities.

Starting this business can be done with as little as N2000, and it is profitable. To be a data reseller you first have to register with telecommunication or a VTU platform and fund your account.

Cleaning Services

One of the most sought after services in the area of non-skilled labour is cleaning. You can ake big money by running a cleaning service as private companies, banks, and personalities often outsource the cleaning of their environment.

If you do not have money to establish a house/office cleaning business you may need to start small by rendering services to the homes of private individuals before you rise to the level of being contracted by companies.

When the business starts growing, you can employ people to assist you with a heavy workload.

We will list some tools that will help you to run a successful cleaning business and render quality service.

Sponge
Cleaning detergent
Mop, dustpan, and broom
Bucket
Microfibre cloths
Spray bottle
Scrub brush

Perfume Oil Business

People like to smell nice when they go to the office, visit a special person, go for job or visa interviews, going for church service, attending seminars without necessarily buying the expensive designer perfumes. The essence of that is to say the perfume oil business is also a great one to start because it is the alternative people generally opt for.

With as little as N5000, you can get it running by buying in small quantities from wholesalers and resell to customers. It is important to do proper research about the products so that you get the fragrance customers will be interested in and go for longevity because people want to smell nice for longer periods of time.

Catering Services

To start a low-cost catering services you can use the cooking equipment in your kitchen. What will be your focus is spending a little money buying the foodstuff and ingredients you use in cooking a variety of meals.

You can then offer your services to events, meetings, individuals and birthdays, either through social media or by word of mouth since you may not have money to run adverts.

As part of a starting off experiment, your first set of customers can be your family and friends, so as your business expands, you can widen the scope of your clientele.

With business expansion comes a change in operations, and what that means is you will need to buy bigger or more cooking equipment and likely rent a shop or use food trucks.

A vital tip to starting and succeeding in any business is to be determined, have a strategic mindset/plan and do regular market research to equip yourself on how to improve and better than your competitors.

For those who have been challenged with figuring out businesses you can start without having millions, hopefully this article helps you.

To start any business and excel in it, you need good business ideas like the ones mentioned above. And also need to be creative and strategic about any business you want to start.

Entrepreneur