15 Small Businesses You can Start with Less Than 200k
Through TTE social media channels, we have been receiving messages from our followers requesting information on any small business they can start with Two Hundred Thousand Naira (N200,000).
These requests from our analysis came from mainly undergraduates, Corp members and young Nigerians that are struggling through life to make ends meet.
I and my colleague have been giving feedback based on our little knowledge on starting a new business in Nigeria.
Today, I have decided to list 15 small businesses any interested startupper can venture into and if such an individual will give the listed businesses due diligence and commitment, s/he will smile to the bank every month.
This post will be as brief as possible but before I list these small businesses for young individuals in Nigeria, I want us to note that I don’t advice my readers to start any type of business simply because the funds are available. There are few things I will like you to consider before starting any business.
1. You must consider first what you love doing i.e. what you have passion for that come rain or sunshine you will stick to, nurture carefully and watch it grow. You know in business, there are ups time and downs time, passion will help you persevere. In other words, list you interest, skills and access you personality.
2. Your environment: Is that business going to sell in your planned location of establishment? This also matters a lot as what will sell in location A might not be a good choice for location B.
3. What will be your plan for the business? Do you have a goal to achieve?
Will you like it to be incorporated? Do you intend to sustain the business or just need a business that will be sustaining you until you get a pay job?
4. Ask yourself, can I sell? If you can’t, you need to learn how to because business is about selling (Be it a product or service).
5. Now, you should also determine how much risk you can take.
Until you answer these questions, you will be closer to knowing what business you can do.
Listed below are profitable small businesses you can start with 200k that are thriving in Nigeria today.
- Open a Restaurant.
- Start a Fumigation Business.
- Laundry and dry cleaning services.
- Starting your own home services.
- Importation of wears.
- Livestock farming.
- Car wash center.
- Corporate cleaning services.
- Event planning.
- Barbing salon.
- Web design Services, graphics design and social media branding (If you are IT inclined).
- Fashion, cosmetics and fragrance business. (You can own a shop and distribute for companies like FM or Oriflame).
- Online affiliate marketing.
- Daycare center.
- Retailing business (like Rice or Indomie whole-selling).
Now I do not know what you love but I know it may not go beyond these few listed business opportunities.
If you need further explanation on any of the above listed small businesses, advice on how to start or a business plan, kindly message us.
I have also included below this post an Infographic of the 15 Small Businesses you can Start with Less Than 200k. You can download for easy access to this article anytime using your mobile.
Remember, you can set up any of these businesses and employ other experienced individual to do the work while you manage and supervise CLOSELY.
If you’re looking for small business grants, check out this article for some funding options available for you.
Here are some tips on how to raise startup capital for your small business.
As a small business owner, the best way to scale your business is through saving and re-investing your profit. I have carefully selected some top online savings platforms that pay you high interest better than the banks and you can access your money in a short period for your business. Check them out.
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- Startup Lessons for Young Entrepreneurs