It is the new year and more interestingly, a new decade. Plans will be made, researches will be done, the ultimate goal will be how to start making money? And for some it is ‘how do I make more money’.
We decided to compile a list of business ideas you can start with little to no capital.
Before we list our top lucrative businesses in 2020, it’s important that you know that whether or not your business will be successful is almost 100% dependent on you.
It’s really not about the kind of business you venture into, so far you’ve tested its feasibility and you are aware of the causes of businesses failure in Nigeria. It’s your mindset towards your business – business ethics – that will take you far.
1. Mini importation
It is no news that mini importation in Nigeria is a hot business venture in Nigeria aright now. Many Nigerians are venturing into the business line.
There are people we know who started mini importation not too long ago and they are giving me interesting feedback so far.
The good thing about this business is that you can make a lot of money off it, it is highly profitable and lots of Nigerians would key into imported good that is guaranteed.
And yes, you don’t need a lot of money to start mini importation, that’s what the name – mini-importation – implies. Torchbanz.com’s How to Start Mini Importation Business in Nigeria will guide you to start mini importation business.
2. Delivery Services
With the massive increase in the number of online shoppers worldwide. Nigeria is not an exception.
According to recent research on e-commerce size in Nigeria, 65% of internet users shop online in Nigeria.
24% of internet users are expected to shop online in the nearest future. While 89% of internet users are potential online shoppers.
What does this signify? Since online shoppers will increase in years to come, e-commerce companies would need to work with delivery companies who can get good safely delivered to customers at the right time.
That aside, many small business owners who leverage social media to sell their products need small delivery companies to help get customers goods delivered at their doorsteps.
These delivery companies are more niche based than courier services which in most cases delivers anything and are large companies.
No. Dropshipping is not the new buzzword in business; it’s actually a business model that’s very lucrative for the up and mobile business minded Nigerians.
Truth is, you can start this business with zero or small capital!
Dropshipping is a type of business model which enables a business owner to operate without maintaining inventory, owning a warehouse to store their products, or even having to ship their products to their customers themselves.
The retailer (you) partners with a drop shipper who manufactures or warehouses products, packages the products, and ships them directly to the retailer’s customer, on the retailer’s behalf.
The retailer and buyer do not get to see either does the retailer needs to have a shop to store any products or goods before making sales.
To start dropshipping, all you need is an online store which could be a website, an Instagram or Facebook account or other platforms where you display and advertise goods for potential buyers to see and make orders.
You also need to work with a manufacturer or warehouse owner where products will be sold from.
4. Co-working spaces
This is an easy way to make money in this start-up era of ours. How does it work? Very simple:
If you have an office space that is big enough, you can simply share it with fellow start-up owners who need such spaces but cannot afford to rent an entire office space or pay an entire 2-year rent.
Startups who rent co-working spaces get the spaces at a fringe of their rent budget and also enjoy the flexibility that comes with it.
Such flexibility includes a pay as you go package which means you pay for your rent daily or weekly when you use a co-working space.
You need a neat, presentable space for this business. Co-working spaces with free internet facilities and other perks are more attractive to start-ups looking for space.
5. Mobile food vendor
Food is the most important need of man. Any kind of Food business is therefore almost always a profitable business especially when the business model and strategy is well taught out.
There is a food business that is fast gaining acceptance now, even though it’s not new. It’s a mobile food vendor.
How it works is that instead of renting a space, a food business sells food in a mobile kiosk in a particular location. The kiosk can only allow for taking away services, no sit and eat offer.
The good thing about this business is that you don’t have to pay for any rent. You may need may only need local government approval for your space. Once you get a fancy kiosk, no other serious expenditures.
Mobile food vendor is definitely a business you can start with little capital and it’s profitable too.
6. Solar energy sales and installation
As of the latest statistics,
Electricity production in Nigeria reached 8,441 GWh. Compared with Russia’s 1,110,800 GWh or United Nations 4,460,800 GWh, Nigeria is a far cry!
With the epileptic supply of electricity around the country, it’s a no brainer that any alternative to electrical energy supply will flourish, especially if it is affordable.
Little wonder solar energy production, sales and installation is a profitable business idea in Nigeria.
I believe this line of business is largely untapped going by the population of energy needing Nigerians. If well structured, you can profit from solar energy sales and installation line of business.
7. Wine Production, distribution
How about you start your own wine brand?
All you need is a trusted connection with any wine-producing company located in any of the wine-producing countries in the world like China, Chile, Italy, Spain or others.
Then you will need to strike a deal with the company whereby they produce wine using your own customised wine brand name – make sure to register this name with the necessary body.
You get imported to Nigeria and become the distributor here in Nigeria. You can expect your profit margin to be gross as you are also the producer of your wine brand.
Population and the number of wine lovers in Nigeria are some of the pointers to the fact that it will be a profitable business.
Upon further research, you should be able to get the numbers and ascertain how huge the market is or otherwise.
Alcoholic wine will likely fly more than non-alcoholic – Nigerians love alcohol.
8. Become a YouTuber
Businesses like running a YouTube channel is classified under online businesses to make money in Nigeria. It’s a very lucrative online business and thus qualifies to be in this list of profitable businesses in 2020.
If you are frequent on YouTube you may have some favourite channels by now. What makes them your favourite YouTube channels? Content, of course, you love their contents.
From comedy skits to business tips, celebrity gist to Big Brother Naija updates and relationship advice, the list of YouTube content types is endless.
YouTubers make money through adverts from companies like Google and other paid-for company adverts. There are many more ways to get paid through YouTube in Nigeria.
The revenue from your YouTube channel can be up to 6-7 figure or more depending on the number of your subscribers you are able to garner and the consistency and creativity of your videos.
9. Interior decoration
Interior décor is a lucrative business in Nigeria for anyone looking to start a business, and it cost little or no money to start.
The major challenge lies in you identifying and finding your customer base. If you can overcome that challenge, you are on your way to making lots of bucks for the business.
You may even decide to add sales of items such as centre rugs, cotton, beddings and others like it.
You only need one or two customers in the beginning. Once you have those, they can refer you to others.
In fact, as an incentive, you may promise them a certain percentage if they bring business for you. Now, that’s some free business tips for you.
10. Wallpaper Sales and Installment
Wallpaper is a preferred technology by many Nigerians – who can afford it – when it comes to beautifying the house.
Durability and varieties of patterns and designs are some of the advantages of painting technology over other technologies.
You can capitalise on this trend and get a solid business for yourself.
If you want to profit more from wallpaper business, you may want to have your own wallpaper brand.
All you need do is to work with people who manufacture wallpaper in counties like China, let them produce designs in your brand name and then you will import it to Nigeria and be the distributor.
For the fact that you are directly importing by yourself and serving as both the distributor, you are able to get more profit margins.
Retail and installation are also avenues to make money from wallpaper, you want to explore all of these if you don’t have money to become a distributor.
11. Consultancy Business
If you have professional knowledge in any services like marketing, sales, career, social media, etiquette, just mention it, why not start offering your services in exchange for some money now?
A consultant is a person who is an expert in a particular field who gives professional advice to individuals and businesses in their area of expertise.
If you have a well-developed network and you are self-motivated, consultancy might just be your thing, and trust me; you can charge anything you want to charge clients as long as you are sure to give value even beyond expectation.
12. Manufacturing and sales of detergent
Capitalize on the economic situation in the country to create affordable detergent products.
Detergents are some of the most useful products in every home, rich or poor. But most of the known brands producing these items sell them at a price that many households in Nigeria cannot easily afford.
If you can make the required sacrifice to learn the skill, you could start making your own detergent. To start with, you can sell to your immediate network; your family, friends, church members and colleagues.
With the right business mind, experience, and knowledge, you could expand your business and grow to become a brand that will be reckoned with
13. Makeup Business
First off, discard the notion that only women are make up artist. I have a few male friends who operate the makeup artistry business. Not only are they good at it, they also make ends meet doing this venture.
You may be of the opinion that this business is overhyped and already saturated, but the gospel truth is that there is a large and huge market beauty business in Nigeria.
14. Shoe Manufacturing
Made in Nigeria products seem to be gaining increasing acceptance and patronage from Nigerians home and abroad about now.
One of the indigenous industries that people seem to patronise more apart from our music is Nigerian fashion including Nigerian fashion design brands and more recently, indigenous shoe line brands.
As a result of this development, lots of Nigerian youths have learnt the skill of shoemaking and a few are becoming successful shoe companies already.
But is it too late to jump on this trend? NO
With the right skill, marketing, and most importantly business strategy, you can start your own shoe line today and the rest may just be one good history.
But first of all, you may need to invest in acquiring knowledge.
15. Fashion Design
Just like makeup business, fashion design seems to be over-saturated. It is as though there is a tailor in every corner of every street.
In fact, there is always a clash of interest in deciding which tailor to give your clothes since there are too many family members friends and colleagues who claim to be fashion designers. Lol.
For these reasons, you may not be excited about going into fashion design. Well, you concerns are justified. There are many tailors around.
But the truth is, there are only a few fashion designers. Besides, most of those who are in the business now may close up soon for lack of accurate knowledge and creativity.
If you love fashion designing, you have the skill – I mean the professional training – and you have a fair knowledge of how to have a customer base, then you should consider fashion designing still.
One thing though is that it may take time before people get to know how unique your brand is and until then, you may not be able to charge as much as you would desire.
But once your brand name is out there, voila!
Of course, there is no way this list will be complete without including blogging as one of the best business ideas for 2020 in Nigeria.
I have been blogging long enough to know how profitable blogging is in Nigeria.
Yes, blogging is a business you can run full-time and pay your bills with. More than that, you can live your dream life solely on blogging.
True as the above statement is, there are ways to go about blogging if you don’t just want to pursue it as a passion.
First, you need to find a niche you find interesting. Then focus on creating interesting contents in the niche you choose. Simply be the best! Be frequent and consistent too.
To become a successful career blogger, you need to take it professionally. Get trained!
You can learn SEO tricks and tips too, this wll further improve your blogging business.
17. Clothing Customizing
Another small business idea for anyone who is looking for a business to do in Nigeria is the custom clothing line.
People love to wear their custom T-shirts and polos in different unique designs and with different inscriptions.
If you get very creative with it, you could start creating beautiful custom clothing and get the word out there through social media i.e. IG, Facebook and WhatsApp.
Custom clothing will sell in 2020 more than ever before for the very smart creative business-minded people in Nigeria, you watch out!
18. Professional photographer
When you think photography, think of the many opportunities you can create through that skill and not just taking pictures at events.
You could edit photos and pictures for brands. Start Youtube editing for the hundreds of thousands of people who need your services. You may decide to sell your photos on stock images and many other opportunities.
Left to me, photography skill has never been needed or more profitable in Nigeria and in another place than it is now.
You may want to go learn photography. If you are very creative and business-oriented, you will get value on your investment.
19. Fitness instructor
Nigerians are highly conscious of the need to keep fit, not just look good now. The rate way people are serious with their fitness goals these days is like never before. Young, old; women, men; rich or poor, everyone wants to keep fit.
If you share this value of fitness and healthy living, you could turn your passion into a profitable business by becoming a fitness instructor/coach.
This is a small business idea for 2020 and beyond that can be trusted. With a few paying customers, a nice space to train and other few logistics, you could start a business along that line. A good location for this business will be a residential area.
20. Cake business
Cake business is gradually becoming a lucrative business in Nigeria. I have a friend who ventured into the business two years ago. With every new cake she made, she became better at it. Now she makes wedding cakes and even teaches the art.
The demand of cake has increased, people order cakes not just for weddings and birthdays these days, we have ‘I am Sorry’ cakes, Congratulations cakes, Baby Shower cakes, Bridal Shower cakes, sendforth cakes and so much more. This has made the business very lucrative.
other businesses you could venture in include
- Social media incfluencing
- Event Management
- Uber/Bolt Driver
- Car Dealer
I hope you find this list informative and it helps give you an idea on what to venture into. ANd if you do not have some of these skills, but have interest in learning; your first go to should be Youtube. There is a vast wealth of knowledge on youtube, where you can learn almost anything. Now while youtube will teach you basics, you can also consult entrepreneurs who are already skilled and making it in that field for mentoship and training.
We hope this piece was informative enough.
Feel free to ask questions in the comment section, or share other ventures you feel might be lucrative.