As we all try to recover from the COVID-19 pandemic, we seek to find a better business which can yield us a better profit. Most states in Nigeria especially in Lagos has series of lockdown stopping people from from work and local businesses. Some companies had to reduce their workers and staffs because of the financial challenged faced by such companies, making them unable to pay salaries.
The country and even the world at large have series of financial issues and individuals are seeking for a better way of investment to acquire better income. The government of Nigeria are adding more weeks of lockdown which closed down businesses and companies during the pandemic period without adequately aiding affected individuals with some basic supports even though we see how government of other countries made substantial effort in the living standards of their individuals. Most families kept up with the struggle by running little business at home to earn little income. Some even sell off their assets at a devalued rate just to maintain their standard of life.
Everyone is seeking for a better opportunity as they try to revive from the pandemic. Those sacked from work, and those who can no longer continue with the initial business because of low return seek for better business opportunities to part with. In Nigeria, the best way of life is the best way to survive. When you looseguard from a better opportunity, someone smart enough will definitely take over and may achieve better. So why not take a pace and start up something better…
They’re are some reasons people do fail in business and miss out some better business opportunities. But the determination counts a lot.
Business To Startup With Little Capital For Better Profit
I must tell you that making success from business isn’t that easy. The only determination is your effort towards such business. So i can tell you, no business in Nigeria worth that small. Let me give you an instance; A pure water seller who hawks in the street and a pure water seller who sells directly from stores in bags both business owners cannot be rated the same. Or a food seller who hawks, a food seller who stay at road side and a food seller who owners a restaurant cannot the rated the same as well starting from the price of the food, the quantity or even the mode of service.
Now we understand that no business can be rated small. It only depends on the method the business man or woman acquire in running such business. Lets see some business ideas needed with little capital.
1. Online Business
This is one of the most rear business practice. Though is it practiced but not valued by most Nigerians. This is a type business you earn through the internet mostly from the comfort of your home. Most internet business don’t require much amount of investment to achieve and it mostly demand for expertise and better knowledge.
They’re many businesses to venture online:
- Website Development or Design
- Affiliate Marketing
- Online product Sales etc
These businesses requires little capital to start up and will definitely yield great result from the income, work popularity and a good reputation.
2. Trading Opportunities
Trading is simply buying and selling of goods and services for profit motive. This is the common and most practiced business business among Nigerians. So lets say, you buy a product for N100 and resell for N150, so we say you made a profit of N50. That profit is the main reason for your investment. One good thing about trading is that one can depend solely on daily sales to cover up his own expenses for that day, unlike a salary worker who wait till the agreement day of payment before he can get his salary which the remuneration is commonly made once a month.
Lets say you made a profit of N50 per sale and you made 10 sales that day (N50x10 = N500 profit). Now you made N500 profit in a day and you covered expenses of N200 that day. You have achieved in saving N300 that day. Now a salary worker who get paid N5,000 at the end of the month having both outstanding and future expenses to cover might not have proper saving that could sustain him.
They’re trading business to start up with which could require little income:
- Phone Accessories: Selling of related phone products is one good business. Like phone chargers, screen guide, earpiece, head sets, phone batteries, airpods etc.
- Selling of Second used cloth, Bags and Shoes: Like its commonly known as okrika wears. Its is the most patronized wears in Nigeria. Though the cloths are valued based on grades, the higher grade cloths are more expensive than the lower one. Based on which grade your money can afford for a startup, you can choose wisely. Also shoes and bags too have better patronage. In Nigeria, we see second used or fairly used shoes and bag as more better quality than a new low quality bags and shoes. So most average Nigerians use more of okrika shoes and bag than of new ones. The patronage too will be great if selling shoes and bags.
- Airtime Sales: The daily used of airtime among Nigerians is getting high on a daily basis. This is another good option for a startup.
- Provision Stores: Here you sell related daily needed items for household. This is also a good idea to start up for a better living.
- Selling of Foods Stuffs: As food is much more demanded by household, they choose to buy raw food to be prepared at home. This is a common daily need and it’s also a good business idea to start. Most Nigerians mix food stuff selling with provision shop. Its also favorable as well.
They’re a lot of trade businesses to engage in and this is just few i captured. So start one you feel you’re capable of doing.
3. Semi-skilled Work (Handwork)
This type of business is commonly known as handwork business among Nigerians because its a work that requires both hand and body to function actively to achieve the required result.
Semi-skilled business requires little training with little or more practice for perfection. This type of business requires mostly little income to start up after been perfected with the required skills.
Business of such may include:
- Setting up Decoders for homes. Like DStv, GOTv etc.
- Tailoring Business – Sowing of cloths for people or uniforms for organizations like schools, church, business offices etc.
- Graphic Designs Work
- Sim Registration business
- Dry cleaning
- Backery Business – Making of cake, snacks and other eatables which are baked with flour. Business like this progress in personal selling, for occasions or for an event.
- Agriculture – Involving in planting of crops either food crops or cash crops for sale. It can also extend to rearing of animals for further production or to be sold for meat.
- Barbing & Hair dressing Salon
They’re also a lot of business that require little skills to start up outside this mentioned.