What business can I start with 10K in Nigeria? Are you looking for multiple answers to this one question? Then this post is for you.
Nigeria has turned into a country where one can’t be financially free just doing one job or business, therefore making graduates looking for some side hustles to sustain themselves, and people in school looking for at least a business to start with 10K as a student.
With the economic condition of this country, in most cases, after thinking about small businesses to start, you’ll end up seeing that 10,000 Naira may not be enough, that’s why we’ve brought before you a list of some of the most lucrative businesses to start with 10k in Nigeria right now.
Well be starting with the offline businesses, if you’re here for online business you can start with 10K, just keep scrolling to the bottom, for we have them all for you.
Without further ado, let’s get started!
1. Reselling Spoilt Products
Although spoilt products are considered useless in Nigeria, it is a real opportunity for young entrepreneurs who have little to nothing to invest.
If you have Abokis that buy spoilt stuff in your area, you can buy spoilt products like generators, TV, Tyres, and even Bikes for cheap prices and resell them for a good profit.
The profit margin of this business is usually around 70% as sellers will be even happy when you buy what they consider useless and they’ll be willing to sell it at the cheapest price.
2. Recharge Card Business
One of the most popular businesses to start in Nigeria with 10K or less is a retail recharge card business.
Although a lot of individuals now buy airtime online and directly from banks, with the increase in airtime consumption in the country, there are still more people who buy recharge cards.
And with that, be sure that selling recharge cards is a business that will keep trending as long as people still make calls and buy data.
With just N10,000 you can start this business by finding a recharge card wholesaler and buying a variety of recharge cards in bulk based on the network and prices.
Depending on your location, you can get about 3 to 10% off when you buy recharge cards in bulk to resell in retail. That means N1000 recharge card can be purchased at a wholesale price of N900 to N970, making you keep a profit of N30 to N100.
Although it seems little, if you’re in an area where there’s market for Airtime, you can be making up to N2000 daily profit.
See Also: How to Make Money on TikTok in Nigeria
3. Perfume Oil Business
Looking for a fancy business to start with 10K in Nigeria? Then you should consider selling perfume oil within your neighbourhood.
Since everybody likes to scent nice you should be sure that this business will fetch you a lot of profit starting with just a capital of N10,000.
To start this business, you’ll need to find a perfume oil wholesaler, negotiate to buy a bundle of fragrances that should cost less than N10K, purchase as much as your money could buy, and start selling.
Start selling? Yes, you can advertise on social media or take it to firms like banks, schools, and small offices in your area.
With those advertising channels, you can resell your fragrance for a good profit. For example, if you buy 24 bottles of perfume oil for N10,000 and sell each for N750, your total sale will be 18,000. This means you’ll keep a profit of N8000.
4. Reselling London Used Clothing
Firmly speaking, this business is simply referred to as the Okrika Business.
It is said that over 60% of Nigerians where second-hand clothes, so boutique owners too usually fill their shop with “First Grade Okrika”.
Just think about it, if the business isn’t insanely profitable, why would a boutique venture into it?
Therefore, you too can start Okrika business with just a capital of N10,000. The best way to start this business is to find someone who is already into it, and build a business relationship with them.
I would have loved to say you should go and buy it at wholesale prices by yourself, or directly ask the person to lead your way to where you can get these London-used materials for cheap. However, due to your budget, you can start by buying your first clothes from a retailer you’ve already built a relationship with.
All you need to do is to negotiate more and ask for a cheaper price on those items, and you can scale from there.
After getting the items, just package them more and advertise them on social media. You can also advertise the clothes to your neighbours, as that is the best place to start.
5. Small Chops Business
Another N10,000 business idea in Nigeria is the small chops business.
What does this means and how does it work?
If not in your area, I guess you’ve once seen guys selling puff puff, Akara, fried plantain, doughnuts, mini cakes, etc. That’s what a small chops business is all about.
Theoretically, it may seem not profitable after thinking about the cost of cooking gas, frying pan, and all the materials and ingredients that are needed to kick start this business. But practically, it is very profitable if done the right way.
An example is an Igbo guy in my area that started this business with a 3kg cooking gas, a small pot, and about 10 cups of flour with some ingredients two years ago. Of course, all that isn’t up to N10000, but now, he is making a good profit and has even employed some works where they all make puff puff worth about a bag of flour every day.
So, you too can start this business with just N10,000 pick from any of the small chops examples that you know will sell fast (usually puff puff), then go online, read some manuals and watch some practical tutorials on how to make these chops, then you can start the next day.
6. Trading Farm Produce
No matter where you live in Nigeria, farm produce is worth more at home and on the street than buying it at Farmer’s market.
So, if you have a Farmer’s market around where you live, this is a great opportunity for you to turn N10,000 into N12,000 in just a day.
How is that possible?
Get your N10K, go to a Farmer’s market close to where you live, purchase farm produce such as a stalk of banana, a basket of tomato, and possible some tubers of yam, then move them out of the market to sell at your area or another maker where things are more expensive.
If you’re wondering if this will work, I would say it depends on you and where you live. But this business model usually works in a place like Lagos. In fact, it made the list because this is what one of my Aunts does for a living.
7. Start A Laundry Business
Rendering laundry services is another lucrative business you can start with 10K in Nigeria.
If you’re living in an area where there is good electricity, you can start a laundry business where you’ll wash and/or iron clothes for people and charge them for your service.
After looking at the cost of a washing machine, pressing iron, and other laundry materials, you may think that a N10,000 capital cannot start this business. Buying all the needed materials in a second-hand state will definitely help in kick starting your laundry business.
With N10,000, you can get a second-hand mini washing machine for N5000 to N7000, and second hand pressing iron for N1500 to N3000, and use the remaining money to buy other materials such as detergent, and starch.
With that all ready, you can go from house to house seeking if they need a professional laundry service where you could charge up to N500 per cloth.
8. Tutoring Business
If you’re a graduate that is yet to get his/her dream job but has N10,000, you can start a tutoring business to just while away time.
This business model is one of the most profitable especially for young graduates. The torturing business can be categorized into two forms which include private tutoring, and lesson tutoring.
For private tutoring, you’ll need to be in an area where education is highly prioritised. Examples include living close to an estate.
All you need to do is find a designer that will help you design and print flyers and banners which should cost about N5000. Find a spot at the front of the estate to place your banner, and use the remaining money to run ads.
Within a week or two, you should get your first client, and the payment you get will surely make you break even, and then you can scale from there.
The second type of tutoring business is lesson tutoring. This one usually works during the SSCE period as many students tend to register for a lesson class in preparation for NECO, WAEC, and even JAMB.
All you need to get this started are bunches of past questions and answers textbook. You can get all that for less than N10,000.
Once that is ready, you can start by telling some students you know are preparing for those examinations about your lesson, and ask them to invite their friends.
I could remember the last time I went for such a lesson, I pay N100 daily, and we were about 30 students in the lesson. Therefore, you can earn up to N3000 per day just tutoring students.
ONLINE BUSINESSES TO START WITH 10K IN NIGERIA 2023
9. Forex Trading
Seeking what online business to start with 10K in Nigeria? I’d like to start by telling you trading forex is one of them.
Forex trading simply means buying and selling currency to make a profit. The profit margin while trading forex is insanely high, as you can turn N10K into N100K in just a month if you master forex.
Although very risky, Forex trading can be started with just a capital of N10,000 if you use the right brokers such as OctaFX, Exness, and/or ZM.
Keep in mind that over 90% of traders lose money in the forex market, so if you don’t know how to trade, you may lose all your N10000 in just 1 hour.
10. Start A Blog
As more people search for news, daily trends, and useful information such as manuals and tutorials, blogging has become one of the most profitable businesses to start with 10K at home in Nigeria.
I guess you know that what you’re reading now is a blog post. Yes, Nairarush is a perfect example of a blog.
With less than 10K, you can start a blog where you can post about what you love, share the latest news, or teach people how to better their lives by publishing health and business related content.
Since you already have a N10,000 capital, all you just need to do is buy a domain name and launch your website on one of the best hosting companies.
That’s it. Once your site is live, you can apply for ad networks, and affiliate programs to start making money from your site.
11. Become A Freelancer
Freelancing is one of the always trending business ideas that can be started with N0 to 10K in Nigeria.
If you have writing skill, or you’re a good graphic designer, an awesome songwriter, or you have any needed skill, you can invest N10k in yourself and start making money.
Freelancing is simply a business model where you get paid to render your professional skill to people who really need it. Once you have any skill you know is worth getting paid for, you can just sign up for freelance platforms such as Fiverr, Freelancer, Upwork, etc, list your services and wait for an order where you’ll get paid for your work.
12. Start An Online POS Business
POS business is one of the trending business models in Nigeria, as POS agents can now be found in almost every household.
Wait, what does online POS mean?
Online POS is the newest form of rendering a cash withdrawal and deposit service, including bill payments and airtime purchase service for other people online.
The most popular form of POS business is to apply for a POS machine from banks and online fintech companies. However, with the application of new techniques, you can offer deposit, withdrawal, bill payments and airtime purchase services right from your phone.
All you just need is to download the PalmPartner app, sign up, fund your account with N5000 for deposit and keep N5000 on hand for withdrawal.
To get a good profit, you must make sure that you’re not doing more than N3000 per transaction, where you’ll charge N100, and get up to N500 profit on your N10,000 investment. Once you’re out of funds, you can refund your account at the back for free.
For every transaction, you’ll also earn rewards from PalmPay which you can withdraw at the end of the week.
Don’t Miss: How to Make 5K+ Daily With PalmPay
13. Become Data Reseller
The last three 10K business ideas discussed are mainly for students, so as this too. Therefore, if you’re seeking what business to start with 10K in Nigeria for students, why not resell browsing data?
Yes, this business makes a good profit as a friend of mine studying at Unilorin consistently makes N5000+ every week just reselling data.
According to him, this business model is one of the easiest to start as a student because you’ll always get customers within your school, campus, among friends and even outside school if you do it consistently.
There are tons of platforms online that sell data for cheap prices, therefore all you need to do is research and sign up for a trustworthy one, fund your account, and then start buying data from them and resell to other people.
Depending on the network, you can purchase 1GB of browsing data for around N200, and you just need to resell it for N250 or N300 to make a profit of up to N100.
14. Trade Social Media Pages
One of the business students who want to make money online with a capital of 10K can venture into social page flipping.
The idea here is very simple, as all that is needed to be done is to go to Facebook, and/or Instagram, look for a theme page that is Nigeria based, contact the page owner and ask if they would like to sell their page.
This strategy often works with Facebook pages and groups. You can join some Nigerian Facebook group (bloggers group) and easily find users who want to sell Facebook pages and groups for cheap prices.
Just contact the user and negotiate based on your budget. Once you successfully purchase the page, you can keep and grow it for a week or two, and then sell it for profit.
I often do this when I find huge pages with tons of followers. Based on my experience, the profit margin of this business is usually 25 to 50%. That is when you buy a page of N10000, you can be looking to sell for N12,500 to N15,000.
10K Business Ideas – FAQs
What kind of business can I start with 10K in Nigeria?
With 10K, some of the businesses you can start in Nigeria include laundry business, sales of recharge cards, production and sales of plantain chips, doughnuts, pancakes, etc. data reselling, Okrika business, and tutoring is also among others.
Which online business can I start with 10K in Nigeria?
Online businesses you can start with 10K in Nigeria include blogging, freelancing, forex trading, social media page flipping, and online POS.
What profitable business can I start with 10k?
The most profitable business you can start with 10K is blogging, as you can become a millionaire in the first twelve months with just a little risk.
What can I do with 10000 Naira?
With 10000 Naira, you can start a blog, invest in the forex market, start a laundry service, buy and resell spoilt items, etc.
What should I invest 10k in?
You can invest 10k in the forex market, with a good understanding of forex, profitable strategy and proper risk management, you can turn it into 100K in just a month.
What business can I start with 10K as a student in Nigeria?
As a student, some of the businesses you can start with 10k in Nigeria include data reselling, perfume oil business, blogging, freelancing, and part-time laundry business.
Having another source of income is a very good thing, especially with the way the country is. With this post about the business to start with 10K in Nigeria, I believe your head is filled with business ideas.
We’ve done our part by bringing you the needed information, to make our information valuable, you need to do your part by taking action and starting any of the businesses listed in this post.