Are you pondering on what is the cheapest business to start in Nigeria? Are you looking for a cost-effective route to financial independence? If you answered yes, then you’re in the right place.
In the ever-evolving economic landscape of Nigeria, starting a business could be your ticket to financial freedom. The beauty of entrepreneurship lies in the unlimited possibilities it presents, even with a little investment.
The key to unlocking these opportunities is knowing the right door to knock on. In this comprehensive guide, we will unlock the doors to the 50 cheapest businesses to start in Nigeria today, both online and from home.
Cheapest Businesses to Start in Nigeria: ONLINE
The cheapest online businesses to start in Nigeria in 2023 include:
1. Affiliate Marketing
With just your internet connection, you can start earning money by promoting other people’s products and earning a commission.
You might be wondering, “what is the cheapest business to start in Nigeria online?”, and one answer is blogging.
With just an internet connection, a good grasp of writing, and a passion for a specific topic, you can start a blog. By creating quality content, you can attract readers and generate revenue through advertising, affiliate marketing, and sponsored posts.
Read More: How to Start Blogging in Nigeria
3. E-book Publishing
If you’re a writer looking for a cheap business to start in Nigeria, consider e-book publishing.
Self-publishing platforms such as Amazon Kindle Direct Publishing make it easy to publish and distribute your e-book globally, earning a passive income.
Dropshipping is a great and cheap online business that requires little investment. You sell products via an online store, but the supplier handles inventory and shipping. It’s one of the cheapest businesses to start online in Nigeria.
5. Content Writing
With a flair for writing, you can offer content writing services to businesses. This is a great business to start from home in Nigeria, especially as more businesses go digital.
7. Online Tutoring
If you’re knowledgeable in a subject, consider offering online tutoring services. This can be started with little to no cost.
8. Social Media Management
Many businesses need social media managers, making this a lucrative low-cost online business.
9. Graphic Design
If you have a flair for design, offering graphic design services online could be your pathway to financial freedom. Use free software like Canva or invest in professional ones like Adobe Illustrator.
10. Social Media Influencer
With the rise of social media, becoming a social media influencer has become a lucrative business.
If you have a large following on social media platforms like Instagram or Twitter, you can monetize your influence through sponsored posts and brand partnerships.
11. Web Design
As businesses move online, the demand for web designers is on the rise. If you have the skills, this is a business you can start with little investment.
12. App Development
Do you have coding skills? Consider starting an app development business. The start-up cost can be low, especially if you’re a freelancer.
13. Print-on-Demand Services
With this business model, you can sell custom designs on products like t-shirts, mugs, and phone cases without holding any inventory. Platforms like Printful make it easy to start this business with little investment.
14. Online Language Tutoring
If you’re fluent in a foreign language, consider offering online language tutoring services. You can use platforms like Skype or Zoom for your classes. The start-up cost is minimal.
15. SEO Consulting
If you’re skilled in SEO, offering consulting services could be a lucrative venture. Many businesses are willing to pay for expert advice on how to improve their search engine rankings.
16. Online Coaching
Are you an expert in a particular field? Consider offering online coaching services. This can range from business coaching to fitness coaching. The start-up cost is practically zero.
17. Become a Youtuber
If you’re comfortable in front of the camera, starting a YouTube channel can be a profitable venture. You can make money through ad revenue, sponsored videos, and affiliate marketing.
18. Online Course Creation
If you’re an expert in a particular field, consider creating and selling online courses. Platforms like Udemy and Coursera make it easy to get started.
19. Video Editing Services
If you have video editing skills, offering your services to businesses and content creators can be a profitable venture. You can start this business with little investment.
20. Resume Writing
If you have a knack for crafting compelling resumes, consider offering resume writing services. You can start this business with minimal cost.
If you have something interesting to say, consider starting a podcast. The start-up cost can be low, especially if you already have the necessary equipment.
Read Also: Online Jobs that Pay Daily in Nigeria
Cheapest Businesses to Start in Nigeria: Local Service
Looking for a business with little investment that you can operate from your local area? Here are some cheap businesses you can start in Nigeria:
1. Okrika Business
Selling used clothes, also known as Okrika, is a lucrative business that requires little capital to start. You can start this business from home or set up a small shop in your local area.
2. Recharge Card Business
Talking about the cheapest business to start in Nigeria offline, with the increasing number of mobile phone users in the country, selling recharge cards can be a profitable venture. You can start this business with minimal capital.
3. Homemade Skincare Products
If you have a knack for making natural skincare products, consider turning this skill into a business. You can start this business from home with little investment.
4. Mobile Food Vending
Food is a necessity, making mobile food vending a profitable business. You can start with little capital by selling snacks or local dishes from a food truck or cart.
5. Fashion Accessories
If you have a flair for fashion, consider starting a fashion accessories business. You can source cheap accessories from wholesalers and sell them at a profit.
6. Mobile Phone Accessories
With the high number of mobile phone users in Nigeria, selling mobile phone accessories can be a profitable venture. You can start this business with little capital.
7. Home Cleaning Services
Another easy-to-start and one of the cheapest businesses to start in Nigeria is Home Cleaning service. With some cleaning supplies, you can start a home cleaning service, targeting busy homeowners.
8. Laundry Services
A laundry service is another low-cost business that can be started from home in Nigeria.
Check Out: How to Start a Laundry Business in Nigeria
9. Personal Fitness Training
If you have a knack for fitness, starting a personal fitness training business could be a good fit.
10. Making Jewelry
If you have a knack for making beautiful jewelry, consider turning this skill into a business. You can start with minimal capital from your home.
11. Popcorn Business
Popcorn is a snack loved by many. With a popcorn machine and some kernels, you can start this business with little investment.
12. Makeup Studio
If you have a talent for makeup, starting a makeup studio could be a good fit. Start-up costs are low, especially if you already have some makeup supplies.
13. Small Chops Business
Small chops are a favorite at parties and events in Nigeria. With culinary skills, you can start a small chops business with minimal capital.
14. Cleaning Services
With some cleaning supplies, you can start a cleaning service targeting busy homeowners and offices. This is a low-cost business that you can start in Nigeria.
15. Homemade Juice Business
If you are among those seeking the “cheapest business to start from home in Nigeria”, consider starting a homemade juice business. You can start this business with little investment.
16. Liquid Soap Production
Liquid soap is a daily necessity in homes and businesses. With some basic ingredients, you can start a liquid soap production business with little capital.
17. Event Planning
If you have a knack for planning and organizing, consider starting an event planning business. This is a service-based business, meaning you can start with minimal capital.
18. Car Wash
With the right location, starting a car wash can be a profitable venture. The start-up cost can be low, especially if you do the washing yourself.
19. Tailoring and Alteration
If you have sewing skills, starting a tailoring and alteration business could be a good fit. You can start this business with little capital, especially if you already have a sewing machine.
20. Mobile Phone Repair
With the high number of mobile phone users in Nigeria, offering mobile phone repair services can be a lucrative business. You can start this business with minimal capital.
21. Freelance Photography
If you have good camera and photography skills, consider starting a freelance photography business. You can offer your services at events and create photo content for businesses.
Read More: How to Make Money as a Freelancer in Nigeria
22. Home Tutoring
If you’re knowledgeable in a subject, consider offering home tutoring services. This can be started with little to no cost.
23. Hairdressing and Barbing
Another easy-to-start cheap business in Nigeria is a salon business. With some basic tools and a good location, you can start a hairdressing or barbing salon with minimal capital.
24. Courier and Delivery Services
With a motorcycle or bicycle, you can start a courier and delivery service. This business has low start-up costs and can be quite profitable.
25. Pet Grooming
If you love animals and enjoy taking care of them, consider starting a pet grooming business. You can start this business with little capital.
26. Mini Restaurant
Food is a basic necessity, making a mini restaurant a profitable venture. You can start this business with minimal capital.
27. Daycare Center
If you love children and have space in your home, consider starting a daycare center. This business can be started with little investment.
With some land and seeds, you can start a small-scale farming business. This could range from vegetable farming to poultry farming. The start-up cost is relatively low, especially if you already have the land.
29. Plantain Chips Production
If you’re looking for the cheapest business to start in Nigeria as a student, Plantain chips are a popular snack and can make you some money on campus.
With some plantains and a deep fryer, you can start a plantain chips production business with little capital.
Cheapest Business to Start in Nigeria: Retailing
If you have a passion for selling, here are some retail businesses you can start with minimal capital:
1. Mobile Salon
A mobile salon business involves offering hairdressing and beauty services at the client’s location. This is a low-cost business that you can start with minimal capital.
2. Snack Production
Snacks are always in demand. From doughnuts to samosas to chin-chin, you can start a snack production business with minimal capital.
3. Organic Product Sales
The demand for organic products is on the rise. From organic food to organic skincare products, this is a business you can start with minimal capital.
Why Start a Cheap Business in Nigeria?
Now that you know the low-cost business opportunities that abound, it’s crucial to understand why you should consider starting a small business in Nigeria.
With the rise in unemployment, entrepreneurship has become a necessity rather than a choice. Not only does it create jobs, but it also fosters self-reliance.
More so, owning a business comes with economic benefits and offers the chance to take control of your career trajectory.
Read Also: Top Businesses to Start with 10K in Nigeria
What to Consider Before Starting a Business in Nigeria
Before you start dreaming of a cheap business you can start in Nigeria, there are vital factors to consider. Understanding the market and your potential consumers are key.
Additionally, having an idea of the start-up costs and being aware of the legal requirements and business regulations are essential aspects to examine.
With those considerations in mind, let’s dive into the crux of the matter. We will walk you through various categories such as Online Businesses, Local Service Businesses, Food Industry, Retail Businesses, Agricultural Businesses, and so forth.
Essential Tips to Succeed in Business in Nigeria
To ensure success in your chosen venture, understanding your target audience, focusing on customer service, and harnessing the power of social media for marketing are pivotal.
How to Get the Capital to Start a Cheap Business in Nigeria
One of the foremost questions on your mind might be: How to start a cheap business in Nigeria with minimal capital? There are several ways to access funds including personal savings, loans, venture capitalists, angel investors, and even government grants.
Starting a cheap business in Nigeria, whether online or from home, has immense benefits. It offers you the chance to chart your own course while contributing positively to the economy. The opportunity to achieve financial independence is in your hands.