The truth is, some of these small business ideas are neither ingenious or new. But by having street smarts, the right team, risk tolerance, passion and perseverance, they can become multi-million naira (or dollar) enterprises.
Here are 10 small business ideas that will have you raking in millions in no time.
With a population of over 170 million people, the Nigerian agribusiness sector is one of the largest in Africa. A population explosion in the next few years has been predicted, making the agribusiness industry a more lucrative business option to consider.
Already, many sub-sectors of the industry like poultry farming, fish farming, farming, cassava farming, palm oil farming are already churning in millions for successful farmers in their fields. There are thousands of small business ideas in agriculture to venture into.
What you need : An extensive market research and a high yield agribusiness idea to focus on.
2. Web Design Agencies
These days, nearly all businesses are jumping on the online scene. This means one thing – they all need websites and that is where you can come in. This gap in the web design space poses an opportunity for several web design agencies or aspiring entrepreneurs looking to go into web development.
As a web designer in Nigeria, you can promote your agency through SME events, blogging, social networks like LinkedIn, and several other channels. Helping the millions of small businesses springing up to create great web designs and set up blogs on WordPress or Blogger can be real money-spinners.
What you need: A computer, good web design skills, a portfolio, and various channels to reach potential clients.
Nigerians (especially those who can afford it) take education seriously. The typical sequence is Daycare Centres, Nursery schools, primary schools, secondary schools, and universities. This is definitely one good investment potential for any entrepreneur.
What more, you can decide to invest in the non-traditional education sector like special education, adult education, educational websites, educational technology, and even educational resources. There is a very wide scope to cover in this industry to keep the bucks coming in.
What you need: Pick an education niche and get trained for it. Start investing.
4. Retail Stores
With basic needs of clothing, groceries, medication, and a lot more, being a part of the average person’s daily life, the retail store industry in Nigeria deserves a second look in terms of investments. It doesn’t have to be large, even with a small retail store, you can still generate substantial revenues.
For a start, you set-up a small store that focuses on groceries, fashion items, or one of the other diverse categories. Starting a retail store carries it’s own cost implications but it is very lucrative all the same. Ask SPAR, Shoprite, Health Plus, and the likes.
What you need: Understand the market, know what sells, and position yourself to claim a bulk of the customers.
5. Digital Advertising Agency
With hundreds of small businesses cropping up in every sector, staying afloat can be a huge task. This is where advertising agencies come in. As an advertising agency like Anakle or Wild Fusion, you can help businesses grow their customer base by creating compelling online and offline campaigns.
Companies are usually eager to pay lots of money to grow their brands faster. So, if you’re an experienced copywriter, partnering with a few other copywriters and a really good artist could get your creative agency running in a short time.
What you need: Learn how to build apps or games and have good knowledge of how to organize quality/creative campaigns that would go viral.
6. Mobile App Development Agencies
While not all Nigerian companies use custom-built mobile applications to engage with their customers, thousands are constantly looking for skilled mobile app developers to bring their ideas to life. This need for mobile application development in Nigeria is now high, making it really lucrative.
An average mobile app in Nigeria could cost between N300,000 to N3,000,000. Handling multiple projects at the same time could mean raking in millions.
What you need : Being tech-savvy, mobile application development skill and multi-tasking skills.
7. Mobile Phones
Retail or online mobile phones store owners millions from just selling mobile phones to the ever-growing Nigerian market. Companies like SLOT have the goodwill, the largest customer base and the money from just selling phones.
With a popular and lucrative small business like this, you can try out various marketing strategies like offering mobile phone deals to entice many more individuals to patronize your smartphone business.
What you need: Start by selling cheap mobile phones.
8. Real Estate
With several real estate companies in Nigeria now focusing on either residential or commercial real estate, the opportunities in the industry are simply growing.
What you need: Customers service skills, sales skills, and keeping up with daily real estate news.
9. Startup Loan service
If you have a little extra cash to spare, you could start up a loan service for small business owners who hit gridlocks while trying to secure loans from banks and other financial institutions. Due to the heavy load requirements set by these financial institutions, many startups are hardly eligible for loans.
As a startup loan service company, you can provide short-term loans with far lesser restrictions to budding businesses.
What you need: Some extra cash, risk tolerance, and a lawyer.
10. The Stock Market
Of course, there is the inherent risk of heavy losses, but the stock market is fairly lucrative if you make good stock bets. Before deciding on what stocks to buy, study the company’s short and long-term progression, talk to your stockbroker, a financial expert, or even a friend that’s been trading successfully in the stock market for a long time.
With the right predictions, investing in stocks can make you a millionaire. What you need: An understanding of market trends and an experienced stockbroker. You must be raring to go start one or two of these businesses! Share your thoughts in the comments section.