With increasing inflation and severe unemployment, a substantial number of African adolescents are wondering what to do with the little money they have saved or can readily borrow from family and friends.
However, many Nigerians still believe that because of the country’s difficult economic environment, inflation, and weak naira, there is nothing a modest amount of money can accomplish, and this discourages them from starting small enterprises.
The good news is that you can start a few businesses with N100,000. This article will include the firms that can be started for as little as N100,000 and what is required.
Read also;
- SMEDAN begins ₦5 billion grant disbursement to support student entrepreneurs
- China cautions that global trade war will impact African SMEs, investment
- FG approves N120bn for vocational education, targets 650,000 youths
- Umo Eno empowers 655 small business owners, farmers in Ikot Ekpene with ₦260m support
- Fire guts shops in Kano’s Kurmi market
Point-of-Sale (PoS) business
Point-of-sale is one of the most profitable business opportunities for entrepreneurs as the country strives to increase financial inclusion and go cashless. Starting a POS business is simple and can be done in two weeks to a month if you match the host bank’s standards.
Experts estimate that the cost of starting a business like this will be between N80,000 and N100,000, not considering the cost of the PoS equipment. This will also cover the costs of acquiring other necessary company supplies.
This is one of the most significant things you must have considered while opting to start this firm. A strategic site is one with a large number of people who will need to make basic financial transactions.
Remote communities, student environments, markets, and areas with few banks and automated teller machine (ATM) points can be ideal sites to start a business.
Cleaning and laundry services
A washing machine, soap, iron, laundry basket, starch, regular water supply, and electricity are all required for laundry. Everything is required to ensure that you can use the iron whenever there is an electricity supply.
A 5-kg top-loading twin-loader washing machine costs about N70,000 and will be less expensive in the free market. What is most important in this business is your ability to handle clothes or gowns with care.
It takes two to three months of training to learn the latest advancements in dry cleaning and have a thorough understanding of the industry.
This industry has a massive market that has yet to be explored. Several motels, guest homes, and hotels do not have laundries; therefore, anyone who works with them can take care of their guests’ dresses or garments.
There are increasing chances for cleaning services in homes, schools, public spaces, and event centers. There is also a considerable need for post-construction cleaning services that young people can provide.
Fashion Design
Despite the industry’s high level of competition, there are still chances for creative and dexterous newcomers. Wearing locally manufactured apparel is becoming more popular.
A sewing machine, needles, measuring tape, scissors, and other supplies are required for dressmaking. A manual two-lion sewing machine costs between N90,000 and N98,000, and can be negotiable.
You can work from home because you do not need to establish a shop as a start-up. The simplest approach to advancing in this business is to learn it patiently for six months to two years.
The more you learn, the more knowledgeable you become. ‘Patience’ is the essential word here. After fashion school, practice your skills on individuals in your community, even if it’s for free. Even if you work from home, if you do a good job, you will get references.
Event Organization
Weddings, burials, political rallies, and other social events occur on a weekly basis. These necessitate effective planners who can satisfy guests with limited resources, generating opportunities for sector participants.
A start-up does not need to possess the décor accessories right away because they are easily rented. All you need to do is market your company on social media channels.
Online Promotion
Start-ups can benefit from advertising on social media sites. It is less expensive and causes immediate reactions. All it takes is time to build your following. Companies may engage you to sell their products if you have a large number of followers and your followers regard you as a reliable source.
Aside from social media, you can promote things for businesses on many internet platforms and earn a lot of money.
Makeup artist
Nigerians have continued to demand better quality beauty and personal care goods as they constantly attempt to increase their image and confidence as a result of the growing middle-class population and increasing urbanization. This opens up numerous chances for creative makeup artists.
A make-up artist needs make-up accessories and does not need to own a shop because the business can be done from home. Lash extensions, semi-permanent brows, pedicures, manicures, tooth gems, teeth whitening, and training are among the services provided by makeup artists. They also sell lash extensions and waxing kits for hair removal. Before entering the industry, six months to a year of training is required.
Source: Businessday
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
