Top 10 Cheapest Businesses to Start in Nigeria

Although there are a ton of business ideas to jump on right away, they are mostly capital-intensive. Basically, finding the perfect blend of low capital and highly profitable business ideas is somewhat of a difficulty. Fortunately, there are businesses that exactly exist between that sweet spot of being the cheapest business to start in Nigeria, while remaining profitable.

In this article, we’ve compiled a list of the cheapest businesses to start in Nigeria, discussing what each entails and their capital requirements.

Why Should I Start a Business in Nigeria?

Although it might be difficult at the initial stages, starting a business comes with several benefits. For one, you get to build something of yours, shifting your dependence off monthly salaries. Additionally, your business has the potential to become so profitable that you achieve financial freedom.

With your own business, you decide how long you want to work and when you want to work. Essentially, you’re your own boss which affords you the flexibility to do all other things in life. 

Top 10 Cheapest Businesses to Start in Nigeria

Here is a rundown of the top 10 most cheapest businesses to start in Nigeria:

1. Freelancing

Arguably the cheapest business to start in Nigeria, freelancing online only requires that you have a skill and an internet connection. With these, you can take freelance jobs, complete them and get paid in a matter of hours. However, you have to be good at what you do as competition is stiff on the internet. You can even earn in dollars depending on the client or company.

Examples of freelance skills you can render as a service include: 

• Web Design/ Software Engineering
• Search Engine Optimization Specialist (SEO)
• Graphics Design
• Content Writing 
• Social Media Manager and Marketing
• Ads specialist
• Virtual Assistant

You can use platforms like Changera to receive international payments when dealing with clients outside Nigeria.

2. POS Business

The affordability of starting a POS business is evident in Nigeria due to the ever-rising number of POS outlets. Basically, a POS business can fetch you a healthy daily income in Nigeria and you only need to purchase a POS machine. In some cases, you can even get them for free and pay in instalments. 

To get started, outrightly purchase or lease a POS machine from a service provider, fund your account and publicise your business for people to patronise you. A good strategy is to situate it in a high-traffic area like markets or areas with few banks. 

3. Affiliate Marketing

Affiliate marketing is another relatively free business to start in Nigeria. Essentially, you do not require any capital to purchase products upfront. Affiliate marketing refers to selling physical or digital products created by another person and you receive a percentage fee on every sale.

The majority of efforts in running a successful affiliate marketing business come in the aspect of marketing those products. You have to understand where your target market is and must be able to clearly communicate with and persuade them to make a purchase. 

Examples of some of the best affiliate marketing platforms with operations in Nigeria include:

• Jumia
• Konga
• Expertnaire
• Amazon
• PayPorte
• Web4Africa
• Wakanow

Recommended – How to start a small-scale business in Nigeria

4. Laundry Services

Although not as cheap as the top 3 on this list, a laundry service a relatively inexpensive to start. Essentially, it involves dry cleaning people’s clothes for a fee. You have the option of either starting on a big scale – purchasing washing machines and other automated equipment – or starting small with manual wash. Also, you can start this business from your home, saving the capital expense of renting a shop.

5. Data Reselling

This is another very popular business in Nigeria because it requires little or no capital to start. Data reselling refers to purchasing data bundles in huge amounts from network providers and selling them to people in smaller quantities. 

Basically, you can start with as low as N2000 by registering with a network provider, funding your account and making a purchase. 

6. Real Estate

Real estate business relies on your ability to sell more than your capital or business acumen. Essentially, you only need to find available properties, find a buyer and receive a percentage of the transaction fee. 

7. Blogging

As common as it may seem, blogging remains one of the cheapest businesses to start in Nigeria. Basically, all you need is an internet-powered device and a stable internet connection. However, you have to know how to write and distribute content that is in high demand and distribute them too. Search engine optimization is a very important skill if you wish to succeed in blogging.

8. Car Wash Business

Car wash business is one of those that may never go out of fashion because people will always need their car to be washed. On average, most people will rather pay to get it washed and focus on other things than do it themselves. Basically, you can start a car wash business with a space and washing equipment. Depending on the shop space and equipment grade, starting a car wash business could be really affordable.

9. Uber/ Bolt

Although this business requires zero capital to begin, you have to already have a car to use. Beyond the car, it costs nothing to start an Uber or Bolt business, which you can either drive yourself or hire someone to do so while you split the earnings.

10. Fashion Designer and Tailoring

This is one of the most popular businesses in Nigeria today due to how easy and affordable it is to start. Essentially, you only need expertise and a sewing machine and you are good to go. As clients place requests, they pay upfront to cover the cost of purchasing any materials you may need, therefore, you don’t need capital to begin. With careful planning, you can be on your way to starting a successful clothing business.

Recommended : How to Register a Business name in Nigeria

Bottom Line

There are a series of options to choose from when selecting the cheapest businesses to start in Nigeria. Ultimately, it all depends on your passion and expertise as some businesses may be cheap to start but require skills. While others, you may have to love what you do.

For most of the businesses listed above, the chances of you landing a foreign client are very high and you may need a seamless platform to receive foreign currency. Changera Business is the best platform for businesses to receive payments internationally at low costs. Get started today by downloading the app on Android or iOS stores.