While people may struggle with how to raise capital to start a business, others may have this capital but won’t know the type of business to venture in. In this article, I have compiled a comprehensive list of businesses you can start from under 3.5million naira.
Here is the list of 20 businesses you can start from under 3.5million naira –
- Fish Farming – Fish Farming is rearing fishes commercially in tanks, ponds, or enclosures to be sold as food. If you want to go into fish farming, you need to make provision for the fish house; it can be a tank, a pond, a tub. Etc. You also need to buy the young fishes and food for the fishes. You will fill the enclosure with water (which would be changed regularly), and feed the fishes daily. When they are grown, you can sell them for good prices and make your money.
- Food processing – this is getting food raw materials and processing them to foodstuffs; like cassava to garri, fufu, flour; banga to red oil; cocoa to beverages, etc. You can get those raw food materials at cheap prices from village farmers, process them, and sell at profitable rates to wholesalers.
- Furniture business – you don’t have to be a carpenter to start this business. All you need to do is get a talented carpenter to make the furniture for you, then you showcase them in your showroom and sell at your own price to customers.
- Hotel business– you can build a small hotel which would have 8 to 10 suites, a restaurant, and bar with less than 3.5 million naira; then start making your money as people check-into your hotel, and make use of the restaurant and bar.
- Sales of vehicle’s spare parts – you can import vehicle’s spare parts to sell in Nigeria; they can be brand new or tokunbo (fairly used).
- Dry cleaning services – this business is very easy to start and keep going. It can also be easy if you have the right equipment. You would need a washing machine, clothes dryer, a good pressing iron and ironing table. With these equipment, your job will be easier and you would be reliable to your customers.
- Buying company shares –you can invest in well known companies by buying shares from them and become a shareholder; then you will profit from any returns that comes to the company.
- Transportation business – you can start this business by getting vehicles like trucks, buses, or tricycles – keke napep; then you can either drive and make money, or give them out on hire purchase where the returns would be more than the price you got them; or simply give them out for renting, where the driver has to balance you everyday.
- Loan service business – you can start up a loan service business where you can loan money and get it back with interest.
- Start up an educational center – you can start up an educational center like a nursery and primary school, employ teachers, and subsequently you will get pupils to attend.
- Start up a daycare center – you can start up a daycare center where parents can drop their children when going to work and pick them up when returning. This needs to be a safe, comfortable and welcoming place. You need to get toys, sitters, beds, and hire a nanny or nannies who would help you take care of the children.
- Sales of building materials and equipment – you can make a lot of money from selling building materials and equipment. Your business location should be in building sites, as that is where you would make lots of profits.
- Wholesale and retail all-purpose shop – by an all–purpose shop I mean a shop where you would sell almost all the basic things people buy daily; that consists of food items, drinks, detergents, bottle or sachet water, biscuits, sweets, etc. You can operate this business as a wholesaler or a retailer.
- Cosmetics saloon – you can own a saloon where you sell different types of cosmetics, ranging from body cream, face cream, powder, lip stick, eye liner, foundation, concealer, and lots more.
- Boutique – you can own a boutique and sell clothes, bags, shoes, and other accessories. You can decide to import them from abroad and sell because some people may prefer foreign goods (because they are original) to locally made products.
- Sale of electrical home appliances – you can decide to own a store where you would sell electrical home appliances like air conditioners, dishwashers, clothes dryers, drying cabinets, freezers, refrigerators, kitchen stoves and gas, water heaters, washing machines, trash compactors, vacuum cleaners, microwave ovens, and electrical cookers.
- Medium scale cooking gas filling – you can open a store where you will refill gas for people. The best location for this is in streets and places that are far away from a gas filling station. You can decide to sell gas cylinders and burners alongside.
- Fashion home – just the way you don’t need to be a carpenter to start a furniture business, that is how you don’t need to be a tailor to have your own fashion home. You can employ a tailor to sew for you while you display the clothes and sell to your customers.
- Car wash services – you can set up a car wash center, and employ boys who would wash the cars. You need to locate it in a visible and busy place. You need to have access to water, and get cleaning materials.
- Computer business center – you can set up a computer business center where you would render computer related services and offer computer training to people who are interested. Your business center should have computers, printers, scanners, and other important computer hardware. Your computer business center should be situated in a busy environment like a street junction, school locations, and tertiary institution centers
Those are 20 profitable businesses you can start with less than 3.5million naira. Thanks for reading.