#15 Profitable Businesses To Start With ₦70K in Nigeria

Kevin K

7 months ago

#15 Profitable Businesses To Start With ₦70K in Nigeria

What Business Can I Start With 70k in Nigeria?

Here’s a comprehensive blog post that not only addresses your request but goes a bit further to provide the necessary guidance for turning an idea into a successful business:

Are you a Nigerian entrepreneur seeking to start your own business on a limited budget? With a solid plan and dedication, you can definitely turn 70,000 Naira (70k) into the start of a thriving enterprise. This blog post will uncover several potential businesses to start with 70k in Nigeria and offer some practical advice to get you moving toward a successful business venture.

Low-Cost Businesses to Start with 70k in Nigeria

Let’s delve into a selection of profitable small business ideas suitable for a 70k investment:

a). Food and Snacks

Nigerians have a deep love for delicious food. Starting a small-scale food business with 70k is absolutely feasible.

Chin Chin: This popular crunchy snack is easy to make with readily available ingredients. Package and market your Chin Chin to offices, shops, and even online.
Small Chops: Samosas, spring rolls, and other finger foods are hot sellers for parties and events. Start with the ones you know and grow from there.
Fresh Juice and Smoothies: Create healthy and refreshing drinks using seasonal fruits. Position yourself in a good location for high visibility.

b). Mobile Phone-Related Services

The prevalence of mobile phones creates numerous business opportunities.

Phone Accessories: Sell items like phone cases, chargers, earphones, and screen protectors. With good marketing, you can be the go-to accessories person in your area.
Recharge Cards and Data Subscriptions: Offer these essential services to people in your neighborhood and even expand to an online service.
Basic Phone Repairs: Learn basic repairs like replacing screens and batteries to offer this valuable service.

c). Digital Services

Harness the power of the internet and your skills.

Freelance Writing: Skilled writers can find freelance jobs online. Build a strong portfolio and market yourself.

Social Media Management: Help small businesses manage their online presence. Learn the essential tools and marketing approaches.

Data Entry: Take online data entry jobs if you have good typing skills and attention to detail.

d). Everyday Essentials

Provide products that enjoy consistent demand.

Used Clothes (“Okrika”): With proper selection, you can start a profitable used clothes business. Focus on specific items to establish your niche.

Household Cleaning Products: Produce basic cleaning supplies like liquid soap and disinfectants, and create a reliable customer base.

Cosmetics and Skincare Products: If you have a knack for skincare, start with a few quality products that address specific problems.

e). Services

If you have specific skills or expertise, offer them on a freelance basis.

Hairdressing and Barbing: Offer simple hair care services and barbering within your community
Makeup Artistry: Enhance your makeup skills, build a strong portfolio, and offer your services for casual and special events.
Tutoring: Offer academic support to students in subjects you are well-versed in.

Key Tips for Starting Your 70k Business

Now that you have some solid ideas let’s go through some steps to help you successfully use your 70k as seed capital:

Choose Carefully

Take your time and carefully consider your skills, interests, passion, and the local market needs before settling on your business idea.

A business built around your interests or talents is more likely to keep you motivated over time.

Conduct Thorough Market Research

Go beyond basic research. Dig deep to truly understand your potential customer base, their pain points, and their spending habits.

Also, analyze your competitors – what do they do well? Where are their weaknesses you can exploit?

Create a Simple but Detailed Business Plan

Outline your business goals, target customers, marketing strategies, expected expenses, and projections.

It doesn’t need to be an elaborate document, but it should give you direction and something to measure against as you progress.

Start Small & Grow Organically

Don’t feel you need to invest all of your 70k into lavish inventory or setup. Start strategically and expand your operations gradually as your profits grow. This minimizes risks and potential losses.

Optimize Your Marketing Strategically

While free marketing options like social media and word-of-mouth are important, consider allocating a small portion of your budget to paid advertising. Target your ads carefully to reach your ideal customers.

Prioritize Customer Service

Treat every customer interaction as an opportunity to build loyalty. Exceed their expectations with your product/service quality and responsiveness to concerns. Positive customer experiences are free marketing that will bring in referrals.

Track Your Finances Meticulously

Develop a simple but effective method for tracking your income and expenses from day one. Use free accounting software or spreadsheets for accurate record-keeping.

Embrace the Power of Networking

Connect with other small business owners in your area, both within your industry and outside it. You can share ideas, support each other, and potentially collaborate for greater success.

Seek out Mentorship and Support

Find a mentor who has successfully navigated the challenges of starting a business. Their insights and guidance can help you avoid common pitfalls and accelerate your progress.

Additional Tip: Be prepared to adapt. The best-laid plans can sometimes need adjustments based on real-world feedback. Stay flexible and keep your eyes open for new opportunities, especially when working with a tight budget.

Beyond the Business Idea: Qualities for Entrepreneurial Success

While a great business idea is essential, certain mindsets and habits are crucial for long-term success. Consider these:

Resourcefulness: The ability to problem-solve and find creative solutions within limited resources will be your superpower. Learn to do more with less.
Resilience: Running a business isn’t always smooth sailing. Develop the resilience to bounce back from setbacks and keep pushing forward.
Customer-Centricity: Always prioritize your customers. Understand their needs and constantly strive to deliver excellent products or services.
Financial Discipline: Maintain good financial records right from the start. Track income and expenses to make informed financial decisions.
Continuous Learning: The world of business is ever-evolving. Stay curious and open to learning new skills to adapt and grow your enterprise.

Maximizing Your 70k Investment

Let’s explore a few more things you can do to ensure your 70k investment works its hardest for you:

Invest in essential tools and supplies: Identify the critical equipment or supplies needed for your business. Prioritize these initial investments.
Minimize operating costs: Find ways to keep operational costs low, especially when starting out. Consider home-based operations to avoid rent costs.
Leverage free resources: Explore free online courses and resources to gain business skills, marketing tips, and industry insights.
Collaborate or seek mentorship: Partner with someone who offers complementary skills or find a trusted mentor within your business field.
Focus on quality: Build a reputation for delivering high-quality products or services. Aim for customer satisfaction for repeat business and positive referrals.

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Final Words and Resources

Starting a business with 70k in Nigeria may seem daunting, but it’s definitely possible. Choose a business idea you’re passionate about, plan diligently, make the most of your starting budget, and cultivate an entrepreneurial mindset!

Here are some helpful resources that you can explore as a budding entrepreneur in Nigeria:

Small and Medium Enterprises Development Agency of Nigeria (SMEDAN): https://smedan.gov.ng/
The Tony Elumelu Foundation Entrepreneurship Programme: https://www.tonyelumelufoundation.org/
Fate Foundation: https://fatefoundation.org/

Remember, your 70k is the start of your entrepreneurial journey. With hard work, determination, and the right strategies, you can transform it into a flourishing business.