Many young people in the largest economy in Africa are looking for ways to spend the meager amounts of money they have saved or can readily borrow from family and friends due to the continent's high unemployment rate and rapid inflation.
However, a lot of Nigerians still believe that there is nothing a small amount of money can do, which discourages people from starting small enterprises. They base this belief on the difficult business environment, high inflation, and weak currency of the nation.
The good news is that you can launch some enterprises with N100,000. Additionally, the Start-Up Digest will identify the firms you can easily launch with N100,000 and the necessary resources.
Point-of-Sale (PoS) business
As the nation works to further its penetration of financial inclusion and transition to a cashless society, point-of-sale is one of the most attractive economic endeavors for entrepreneurs. If you meet the requirements of the host bank, creating a PoS business is simple and may be done in two weeks to a month.
According to experts, you will need between N80,000 and N100,000 to start a business like this, including cash for the PoS machine. Additionally, it will pay the cost of other startup-related logistics.
You must have given this one of the most consideration before selecting to run this firm. A key site is one where a significant number of individuals will need to conduct basic financial transactions.
The best sites to start a business can be in rural areas, student environments, markets, and locations where banks and automated teller machines (ATM) terminals are remote from the population.
Laundry and Drycleaning Services
A washing machine, soap, iron, laundry basket, starch, consistent water supply, and electricity are needed for laundry. You can use the iron whenever there is an electrical supply if you have everything you need.
In the free market, a 5 kilogram top load twin loader washing machine will be less expensive than its present price of N70,000 on Jumia. Your ability to handle clothes or gowns delicately is what matters most in this industry.
It takes two to three months of training to fully comprehend the dry cleaning industry and the most recent technological advancements.
In this sector, there is a sizable market that has yet to be explored. There are still opportunities for anyone who communicates with them to take care of the dresses or garments of guests as many motels, guest houses, and hotels do not have laundries.
Homes, schools, public spaces, and event venues all offer expanding prospects for cleaning services. Additionally, there is a great demand for the post-construction cleaning services that young people may provide.
Fashion and Design
Despite the industry's intense competition, there are still chances for innovative and skillful newcomers. Wearing locally manufactured apparel is becoming more popular right now.
Sewing machines, needles, measuring tapes, scissors, and other tools are needed for manufacturing dresses. On Jumia, a manual two-lion sewing machine may be purchased for N90,000 to N98,000. Any free market across the nation has this cheaper.
You don't absolutely need to have a store as a start-up, so you can work from home. Learning this industry gradually for six months to two years is the best approach to advance.
You get smarter the longer you learn something. 'Patience' is the essential word here. Try out your newfound fashion sense on those around you, even if it's for free. Even if you work from home, you will get recommendations if you do well.
Events and Planning
Weddings, funerals, political rallies, and other social events happen every week. These call for effective planners who can please visitors while using few resources, creating opportunities for companies in the industry.
Since they are simple to hire, start-ups are not need to own the accessories needed for décor right now. All that is required is social media marketing for the company.
"I had very little money when I started my event planning business in 2019, but I used social media to promote some work I did at the time for free," said Esther Eruata, the founder of Banksblue Events.
laying the foundation for a successful event planning project.
"Over time, our commitment to providing excellent experiences has not only created income but also drawn in new customers and prospects, assisting the company's organic growth.
Since its beginning, the company has experienced consistent growth as well as substantial change and expansion.
Online Marketing
For startups, social media networks are effective advertising channels. It is less expensive and receives quick responses. Take the time necessary to increase your following. Companies may pay you to sell their products if you have a large following and your followers regard you as a reliable source.
You may promote things for companies on a variety of internet channels other than social media and make a lot of money doing it.
Makeup Artist
Nigerians have continued to want higher quality beauty and personal care goods as they continuously work to improve their image and confidence due to the growing middle-class population and growing urbanization. For imaginative make-up artists, this opens up a lot of potential.
A make-up artist needs cosmetics, but they are not required to own a store since they can operate from home. Lashes extensions, semi-permanent brows, pedicures, manicures, tooth gems, teeth whitening, and training are among the services provided by make-up artists. Additionally, it offers waxing kits and lash supplies. Before entering the firm, training should last between six months and a year.
Due to an expanding middle class and increasing urbanization, Nigerians have continued to desire higher quality cosmetics and personal care products as they strive to boost their self-esteem. This offers a lot of opportunity for creative makeup artists.
A make-up artist needs cosmetics, but since they can work from home, they are not necessary to own a store. Among the services offered by make-up artists are training, pedicures, manicures, tooth gems, teeth whitening, and semi-permanent brows. It also provides waxing kits and eyelash supplies. Training should span between six months and a year before starting at the company.
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