• Saturday, March 02, 2024
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Businesses Nigerians can set up with N100,000 amid inflation

Explainer: What FG must do to save businesses

With accelerating inflation and high unemployment, a large number of youths in Africa’s biggest economy are seeking what to do with the little they have saved or can easily lend from family and friends.

However, many still Nigerians look at the country’s tough business environment, inflation, and weak naira, and then conclude that there is nothing a little amount of money can achieve and this prevents them from venturing into small businesses.

The good news is that there are some businesses you can set up with N100,000. And Start-Up digest will list these businesses you can easily start with N100,000 and what is required.

Point-of-Sale (PoS) business

Point-of-Sale is one of the most lucrative business ventures for entrepreneurs as the country moves to deepen its financial inclusion penetration and go cashless. The process of starting a PoS business is easy and can be completed within two weeks to a month, provided you meet the requirements of the host bank.

To start a business like this, experts say the amount of money will range from N80-100,000 including money to get the PoS machine. This will also cover expenses in getting other logistics needed to start the business.

This is one of the most important things you must have thought about when deciding to run this business. A strategic location is a place where there are a good number of people who will need to perform simple financial activities.

Remote areas, student environments, markets, and places where banks and automated teller machines (ATM) points are far from the people can be a perfect location to begin the business.

Read also: Navigating inflation in Nigeria: Strategies to ensure business success

Laundry and cleaning services

Laundry requires a washing machine, soaps, iron, laundry basket, starch, regular water supply, and electricity. All is needed to ensure you use the iron any moment there is an electricity supply.

A 5kg top load twin loader washing machine currently sells for N70,000 on Jumia and will be cheaper in the open market. What matters most in this business is your ability to handle clothes or dresses carefully.

Two to three months of training is required to learn the latest innovations in dry cleaning and have an in-depth understanding of the industry.

There is a huge market yet to be exploited in this industry. Several motels, guest houses, and hotels do not have laundries so there are still opportunities for anybody who liaises with them to take care of guests’ dresses or clothes.

For cleaning services, there are growing opportunities in home cleaning, schools, public places and event centres. There is also high demand for post-construction cleaning services which youths can render.

Fashion and Design

Despite the industry being highly competitive, there are still opportunities for new entrants with creativity and dexterity. Currently, there is an awakening in wearing locally made clothing.

Dress-making requires a sewing machine, needles, measuring tape, a pair of scissors and other accessories. A manual two-lion sewing machine sells between N90,000 and N98,000 on Jumia. This is cheaper in any open market across the country.

You can stay at home to work, as you do not necessarily need to have a shop as a start-up. The easiest way to grow in this business is to patiently learn it for between six months to two years.

The longer you learn, the smarter you become. The key word here is ‘patience’. After your fashion school, try your skills on the people around you, even if it is for free. If you do good jobs, you will get referrals even if you work at home.

Read also: Inflation pressure heightens Nigerians cost of living

Event Planning

Weekly, there are weddings, burials, political gatherings, and other social events. These require efficient planners that can satisfy guests with minimal resources, thus providing businesses for players in the sector.

A start-up does not necessarily need to own the accessories needed for decoration right away as they are easy to hire. All you need is to promote the business using social media platforms.

“When I started my event planning business in 2019, I had very little capital but I leveraged social media to promote some work I did for free then,” said Esther Eruata, founder of Banksblue Events.

This initial investment allowed me to secure essential resources and lay the groundwork for a successful event planning venture.”

“Over time, our dedication to delivering exceptional experiences has not only generated revenue but also attracted new clients and opportunities, helping the business to grow organically.

Since starting, the business has grown steadily and has witnessed a significant evolution and expansion.

Online Marketing

Social media platforms are good advertising avenues for start-ups. It is cheaper and gets immediate responses. All it takes is to take time to grow your followership. If you have a high number of followers and your followers consider you a credible source, companies can hire you to market products for them.

Apart from social media, you can market products on different online platforms for firms and earn a lot of money from doing so.

Read also: Small businesses must know how to leverage technological solutions to succeed – Diedrich

Make-up artist

Owing to the growing middle-class population and increasing urbanisation, Nigerians have continued to desire better quality beauty and personal care products as they constantly attempt to boost their image and confidence. This creates ample opportunities for creative make-up artists.

A make-up artist requires make-up accessories and does not necessarily need to own a shop as the business can be done at home. Make artists offer the following services: lash extensions, semi-permanent brows, pedicures, nails, tooth gems, teeth whitening, and training. It also sells lash products and wax kits for hair removals. Six months to 1-year training is required before venturing into the business.

“I started my business in 2018 as a makeup artist after I took part in makeup training, which cost N90,000 then,” said Olubukola Ahmadu, the founder of Mobie’s Beauty Place.

Two years later (2020) she officially opened a beauty studio where she offers other added beauty services. Olubukola said she grew her business through Instagram, WhatsApp and frequent referrals from clients, family and friends.

“I took upgrade courses to keep me in check and updated to render better services to my clients, which has helped the growth of my business.”