In actuality, some of these small company concepts are neither original nor brilliant. However, with the appropriate team, street smarts, risk tolerance, enthusiasm, and persistence, they can grow into multimillion naira (or dollar) businesses.
Here are some startup business ideas that can make you millions of dollars in no time.
Nigeria’s agriculture industry is one of the biggest in Africa, with a population of over 170 million. Population growth is anticipated over the next few years, making the agro sector a more profitable enterprise to take into account.
Numerous industry sub-sectors, such as poultry farming, fish farming, cassava farming, and palm oil farming, are already generating millions of dollars for prosperous farmers in their respective professions. There are several small business opportunities in agriculture.
What you need: A thorough market analysis and a high-yielding agricultural company concept.
2. Website Design Firms
Nowadays, almost all companies are entering the online market. This can only imply one thing: they all require websites, which is where you can help. This opening in the market for web design presents a chance for a number of web design firms or aspiring web developers.
You may advertise your business as a web designer in Nigeria by attending SME events, blogging, joining social networks like LinkedIn, and using a variety of other platforms. It can be quite profitable to assist the millions of new small businesses in developing stunning websites and starting blogs on WordPress or Blogger.
What you need: A computer, proficient web design abilities, a portfolio, and a number of ways to connect with potential customers.
Nigerians value education, especially those who can afford it. Daycare facilities, Nursery schools, primary schools, secondary schools, and universities are the usual order. Any entrepreneur would benefit greatly from investing in this.
Additionally, you can choose to invest in non-traditional areas of education like adult education, special education, instructional websites, educational technology, and even educational supplies. To keep the money flowing in this market, a very broad range of topics must be covered.
What you require is training in a certain area of schooling. Start a portfolio.
4. Shopping Centers
The retail shop industry in Nigeria merits a second look in terms of investments given that the average person’s daily necessities include items like clothing, groceries, medicine, and much more. It doesn’t have to be big; you can still make a lot of money with a little retail space.
You open a little shop that specialises in groceries, clothing or one of the other many other categories as a starting point. Even if opening a retail store has costs of its own, it can be quite profitable. Inquire at SPAR, Shoprite, Health Plus, and similar stores.
Understanding the market, knowing what sells, and positioning yourself to take the majority of the clients are what you need.
5. Agency for Digital Advertising
Keeping afloat can be a tremendous job with hundreds of tiny firms popping up in every area. Advertising companies can help with this. By developing effective online and offline campaigns, an advertising agency like Anakle or Wild Fusion may assist companies in increasing their consumer base.
Companies are frequently willing to spend a lot of money to expand their brands more quickly. So, if you’re an experienced copywriter, forming a partnership with a few other copywriters and an excellent artist could help you launch your creative firm quickly.
What you need: Develop an understanding of how to create engaging, viral campaigns and learn how to create apps or games.
6. Agencies that Develop Mobile Apps
Although not all Nigerian businesses communicate with their clients through custom mobile applications, many are continually looking for qualified mobile app developers to make their ideas a reality. Nigeria currently has a huge demand for mobile application development, which makes it quite profitable.
In Nigeria, the average price of a mobile app ranges from N300,000 to N3,00,000. Managing several projects at once could result in earning millions.
You need to be tech aware, have knowledge in developing mobile applications, and be able to multitask.
7. Mobile Phones
The sale of merely mobile phones to Nigeria’s expanding market brings retail or online mobile phone store owners millions. Businesses with a reputation for excellence, a sizable client base, and profits from the sale of only phones include SLOT.
With such a well-known and successful small business, you can experiment with other marketing techniques, like providing phone bargains, to encourage more people to use your smartphone business.
What you’ll need: Begin by selling affordable cell phones.
8. Real Estate
Opportunities in the sector are only expanding as more real estate firms in Nigeria concentrate on either residential or commercial real estate. Although most real estate transactions in Nigeria are conducted through offline sales channels, you can create an internet sales channel and list hundreds of properties for sale. ToLet, Private Property, and Lamudi are a few examples of Nigerian online real estate firms that have found success. Additionally, you might work as a real estate agent and be compensated for each sale you bring to a real estate firm.
Additionally, you might work as a real estate agent and be compensated for each sale you bring to a real estate firm.
You’ll require abilities in customer service, sales, and keeping up with daily real estate news.
9. Business Loan Service
If you have some extra money, you can consider launching a loan service for small business owners who are having trouble getting loans from banks and other financial organisations. Many companies hardly qualify for loans because of the strict restrictions set by these financial institutions.
You can provide start-up enterprises short-term loans with much fewer constraints as a startup loan service provider.
You’ll need a lawyer, some additional cash, and the ability to take risks.
10. The Stock Market
Of course, there is always a chance of suffering significant losses, but if you place smart stock bets, the stock market can be quite profitable. Examine the company’s short- and long-term development before determining which stocks to purchase. You should also consult your stockbroker, a financial expert, or even a friend who has a track record of successful stock market trading before making any decisions.
You can become a millionaire through stock investing if you make the right forecasts.
What you need: A knowledgeable stockbroker who is familiar with Nigerian stock market movements.
You must be eager to launch one or more of these companies! Comment with your ideas in the space provided.
You can also check out How to retain customers to Your Advantage