10 Small Business Ideas you can start with 20,000 in Nigeria

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Have you ever wondered about how to go about starting a small business online or offline without having to break the bank? Or have you brainstormed on small business ideas but everything you’ve thought of is going into hundreds of thousands or millions and you just don’t have the money for that?

Well, you should stop worrying! In this article, we’ll be discussing some unique and exciting small business ideas that you can start with just 20,000 naira (20k), that will provide you with sustainable income. It’s a great opportunity to build a successful career and laugh all the way to the bank in 2023, so keep reading!

5 Reasons to Start Your Own Small Business

Before we dive into the small business ideas, let's first explore the reasons why starting your own small business is a great idea.

1. You Get to Be your Own Boss

You might have gotten to the point where you no longer want to be a corporate drone, and you’re finally ready to become the boss of your own small business here in Nigeria. Having your own business provides flexibility that a 9-5 will not give you - you get to work from where you choose, and you can get your life and time back under your control.

2. To Create another Source of Income

Okay, even if you’re cool with the 9-5 life, can you say no to more money? With the economy tanking even more day by day, creating a small business to increase your income isn’t a far-fetched reason anymore. And thankfully, in this age of technology, its now easy to run a business even if you have a full-time job.

3. To Solve a Need or Problem

One of the best reasons to start a small business of your own is if it is a solution to a problem, and here’s why - if you’re providing a solution to someone’s need, they will patronise you. For example, why do I need to go in the hot sun to the market, when I can just order fresh items online?

4. To Quit A Job You Hate

This might sound funny, but it’s an actual thing! A lot of people would rather relax and chill every day than work, but that doesn’t mean they hate their jobs. If you’ve gotten to the point where just thinking about working is giving you severe anxiety, it might be time to call it a day, and start something where you can bask in your passions and have a good time while making some serious money!

5. To Kill Boredom

Boredom is also a strong reason why you might decide to start your own small business. One thing is guaranteed; the life of a small business owner is anything but boring.

10 Business Ideas You Can Start with 20,000 in Nigeria

Here are 20 amazing small business ideas that you can start with just 20,000 naira in Nigeria, without breaking the bank or clearing out your savings. And even better, you don’t need to have a skill to sell any of these! You can also consider starting a dropshipping business online instead, as it'll help you reduce costs!

Read: Inside the World of Dropshipping in Nigeria & Valuable Tips from Samaila Hyelhirra, CEO of Hera’s Closet

1. Perfume Oils

You can never go wrong in the business of smelling good. Perfumes can be quite expensive, and a great substitute for them is perfume oils. This means you cater to people who aren’t willing or capable of spending a lot on perfumes. To help you with starting, you can find a wholesaler and negotiate a cheaper cost price by buying in bundles. This gives you the opportunity to have a reasonable selling price that will guarantee a profit.

Related: Set up a Website in 10 seconds to start your business online

2. Mobile Phone Accessories

With how much it costs to buy a phone these days, everyone always wants to go the extra mile to protect their phone. They also tend to do that with pretty pouches, for the picture-perfect Instagram mirror selfie. You can order these mobile phone accessories online and then resell them at amazing prices. You can also sell add-ons like earphones, pop sockets, screen guards, e.t.c

Related: Manage Sales Faster on Instagram with Bumpa

3. Fashion Jewelry

Fashion jewelry is quite the rave at the moment, because not everyone can afford gold and diamonds, but still want to look great! Chains, ankle rings, earrings and nose rings are some of the hottest items in fashion right now, and you will always have a steady stream of customers.

4. Underwear

The great thing about underwear is that it caters to both genders, which then gives you a wider audience to work with. You can choose to go with just male or female underwear or both!

5. Thrift or Okrika

Who doesn’t want to look good even on a budget? Here, you have a large audience and you’re providing a huge solution to the problem of spending too much while shopping.

6. Hair Accessories

Hair accessories especially for kids are also a great business idea to start with 20,000 or less. With kids, there are tons of events that need dressing up - birthdays, inter-house sports, end-of-the-year parties, Christmas parties, e.t.c

7. School Snacks for Kids

Kids always need to have a snack or two in their lunch boxes. From biscuits and cookies to chocolates and even drinks, there always has to be an option other than food for them to munch on later. Take advantage of this and start a business selling delicious school snacks for kids.

8. Waist beads and Anklets

When it comes to fashion, the options are really endless. Waist beads and anklets sell out very quickly, and the market for them is also very large.

9. Power banks

Anyone who lives in Nigeria knows how epileptic the light situation in the country is. What does this tell you? The need for power banks is very high. You can invest in power banks to cater to the market of people who definitely need it.

10. POS Business

Another need that you’ll be creating an easy solution for is cash availability. You can save people the stress of going to the bank or queuing at ATMs to get cash. With a POS business, you can make as much as 1000 on a 10,000 transaction.

Marketing tip: The best part about the business ideas listed above is that you do not have to stick to just one! As your first business grows and you start to make some profit, you can start investing in another idea for more income. Some of them go hand in hand but remember to pace yourself and start small with your budget first.

Now that you have all of these business ideas that you can choose from, how about we talk about marketing channels for your small business that you’re about to start? Learn about simple hacks for marketing your small business without spending all your budget on marketing!

Frequently Asked Questions

1. How can I start a small business in Nigeria with a limited capital of 20,000 Naira?

When starting a business with limited capital, research and choose a business idea that requires minimal investment and matches your skills and interests. Develop a simple business plan that outlines your goals, target market, pricing, and marketing strategies. Find cost-effective ways to source products, like buying from wholesale markets and negotiating discounts with suppliers.

2. Are there any profitable business opportunities in Nigeria that require a small investment of 20,000 Naira?

Nigeria offers numerous entrepreneurial opportunities, even with a small investment. Consider starting an online business or a dropshipping business, where you do not have to spend up to 20k. Remember, success requires dedication, hard work, and adaptability. Also, provide excellent service and stay focused on meeting customer needs.

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