The Best 10 Low-Cost Business Ideas with High Profit!

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Starting a business can be pretty capital-intensive, even if you’re only starting out small. From sourcing quality products to actually buying them, most business owners sometimes have to end up applying for a small business loan. When you add the costs of renting a shop space and paying for storage and staff, you’re already looking at millions of naira. This is why it’s sometimes advisable to start a business online first, and then expand your small business from there as you begin to make some profit.

Thankfully these days, funds don’t have to slow down your journey to becoming an entrepreneur. Not every business idea is capital-intensive, and this means you can start with little to no money, and start making a profit quickly.

In this article, we’ll look at 10 low-cost business ideas with high-profit potential that you can start in Nigeria, and grow very quickly into a steady stream of income for you.

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

1. Dropshipping

2. Content Creation

3. Blogging and Freelance Writing

4. Ready-to-Wear Clothes Making

5. Jewelry Making

6. Jewelry Selling

7. Phone Accessories

8. Natural Fruit Juice

9. Personal Shopper

10. Affiliate Marketing

1. Dropshipping

The very first low-cost business idea that any inspiring entrepreneur should consider is dropshipping, a fantastic business model that allows you to start an e-commerce business without the need for upfront investment in products. Basically, starting a dropshipping business online in Nigeria can cost you almost zero naira.

How does dropshipping work in the context of a low-cost, high-profit business idea?

1. Do your research and choose the products: This will help you identify products that are hot and in demand, with high-profit potential. In Nigeria currently, some of the products with the most market include fashion items - clothes, shoes, bags, etc. You could try one of these, or find some other niche items to sell. Make sure you get products that can be sourced from reliable suppliers who deal in dropshipping, and consider factors like price and quality too.

2. Set Up an e-commerce store: Create a user-friendly e-commerce store in minutes by using Bumpa, without the hassle of building a website from scratch. Bumpa comes already optimised for mobile phones, which means your customers can shop comfortably either with their laptops or phones. You can upload pictures of your products, share your link and have your customers start buying immediately. It also provides you with trusted payment gateways like Paystack, and you can add your bank account directly. It is customisable and you can design it to reflect your brand. Make sure to include engaging product descriptions and high-quality images to attract customers. Additionally, you can also choose to list your products on the top online selling platforms in Nigeria, for more visibility.

3. Market and promote your products: Marketing is very important, especially in generating interest and driving visitors to your online store. Take advantage of social media marketing and platforms, content marketing and paid advertising like Facebook and Instagram ads to reach a wider audience. To reduce marketing costs, you can start by creating WhatsApp broadcasts for your business and using this free method to market your business. There are also free social media campaign ideas you can try to reduce business costs from the beginning.

4. Process orders and coordinate shipping: When a customer places an order on your website, you'll forward the order details to the dropshipping supplier. They will handle packaging and shipping directly to the customer. You won't need to worry about warehousing, packaging, or logistics.

5. Focus on customer service: Provide exceptional customer service to build trust and loyalty. Communicate promptly, address inquiries and concerns, and ensure timely delivery. Happy customers are more likely to become repeat customers and recommend your business to others. Always use feedback to improve your customer service and processes.

Always analyse your sales data to identify products that are performing well and optimise your inventory accordingly. Also, use data from your marketing strategies to help you maximise profits and capitalise on new opportunities.

You can use the Bumpa app to track your business data like top performing products, new and returning customers on your website, best sales channels, and even customers who have bought from you the most. Sign up for a free trial, and upgrade with just 2,500 naira for the starter plan and 5,000 for the pro plan. Learn about more Bumpa features here.

2. Content Creation

Creating content is another great way to make money from your home, without spending so much. It’s a very low-cost and high-profit venture. One of the best things about content creation is that you can start small, and then invest in more equipment for creating content as you start to make money. The most important thing is to know your audience and the kind of content they want to see, and also educate yourself extensively on the topic. It also helps if it’s something you’re passionate about.

Then, you should choose the content style that suits your audience best. These days, people tend to go with video content and while that almost always works, knowing what your audience wants is the best strategy to success. Content types can include blog posts, videos, podcasts, infographics or social media content. After this, plan your content with specific goals, themes and posting frequency, to help you with consistency and better planning. Make sure to research relevant topics in the niche you have selected, and create informative and helpful content. Also, use good visuals to make it engaging and shareable.

Related: The 5 Best Video Editing Apps for Small Businesses in 2023!

3. Blogging & Freelance Writing

If you love to write and are great at it, then this is for you. Blogging is a low-cost content format that allows you regularly publish articles on your website or blog. The method is simple; identify your target audience and understand their needs, and then go on to create informative and valuable blog posts. By consistently delivering high-quality content, you can engage your audience, attract website traffic through search engine optimisation (SEO), and build a loyal readership. Monetising your blog through advertisements or sponsored content can generate revenue.

In the same vein, freelance writing offers opportunities to generate income by creating content for other businesses or publications. You can offer your writing services to clients who need blog posts, articles, marketing copy, or other forms of written content. Over time, you can establish your expertise, build a strong portfolio and even attract clients from all over the world. Also, you can use websites like Fiverr and Upwork to get clients for your freelancing services. Remember; the key is to deliver high-quality and engaging content consistently.

4. Ready-To-Wear Clothes Making

Ready-to-wear clothes, also known as RTW clothes, are fashion clothes that are manufactured in standard sizes and sold in finished condition. And they’re one of the hottest fashion pieces in demand in Nigeria currently. If you’re great at sewing, this is an opportunity to tap into.

To succeed, identify your target audience and design trendy, versatile garments that appeal to them. Source materials cost-effectively and set up efficient manufacturing processes. It doesn’t even matter if you’re not great at sewing; you can manage tailors instead. Implement rigorous quality control, set competitive pricing, and market your brand through online platforms. You can easily set up a business website with Bumpa as well, to make it easy for you to sell to your customers through a website.

5. Jewelry Making

If there’s one thing that never goes out of style, it’s jewelry. They’re constantly needed, whether it’s for the everyday casual style, or for a glamorous event. The great thing about jewelry making is that you will be creating something that is unique to your brand, and that already will make your product stand out.

There are different types of jewelry, so the first thing you should do is identify the audience you want to market to, and what type of jewelry you want to create. Next, source affordable and high-quality materials and develop unique designs to stand out. Price your jewelry competitively and focus on effective marketing strategies to build a strong brand presence. Choose suitable distribution channels and engage with your customers through excellent service and personalised experiences. And don’t forget to set up a website where your customers can shop with ease.

6. Jewelry Selling

If you can’t make them, how about selling them? You can source quality products from local suppliers or order from platforms like Amazon, eBay or Alibaba. Always make sure to purchase quality products to sell to your audience, as you’ll lose customers faster if you sell fake items. To help you make this process easier, it is always advisable to test out suppliers by ordering in small quantities first. Don’t forget your social media marketing strategies, especially Instagram marketing, as it is one of the best social media platforms to showcase your quality product images.

7. Phone Accessories

Phone accessories are also very high in demand in recent times, especially with the dawn of new-age smartphones. Not only do they make phones look pretty, but they also add real value to the shopper. For example, a phone pouch will keep your phone from getting scratched, a screen protector will keep your screen from cracking during a fall, and even a pop socket helps improve balance and grip for the phone user. And there’s the most important one, which is the power bank, and anyone who lives in Nigeria understands the importance of having one. And these accessories also extend to other gadgets like smartwatches and earphones.

You can always start small with some of the products on the list that are not expensive, and as you start to make a profit, you can then expand your business into selling more phone accessories.

8. Natural Fruit Juice

More and more people are starting to pay attention to their health, and this has created a demand for more natural products, like natural fruit juice, for example. As more people start to move away from readily available drinks like soda, they need a supplement that tastes great and is healthy. You can take advantage of this.

To start this business, it is important to know what they want. For example, some fruits are more popular than others, and that’s where you should start from. If no one wants watermelon juice, you shouldn’t be making that, but instead making orange juice if that’s what they need. Conducting a simple market survey can help give you a clear answer on what people want.

Next, make sure to only use fresh products, and this is especially important because you do not want to make people sick or complain that your drink has a bad taste. Another thing to note is to always write out all the ingredients you use so that if you get customers who are allergic to any of them, they can know immediately.

Lastly, make sure to package your drinks in beautiful and effective packaging. Take your time to get the right design for your containers, and always package your products properly for shipping to avoid spillage.

9. Personal Shopper

The title ‘personal shopper’ sounds so exotic that sometimes when we hear it, we assume it’s reserved for the absolutely wealthy. But that isn’t exactly true. Here’s a neat hack.

Some shoppers love to have their products sourced for them without them having to go through the hassle themselves, especially when it comes to thrift wear, which is very popular right now in Nigeria. You can offer your services to people like these (and you might be asking how you’ll get these people; the answer is by advertising) and make a quick buck from shopping for them.

How to start? Advertise your services on your social media, and also advertise the fact that you’re great at fashion, by showcasing your own fashion sense. As your customer base grows, you can then start to advertise all the work you’re doing for your customers.

10. Affiliate Marketing

Affiliate marketing involves promoting products or services through unique affiliate links or codes. You earn commissions when people make purchases through your referrals. It allows you to monetise your platform or online presence, generate income without creating your own products, and provide valuable recommendations to your audience.

To start, you can choose relevant products, join affiliate programs, and incorporate affiliate links or codes into your content. Drive traffic through various marketing channels, monitor performance, optimise your strategies and make money!

Conclusion

If you’re looking for a low-cost business idea with high-profit potential, then we believe you’ve got a great list to pick from right here. Do not forget that it might not be easy to start a business, but you do not need to break the bank anymore. You can also go ahead and use affordable tools like Bumpa to help you with tracking your business performance, managing your business finances, running marketing campaigns via email and SMS and even running sales by setting up discounts and coupons with ease.

Get started on Bumpa with just 2,500 naira for the starter plan and 5,000 for the pro plan. Learn about more Bumpa features here.

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