Starting a business can be a daunting task, especially when working with a limited budget. However, with some creativity and determination, it is possible to start a successful business in Nigeria with as little as 200,000 Naira.
In this article, we will explore some of the best business ideas that can be started with this budget, as well as tips and strategies for making the most of your investment.
Whether you’re looking to start a retail business, a food business, or a service business, there are plenty of opportunities available to those who are willing to think outside the box and take a chance on their dreams.
So, if you’re ready to turn your entrepreneurial aspirations into a reality, read on to learn more about how to start a business with 200,000 Naira in Nigeria.
Top Ten ₦200,000 Business Ideas In Nigeria 2024
There are a variety of business ideas that can be started with 200,000 Naira in Nigeria. Some possibilities include:
1. POS Business
Starting a POS business in Nigeria can be a great way to become your own boss and earn a steady income. With MoniePoint, you can open and manage your own POS business for less than 200,000 Naira. To get started, all you need is a MoniePoint terminal, which can be obtained for less than 25,000 Naira.
In addition to the terminal, you will also need a small counter or a shop to set up your business. The counter should cost less than 60,000 Naira. Once you have these items, you can register your business and start accepting payments from customers. The registration process is simple and fast.
MoniePoint is one of the best POS distributors/companies in Nigeria in 2024, they have proven to have the interest of their customers at heart. If you live in the South West region of Nigeria, such as Ondo, Ekiti, Oyo, Osun, or Ogun, you can contact MoniePoint by calling 0803 064 0394 to fast-track the process of starting your POS business.
It is important to note that starting any business takes time and effort, and it may take time to build a steady income. But with the right strategies and a strong work ethic, a POS business can be a profitable venture in the long run.
2. Popcorn Business
Starting a popcorn business can be a great way to turn your love of popcorn into a profitable venture. With 200,000 Naira, you can launch a small-scale popcorn business that is capable of producing high-quality popcorn.
To get started, you will need to invest in some basic equipment such as a popcorn machine, ingredients, and packaging materials. The popcorn machine is the most significant expense, and you can expect to pay between 30,000 to 100,000 Naira for a high-quality machine.
The ingredients and packaging materials will cost less, and you can expect to pay around 30,000 Naira for these items.
Once you have the equipment and ingredients, you can start experimenting with different recipes and flavours to find the perfect popcorn recipe. You can also experiment with different packaging options, such as clear plastic bags or popcorn tins, to find the most effective way to present your popcorn to customers.
Marketing your popcorn business is an important step to attracting customers. You can promote your business on social media, through flyers and also by word of mouth.
In addition to producing high-quality popcorn, it is important to ensure that your popcorn business is operating legally by obtaining the necessary licenses and permits.
Starting a popcorn business with 200,000 Naira is possible, but it requires careful planning and budgeting. With the right equipment, ingredients, and marketing strategies, you can create a delicious and profitable popcorn business that customers will love.
3. Barbershop Salon
Opening a barbershop can be a great way to turn your passion for grooming into a profitable business. With 200,000 Naira, you can launch your own barbershop, although it might be a little bit more challenging than other businesses, with the right equipment, you can open a professional barbershop.
To get started, you will need to invest in some basic equipment such as barber chairs, mirrors, clippers, scissors, and other grooming tools. This equipment can be obtained for about 150,000 Naira.
In addition to equipment, you will also need to secure a location for your barbershop. This could be a small storefront, a space in a strip mall, or even a small room in your home. Once you have a location, you will need to decorate and set up the space to make it comfortable and inviting for customers.
Marketing your barbershop is an important step to attracting customers. You can promote your business on social media, through flyers, and also by word of mouth. It’s also important to ensure that your barbershop is operating legally by obtaining the necessary licenses and permits.
With proper planning and budgeting, a barbershop can be a profitable business in 2024. The key is to offer high-quality services, use the right equipment, and market your business effectively.
Drop shipping is a business model where a seller partners with a supplier to sell goods online without actually stocking or shipping the products themselves. With drop shipping, the seller lists the supplier’s products on their online store and when an order is placed, the supplier ships the product directly to the customer.
Starting a drop shipping business in Nigeria requires an initial investment of around 200,000 Naira, which can be used to set up an online store and market the business. You will need a laptop or smartphone and access to the internet, as well as access to your social network accounts to market your business and reach potential customers.
To start a drop shipping business, you will need to find a supplier and negotiate a deal with them. You can find suppliers online, through directories, or through marketplaces like Alibaba or Amazon.
Once you have a supplier, you can start listing their products on your online store and start promoting your business through social media, online advertising, and other marketing channels. It’s also important to keep in mind that running a dropshipping business requires effort, time and patience.
Drop shipping can be a great way to make money in Nigeria, but it requires careful planning, budgeting, and consistency.
With the right strategies and a strong work ethic, you can turn your dropshipping business into a profitable venture that generates income on a continuous basis.
To know more about dropshipping please read how to start a dropshipping business in Nigeria 2024: Learn from an expert.
5. Mini Importation
Mini importation is a business that allows individuals to import small quantities of goods from other countries at a relatively low cost. With 200,000 Naira, you can start a mini importation business, which could include products like clothes, electronics, beauty products and more.
To get started, you will need to research popular products that are in high demand in Nigeria. You can do this by looking at online marketplaces such as Jumia, Konga, and Alibaba, as well as visiting local markets and shops to see what products are popular.
Once you have identified a product, you can start to research suppliers and manufacturers that can provide that product at a reasonable price.
When importing, it’s important to consider factors such as shipping costs, customs fees, and import taxes. You should also be aware of the regulations and guidelines of the country from where you are importing the goods and make sure to comply with them.
Once the goods arrive, you will need to find ways to sell them. You can do this by setting up an online store, such as on Jumia, Konga, or even on social media platforms like Instagram, and Facebook. Alternatively, you can also sell your products in local markets, or through retail shops.
Mini importation can be a profitable business in 2024, but it requires careful research, planning, and budgeting. With the right strategies, you can import and sell high-quality products at a reasonable price, and make a profit.
Starting a blog can be a great way to turn your passion for writing into a profitable business. With 200,000 Naira, you can start a blog, although it might not be as fast as other businesses to turn into a fortune, with time, consistency, and the right strategies, it could be a great way to earn money continuously.
To get started, you will need to invest in a domain name and web hosting. These costs can vary, but you can expect to pay around 10,000 Naira for a domain name and 30,000 Naira for web hosting.
Interserver is a well-known web hosting company that offers a variety of services, including shared hosting, VPS hosting, and dedicated hosting. They also offer domain registration services.
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Once you have your website set up, you will need to create quality content that will attract visitors to your site. This could include blog posts, videos, podcasts, or other types of content that are relevant to your target audience.
Once you have a steady stream of visitors to your site, you can monetize your blog by using a variety of methods such as display ads, affiliate marketing, sponsored posts, digital products, and more.
Marketing your blog is an important step to attracting visitors and growing your audience. You can promote your blog on social media, by guest posting on other blogs, and also by networking with other bloggers and influencers in your niche.
Starting a blog can be a profitable business in 2024, but it requires careful planning, budgeting, and consistency. With the right strategies and a strong work ethic, you can turn your blog into a profitable business that generates income on a continuous basis.
7. Trading In The Foreign Exchange Market
Forex trading, or trading in the foreign exchange market, is a popular way for individuals to invest in financial markets. The forex market is an over-the-counter market where currency pairs are traded.
While it is possible to start trading with as little as 200,000 Naira, it’s important to note that forex trading is a high-risk investment, and it’s not a guarantee to make a profit.
To start trading forex, you will need to open an account with a reputable forex broker like OctaFX. You can start trading with a small amount of money, but you should be aware of the risks and the potential for losses. It’s important to educate yourself about the market, the different currency pairs, and the strategies that can be used to trade.
Forex trading is a highly speculative activity, and it’s not suitable for everyone. It’s important to be aware of the risks and to only invest money that you can afford to lose. Before trading, you should also consider seeking advice from a financial advisor or professional.
It’s important to note that there is no such thing as a company that can “turn you into a millionaire” overnight or without any effort. Making a fortune in trading requires time, effort, knowledge, and discipline, and it’s important to be realistic about the potential returns and the risks involved.
In conclusion, forex trading can be a great way to invest in the financial markets, but it requires knowledge, discipline, and a realistic approach. Starting with a small amount of money like 200,000 naira is possible but it’s important to be aware of the risks and to manage your investments wisely.
It’s also important to note that success in forex trading is not guaranteed and it’s not a get-rich-quick scheme. Before diving into forex trading, it’s crucial to educate yourself about the market, understand the risks, and develop a solid trading plan.
Remember to always keep your risk management in check and never invest more than you can afford to lose.
8. Car Washing Service
Starting a car wash business can be a great way to tap into the ongoing demand for car washing services. This business is open to anyone, regardless of prior experience or expertise, making it a great option for those looking to start a business with a limited budget.
With 200,000 Naira, you can start a car wash business by securing a location for your business, such as a storefront or a space in a strip mall. You will also need to invest in equipment, such as a pressure washer and other car washing supplies.
Additionally, you will need to consider the cost of the water supply and any necessary permits or licenses to operate the business.
It’s important to note that starting any business takes time and effort, and it may take time to build a steady income. But with the right strategies and a strong work ethic, a car wash business can be a profitable venture in the long run.
With most car owners not having the time to wash their cars themselves, the car wash company is quite profitable.
9. Rental Services
Starting a rental service business can be a great way to tap into the ongoing demand for rental services in Nigeria. With 200,000 Naira, you can start a rental service business by investing in equipment or goods to rent out. This could include items such as canopies, automobiles, party equipment, construction equipment, and more.
To get started, you will need to research popular items in high demand in your area and invest in those items. You will also need to secure a location to store and maintain the items.
It’s important to ensure that your rental service business is operating legally by obtaining the necessary licenses and permits.
Starting a rental service business with 200,000 Naira is possible, but it requires careful planning and budgeting. With the right equipment and marketing strategies, you can create a profitable rental service business that caters to the needs of customers.
10. Dry Cleaning Business
With 200,000 Naira, you can start a dry cleaning business by investing in equipment, such as washing machines, dryers, and presses, as well as supplies like detergents and stain removers.
To get started, you will need to secure a location for your business, such as a storefront or a space in a strip mall. You will also need to hire staff, if necessary, and market your business to attract customers.
Starting a dry cleaning business with 200,000 Naira is possible, but it requires careful planning and budgeting. With the right equipment and marketing strategies, you can create a profitable dry cleaning business that caters to the needs of customers.
Starting a business with 200,000 Naira in Nigeria is possible by focusing on a specific niche or product line, conducting market research, managing costs, and understanding legal requirements.
So, don’t be afraid to take a chance on your dreams and start your own business today.