10 Businesses You Can Start With ₦100,000 

Ever sat around thinking, “Man, if I just had some extra cash, I’d start my own business and be my own boss?” Well, guess what? Starting a business isn’t just for the big guys with millions in the bank.

With just ₦100,000 in hand, you’d be surprised at how many doors you can open. 

This article will break down some creative, low-cost business ideas that will tell you, “Wow, I could actually start this!” So buckle up, because it’s time to dive into some of the best small business ideas that’ll get you that side hustle or full-time gig without breaking the bank.

Can You Start a Business with ₦100,000 in 2024?

Yes, ₦100,000 may seem like small money, but trust me, it’s a powerful amount when used wisely. Let’s be honest—things are expensive these days, and prices just keep rising. But if you’re strategic, you can still make a killing with that amount. 

The trick is to start with a low-cost business model, focus on providing something people need, and use smart, cost-effective ways to promote your product or service.

Here’s a tip: You don’t have to “blow” all that money upfront. Start small, test the waters, and grow your hustle step by step. You’ll be surprised how quickly that ₦100,000 can turn into a thriving business if you put in the work. So, yes, you can totally start a business with ₦100,000 in 2024 — but be ready to hustle and keep your eye on the ball!

Read more: The Do’s And Don’s Of Turning Your Hobby Into A Business

10 Businesses You Can Start with ₦100,000 in Nigeria

Alright, time for the real gist. Here’s a list of ten solid business ideas you can start with ₦100,000 or even less. I’ll also throw in some examples of each to get you inspired. 

1. Mini Importation Business

Before you roll your eyes, mini-importation isn’t dead! If you’ve got a sharp eye for trending products and good deals, mini importation could be your thing.

To get started, you simply visit platforms like AliExpress and Alibaba where you can import items such as gadgets, fashion accessories, and unique home décor items and then create a website in Nigeria to sell your products.

Example: Start with trending items like phone cases or jewellery. Use your ₦100,000 to order a small stock like  ₦500 per product (plus shipping and delivery fees), then create a WhatsApp or Instagram store, and start selling them for  ₦2,500. Use social media marketing to attract more customers.

(Estimated) Setup Cost Breakdown:

• Product Purchase: ₦40,000
• Shipping: ₦15,000
• Marketing (social media ads): ₦10,000
• Miscellaneous: ₦5,000
  Total: ₦70,000

2. Food Stuff Reseller

People must eat, right? Why not start a small foodstuff reselling business? You can buy goods like rice, beans, spices, and oil in bulk, divide them into smaller, affordable portions, and resell them at a profit.

Example: Start with jollof rice and chicken or small chops. Package them nicely, create a small menu, and deliver orders to nearby offices and businesses. A basic setup with ₦100,000 for ingredients, packaging, and delivery will go a long way.

(Estimated) Setup Cost Breakdown:

• Purchase of food items: ₦50,000
• Packaging (nylon bags, labels): ₦10,000
• Transportation: ₦10,000
  Total: ₦70,000

3. Plant Nursery or Small Gardening Business

Plants are always in demand, especially as more people want home gardens and fresh produce. You can start a small nursery or even sell herbs and vegetables to health-conscious individuals in your area.

Example: Use ₦100,000 to buy seeds, soil, pots, and basic gardening tools. Start with easy-to-grow herbs like basil, mint, and spinach. Sell your plants to neighbours or online, where there’s a growing demand for fresh, organic produce.

(Estimated) Setup Cost Breakdown:

• Seeds: 15,000
• Pots and Containers: 20,000
• Soil and Fertilizer: 10,000
• Watering Can & Tools: 10,000
• Shading Net: 10,000
• Marketing & Packaging: 15,000
• Transportation: 10,000
• Miscellaneous: 10,000
  Total: ₦100,000

4. Popcorn Production

Popcorn is easy to make and sells fast, especially in high-traffic areas like schools, movie spots, or marketplaces. You can start small with a basic popcorn machine and expand as you grow.

Example: Set up at a local school and sell popcorn in small bags for ₦100 each.

Setup Cost Breakdown:

• Popcorn machine: ₦40,000
• Corn and ingredients (sugar, salt, oil): ₦15,000
• Packaging bags: ₦5,000
• Transport: ₦5,000
  Total: ₦65,000

5. Freelance Writing and Editing

If you’ve got the gift of gab and some writing chops, freelance writing is a very low-cost business you can start from home. With just your laptop and an internet connection and less than ₦50,000 you can offer content writing, copywriting, or editing services.

You can sign up with freelance platforms like Fiverr and Upwork to offer your services to international clients or create a social media presence to sell to local businesses.

Example: Offer blog posts, articles, and website copy to small businesses.

(Estimated) Setup Cost Breakdown:

• Internet subscription: ₦10,000
• Marketing (ads, portfolio website): ₦30,000
  Total: ₦40,000

6. Mobile Phone Accessories Sales

Mobile accessories are always in demand — think phone cases, chargers, screen guides and earphones. You can stock up on popular accessories for cheap, set up a small stand, and sell them at competitive prices. What most people don’t know is that the profit margins on phone accessories can be as high as 200%!

Example: Start by ordering a variety of accessories online or buying from wholesalers in your city. Sell on social media, at your workplace, near a university campus or even partner with local shops to display your goods.

(Estimated) Setup Cost Breakdown:

• Initial stock of accessories: ₦50,000
• Display materials (small stand, signage): ₦10,000
• Marketing: ₦30,000
  Total: ₦90,000

7. Laundry Services

Not everyone has the time to wash clothes, which makes laundry services a hot business idea. You don’t even need a shop; start with home delivery in your neighbourhood with less than  ₦90,000. 

As you grow, you can acquire new customers, introduce new services, rent new locations and turn your small business into a multi-million naira business.

Example: Offer to pick up and deliver clean, ironed clothes for your neighbours for something like  ₦500 or more. Charge per item or bundle, and offer express options for extra fees. A neat presentation and reliable service can make this business take off fast.

(Estimated) Setup Cost Breakdown:

• Washing materials (detergent, bleach, soap): ₦10,000
• Iron and board: ₦20,000
• Transportation (to pick up and drop off): ₦10,000
• Marketing:  ₦40,000 (invest a lot in marketing to attract huge customers)
  Total: ₦40,000

8. Home Cleaning Services

Household cleaning services are always going to be in demand, especially for busy professionals. So if you’re living in places like Lekki, Lagos or other areas where high-earning working-class people live, you can start a smashing cleaning business!

With basic cleaning supplies, you can offer one-off or regular cleaning services to homes and small offices.

Example: Start by offering “Saturday Only” deep-clean services to neighbours. Charge around ₦5,000 per apartment, and if you secure four jobs each weekend, that’s a steady income stream.

(Estimated) Setup Cost Breakdown:

• Cleaning supplies (mop, broom, cleaning agents): ₦20,000
• Marketing materials (flyers, business cards): ₦5,000
• Transport: ₦10,000
  Total: ₦35,000

9. Event Decoration Business

This one’s perfect for those who love adding a special touch to parties and events. Start by decorating smaller events like birthdays, baby showers, and small gatherings. You can rent decor items, which will help you keep costs low initially.

Example: Create packages with simple décor and catering services that fit different budgets. Begin with family and friends as your first clients, and grow through referrals. You can easily start this with ₦100,000 if you keep things simple and rent items as needed.

(Estimated) Setup Cost Breakdown:

• Basic decor items (balloons, ribbons, table covers): ₦50,000
• Marketing costs: ₦25,000
• Transport budget to the first event:  ₦10,000
  Total: ₦85,000

10. Perfume Oil Sales

Perfume oils are an affordable luxury that many people enjoy. They’re concentrated, long-lasting, and come in different scents. You can buy in bulk and repackage in small bottles for resale.

Example: Sell perfume oils at ₦2,000 per 10ml bottle.

(Estimated) Setup Cost Breakdown:

• Purchase of bulk perfume oils: ₦70,000
• Small bottles and packaging: ₦15,000
• Transport and miscellaneous: ₦5,000
  Total: ₦90,000

How to Raise Funds for Your Business

Now that you’ve got some great business ideas, you might be thinking, “But I don’t even have that ₦100,000 yet!” Don’t worry; you’re not alone, and there are several ways to raise those funds without breaking the bank or going into massive debt. Let’s go over some practical tips on how to get that initial capital.

1. Friends and Family Contributions

Sometimes, all you need is a little help from your closest circle. Reach out to trusted family members or friends who believe in your hustle. Share your business idea with them, and if they see the potential, they may be willing to support you with a small loan or investment.

2. Personal Savings

If you’ve been able to set aside some money over time, consider using a portion of it as seed capital. It may mean tightening your belt for a while, but remember that every small business starts with sacrifice. Personal savings can be a less stressful way to fund your business since you won’t owe anyone.

3. Microloans or SME Grants

There are several microloan services and government programs that offer small loans and grants to aspiring entrepreneurs. Programs like the Central Bank of Nigeria’s (CBN) small business grants, SMEDAN loans and various NGO initiatives provide low-interest loans specifically for small businesses.

4. Crowdfunding

With the power of social media, you can start a small crowdfunding campaign. Tell your story on platforms like GoFundMe, or even a simple social media post, and you might get contributions from people who want to support your dreams. Just be genuine about your goals and how the funds will be used.

5. Side Hustles

If you’re currently employed, consider setting aside a bit of your monthly salary or earnings from side gigs. You could take up freelancing, online tutoring, or even weekend jobs to boost your savings for the business.

6. Business Competitions

Watch out for business pitch competitions or startup challenges. Several organizations, schools, and companies regularly organize contests where aspiring entrepreneurs can pitch their ideas and win startup funds. Not only is this a great way to raise capital, but you also get visibility for your business.

Conclusion 

Starting a business with ₦100,000 may sound like a tall order, but with the right strategy and a bit of ginger, it’s doable! The key is to pick a business that aligns with your skills, interests, and available market. Now, it’s time to roll up those sleeves and start that hustle.

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