100k seems to be a small amount of money in Nigeria today. But do you know that if you start with 100k which is a small amount of money, you can grow millions?
Yes, it is very possible, and I will tell you how. Very legit and legal business ideas to start with 100k.
But before I go on. I will love you to read the story below. It will serve as a pointer to the points I’m trying to communicate to you. Which is a little invested into a business idea today, can become millions tomorrow.
The Story:
The Guardian has a story about two legends and how they started with virtually the same amount of money and how differently they have both ended up. The story is about Jim Ovia and Shina Peters.
The article is quoted as saying “In 1990, Shina Peters built a house with N20 million naira; the same year Jim Ovia started Zenith Bank with the same amount.
Today, you and I don’t have a room in Shina’s house, but I have an account in Jim’s bank and probably you do too.
Shina’s house was built in Iju Lagos and remains there to date. Jim’s bank started in a corner down the street and now has over 500 branches in Nigeria, and many international branches. Millions upon millions of people transact business in Jim’s bank daily.
Shina’s house is becoming dilapidated.” This was not quoted to indicate that any of them did something bad, their choices were rational and that is alright.
The point is that you can make better choices with the little in your hand, and that is something you should never forget as you embark on this journey.
Now, let us look at the best profitable business ideas you can start with 100k in Nigeria.
The Businesses you can start with 100k in Nigeria: 10 profitable business ideas.
1. A small hairdressing salon
This is one of the best business ideas that you can start with 100k right now in Nigeria. The good thing about this business idea is that you can operate independently of the government. It does not require too many technicalities to start.
Additionally, The fear of robots taking over the jobs of humans does not affect the running of a salon. Robots can be useful, but they will find it extremely difficult to replace the humans who take care of the hair of clients and provide that natural human touch, much less in a place like Nigeria. This is to tell you how relevant your business is and will continuously be.
You can start in a small shop or kiosk. Invest your 100k in getting shop space, decorations (as little as necessary), the tools (combs, scissors, hair cream, gels), etc. Then you are good to go.
As business progress, you can expand it. At this time, you can go to CAC and register your business name.
Your 100k can never be a waste as long as you are good at hairdressing.
2. Invest in the stock market
Unlike in America where the rule of 72 applies very perfectly to determine how quickly money can be doubled, it is not so straightforward here. People love money, and they love it more to see the money getting doubled.
Getting a rough estimate of how much time it will take to double the money also helps the average guy to compare investments.
However, mathematical calculations can be complex for common individuals to compute how much time is required for their money to double from a particular investment that promises a certain rate of return.
According to the rule of 72, “To estimate the time it will take to double your money, divide 72 by the expected growth rate, expressed as a percentage.
For example, if you expect to earn 10% per year on a 100k naira investment, it will double to 200k naira in about 7.2 years.
Why did I bring up the rule of 72? The reason is to give perspective to what investing in the Nigerian market can be like for many people. For many, it is just an avenue not to lose
Nigeria’s system is so nonlinear that while you can be making heart-wrenching losses, a single investment can blossom beyond your wildest expectations.
This is partly because of Nigeria’s population and the fact that it is still a developing economy.
This makes it quite the apple juice for those who succeed in conquering the market. Make the right investments and you could be on your merry way to having your investment of 100k lay the daily golden eggs years later.
Invest in stocks you understand and don’t take unhealthy risks. You can start with 100k by buying stocks in units.
However, investing in the right stocks can make you rich in no time. You just have to be knowledgeable about stocks. So that you won’t put your money in a dormant stock. Apps like Bamboo, Wealthfront, Robinhood, etc., helps to guide you in investing in foreign stocks.
3. Invest in cryptocurrency
Bitcoin and other cryptocurrencies are the raves now. Cryptocurrency can make you a millionaire within a year. The good thing about cryptocurrency is that you can start with a slow as 20k.
As you know, Cryptocurrency is the future of money. The world is going digital, Blockchain networks are taking over. And cryptocurrencies are constantly appreciating. You cannot lose if you invest in the right coin. To know the best coin to buy. I will advise you to click here.
4. A clothing line
Nigeria is the most populous country in Africa with a population of over 200 million persons. Also, it has one of the largest populations of youth in the world. The youth in Nigeria comprises about 60 of her population.
As trends continue to slide along, the number of fashion-conscious youth will continue to rise, and that means that more money will be spent on fashion.
An investment in this sector, like many others, are positioning themselves, will go a long way to set you up for future rewards.
Nigeria’s fashion market right now is worth $4.7billion and is expected to triple as the years strut along. Nigerians are fashion-conscious. This has, in no small measure, affected the fashion industry in the country.
To satisfy local and international demands, Nigerian fashion designers have, over the years, stepped up their game in terms of creativity and output. And they now rub shoulders with acclaimed designers from other climes at international fashion exhibitions.
This is an opportunity that should not be taken lightly; and as usual, start small.
5. Food business
A recent Stears Business report for 2021 provides insight into why food is important in Nigeria and why you should invest your 100k naira in the food business. “…Data from the National Bureau of Statistics show there is a measure of truth to the claim.
During the first half of 2019, Nigeria spent ₦334.3 billion importing food. The money spent was two times more than our export earnings from agriculture in the same period.
Although export earnings have seen continuous growth, food importation has also recorded a rising trend.
The growth in food imports is primarily because crop production increases are not meeting up with the fast-rising population…” they went further to state that “…data shows that levels of production are not meeting the country’s consumption requirement.
Interestingly, some of the local rice produced is also exported. This happens because it is more lucrative to sell paddy i.e rice still in its husk at the international market than to local producers.
According to Charles Isidi, head of growth at Thrive Agric., the average price for paddy in Nigeria as of January 2020 was $0.30, and the average global price at the time was $0.77. “The export price is almost triple the price offered in the local markets.
This is enough motivation for most farmers to export their products rather than sell them in the local market.”
This proves that when money is invested over time in agriculture and the food business, the profit potential is very high.
6. Your education (skills and knowledge)
One of the best ways to invest 100k naira and have very good prospects to get up to 5x your money is to invest in yourself. The skills you have, education, etc.
If you worked to get the 100k naira, then the way you work can be amplified to prepare you to earn multiple times that amount of money. This way, it does not just sit around waiting to build up, but it goes into you, you’re learning.
Right now, the economy favors skilled persons. If you are without a digital skill or a physical skill you harm yourselves.
You can learn skills like copywriting, graphics, SEO optimization, and the rest worth 100k. And, with these skills, you can make thrice your money in few months.
7. Dry Cleaning
This is not so difficult to start and implement. With the rise in Nigeria’s population in urban towns and cities, there will certainly be a need for dry cleaners.
This desire to stay clean, but the inherent inability to attain expected levels of cleanliness and still have spare time is what will drive people to you when you start this business.
This business best thrives in Urban towns and cities where most persons are working-class individuals. And you don’t need much to start it up.
The only thing you need to start this business is space, a small washing machine, some customers, an iron, and branding with good additional services (logistics services).
8. Become a POS merchant
A Point of sale business is one of those businesses that does not need further introduction. Pending on when Nigeria goes fully digital, people will need POS merchant because banks cannot contain or service the number of customers that need cash for various transactions.
This business is one of scale. The only thing you need is a license to operate, a nice customer meeting spot, constant flow cash, and a customer-friendly approach.
That done, you have yourself a gold mine.
9. Charcoal business
There is an apparent growing appetite for charcoal across Nigeria. The export value is also driving this business. Charcoal is one of the most preferred fuels in the country because gas is costly, kerosene is scarce and the power supply is erratic in Nigeria.
Production of charcoal has increased to about 4 million tonnes a year and is projected to increase. Take a position.
10. Sell livestock
Trading in livestock is one business that is sure to continue till the end of time. While many investors try to take up positions, you can as well take yours.
Trading of cows, pigs, goats, etc is still seeing progress and is expected to continue to increase in volume as time progresses.
You can start with100k trading in small quantities, you can go on to owning a ranch, haulage, and logistics and perhaps someday owning a large block of the internet lice stock market. Think big.
Conclusion
There is no end to the nature of businesses you can venture into in Nigeria. The aim as is taught in Harvard Business School and the Lagos Business School is to not lose your money. You can start with 100k the best business ideas above only require you to start with your 100k.
So calm down and choose any that you feel interested in and start making your millions.
Recommendations
How Nigerians Can Buy Cryptocurrency After The CBN Ban
10 Best Defi Coins You Should now About (Updated)
Binance Exchange – Full Review: Accepted Countries, Fees and Payment Method
Top 10 Crypto Exchangers With The Cheapest Fees For Trading in 2021
Leave a Reply