These 14 Small Low-Cost Business Ideas Can Make You A Millionaire
It’s can be exciting to want to start and build a successful business until you realise that you may need huge startup capital depending on what you want to venture into. There are a lot of great business ideas that have failed to see the light of day because of the lack of funds required to execute it. But then, have you ever considered starting a business that requires little to no capital?
In the past, a herculean capital would have been required for most businesses, but today, there are so many low-cost business ideas that have created millionaires in many parts of the world, including Nigeria and Africa as a whole.
So, if you have little capital, there’s little to worry about because here are 14 low-cost business ideas that could make you a millionaire in Nigeria or anywhere else in Africa:
1). Point of Sale (POS) Cash Withdrawal Business:
Popularly called POS withdrawal cash point, this business has experienced a massive boost in recent times with millions of people withdrawing more money at POS points than at ATM machines in Nigeria, and this is understandable; banks and ATMs can’t sufficiently cater to the financial transactions of people on a daily business. Due to this, delays in banks and endless queues at ATM points become inevitable and people frankly don’t want to stress themselves to move too far from home to withdraw only to join a long queue in the process.
This problem created room for the POS business to thrive as it offers speedy cash transactions. It also saves the efforts and time needed to visit bank branches and ATMs and the POS handler charges a small fee with every withdrawal.
In summary, starting a POS cash withdrawal business requires low startup capital, making it a business for all.
2). Online Coaching Business:
Impacting knowledge in the 21st century has gone beyond the four walls of a classroom. Thanks to the internet, teaching has been digitalized and can now reach millions of people across the globe. Plus, students can learn outside the classroom via interactive digital mediums with the tutor as a guide.
With a great skillset, you could package them into a course to be pre-recorded and delivered online or offer coaching services to people who want a private tutor over the internet.
3). Food Delivery Business:
The schedule of modern life leaves little or no room for most people to regularly cook their own meals or favourite delicacies. And so, to make up for this inadequacy, people find it convenient to preorder dishes for doorstep delivery, causing the market for the food delivery business to not just take off but to become a huge opportunity for businesses and individuals to take advantage of.
To build a successful food delivery business, you need to either be a great cook or be able to hire a set of great cooks who can prepare amazingly tasty dishes and in record time for quick deliveries.
4). Makeup / Cosmetic Business:
Makeup is a signature business of the modern age because it is a widespread part of our everyday outfit. Beyond that, it is an essential component of most businesses today, including entertainment, fashion and photography.
The good news is that the makeup business requires little capital once you’ve learned and mastered the art. You’ll also need to invest in a makeup kit and a studio, but you could start from home or offering home service to your clients.
Also, you need to network with people in industries that have a high need for makeup services.
5). Photography Business:
Photography has evolved from the analogue black-and-white craft to a lucrative digital business. Moreover, the days when photography warranted strictly a physical studio are log gone. Now you can shoot people at various locations, events, weddings, and edit the work at home, while also promoting your craft on social media and selling your works on stock photography websites like Shutterstock, getty images, and more.
In all, starting a photography business requires little capital to purchase a camera depending on the grade, requisite training and quality output.
With the right skills and enough social media exposure, you can make a lot of money from photography.
6). Agricultural Business:
You can start an agricultural business with little capital, depending on the type of crop you want to focus on.
You can start easily with a small piece of land in your compound and upon harvest, with the right distribution channels and adequate strategies, sell all your produce and continue to grow the business.
7). Day Care Business:
Day care or babysitting is a business idea with steady revenue in every major town or city because the working class sect have little to no time to take care of the young ones at while because of work.
From your home, a good reputation, a great neighbourhood, and an affinity for kids, you can start and grow a successful daycare business.
8). Catering Business:
You can hone your cooking skills by offering catering services to events, organisations, and more.
It’s best if you can partner with any of the aforementioned so that they can have you as their reliable partner for any event or as a permanent catering partner for the organisation’s canteen.
9). Ice Block Production Business:
With poor electricity in Nigeria and Africa as a whole, the ice block production continues to thrive as people need to keep their drinks cool at all times of the day.
If you have access to an inverter or a stable electricity source, you can run a run business of freezing and supplying ice blocks to businesses all over.
10). Fashion Design Business:
The world is growing increasingly more fashion-focused as people are always trying to buy or sew new clothing, especially for new events or special occassions.
If you’re a skilled fashion designer, you can produce a bulk of your works and promote them online..
11). Mobile Phones Accessories Business:
Accessories such as chargers, head phones, screen guards, batteries, and more are in high demand all year round. Usually, sophisticated phones come with unique accessories that are sometimes difficult to replace after damage.
You could set up a phone accessories business with little capital to meet a small part of this demand and in the process, grow a thriving business.
12). Mobile Phone Repair:
Mobile phones are important to people’s daily activities, so they try their best to keep them in good shape. In the event of a damage, the phone repairer’s store becomes the next point of call. If that is you, you’re in for good business day in, day out depending on where you are located.
13). Laundry Services:
The laundry business is one that generates good income every week because busy working class individuals rarely ever have the time to do their own laundry.
If you’re experienced in doing laundry the right way, you can setup your laundry business at a good location where a lot of homes and businesses are.
14). Tomato Farming:
Tomato farming is an agricultural business that quickly grow into a thriving enterprise in a few years. It has a great market demand and it serves multiple purposes, especially in the food production industry.
As the demand for vegetables continues to rise, the tomato business will continue to grow and rake in revenues. With an arable land, you could grow a tomato business into a thriving enterprise.
To Sum It Up
Low-cost businesses are great business ideas available to everyone irrespective of capital availability. Likewise, they are businesses that can generate a lot of profits and someday make you a millionaire.
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