In Nigeria now, less and less people seem to be interested in white collar jobs and even those with white collar jobs seem to have a backup business as everyone is practicing entrepreneurship! I remember doing GST 212 (Entrepreneurship studies) back in school and it really helped me to broaden my mindset, so when someone asked me what he could start with a million naira, I did some research and came up with the following; and I hope it helps you too.
This is a thriving business in Nigeria as one cannot get enough of supermarkets in the country. People always need something, be it toothbrush or a cold drink, and a supermarket would be very handy. So, to achieve this goal, you should consider selling a wide range of things that will attract people to you. Renting a decent refrigerator, decoration, generator and inventory can be covered with a million naira or less depending on your capital.
2. Poultry farm.
Now let's be frank, who doesn't like chicken or eggs?? Everyone does and it’s also very lucrative. Starting up your farm and breeding poultry has a lot of profits in the long term. Basically, there are three types of poultry that makes wave in today’s market and they include:
a. The pullets popularly known as Layers: Layers are mainly reared for their impeccable egg production; and most lucrative but more stressful, compared to the other ones.
b. The Broiler Chicken: Broilers are reared mainly for meat production, The Broilers grow very fast and are ready for sale at 12 weeks from hatch, but they eat a lot and demand a lot of care and attention.
c. The Cockerel: This is also reared for meat production. . Cockerels grow slower and can take up to twenty four weeks before they are matured for marketing and sale. Cockerels are reliable in terms of survival and withstanding bad weathers. They are more resilient, and can absorb shocks far better than Layers and Broilers.
I have to admit that this business is down right stressful but what business isn't? You need to have appropriate information on the business before you start and also you should be very attentive to the poultry. Factors like a land 120 x 60 square metres would be good for starters, chicken cages should be gotten considering the poultry, day old chicks which cost about 250 or less and can be gotten cheaper when bought in bulk, that is 400 or more.
3. Sachet water business.
Come on! Its pure water as it’s popularly called! And it’s really the most consumed in Nigeria! To start this business, a factory should be opened near a conducive environment, register your business name, drill a borehole, Install overhead tanks (a reservoir to supply water to the distillation system), Install distillation system
Get NAFDAC registration, Automatic sealing machine (get the one that can seal about 40 sachets per minute, Nylon materials, Logo and product name printed on nylon material, manpower/labor: Operator (1) for a start, Driver (1) for a start, Motor Boys (2), Packer (2), Cleaner (1), Truck for distribution, Power Generating set- 25KVA
Running cost of between N 200,000 or thereabout minus rent for six months running. With time and dedication a lot of profit can be achieved
4. Importation of Android, Blackberry and IPhones.
Who doesn't like good phones? And considering that most people like to order, you could be the link. Start from little then build your way up, get customers, find a good importer probably from the UK. Used and new phones will work out well.
5. Catfish farming.
‘Point and kill’ or barbecue, anyone? Getting into this business, the basic knowledge should be studied. In whatever business you wish to do, adequate research should be carried out to avoid mistakes. Factors like land, constant water supply and pond construction should be considered. Know your market and what's in demand. In the country, the following catfish are found/can be reared and should be considered: Clarias nigro-digitatus, Heteroclarias, Clarias gariepinus, Heterobranchus bidorsalis, Heterobranchus sp (commonly found in the South Eastern part of Nigeria), Clarias spp (this specie dominates the south west) and so on. With concentration, adequate plan and a good research, this can be achieved.
6. Laundry and dry cleaning.
Due to hustle and bustle, less and less people have the time to do their laundry and this is where you come in. With a little amount, you can start up. Factors like: 12kg washing machine, 7.5kv generating plant or less, Dryer (for immediate delivery), Two pressing iron; steaming iron and ordinary iron; Two tables; one for washing and the other for ironing, Shelve(to place dry cleaned clothes), One standing industrial fan (wouldn’t you be hot after all the stress?), 1kg spraying can, Tagging gun, Buckets, brush, hangers, laundry nylon. Over time, profit will come in
7. Importation of designer clothes, shoes and bags.
Although I won’t advice you actually travel to Dubai, or any other country, personally to shop always, I suggest you can ask someone going there or purchase in wholesale online and have it shipped to you. Then you sell to high end boutiques. To do this you need to have an eye for fashion.
8. Tanker for water.
In some areas in Nigeria, water is scarce and a tanker of water costs about 5000. Consider your environment, as this works usually in the rural area and would require you getting a tanker and drivers and then sourcing for water.
9. Set up a recording studio.
There is no specific amount for this, as it depends on how big or small you wish to start. It is very lucrative, as music is a big thing now and artists will always seek for a studio. Factors like rent, music producers, sound engineers, need to be considered and would be a bonus if you are one! Interest in the music business is also necessary. To thrive well here, you need to have updated sound quality equipment to enhance the final outcome of the business.
10. Selling human hair.
Women will never get enough of this, besides it will always be in demand. Get good quality hair and even from your home you can sell this, advertise your goods, get contacts and you're set to go!
11. Selling goods online.
Find your market, what you would want, start small and sell online. Most people like online shopping. Make your site attractive as it will attract customers. Also register your business.
This should be carefully investigated before entering. A stock broker should be consulted and the profits here are not exactly immediately and it’s not an exact business. It involves taking risj=k, but like it’s said; it’s always risky to take a risk.
I hope I've been able to help, always remember that in whatever you want to do, research adequately.