In this article, we are going to be exploring the 4 lucrative businesses to start without capital in Nigeria. One common principle in wealth creation and accumulation is creating and possessing multiple streams of income. That refers to income generated from businesses established and consolidated upon over the years. To quickly add, the aim of every business owner or investor is to maximize the profits as they accrue from such different business fronts. Today, I will be sharing my list of lucrative businesses for anyone who has been contemplating starting up and owning a business in Nigeria, but without the requisite capital. One stands a greater chance to live that dream today than decades ago. This is attributable to technological advancement which has revolutionized the business landscape in Nigeria, making it possible that even with zero capital, one can aspire and startup a business and make it a lucrative one.
One cardinal feature in this line of business is the absence of threats from any material consideration. The desire to create and own a business comes with boundless opportunities, and gives one the strength to become the master of one’s time and future. Looking for further insights on how to venture into a business and become a business owner without capital may not be too necessary as this article features some suggested areas where anyone who so aspires may start from.
So without much ado, let us consider the list of lucrative businesses to start without capital in Nigeria.
1. Footwear fabrication:
With the growing global economic downturn hitting most vulnerable countries in Africa, particularly Nigeria, citizens are now shifting to local hand-made goods. Made-to-taste footwear is gradually trending, and soon to become the footwear brand of choice. As a person gifted in hand crafts, you should be ready to capitalize on this new wave of innovative thinking sweeping across Africa. It is top on my list of low-capital businesses you can venture into as it enjoys patronage from a vast number of Nigeria’s youthful population. As a first-time entrepreneur, making of handcraft footwear comes handy as you could run it effectively by the corner wall separating your garage. One strong incentive for moving in this direction is the availability of simple machines and other associated tools, and at pocket friendly prices.
Again, Nigeria’s youthful population gives this particular low-capital business an edge. Otherwise, there is a ready market for footwear given the growing nature of Nigeria’s economy. This is one business where profit is seen within the first two weeks of
commencement. What is required is just a filing machine to prepare the edges of the footwear. The raw materials are readily available at a very cheap price. You can even get the raw materials for free, depending on the kind of footwear you want to make.
2. Textiles Shop
Retail of textiles and associated materials will be a most suited zero-capital business for anyone with good fashion sense and desirous of becoming an entrepreneur. Nigeria has always been a blend of massive culture enthusiasts. One best way of displaying pride in one’s cultural heritage is through fashion. This is particularly the case as no typical Nigerian celebration goes by without involving a bale of Nigerian attires. The absence of restriction on attendees to such typical African occasions goes to show how this particular zero-capital business is possessed with potentials for increasing profits and sustainability. In all, one’s passion appears to be the strongest basis for success in this type of business. Since there is no guarantee of a steady market for this business, it, therefore, means that patronage will most likely be drawn and attracted from one’s personal contacts at the appropriate time of one
celebration or another. This particular trade has immediate rewards as it is usually done on cash-on-delivery basis. That is to say patronage is rarely done on credit basis. Simply go to a seller of Ankara materials and strike a bargain with him/her. Then get the materials, market them to the celebrants
3. Laundry Services
The society is becoming more educated and sophisticated such that the fast-paced aura of modern living creates certain categories of jobs for low and middle income earners. When considering how to start a business in Africa without capital, venturing into providing
laundry services should be top of the radar. The seamless act of washing clothes and getting them well ironed thereafter is something that most people do effortlessly. And it comes with a huge potential for profit making in a typical African city where majority of its inhabitants operate on a developing economy basis.
Aside its zero capital requirement, this type of business can also be carried out on the veranda. What that means is that the search for a shop to begin the business does not even arise. This business comes with great prospects, but unique service delivery and regards for greater efficiency is what could attract and retain one’s interpersonal clientele. The prospects could start from the second day of operations as customers go out and return on a daily basis.
4. Liquid Detergent and Soap Making
Whenever the thought of becoming an entrepreneur enters your mind, and attracting the capital required happens to be a challenge, think no further than engaging in liquid detergent and soap making. Nigeria, with its growing economy, has a vast majority of its populace living below the poverty line, and several households consider certain basic provision as articles of luxury. As surprising as this might seem, detergent and soap making can reach millions of homes in Nigeria faster than you could have ever imagined. Here is a complete practical guide on how to make liquid soap. The sheer size of the population living below the poverty line means that there is a ready market for this type of business in Africa. What further makes this type of business the ideal zero capital business to start is the exclusion of equipment or technology at all stages of production and distribution.
And with proper marketing and good public relations, a business person can make the residents of an entire housing estate to buy and use only homemade detergents and soaps. At that point, the profit margin would have traveled north even within the first few weeks of production and distribution.
In conclusion, there are several other lucrative businesses that people can start right from their homes with little or no capital. But these 4 are paramount. We have also written extensively on how to produce and market several household products right from your home and make huge returns daily. Do well to read the articles, and remember timeshare them.