20 Profitable Businesses You Can Start with 700k in Nigeria
Are you looking for Businesses you Can start with 700k in Nigeria.
Starting a business in Nigeria is challenging, mainly because of limited capital. However, with N700,000, you can start and grow various businesses.
These businesses range from online ventures to physical stores and offer entrepreneurs diverse opportunities.
This article will explore 20 businesses you can start with N700,000 in Nigeria. These businesses have been carefully selected based on profitability, scalability, and ease of setup.
You can establish a profitable POS business. With the right strategy, location, and customer service, your POS business can become a million-naira business.
I’m a successful businesswoman, and in my quest, I’ve helped several people set up successful businesses. I’ll give you good advice on starting and running a successful business with 700k.
20 Best Businesses You Can Start with 700k in Nigeria
1. POS Business
Starting a POS business with $700k is possible. Since little equipment is required, you’ll use most of the money to run the business.
Your first investment would be buying the POS machine, which will cost about 30k. You also need to set up in a good location. If you can provide a great customer experience, you’re well on your way to making a lot of money.
Here are 5 tips to start your POS business:
- Learn about the businesses around you and what they need from a POS system.
- Offer good prices and flexible payment options to attract customers.
- Tell people about your business through ads, social media, and by teaming up with others in the industry.
2. Blogging
Yes, you can start a blogging business with 700k. Starting a blog is easy.
A WordPress website can cost as much as 100k yearly, and this is for the domain where you’ll host your blog.
If you don’t have a laptop, get one. Make sure it’s efficient so you can work fast.
I’ve been blogging for several years now, and I can tell you it’s a great way to earn passive income online.
Of course, you have to learn how it’s done so you don’t waste time doing the wrong things.
If you learn SEO, you’ll be able to attract readers to your blog through social media, search engines, and networking.
As your blog grows in popularity, you can monetize it through various means like advertising and partnerships.
3. Fish Farming
Yes, you can start a fish farming business with 700k naira. This money will construct fish ponds, purchase fingerlings (young fish), fish feed, and cover other startup expenses.
N700,000 Naira is small, but with this amount, you can set up many profitable businesses, including fish farming.
Fish farming is a sustainable way to produce food and generate a steady income. With 700k naira, you can start small and gradually expand your operation.
Before starting any business, such as fish farming, it’s essential to thoroughly investigate to make the most of your time and money.
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Snail Farming
Snail farming is another profitable business you can start with N700k in Nigeria.
Snails are in demand, making it a potentially profitable venture. With 700k you can start small and expand gradually.
My favorite thing about snail farming is that snails are relatively easy to care for, requiring minimal attention.
You must set up a suitable environment for the snails, including housing and feeding areas.
Snails mature in about 6 months. Once they’re old enough, you can sell them for money.
You’ll need equipment like:
- Housing materials like containers or pens
- Feeding equipment such as trays or containers for food
- Watering equipment for hydration
- Tools for cleaning and maintaining the snail habitat.
- Fashion Design and Tailoring
You can start a fashion design and tailoring business with 700k, that’s for sure, but it’ll be better if you already have a shop.
Beginning with 700k allows you to start small. Fashion design offers a platform to express creativity and design unique clothing pieces.
If you can create something unique, people will buy from you. As a fashion designer or tailor, you can earn 300k monthly.
Some equipments you’ll need as a fashion designer are:
- Sewing machine(s)
- Cutting table
- Measuring tape and tools
- Iron and ironing board
- Fabric and sewing supplies
You can become a fashion designer by learning and practicing your sewing and design skills through physical classes or YouTube.
If you can provide excellent customer service, your clients will be loyal.
6. Event Planning and Decoration
Starting with 700k allows you to operate from home initially. The event planning industry continually expands, offering ample opportunities for business growth.
With the right marketing and client base, event planning and decoration services can generate a good income.
Can you start with 700k?
Yes, you can. Invest in decor items such as centerpieces, table linens, and lighting.
Transportation for delivering and setting up decorations.
Office supplies for administrative tasks and marketing materials like business cards and brochures
7. Restaurant or Fast Food Business
There’s always a demand for food, incredibly convenient options like fast food.
Restaurants and fast food joints often become community hubs, providing a gathering place and employment opportunities.
You can profit and expand your business over time with the right strategy.
Start a restaurant business by deciding your menu, target audience, and location for your restaurant or fast food business.
Obtain necessary permits and licenses to operate legally. You can either start with a food truck or find a good location with traction and sell your food.
The 700k Naira you have will go into
- Cooking appliances like stoves, grills, and fryers
- Serving utensils, plates, and cutlery
- POS (Point of Sale) system for transactions
- Furniture for seating areas
8. Food and Beverage Business
Starting a food and beverage business is a great idea, especially in Nigeria where food is an essential part of the culture.
With 700k, you can start a profitable food business if you are willing to put in the work.
Catering services is an excellent food business idea that you can start with 700k in Nigeria.
With catering services, you can offer food and drink services for weddings, birthdays, and corporate events.
Start by offering simple catering services and then expand as your business grows.
Catering services require good planning and organization skills and the ability to work under pressure.
9. Bakery
A bakery business is another profitable food business idea that you can start with 700k in Nigeria.
With a bakery, you can offer a variety of baked goods such as bread, cakes, and pastries.
Start by baking from your kitchen and selling to your friends and family. As your business grows, you can expand and rent a space.
However, starting a bakery requires good baking skills and food industry knowledge.
If you want to learn how to bake, YouTube is a gold mine for this information.
10. Boutique
Opening a boutique is a great way to capitalize on your passion for fashion. You can start a boutique with 700k by renting a small space in a busy area and purchasing clothing and accessories to stock the store.
The boutique can specialize in a particular type of clothing, such as formal or casual wear, or cater to a specific demographic, such as women or children.
Another option is to start a tailoring service. With 700k, you can purchase a sewing machine, rent a small workspace, and start taking orders.
It is essential to have excellent sewing skills and to be able to produce high-quality work.
Advertising through social media and word-of-mouth can help attract customers. The tailoring service can specialize in a particular type of clothing, such as traditional or Western-style clothing.
11. Fashion Accessories
Another option is to start a business selling fashion accessories such as jewelry, bags, and shoes.
You can start by purchasing products wholesale and selling them at a markup. Selecting products that are in demand and appeal to the target market is essential.
The business can be operated online or through a physical store. You can also import some fashion items from China.
Facebook Ads and Instagram Ads can be used to promote the business and reach potential customers.
12. Spa and Massage Therapy
Spa and massage therapy is another business that can be started with a capital of 700k in Nigeria.
A spa is a facility that offers a range of services, including massages, facials, body treatments, and other relaxation services.
A good location, a relaxing atmosphere, and a variety of services are essential for starting a spa.
Hire experienced and qualified staff who can provide excellent service to clients.
Massage therapy is great, too. It involves manipulating muscles and soft tissues to relieve pain and stress.
If you want to do any of these things yourself. Learn on YouTube how they’re done.
Offering a range of services will attract a diverse clientele and make the spa a popular destination for relaxation and wellness.
13. Event Planning
Event planning is a lucrative business in Nigeria that requires creativity, attention to detail, and good organizational skills.
With a startup capital 700k, you can venture into event planning and management.
The business involves planning, organizing, and executing events such as weddings, birthdays, corporate events, and other social gatherings.
To start an event planning business, you need a good network of vendors, such as caterers, decorators, and rental companies.
Create a website and social media pages. They will help you in marketing the business.
You can also offer additional photography, videography, and DJ services to increase revenue.
- Computer Sales and Repairs
Starting a computer sales and repair business in Nigeria is a great way to capitalize on the country’s growing technological demand.
With a capital of 700k, you can set up a small shop that specializes in computer sales and repair.
This business can be run from home or a small rented space.
Offering customers quality services is essential to make the most of this business.
This includes providing fast and efficient repair services and offering a variety of computer accessories, such as keyboards, mice, and monitors.
You can also offer computer training services to customers new to technology.
15. Mobile Phone Accessories
With mobile phones becoming increasingly popular in Nigeria, starting a business that sells mobile phone accessories is a profitable venture.
With 700k, you can start a small retail shop selling mobile phone accessories such as cases, chargers, and earphones.
To maximize this business, it is important to offer a variety of high-quality accessories at affordable prices.
You can also offer repair services for mobile phones, which can be an additional source of income.
Keep up with the latest trends in mobile phone accessories to ensure that the business stays relevant and competitive in the market.
- Cosmetic Shop
A cosmetic shop is a business that sells a variety of beauty products such as makeup, skincare, and hair care products.
With a start-up capital of 700k, you can purchase wholesale beauty products and sell them at a retail price.
One can also offer consultancy services to customers to help them choose the right products.
It is essential to keep up with the latest trends and stock popular products to attract customers.
17. Beauty Salon
A beauty salon is a business that offers a range of beauty services, such as hair styling, manicures, pedicures, facials, and makeup applications.
With a budget of 700k, you can rent and equip a space with the necessary tools and equipment.
You can also hire trained professionals to provide the services.
To attract and retain customers, it is essential to offer quality services and maintain a clean and hygienic environment.
18. Real Estate Ventures
Real estate is one of the most lucrative businesses in Nigeria. With a start-up capital of 700k, you can begin a real estate venture that will yield significant returns on investment.
There are two main types of real estate ventures that one can start with 700k in Nigeria:
Property Management and Real Estate Brokerage.
- Property Management
Property management is a real estate venture that involves managing properties on behalf of property owners.
This includes finding tenants, collecting rent, handling repairs and maintenance, and ensuring the property complies with local laws and regulations.
Property management is a profitable business with a steady income stream.
To start a property management business, you must have good communication and organizational skills.
Building a network of reliable contractors and vendors who can provide maintenance and repair services is essential.
- Real Estate Brokerage or Agent
Real estate brokerage is a business that involves acting as a middleman between buyers and sellers of real estate.
A real estate broker helps clients buy, sell, or rent properties. They earn a commission on each transaction they facilitate.
19. Online Store
E-commerce is an excellent option if you’re looking to start a business with 700k in Nigeria.
Starting an online store can be profitable with the rise of online shopping. The startup costs are relatively low, and you can reach a larger audience than a physical store.
To start an online store, you must create a website, choose a domain name, and select a hosting provider.
You must also decide what products to sell and how to market them. It is essential to choose products that are in demand and have a good profit margin.
20. Cleaning Services
Cleaning services are in high demand in Nigeria, especially in urban areas with busy lifestyles.
A cleaning service business offers various services, such as residential cleaning, commercial cleaning, and post-construction cleaning.
Start a cleaning service business today. You only need a team of skilled cleaners to deliver high-quality cleaning services.
Spend money on cleaning equipment and supplies, such as vacuum cleaners, mops, and cleaning chemicals.
A cleaning service business can generate revenue through hourly rates or flat fees for specific cleaning services.
Conclusion
Simply put, Nigeria has many chances for people wanting to start their businesses.
With just 700k, you can kick-start a profitable venture. You can do many things, such as selling things, making food, catering, or designing clothes.
This guide to 20 great business ideas will help you choose the right one. It’s all about making intelligent choices and starting a successful business journey in Nigeria.
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