It is common knowledge that starting a business is one of the surest ways of being financially liberated and becoming a boss of your own.
Moreover, with the present economic depression Nigeria is experiencing, getting a profitable corporate job is not only difficult but the risk and unpredictability of being laid off by cost-cutting companies pose a huge threat to attaining the financial freedom you seek. What then is the solution? Starting a business!
Most people are apprehensive and uncertain about starting a business, especially because of the start-up capital. So if you’re thinking of taking that brave step and starting a business but you don’t have enough capital, then you’re in luck because this article is for you.
In this article, I’m going to show you 16 lucrative businesses that you can start with as low as 200k and make good money that will buy you a life of financial freedom and make your financial worries disappear.
Before I fully get into that, I want to give you some useful tips you will need before starting a business.
You Must Be Decisive
The success or failure of every business first begins in the mind. Your mindset is important in ensuring that the business you intend to set up, grows into the thriving enterprise that you envisage. So before you start any business, ask yourself: ‘Do I really want to do this?’ ‘
Is this something I want to commit my time and resources to?’ The answers to these questions will guide your decision and determine if you should start the business or not.
Also, Read this: Marketing Softwares Every Business Must Have
Start Something You Love or Have Interest In
Starting and nurturing a business can be challenging. Businesses often go through good phases as well as difficult phases that would require perseverance, hard work, and patience to get through them.
Genuinely loving what you do will make these challenging phases easier to bear and keep you from quitting. So, start a business that you have an interest in and love.
Before starting any business, consider the chances of that business thriving in your immediate environment or not. Through a feasibility study of your environment, you’ll know if your target clientele exists there or not.
Do you have the relevant skills to start a business? Remember, no one will buy from you if you do not offer value, and the only way to offer valuable service through your business and clinch loyal customers is by equipping yourself with the skills that will make you stand out. So before you start that business, do you have what it takes? And if you don’t, are you willing to learn?
Also, read this: Digital marketing skills to boost your cv in 2022
That being said, let me show you 16 businesses you can start with 200k capital;
Bakery business is one of the most lucrative and timeless businesses you can think of. With as low as 200K capital, you can set up your bakery and begin to make a consistent profit.
You can start by narrowing down your pastry production to just bread and in addition to direct sales, you can supply to stores, schools, roadside vendors, and other channels of distribution.
With the daily demand for bread by households and organizations, the profit from this business flows consistently. Another great thing about it is, that you can convert your home kitchen into a bakery at no extra cost of paying for a bakery facility.
With consistent production of quality bread, you can build a loyal customer base just within a few weeks of starting and watch the money roll in.
Wearing clothes is an essential part of living that will never be out of vogue. Clothes will always be in high demand and as such, tailoring is a very strategic line of business that will also always have relevance.
You can start your tailoring business with one sewing machine in your home. You don’t need to break the bank before starting it. With as low as 200k, you can begin with fairly used equipment and make quality clothing items in your home.
One way to secure high-paying loyal customers would be to clearly identify your niche and cater to the needs of your target clientele. For instance, you can specialize in ready-to-wear outfits, women’s clothing items, or men’s clothing items.
This is another business that will bring in steady income. With 200k, you can start a barbing salon business, and be rest assured that your business will always be patronized. With the low capital of 200k, you can start the business with a few tools before scaling up your equipment and staffing after fully establishing your clientele.
CAR WASHING SERVICE
Starting a car washing business with as low as 200k or even less is possible. This business is lucrative because, with people’s busy schedules, it is nearly impossible for them to wash their cars themselves.
Starting a business that addresses their car washing needs will definitely attract them and in no time, you will build a customer base that will always patronize you.
Some of the most important factors you need to consider when starting this business are identifying a strategic location with a good water supply and getting the relevant washing equipment you will need.
POINT OF SALE (POS) BUSINESS
POS business is an alternate means of conducting monetary transactions that offers ease and convenience to customers. Because people often choose comfort and ease, POS business is a flourishing business that is relevant and is constantly patronized by people.
The profit flow from this business is constant and with 200k or less, you can start it. Also, you don’t need to be physically present to earn from the business as you can easily get an attendant that would be available for the transactions while the flexibility offers you the opportunity to run other businesses.
The bulk of capital you need will actually be used for the transactions while the POS machine is relatively affordable and you can easily purchase it.
In Nigeria, there’s always a need for catering services for parties, events, meetings, and other numerous occasions. Catering businesses thrive greatly as there is always a need for food to cater to the party culture of the country.
You can begin your catering business with as low as 200k or even less in your home kitchen. With the advantage of the internet and technology, you can advertise your catering services online and deliver to customers both near and far through delivery/logistics services.
The digitization of most businesses and their need to extend their businesses to a broader online community has created a high demand for freelance writing such as content creation, email marketing, ebook writing, copywriting, and the like.
Starting a freelance writing business will make your services highly sought after by businesses and brands who seek to broaden the scope of their customer base and market their products or services on a larger scale.
However, the writing and creative industry is a highly demanding and competitive one that will require you to hone your writing skills and create excellent pieces that will set you apart from the rest.
Amidst the plethora of freelance writers all over, you can penetrate the market and make yourself a writing authority by specializing in certain writing niches where your expertise will be grounded and in high demand.
You can begin by signing up on intermediary platforms such as Fiverr or UpWork where you will have access to high-paying clients and eventually build your portfolio. The more testimonials added to your portfolio will invariably translate to increased rates.
You will have to pay a commission to the platforms though but the great thing about freelance writing is, that you don’t even need up to 200k to begin it in the first place.
LAUNDRY/DRY CLEANING SERVICES
The great thing about this business is, that there is always a high demand for its services. With 200k or less, you can easily set up a laundry business and start making money.
The rigorous work demands of the working class and other time-consuming factors that leave people with little or no free time make it practically impossible for them to cater to their laundry needs themselves.
Laundry services are therefore always in demand and this makes the business a lucrative venture. Delving into it requires no specialized skills but a space and the necessary washing tools needed.
The beauty and skincare business is arguably one of the most highly patronized businesses ever.
Although skincare products are patronized by both men and women, however, skincare business has a solid customer base that majorly comprises women.
The success and lucrativeness of this business are fuelled by the timeless desire of women to maintain their youthful and beautiful looks.
With as little as 200k, you can become a retail seller of beauty and skincare products, and through research, become a beauty specialist and consultant and charge extra for both your products and services.
You can also leverage digital and online platforms to market your products without the financial burden of setting up a physical store for your business.
Selling thrift clothes or ‘Okrika’ as it’s commonly called, is another easy-to-start business that you can set up with 200k or less.
Because of their affordability, thrift clothes are widely used by the average Nigerian, including the working class. Needless to say that there’s a high demand for thrift clothes and the market for them is large.
With as little capital as 200k or even less, you can purchase bales of Okrika, preferably the first-grade bales, and sell them for high profits.
You can sell through a distribution chain and supply to as many thrift stores as possible also.
Starting a thrift clothing business doesn’t even require you to have a physical store as you can easily convert your home into a store and also take advantage of online shops to market and sell your products.
SOCIAL MEDIA/BRAND STRATEGIST
If you’re social media savvy or have the acumen for business/brand marketing, then you should highly consider becoming a professional social media/brand strategist.
You can launch your social media strategy consultancy business with less than 200k and offer your services to numerous businesses that seek to connect with new clients in the digital space and maintain the relationship between existing clients.
With the saturation of businesses in the digital space and the scramble to connect with ideal customers, the services of brand strategists are indispensable in helping businesses market their brands clearly and strategically to their target customers.
Through research and proven expertise, your brand strategy consultancy services will attract these businesses and they will offer to pay handsomely for the value you offer.
FOODSTUFF RETAIL BUSINESS
Everyone eats food and the demand for foodstuff such as rice, beans, yams, tomatoes, potatoes, etc. will always be high.
To start a moderate foodstuff retail business, you don’t need to have millions. In fact, with as little as 200k capital, you can set up your business and watch it flourish.
All over Nigeria, there are strategic ‘bush’ or local markets where you can easily purchase those foodstuffs at relatively cheap costs and sell them at a higher price to consumers. You can begin with a few items such as yams and other staple foods and eventually, incorporate other items such as cooking oil and even frozen foods.
Like I previously said, everyone eats food and it is one business that will always have a wide-range customer base.
With the help of the internet, your customers can be from all over Nigeria and even outside the country and you can sell your food products with ease within a short time, you can scale up your supplies and drastically increase your income.
Poultry farming can be argued as being the most lucrative form of livestock farming. This is because chicken is widely used in households, restaurants, parties, etc.
Moreover, in addition to the meat, it is through poultry farming that eggs are also produced and extensively distributed and sold. Starting a poultry farm business is a profitable venture that is possible with as little as 200k capital or even less.
You can start with as little as 100 or 150 chicks and when they eventually mature and lay eggs, you can get profitable returns from both the chicken and the eggs.
Nurturing chicks to maturity during festive periods like Christmas usually brings more profit but asides from that, you can also develop a network of customers such as boarding schools, restaurants, and catering businesses, vendors and expand your supply channels.
Makeup business is a thriving venture that has an unending demand and you can easily start the business with as little as 200k. Every day, there’s a demand by women to use the services of makeup artists either for photo shoots, parties, weddings, and other events and this has made makeup services highly sought after.
To successfully start the business and clinch a loyal clientele, you have to develop your makeup artistry and also increase your knowledge on not only makeup skills, but also quality makeup products that are suitable for various skin types.
Fortunately, you can constantly learn more about makeup by watching makeup tutorial videos on YouTube and other resource-generating platforms. With your upgraded makeup skills and cosmetic products expertise, you will always be booked and busy.
CORPORATE CLEANING BUSINESS
Starting a corporate cleaning business is simple, straightforward, and profitable. The services of this business are always in demand because offices, stores, industrial facilities, and houses always need to be cleaned on a frequent basis, if not a daily basis.
With 200k, you can purchase the basic cleaning equipment and start a one-man cleaning business.
You can begin with 2 or 3 offices and other facilities and through your thorough and professional services, create and grow a customer base through recommendations and networking. In a little time, your business will expand in staffing, services, and customer range, and your wealth will steadily grow and give you the financial freedom you desire.
PET BREEDING BUSINESS
Breeding and selling pets, especially dogs, is another profitable business that you can set up with 200k capital or less. The family-oriented culture of Nigerians greatly encourages the presence of pets, particularly for children.
You can easily purchase a few puppies, set up a living space for them in your compound, and sell them at increased rates to customers.
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Types of Businesses You Can Start With 200K in Nigeria
This article has shown that starting a business with 200k capital and breaking away from the crippling grip of poverty is possible.
Hopefully, the list and description of possible low-capital business ventures contained in this article will give you more clarity and understanding of the business to venture into.
Also, do not forget to take into consideration the tips I offered at the beginning of the article.
I wish you the very best as you take control of your future and begin your journey to financial freedom.