BusinessBusiness & Investment

20 Businesses You Can Start With 1Million Naira

It’s a fact that the amount of capital available for a business startup does not determine its profitability, many people start their business with little or no capital but still grow them into global businesses. In this article, you will find out about 20 businesses you can startup with a million naira.

1. Supermarket

2. Restaurant business

3. Boutique business

4. Large-scale phone and computer accessories business

5. Bakery business

6. Yoghurt and ice cream production

7. Poultry farming

8. Fish farming

9. Piggery and goat farming

10. Publishing and printing

11. Recharge card printing and sales

12. Computer training center

13. Fitness center

14. Ambulance rental service

15. Cassava processing business

16. Maize processing business

17. Frozen food business

18. Palm oil processing and sales

19. Blocks industry

20. Bridal shop

Read Also: How to Start a Supermarket in Nigeria; Everything you Need to Know

20 Businesses You Can Start With 1Million Naira
Business Ideas in Nigeria – Photo Source: http://www.humanengineers.com

1. Supermarket

With one million naira, you can set up a medium scale supermarket which will provide almost everything that will be required by your customers.

Setting up a supermarket is a feasible business venture. It has many advantage over the local shops and stalls, one of which include the fact that there will be no credit services.

Also, the price stamped on your products cannot be bargained so you won’t lose much in that case. To set up a successful supermarket, location is of essence.

A supermarket should preferably be located in a highly populated and easily accessible area. It shouldn’t be hidden by other buildings.

2. Restaurant Business

Although one million naira is not enough to setup a well-furnished restaurant from scratch, it can help you setup the one which will be patronized by the masses. Restaurant business is a highly profitable venture.

Many people (students, workers etc.) leave home early without breakfast in order not to be late to wherever they were meant to go.

Man cannot do without food for long and as such, when hunger strikes, their next option is to visit the nearest eatery or restaurant based on their pocket.

A good restaurant should maintain cleanliness at all times, not many people would want to eat in a place where they’d have to be chasing houseflies. Also, just like supermarkets, good location is of essence too.

Read Also: How to Start Fashion Boutique Business in Nigeria

3. Boutique Business

Clothing is one among the three basic needs of the family, others being food and shelter. One million naira can help you to rent an apartment and start up your own boutique business.

With this amount, you can only go for clothing’s that are meant for average people and not the brand ones patronized by celebrities due to their prices.

With time and with proper management, your boutique might expand and grow to the extent that it’d put those brand clothing’s up for sale.

4. Large-Scale Phone and Computer Accessories Business

A very large percentage of the Nigerian population are mobile phones and computer users. These products get damaged either by accident or by technical faults and thus require repair or the replacement of damaged parts.

Due to the epileptic power supply available in Nigeria, many users suffer cases of blown chargers and as such requires replacement too. With N1, 000, 000 you can start a shop which will sell these products in large scale.

5. Bakery Business

You don’t have to be a caterer in order to start your own bakery business, you can hire all the required workers. You can focus on highly demanded products such as bread, cakes, chin chin and others.

6. Yoghurt and ice cream production

This is a fast growing business with a large market. Ice-creams and yoghurts are easy to produce and sold as they can be supplied to hotels, eateries, canteens, cafeterias or marketed simply in trucks.

7. Poultry farming

Millions of Nigerians consume birds a day either in a restaurant, occasion or at their home thus making Poultry farming a lucrative business to startup by an average person.

It is easy to market and the chickens are fast growing. Broilers and eggs from layers can be sold to restaurants, eateries, hotels etc.

Read Also: How To Start Poultry Farming In Nigeria

8. Fish farming

Fish farming or pisciculture simply involves raising fishes commercially in tanks or enclosures such as fish ponds. Catfish is by far the most cultivated fish in Nigeria and it receives high patronage from consumers too. Catfish is widely cultivated because it is easier to raise.

Other fishes such as tilapia and mackerel can also be cultivated in a pond. If you are interested in this business, then go for it and your profits are guaranteed.

9. Piggery and goat farming

Goats and pigs are mostly reared for consumption and sales. Goats are often requested in traditional occasions such as traditional marriages, rituals, and as gifts to people. Starting a piggery or goat farming business is not a bad idea at all.

This business has a high profit-yielding potential just like poultry and fish farming. One million is enough to get you started and with time, you can expand your business, since it is a feasible business, you can easily find an investor too.

10. Printing and Publishing

Setting up a printing press and also indulging in book publications is also a lucrative business idea. Couples who are about to be married will want to print their invitation cards, schools will also print their magazines, churches will print their bulletins and flyers, burial programmes will be printed for the invitees and writers will want to publish their books.

Vis-à-vis to printing and publication, you can also go ahead and diversify your services by incorporating editorial services such as review and copy writing, ghostwriting, etc.

11. Recharge card printing and sales

Hundreds of millions of Nigerians possess mobile phones and in order for it to serve the purpose of communication, their lines must be recharged with airtime. Taking this into consideration, you can setup your own recharge card printing business.

All you need is a computer (desktop or laptop), printer (laserjet recommended), A4 papers, ePins of any network you want to print and a recharge card printing software e.g NetDivo ePin Manager. When all this is set, you can proceed with your printing and money making.

12. Computer training center

The name of the business alone says it all. It involves training people on how to use computer and vital softwares such as word processing software like Microsoft word, graphics designing and web development.

You can also include computer sales, repairs and services to make your business more broad. You don’t need to do them yourself, you can employ people to work at those departments. To start, you will need a building (could be rented or yours), at least 10 computers etc.

Read Also: How to Start Computer Service Business Center in Nigeria

13. Fitness center

With the emergence of worldwide campaigns and awareness on the benefits of exercises and weight loss, many have registered in various fitness centers in the country.

You can setup one in your location. Mind you, it’s not a must that you have to be a fitness instructor before you can own this, you only need to employ one to run the place for you.

Other businesses in the list are:

14. Ambulance rental service:

Where you get a car (could be second hand car) that will be transporting corpse from mortuary to the burial ground for a fee.

15. Cassava processing business:

Where you will be grinding cassava, drying and even frying them into garri.

16. Maize processing business:

Where you will also be grinding and processing maize to the form that customer required of you.

17. Frozen food business:

This simply involves selling frozen foods which could be chickens, fishes, meats, fruits, vegetables etc.

18. Palm oil processing and sales:

Where palm fruits will be processed for oil.

19. Blocks industry:

This involves making blocks from cements for building construction in a large scale.

Read Also: How to start Fast Food Business in Nigeria

20. Bridal shop:

Where you will sell wedding dresses, jewelries, and other accessories.

 

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Patrick Okon

Patrick Okon is a content developer at InfoGuideNigeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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