Top 5 small business ideas to start with ₦100k in Nigeria - 2024

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Admin  |  March 26, 2024

3 minutes read

So, you have successfully met your savings goal of ₦100,000 in your Bankly savings account and even earned Bankly's 12% interest as a sweet reward for meeting your goal. Well done! 

Now, the question that plagues your mind is; "Can I start a business with ₦100k in this economy?" or "What business can I start with ₦100k in Nigeria?" The short answer is yes, there are several unique business ideas and profitable side hustles you can start with little or no capital in Nigeria. 

You can start a POS business, sell handmade shoes and bags, curate thoughtful gifts for friends and family at an affordable price, or start a thrift business with less than ₦100k in Nigeria. You can also explore dropshipping, sell hair products and accessories, start a crochet business, and more. 

In this article, we have compiled a detailed list of the best businesses to start with less than ₦100k in Nigeria. So, if you're ready to turn that ₦100k into ₦1 million in one year, keep reading. 

1. POS Business: 

PoS business is one of the most popular and profitable businesses creating jobs for hundreds and thousands of Nigerians nationwide. Depending on the location, an average PoS agent earns between ₦10,000 to ₦15,000 per day. 

But, how do you start a PoS business? It's simple. The first thing you need is a startup capital which you already have. Then, you need to request a PoS terminal from a reliable bank. The cost of acquiring a terminal varies depending on the provider. 

The acquisition fee for a Bankly PoS is just ₦12,000. To get a Bankly PoS, you need a Bankly business account. To open one successfully, you must provide a valid means of identification, a business name, a phone number, and a bank verification number (BVN).

Now that you have successfully requested a terminal, you still have ₦88,000 to run your business till you start making profits. 

2. Food Business: 

The food industry is another lucrative business to explore as a Nigerian. 

Food tops the list of the basic necessities of life. So, if cooking, baking, etc. is one of the skills in your arsenal, you've hit a jackpot. Whether you’re a 9 to 5er or a student, you can start maximizing your cooking skills to earn extra money for yourself with less than ₦100k. All you need to do is to use some of your capital to buy foodstuff and you can kickstart your business. 

There are several stories of food businesses that started from selling to colleagues, friends, and families and have now grown to big businesses that serve a larger customer base. Some of the food businesses you can start include smoothie business, cupcakes, parfait, finger foods, rice, and so on. 

If you decide to combine this with work or school, it can prove too stressful. But, you can decide to serve your customers on specific days or preorder basis. This way, you can prevent waste, experience less stress, and manage expectations. 

3. Crotchet:

Crocheting is another business you can start with minimal capital. Like RedHot and Elsi Stitches on Instagram, you can also make money from this skill. This is a great skill that can help you put your creativity to good use. You will need to buy knitting materials from your capital and probably watch a lot of YouTube videos to get a hang of it at the beginning. 

If you know your onions, a piece typically goes for nothing less than ₦20,000 and you only need to spend half the price on the materials used to create a unique piece - depending on the size. While crocheting is time-consuming, it is worth it. So, what are you waiting for?

4. Hair products and accessories:

The beauty industry in Nigeria has experienced impressive growth over the years. Despite the state of the economy, the demand for hair care products is still high among young people. An average young Nigerian changes their hairstyle every 2 to 4 weeks. Here you can sell hair attachments, hair cream, shampoos, hair conditioners, scrunchies, and any other product that is in demand. 

You can kick start this business fully with less than ₦100,000. But first, you need to do research in your vicinity (school or area of residence) to find out if this is a need you can meet for the hairdressers or the people residing in the area before you venture into the business. This way, you can avoid losing your money. During your research, gather a list of products that are in demand, head to the market, and start supplying your customers. 

5. Drinks and snacks:

Selling drinks and snacks is another business that you can start with less than ₦100k in Nigeria. You can even partner with a nearby school in your locality to supply them with drinks and snacks for their canteen. This can be a steady source of income.

Offer a good mix of popular drinks like zobo, juice, and soft drinks.  You can also offer different snack options like donuts, egg rolls, peanuts, popcorn, and cookies.

As you embark on this journey as a business owner, having a business account will help you manage the inflow and outflow of cash easily without any mixup with your money. It also gives your business credibility with your customers. 

How to open a Business account with Bankly

  1. Click here to create a business account with Bankly

  2. Select “Business” and click “Continue”

  3. Input a valid phone number

  4. You’ll receive an OTP in a few seconds. Type it in to verify your phone number.

  5. Input your name, email address, and other details requested

  6. Enter your business name, address, BVN, and NIN

  7. Choose “Yes” if you want to request a POS

  8. There you have it! You have successfully created a business account. Your bank name, account number, and account name will be displayed on the screen with details on the next steps.

    Now that you have all you need to get started as a business owner, what are you waiting for? Open a business account on Bankly today!

    Bankly Microfinance Bank is a lifestyle bank that provides everyday people with valuable financial solutions to move them forward through the different stages of life. Since operations in 2019, Bankly has been the preferred choice of over 12 million individuals and enterprises in Nigeria, facilitating their financial growth through banking solutions that make business sense. The bank is licensed by the Central Bank of Nigeria (CBN), protected by the Nigeria Deposit Insurance Company (NDIC), and registered with the National Association of Microfinance Banks (NAMB).

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