It’s unfortunate, the way our country is these days. Salary slashes, layoffs, no jobs, and the misfortunes go on and on. The silver lining is to be self-employed. Self-employment means running your own business and not relying on someone else for your daily bread. You can also start a business even whilst employed under someone else because of the uncertainties in the future. This article will explore several businesses that can be started with one million naira.
1) Operating a restaurant
One business you can start with one million naira today is a restaurant business. Food is one of the basic necessities of life. Everybody needs to eat. With one million naira, you can start up a successful restaurant and locate it at a vantage position for patronage. The restaurant business also has a lot of gains attached to it and in a short time, you will be smiling to the bank. Some vantage positions to open a restaurant includes along the road, around a school or even around a cluster of offices. It’s an added point if your meals are tasty and affordable. Cleanliness also scores a good point alongside good customer service.
2) Poultry farming
Christmas of 2020 saw birds being sold for as expensive as nine to ten thousand naira. It’s no secret that owning a poultry is one of the best things that can happen to anyone in this present day. It is a business you can start with one million naira or even less. The poultry can be set up and cover for constructing sheds, feed, water and medicals.
This, however, depends on the number of birds you want to rear at that time. It is also shown that a poultry business in Nigeria records a lot of profit. With the sale of chickens and eggs, you will be smiling to the bank in no distant time. The downside to this business is the amount of care the birds will need as diseases can spread very fast within the population and if care is not taken, can wipe out the entire poultry. It is wise to have a vet doctor come to look at them every now and then.
When operating a poultry, you can become a supplier of birds to restaurants, hotels and other establishments that need your products.
3) Fitness centers and gymnasium
With the rave about health and fitness, a lot of individuals have taken to the streets and gyms to get fit.
Owning a gymnasium is a business you can start with one million naira. You might not get all the equipment at once but setting up your place and offering advice and services can be realized. A treadmill and one or two other equipment can also be purchased. With time, you can expand your establishment to include catering for their healthy food needs like smoothies and low-carb meals.
4) Bridal shop
The dream of almost every young girl is to have a fairy tale wedding. A lot of ladies will go at any length to secure the dress of their dreams. This is where you come in as a bridal shop owner. You can sell and rent wedding gowns, veils, crowns and much more. The upside to this business is the less competition associated with it.
To make the bridal shop business work, locating it at a vantage point is key. It is also very necessary to take a survey of people living around your business area and know how the prices to attach to your business. It is not economical to live in a middle-class environment and display prices for the upper echelon.
5) Frozen foods.
Not everyone can afford to go to the market. Having a frozen foods business comes in handy here. You get to deal in frozen seafood, birds and the like.
It is quite common to see people sell frozen birds however, frozen or fresh vegetables are not a common sight except in huge malls. This can give your business an edge over theirs. You can liaise with a poultry owner for the supply of cleaned and disemboweled chickens and turkeys for sale. Fish, crabs and prawns can also be included alongside the vegetables.
The one million naira to set the business up can go to buying a huge deep freezer, a generator for power and for renting space. It is also worthy to add that this business can be done from the comfort of your house.
6) Boutique/thrift shop business.
To start a boutique, you must not wait till you stock designer labels. This is a business you can start with one million naira.
The cheaper clothes, the faster they get sold out. It is also important to take a brief survey around your business environment and know the prices to attach to your merchandise.
Starting your bakery business is not so difficult. You must not be the baker. You can employ people to do so while you focus on other aspects of the business. It is also very okay to start small.
In business, originality is key. Spicing up your business with your recipes and creations is an added plus. Because pastries go alongside drinks, you can include a smoothie bar.
It is no secret that importers are making it big in this business. This is a business you can start with one million. You can import merchandise like fairly used clothes, fairly used gadgets and the like to sell to retailers and wholesalers alike.
Several people are also making it big from importing merchandise from China. You get to buy things at a ridiculously cheap price from the manufacturers and make profit after you have sold it in Nigeria.
The downside to this business is the hassle of clearing your goods at the Port by immigration services. Besides this, the business is a lucrative one.
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9) Logistics business
This is the 21st century and several people pick comfort over the stress of going back and forth under the sun. Owning a logistics company is a profitable business especially in big cities.
The bulk of the money goes into purchasing bikes for the dispatch. It is important to note that you don’t have to do the business yourself. You can employ people who can do the work of riding around town to dispatch goods.
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10) Fish farming
This is a business that can be done from the comfort of one’s backyard. Almost every home in Nigeria at present has a fish farm.
Fish farming is a lucrative business. It is a business you can start with one million naira. You can supply to restaurant owners, individuals, and even hotels and eateries. For variety, you can dry the fish and sell it as dry fish.
All that is involved in fish farming is buying the fingerlings, constructing a pond and the care of the fish which entails feeding. One of the downsides for this business is that it requires a borehole.
The idea of a Supermarket to most Nigerians is a huge shopping mall. A Supermarket does not have to be huge.
This business can be started with one million naira. You can start with the things that are people in your neighborhood can’t do without. The advantage of having a Supermarket is that customers don’t get to haggle over prices as it’s the fixed prices that they have to pay for.
12) Phone accessories and computer hardware business.
The power holding company in Nigeria has made it impossible for phone chargers and laptop chargers to last long. Several individuals especially students need earphones and earbuds to get work done in noisy places. This is a business that can be started with one million naira.
To excel in this business, it’s important to locate your shop at a vantage point. Beside the chargers and earphones, you can also sell memory cards, car chargers, flash drives, OTG’s and much more. There is no limit to what you can sell in this business. You can also have an edge over others in the business by offering phone repair services.
13) Printing and publishing business.
As long as the earth remains, there shall never be an end to weddings, funerals, seminars, festivals and much more. These celebrations are linked to the printing business as they have to print wedding cards, wedding brochures, banners and much more. Churches and schools will also need your services to print magazines and brochures for them. Students need their projects printed; authors need their books published too. This is how lucrative this business is.
To excel in this business, you will need skill and an eye for detail as this will set you above your peers. The skill does not necessarily have to come from you as you can employ labor to do the job. You will also need to position yourself at a vantage point to attract customers.
14) POS business
This is another lucrative business in Nigeria. It is a business that can be started with one million naira. It gives profit in slow and steady trickles. The key to succeeding in this business is locating your shop at a vantage point like a market or areas where there are no banks.
The downside of this business is the need for you to carry cash around and the risk associated with it.
15) Dry cleaning business
A lot of individuals outsource their laundry. Entering into this business generates a great deal of profit. Succeeding in this business also requires a vantage positioning.
It is important to note that you might not do this business all alone so it’s important to employ individuals that can help you.
Equipment needed for this business includes washing machines, dryers, lines for spreading clothes and a lot of buckets and bowls including fabric softeners, bleach and detergent.
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16) Photography business
Setting up a photo studio is another business you can start with one million naira. To stand out in this business, it is necessary to develop an eye for detail, skill and professionalism. You can employ someone to do this business for you. To succeed in this business, you’ll need a vantage positioning and customer friendly staff.
With time and expansion, you can employ the services of an in-house make-up artist and a stylist to cater to your customers’ needs.
You Might Also Like To Read: How To Grow A Commercial Photography Business In 8 Easy Steps?
17) Barbing salon
With one million naira, you can conveniently set up a state-of-the-art barbing salon. Like some other businesses, skill and good customer service are required to succeed in this business.
18) Hair salon
To start up a hair salon, skill, hygiene and location are what should be looked out for. You should also offer a variety of services which may include pedicure, manicure and treatment of old weaves. The skill can be from hired hands. You can also sell your own weaves and hair extensions in the salon.
19) Cleaning services
This is a business you can start with one million naira or even less. It can conveniently help you start up your cleaning services. The service could be a home or office cleaning service.
To make it big in this business, adequate publicity is required and employing a number of hands to help you out. Sloppiness and tardiness should not be tolerated as word-of-mouth referral also goes a long way to publicize your business.
20) Car wash business
Several car owners especially in busy cities, outsource washing of their cars. With one million naira, you can establish a state-of-the-art car wash business. Location of the business is a factor that will determine the success of the business.
21) Business center/ photocopy business.
With one million naira, you can comfortably set up this business. Some of the services that can be offered include printing and typesetting, photocopy etcetera.
Locating this business in areas like schools, office areas and other business filled areas contribute to the success of this business. You might need to employ or train people that will help relieve the stress of the business from you.
There are several legitimate businesses that can be started with one million naira in Nigeria. All that is required is to adhere to the advice of location and skill.