PETER AMODU
One of the drawback to an aspiring entrepreneurs is thinking in hundreds of thousands or even millions of Naira before venturing into business. One of such has been looking for N3 million to start business for the past four years and this mentality has kept many prospective millionaires walking the streets in the search for big startup capital.
The will to start small can make one the next Billionaire considering the numerous businesses one can start with N50,000 or less. Most of the top names in Nigeria’s business environment today rose to greatness by starting small. From feasibility studies embarked upon for this purpose, the findings are quite revealing.
SHOE TRADING BUSINESS: Shoes are a very essential part of basic human needs. The young and the old, rich and poor, men and woman wear shoes, meaning that a market for the product is assured. One can focus on a segment of the market and start serving it with as little as N50,000. The first step is to go to any market where shoes are sold on wholesale, such as Mandilas, Oshodi Shopping Arena, Trade Fair Complex and buy on wholesale.
It is possible to buy a pair of shoes for N2000 and resell for N4,000. A space at any busy bus stop or street will be needed, which can be secured at a low cost. With advancing technology, one can also sell online through the social media. The service is to take the product to the final consumer anywhere he or she may be.
OKRIKA BUSINESS: This business involves marketing used products brought in from overseas subject to what the country trade rules. The advantage is low prices of such products compared with brand new ones. Fairly used products are patronized mostly by the poor and middle class Nigerians. This means growing market share as the nation continues to drift into poverty.
One can start this business with as much as he has and gradually increase the business volume. What is needed is enough capital to make the first purchase of the products directly from the importers. A shop is not needed at this stage. A location at a bus stop or a busy street will be enough. Profit from selling one set may be as much as three times the capital.
BUKA/MAMA PUT FOOD BUSINESS: One can become his own boss by selling food. Food is a basic human need but it is not everyone who has time to cook. Many bachelors and singles can’t even cook at all and have to buy food daily. People have to buy food at their places of work because they don’t have to take food to the office or business places every day.
This is the opportunity that roadside bukas are taking advantage of. A rented shop isn’t necessarily at the start up stage. A reasonable space around business places, bus stop or even in front of a house is the key requirement. The ability to cook taste food is required. For someone who cannot cook well, someone may be hired to do the cooking while the owner handles the selling.
RAW FOOD SELLING BUSINESS: There is a great opportunity to start small in selling food items. People eat daily and as such, food items are needed by everyone daily such that everyone is a potential customer. No signboard or advertising is required; the products advertise themselves. One can sell at the local market, bus stop, open street or just in front of a house.
People walk down to the location to buy foodstuff once they have need for them. What it takes is to go to big markets and buy food products on wholesale. In Lagos, markets like Aswani, Mile 12, Oyingbo are available for people to buy and resell in their locations.
AKARA & PAP BUSINESS: Another business one can start with less than N50,000 is frying and selling Akara and pap, which is also known as beans cake. It is usually consumed with pap as breakfast in the mornings and evenings. It takes some process to prepare these items, which most people aren’t willing to embark upon. Yet they are a highly cherished food combination from top to bottom of society.
The business thrived even while the producers relied on firewood. Presently, it has been made easier with the availability of standing charcoal pot that can be purchased with less than N15,000. The other requirements are charcoal, beans, big frying pan, tray, corn and other few items. A busy area or a bus stop is an ideal selling point.
PHONE ACCESSORIES BUSINESS: Cell phone handsets have become almost everybody’s companion and maintenance of the handset has become a big market. Every day people buy chargers, earpiece, phone cases, batteries, etc. All that is needed is a wheelbarrow which is sold for less than N15,000 or a stand at a bus stop. The accessories can be purchased from computer village, Alaba International Market, West Minster, Oshodi or any wholesale market around.
SOAP PRODUCTION: Soap production is another business one can start with N50,000 or less in Nigeria. Soap is an essential need in every home for washing and bathing. It is possible to start producing detergents, bathing or washing soaps and supply to shops and even super markets. Products may be branded for identity in the market. The materials needed for producing soap and detergents are easily available and the production process is quite simple and easy to learn.
POP CORN PRODUCTION: Popcorn is one of the best-selling snacks in Nigeria, which is usually consumed especially in cinemas and also by school children. This business also doesn’t require a shop. All that is needed is a popcorn machine, which costs about N15,000, corn, butter, groundnut oil, sugar, salt, flavor nylon, milk, a selling point. A busy location or nearness to the identified consumers is important.
PLANTAIN CHIPS PRODUCTION: Plantain chips are a popular snack in Nigeria and the main item is plantain, which is available through the year. People will go for it anywhere they can find it, whether in shops, Kiosks, streets, schools or in traffic holdup. Constant supply to a network of sellers is needed.
Plantain can be bought at wholesale prices in large food markets such as Mile 12. The production process is simple and easy to learn packaging is also important for attraction.
SALES OF AUDIO & VIDEO CDs: There is a good opportunity in selling CDs & DVDs. The products are sold at wholesale prices at distribution centres such as Alaba International Market. Between the wholesale and retail prices there is a big profit margin. On every CD or DVD costing N30, a trader can make N120 profit by selling at N150.
A daily sale of 25 CDs a day will yield N3,000 profit. In a month, that will be N78,000 excluding Sundays and in a year that will be N936,000.
The movies are in seasons from 1-5 or even more and nobody wants to watch a movie and not complete the series. Therefore one customer can buy five seasons of one film, whether they are Nigerian films, American, Korean, Indian etc.
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