Starting a business with 100k is almost an impossible mission. With the rising food prices, fuel costs and job scarcity, 100k doesn’t feel like a lot in today’s economy.
But what if I told you you could make it work?
What if I told you that the money sitting pretty in your account could be your ticket to financial freedom?
In a world where less is often looked at as unimportant, I’m here to remind you that you don’t need millions to start something tangible and worthwhile.
Therefore, this post will walk you through 10 small businesses you can start with 100k or less in Nigeria.
What You Need To Know Before You Start
Starting a small business can be overwhelming and exciting at the same time. And when the capital is small, you might feel like you can’t make enough out of it.
However, there are basic things you need to know before venturing into business.
1. Research properly
Before starting any business, it’s important to research the industry you’re about to enter. Understand the market demand for it, research your competitors, consumer behaviour and any market gaps you can leverage on. You can utilize market surveys, talking to friends and family members or even buying from your competitors and diving into conversations with them.
Write a business plan
A business plan will help you allocate your money to the most important parts of your business. With a business plan, you can watch your ideas come to life. Moreover, a business plan helps to keep you organzised and on track as you build your small business.
Start small
With 100,000 naira, starting small is a necessity. Don’t try to overdo everything. Take it one step at a time, see how it works and scale from there.
Stay Consistent
Building a business in Nigeria requires persistence and consistency. The first few months or years can be tough. But with a strong marketing strategy, you can build trust and recognition over time.
10 Small Business Ideas You Can Start With 100K In Nigeria
Hair and skincare products
With the rate of alleged cancerous ingredients found in certain products, many Nigerians are beginning to lean more into natural products. In addition, skincare is a daily essential, whether it’s for your hair or your skin- people love to look good.
You don’t need a physical store to start. You can produce your oils at home and market them on different social media platforms like TikTok, Instagram, WhatsApp and even Twitter.
POS business (Mobile banking)- Start a business with 100k
A POS business is still one of the fastest-growing businesses in Nigeria. Whether it’s for withdrawing money, sending money or buying airtime, POS agents are needed.
In addition, no one likes to go to the bank every time they need cash. With the daily long queue and stress that comes with it.
With 100k and a good location, you’re stepping into a business that people depend on every single day.
Laundry business
Clean clothes are non-negotiable. Many people see laundry as a chore they do not like to undertake. This is one of those businesses that will always be in demand.
You don’t need a shop or a washing machine to start. Start manually, wash at home, iron and fold properly and deliver to your customers.
With excellent customer service, you can build trust, and your customers will refer you to their family and friends.
Food vending business- Start a business with 100k
No matter how bad the economy is, people must buy food. This is why selling food is one of the smartest businesses you can start with 100k. When people are hungry, the last thing on their mind is the preparation of food, especially if they’re not at home.
If you serve tasty meals at a fair price and in a clean environment, you’ll never run out of customers.
During my service year, there was this particular food vendor who knew how to prepare amazing jollof rice and ofeakwu (Banga soup). Almost everyone in the facility patronized her.
Start with foods like rice and moi-moi. Open at a busy location such as a hospital, school or the market. With consistency in both your food taste and your availability, you can scale your business successfully.
Phone accessories business
Phones are a part of our daily lives. And because these phone accessories either get worn out or lost, they are always in demand.
You can start with basic phone accessories such as chargers, phone pouches and earpiece. Focus on what people buy the most or what they usually demand for. The key to thriving in this business is by buying quality products and staying authentic.
Thrift wears business
Thrift wear, popularly known as Okirika, is a hot business you can start with 100k or less.
Clothing is a basic need, and people love to get quality clothes at affordable prices.
You can buy in little quantities and market to people on platforms like WhatsApp, TikTok and Instagram.
I know a thrift brand that has made a name for itself on TikTok. As long as you buy quality clothes and market yourself relentlessly, you’ll always be in business.
Perfume business- Start a business with 100k
The perfume business is one of those businesses that start slowly and kick off the moment you gather momentum. The best part? Everyone uses perfume. Whether it’s oil perfumes, mists, or deodorants. We Nigerians love smelling good. You can even pair it with other cosmetic products like creams. You can market first, and then buy and distribute later.
Pastries and small chops business
This is one of those businesses that will always have a market demand. Whether it’s for birthdays, weddings, church events or office events—people call on pastry chefs.
Pastries like meat pies, doughnuts, chin chin and small chops are everyday snacks that sell well in schools, offices or on the street.
In addition, you can sell wholesale to store owners as a beginner. Use the power of social media to show behind-the-scenes of what you do and build authority in the online space.
Popcorn business
This is a perfect snack with a scent that’s hard to ignore. You can start small, stay consistent with production and marketing, and scale from there.
Conclusion- Start A Business With 100K
Starting a business with 100K is possible. However, before you venture into any business, make sure you’re doing so because you have an affinity towards that thing. For instance, if you don’t like the baking process, and you decide to go into the pastry business just because you know someone who’s doing well in that field, there’s every likelihood you won’t last in the market space.
Therefore, do your research and choose a business with a long-term growth in mind.
What business do you think you would be venturing into?
Let me know in the comments section.
