Starting a Business with NGN30k or less

I like to think there are two ways to make money in Nigeria. Work for the government or work for yourself. I grew up thinking entrepreneurs were people who could get a building, set it up and have nice furniture, multiple staff and a beautiful secretary. However, you’d agree with me that not all entrepreneurs are having a blast. You’d find out that they are running on loans or the tax system of the country is killing them. In my opinion, it’s usually the government or the banks that are not helping entrepreneurs thrive. So we settle for earning minimum wage or keep disturbing our uncles/aunties in government parastatals to help us get a bit of the national cake.

So I’ve been thinking lately of what steps to take to bypass the limiting factors which I think are the major issues. Thanks to one of the sites my sister likes to visit (forbes.com), I found businesses we can start with at most 100USD (about 32,000NGN at the moment). And somehow, that’s called entrepreneurship.

First, the principal thing is to get wisdom/knowledge. There are many things to learn in school, if it’s not mathematics, it could be sports or arts, just learn something. Don’t say school isn’t for you. We need to improve ourselves everyday, read books, study the field you want to go into. Marketing strategies is a key must have to be an entrepreneur, and the good news for the reserved/introverts is that it’s not only good orators that can market, but great writers as well. We all know money is important but passion should be the driving force while starting a business. Just cause a makeup artist makes 500k at a wedding is not a good enough reason to go into it, be passionate about making brides beautiful. Now that we’ve figured that out:

What type of business can an aspiring entrepreneur create with just NGN30,000?

1. Freelance: Instead of having one job, hire your skill out by the hour. This can be at a much higher rate than what a person earns at a salaried job. Websites like ELance and oDesk make it easy to connect with people that hire everything from writers and web development to being a virtual assistant. How much can be made: 5,000NGN to 40,000NGN per hour.
2. Tutoring services: I remember my sister (another sister) during her youth service had a little girl she was tutoring. The great thing about tutoring is that you need to be sound and patient, you don’t need to provide the books for the child, the parents do that and still pay you for your services. And this business is promising because wealthy and busy parents are spending more on ensuring their children have good grades. How much can be made: 3,000NGN to 10,000NGN per hour.
3. Catering: Do you like to cook? Can you cook for at least 10 people? Even though the economy is in a trying state, I know with 2,000NGN, I can feed 8 adults (Not the average rice and stew but something exotic). How much can be made? This varies but over 100% profit is guaranteed.
4. iPhone or Android app developer. Got an idea for an online app? Tools make it easy to create apps and the iTunes and Android marketplaces make them simple to sell. How much can be made: Popular apps bring in $2,000 to $20,000 on average per year.
5. Jiji.com.ng, olx.com.ng: Anyone can start selling in these huge marketing places. Family and friends typically have many things they would like to get rid of and many entrepreneurs have set up a business selling and shipping their items for a commission. Sort of like garage sales, only online. How much can be made: You decide, a certain commission is given to the marketplace owners.
6. Consulting: My dad’s been in this business for years, he had a fancy office initially but even after moving his office home to one room, he can still pull same strings as before. Choose an industry in which you’re well-versed and start a consulting business with a blog. You can purchase a domain name for as little as 2,500NGN. How much can be made: Your level of expertise and tour marketing strategies determines this.
7. Blogging: Some bloggers make a great living by writing strong content and selling ads. For about 5,000NGN, you can start your own blog online and build a strong customer reader base

These ‘jobs’ can grow from under 20,000NGN into full time businesses making millions- Linda Ikeji is an example. What do you really have to lose?

“Crisis are opportunities when you have an entrepreneurial mindset”

-Sam Adeyemi