If you’ve always wanted to turn your passion into profit, or just need to make some extra income, now is the time to dive in. There are a lot of opportunities to build a successful business in Nigeria. This blog post will reveal several business ideas you can start in Nigeria and provide practical tips to help you embark on your entrepreneurial journey.
15 Small and Medium-sized Businesses You Can Start in Nigeria in 2024
1. POS Business
The Point-of-Sale (POS) business is booming, especially in areas with limited banking services. With just ₦50,000, you can get a POS machine and a kiosk, and start offering banking services for a commission on each transaction. The demand for convenient banking solutions is high, and you can capitalize on this trend. Plus, setting up a POS business is relatively straightforward. You’ll need to register with a reliable financial institution to get your POS machine. Once you have your machine and a strategic location, you’re ready to start. For detailed steps on setting up your POS business, read our guide here.
2. Catering Services
If you love cooking, why not turn your hobby into a catering business? Catering allows you to express your culinary skills and make people happy with delicious meals. You can start by cooking for friends and family events, then expand to corporate events and private parties. The food industry is always in demand, and catering offers flexibility and creativity. You can begin with small parties and gradually build your reputation. To stand out, Invest in quality ingredients and presentation. For a successful catering business, networking is crucial, so use social media and word-of-mouth to promote your services. If you’d rather open and run a restaurant, find out how to start a small-scale restaurant here.
3. Cleaning Services
Busy professionals often struggle to keep their homes clean. That’s where you can come in. Start a low-cost cleaning service targeting these individuals. Begin as a one-person operation and work on scaling up to a full-fledged cleaning company for commercial spaces. The cleaning industry is recession-proof, as cleanliness is always a priority. Invest in basic cleaning supplies and equipment, and gradually expand your services to include deep cleaning, carpet cleaning, and more. Offer flexible scheduling and exceptional service to build a loyal customer base. As your business grows, you can hire additional staff and take on larger projects.
4. Perfume Business
People love unique scents. With a small investment, you can buy perfumes at wholesale prices and resell them. Create custom blends for a personalized touch and watch your business thrive. The perfume industry is diverse, allowing you to target different markets such as luxury, affordable, or niche scents. Develop a strong brand identity and packaging to attract customers. Utilize social media and influencer marketing to reach a wider audience. Hosting perfume parties or pop-up shops can also help boost sales and create a loyal customer base.
5. Ice Block Business
In areas with unreliable power supply, ice blocks are essential. Set up an ice block business with the right location, equipment, and logistics. Consistent supply at competitive rates will ensure your business’s success. The demand for ice blocks is high, especially in hot climates and areas with frequent power outages. Invest in efficient ice-making machines and secure a reliable source of electricity. Offer delivery services to expand your reach and attract more customers. Partner with local businesses such as bars, restaurants, and event planners to secure steady clients. Need capital? Check out our business loan plans.
6. Drinks Retail
Selling drinks is a cool and easy-to-start business. Stock popular carbonated drinks and juices, and set up a store or go mobile at events. Reliable wholesalers and a good location are key. The beverage industry is vast, giving you the option to expand into different types of drinks such as energy drinks, and health juices, or you can create unique beverages.
7. Bakery and Confectioneries
From birthday cakes to wedding pastries, there’s always demand for delicious baked goods. Start in your kitchen with essential equipment and ingredients, and aim to grow your clientele through referrals and social media. The bakery business allows you to be creative and experiment with different flavors and designs. You can differentiate your business by offering custom orders and catering to special dietary needs such as gluten-free or vegan options. You can also collaborate with event planners and caterers to expand your reach and secure bulk orders.
8. Copywriting Services
Businesses need compelling content for their websites and marketing. If you have a good way with words, offer your services as a copywriter. It’s a flexible, well-paying role you can do from anywhere. The demand for quality content is high, and businesses are willing to pay for expert copywriters. To start, build a portfolio showcasing your skills and expertise. Network with potential clients through social media, freelancing platforms, and industry events. You can also offer a range of services such as website copy, blog posts, email marketing, and social media content. Continuously improve your skills and stay updated on industry trends to stay competitive.
9. Small Scale Restaurant
Love cooking? Start a small-scale restaurant. Focus on quality food, a welcoming environment, and excellent customer service. With the right approach, your restaurant will thrive. Conduct market research to identify your target audience and create a menu that caters to their preferences. Invest in a strategic location with good foot traffic and visibility. Utilize social media and online platforms to promote your restaurant and attract customers. You can also offer delivery and takeout options to reach a wider audience. Building a loyal customer base and receiving positive reviews will help your restaurant succeed. Learn more about starting a restaurant here.
10. Social Media Marketing
In today’s digital age, businesses need a strong online presence. If you’re savvy with social media, become a social media manager. Get some certifications to boost your credibility and start helping businesses grow their online presence. Social media marketing is a fast-growing industry with numerous opportunities. Before you start, it is important to develop a comprehensive understanding of different platforms and their algorithms. Create engaging content that resonates with the target audience and drives engagement. Utilize analytics to track performance and adjust strategies accordingly. Offer a range of services such as content creation, social media management, and advertising to attract diverse clients.
11. Professional Drivers/Transport Business
With services like Bolt and Uber, professional driving can be a lucrative business. Own a car? Start offering rides. Need capital to buy a vehicle? Sign up at Moni to get started. The transport industry offers flexibility and high earning potential. Register with reputable ride-hailing platforms to reach a wider audience. Ensure your vehicle is well-maintained and provide exceptional customer service to receive positive ratings and reviews. Consider expanding your services to include airport transfers, corporate transportation, and delivery services. Building a reliable reputation will help your transport business thrive.
12. Laundry Business
Busy professionals always need clean, well-ironed clothes. Start a laundry business offering pickup and delivery services. As you grow, you can hire employees and reduce unemployment. The laundry business offers consistent demand and growth potential. Invest in quality equipment and eco-friendly detergents to attract environmentally-conscious customers. Offer additional services such as dry cleaning, alterations, and shoe repair to increase revenue. Partner with local businesses such as hotels and gyms to secure bulk orders. Providing excellent customer service and timely deliveries will help build a loyal customer base.
13. Salon Business
Beauty is big business. If you’re skilled in beauty services, open a salon. Even if you’re not a professional, you can hire skilled staff and manage the business. Focus on the right location, equipment, and marketing. The beauty industry is always evolving, so stay updated on the latest trends and techniques. Offer a range of services such as haircuts, styling, coloring, manicures, and facials. Create a relaxing and inviting atmosphere to attract clients. Utilize social media and online platforms to showcase your work and attract new customers. Building a strong reputation will help your salon business grow.
14. Fashion Business
Have a flair for design? Start a fashion business. Whether it’s clothing or accessories, there’s always demand for stylish items. Showcase your creativity and focus on quality and customer service. The fashion industry offers numerous opportunities for growth and innovation. Develop a unique brand identity and target a specific niche to stand out. Utilize social media and influencer marketing to reach a wider audience. Participate in fashion shows and events to gain exposure and network with industry professionals. Offering custom designs and limited-edition items can attract loyal customers and create a buzz around your brand.
15. Event Planning Business
Nigerians love to celebrate. If you have a knack for organizing, start an event planning business. From weddings to corporate events, there’s always a need for skilled planners who can create memorable experiences. The event planning industry offers creativity, flexibility, and growth potential. Build a portfolio showcasing your previous events and highlight your skills and expertise. Network with vendors, venues, and other professionals to create a reliable network. Offer services such as event coordination, design, and logistics to cater to different client needs. Providing exceptional service and attention to detail will help you build a strong reputation and attract clients.
There you have it—15 exciting business ideas for 2024. If you need financial support, Moni is here to help. Moni helps you build lasting businesses and wealth with business loans in under 5 minutes. Moni’s loans for SMEs and merchants are flexible with no hidden fees and unbelievable interests. Start your entrepreneurial journey with Moni today!
