5 Businesses to start in 2023, with ₦300,000 or less in Nigeria

PART 1

Businesses start as a result of someone thinking out loud or within, definite about doing something new or unique, whether it is for the purposes of changing their lives or the people around them or the world and society they live in.

Dear friend, welcome to another newsletter weekend. I am super glad to be writing to you today, I hope you are doing well. However, the topic for today as the name suggest is more or less a spike in your gut to just start a business, no matter how small you think it looks.

I realized that my Twitter readers have been exposed to more information about business and career than my also precious newsletter community, so for a change, I decided to keep the letter I initially wrote aside and dwell on this.

I recently had a short consultation with a client which resulted in my push to write this letter, he had a lot to say about how young people no longer wanted to start small anymore, how doing a business that didn’t give millions was now seen as low class or in his word ‘e never reach’. He went further to talk about how nothing was as profitable as having your own business where you control it all.

Well, I don’t agree with the control part totally, because that’s one of the small reasons for most small startup business failures; always wanting to do things their way, without business consultation and advice.

But that’s a story for another day.

Another misconception to change is that you can’t do a 9-5 job and do business.

I admire dshoecollector (on Instagram, do check her out), she recently shared her experience working a 9-5 job while starting her comfy work shoe business and I couldn’t have been more elated than I was.

What I understood from her experience is that she didn’t try to overdo it, she did it at her pace and started in a way that wouldn’t affect her mental or physical strength.

I know so many people who work career jobs and have multiple businesses, the ones who go to work and get called to check for alerts and orders on products.

So, dear friend, if you are in the group of people who have daily career jobs, please do not be discouraged from starting a small business that could help you count you little rewards.

If you are a student and you are reading this letter, I am super happy to have you here, and I specially want to thank you for reading so far, but please read further and don’t conclude that this letter is strictly for those who have gained their degrees. On the contrary, it is for anyone who has a zeal to effect a change and gain financial freedom

So, dear university student, you can also start any of the 10 small business I am about to talk about.

Starting a business is not easy, whether small or big business, every one of these come with their pressure and mountain of responsibilities, it all requires energy, time, effort, money and total commitment. The fact is that business requires agility and learning, it enables you as the business owner to be informed and projects your intellect in ways you couldn’t have known.

Years and years ago, selling online wasn’t really the thing most people wanted to strictly engage in, usage of the internet and social media wasn’t so adaptive, but today you can see even mama Chioma on social media selling freshly cooked rice, you can see Corporate Ewa and co, you can see local Nigerian made products on social media today.

I am quite wowed about how far our business systems have improved in the past years, especially in Nigeria where you have tons and tons of businesses trying daily to thrive.

So dear friend, here are 10 Businesses you can start with ₦300,000 or less in Nigeria

1.     POS Business – If your mind told you that I would talk about it, then smile to yourself, because it only means you are following trends. Honestly speaking, the POS business is something that can give you daily money, thereby giving you a second stream of income.

The POS business is one of the fastest growing small businesses in Nigeria because of its accessibility to people in areas where banks are not rampant.

It is also a quick way to get cash these days, and most people could be seen doing the business from other people’s shops or just hanging around in busy market areas with umbrellas and table and chair.

I think the most popular should be using a Kiosk. While I have seen other POS ventures that have proper shops, issue receipts the right way and even have security cameras. Well, it all depends on how much budget you have to spend on your business.

However, for the purpose of this letter, getting a shop and pimping it wouldn’t fit into the budget, in my honest opinion, this business is one of the few you can start with a small sum of money.

I recommend that you apply for the POS machine, get a space in a busy environment or street without very close proximity to the banks and get started on your journey to second stream of income. This can very much be done with less than ₦300,000 in Nigeria.

2.     Phone Accessories – This business is one of the few you can start with 300,000 or less. The good thing about this business is that you can even start from selling online. Phone Pouches, Screen guards, Power Banks, Charges etc. can be bought with less than ₦300,000 in small quantities.

You can also collect these items from your distributor on credit and pay as you sell.

You don’t need a shop so badly with this budget.

Except of course, you are able to get one for a very cheap price or can share with someone.

Other than that, you can start from your house even without having many products.

A friend of mine bought his charger and power bank from a reliable online vendor on IG.

That vendor could be you.

3.     Jewelry Business – This one is special to me because my mum sold Jewelry in a big way while I was in secondary school. She sold from original gold jewelry pieces to quality silver earrings and lots more.

There are places in Nigeria where you could buy these Jewelry items for cheap prices and still get quality.

However, for this budget, you may need to stick with quality silver- and gold-plated earrings, costume jewelry and the likes.

Selling real gold with this budget is not feasible. Except you have a dealer who delivers to you on credit, you sell and remit back.

You also must not have a shop to sell Jewelry, you can start your online business by just opening some accounts on social media and marketing your products.

4.     Thrift Wears – Selling thrift is now a big market point of sale because of how packaged and redesigned the market is now. You really have to see the type of thrift (Okirika) that people now revamp and sell for good and affordable prices.

With thrift selling, you can start your progress to a second stream of income.

Here are some tips for selling thrift wears;

·        Go for quality and non-tarnished wears

·        Do not buy worn out thrift

·        Look for trending thrift wears

·        Find a niche (people may know you for thrift shoes, bed sheets, bags, clothes, corporate wears or jeans etc.)

·        Wash well and iron

·        Get a floor mat (fur or Astroturf)

·        Take pictures of your thrift and post online, even if you have a physical shop

·        Remember to style your thrift wears in videos so that people can have an idea of how it would look like.

5.     Hair Extensions – Hair sales go up like spring water almost every now and then. Which means that, cashing out in this sort of business can be greatly profitable.

Selling hair must not replicate the very original, human hair that is very expensive.

This budget will be swallowed.

But here’s the trick, a lot of people, working class, business women, students, individuals generally are buying mixed hairs – hair blend as it’s called. Sometimes, fiber and human hair can be mixed to get a particular blend.

If you decide to sell hair blend and invest ₦200,000 from your ₦300,000 budget, from a single supplier who may even give you more to sell and remit back. You would be making a good amount of money.

Good news is that hair business is a great online business. Sell from anywhere in the world.

Hair business is good business, ultimately my mum says that looking good is good business and people like to look good.

So dear friend, I will like to say that we have come to the end of the first part of this letter, next week holds the other part where I get to continue writing to you about 5 other small businesses you could start with ₦300,000 or less.

Business is not for the weak they say, but I don’t believe anyone is weak. I think regrets only come from not trying, failure is not an associate of regret. If you fail, you get up and move, but if you don’t try, who’s going to tell if you would have been the next big entrepreneur.

My letter for you is intentional, you can start small and grow big. Let’s say you have saved up ₦300,000 in your account now, would you rather flex or invest?

I hope this weekend brings you joy and laughter. Always rooting for you.

Keep Winning.

Kindly hit the like button, share and comment below.

Till next time,

Warm Regards

Amanda Sibi.