42 Online Business Ideas To Try In Nigeria in 2020 with low capital
Are you looking for the latest online business ideas in Nigeria with low capital that you can start or best without investment?
Then you are about to learn the top 42 most lucrative and some of the hot small businesses that you can even do from home over the internet.
Entrepreneurship is one of the best ways to make money and there are many business ideas in Nigeria that you can start a business. Whether you are starting as a side hustle or main venture, there is a lot of information to know.
This article looks into all you need to know about starting a business in Nigeria. It also provides some of the top businesses to consider.
Reasons to Start a Business in Nigeria
Nigeria is one of the most popular investment destinations for most investors today. If you are considering starting a business in the country, then it’s a great option. The market is an important consideration when starting a business, and Nigeria offers that abundantly. With a population of over 150 million people, you don’t have to worry about where to sell your product.
Of this high Nigerian population, quite a high number are well educated. You won’t have to worry about lacking qualified staff for your business once you grow.
The cost of doing business in Nigeria is quite friendly. Even though most people tend to claim they never start a business due to lack of capital, the expansion of the online work has eliminated or reduced the need for too much money. Additionally, most online activities are easy to start.
Things to Look for When Starting a Business in Nigeria
Now that you have the reasons to start a business, there are several things to look for when starting the business. The first factor to consider is your willingness to put in the work. Whether you are venturing into online or offline work, you need the entrepreneurial skills. For example, for an online venture, you need a responsive and user-friendly website. You might also need training.
The other thing to look for when starting your business is the competition. Starting a business with other established competitors can be a little hard. Look for ways to improve the existing services and provide quality. Only start a business if you are sure of delivering excellence. When customers get quality from you, they won’t hesitate to tell others about you, which is great for business growth.
You also need a good marketing strategy and a business plan.
Top Business Ideas in Nigeria to start with low capital
Do you believe you have what it takes to start and run a business in Nigeria? Here are some of the ventures to consider;
Easiest Businesses to Start from Home
With most countries and economies going though a lockdown due to Coronavirus pandemic, the need for online shopping is at an all time high. Create an ecommerce site where you allow clients to shop online and you deliver. The major concern that comes with ecommerce is competition. To beat the already established sites you need a profitable market, start with affordable products or start with a shopify store.
2. Self-Publishing on Amazon
Most people year to write a book but never get to it. Their main excuse is the lack of a dependable publisher. Well, Amazon makes it easier than never before to publish. Find a topic you are knowledgeable about then create an eBook and sell. To make money from publishing you need to write about a popular topic and invest in proper marketing.
3. Online Coaching
Even though it has taken quite a long time, Nigerians are fast embracing online learning. The internet access has grown to many households, just as people are also starting to appreciate the internet as a reliable source of information. As long as you have an expertise, you can put it in a course then sell to people. Some of the most selling sectors to consider in Nigeria are health, family, wealth and dating.
4. Article Writing
Article is one of the most popular online venture for Nigerians today. The exploding online world means more businesses and personalities are creating websites like never before. These businesses need your expertise to create content for them. As long as you have great writing skills you can write on any topic and get paid. Consistently provide high quality articles to help you attract and retain more clients.
5. Graphic Design
Graphic design is the other digital skill that has been growing in recent times. Businesses are looking for graphic illustrations for advertisements and marketing content. Learning graphic design is quite easy using the several online tools. Once you have mastered the skill, you are free to start looking for clients.
6. Social Media Management
Social media is one of the most important sources of customers for businesses today. Use your social media skills to help businesses and other personalities gain followers and leads, and offer customer service. The beauty about social media management is that you can easily manage several business accounts at once. You need to be highly creative to and informative to gain traction as a social media manager.
7. Translation/ Transcription
Do you have a knack for details and great grammar? Transcription can be your ticket to riches. Several companies are looking for people to translate video and audio content to written format. You only need short training then perfect your skills as you work. For exemplary work, consider using audio software and eliminating distraction.
8. Podcast/Audio Production
Podcast is radio on the online format. Unlike the traditional radio that requires you to pay for frequencies, podcast is free to start. Look for particular topics to discuss and gain listeners. Once you have grown a huge brand you can earn from advertisements and product endorsements.
9. Influencer Campaigns
When it comes to social media it is all about numbers. People who have a huge following tend to have massive influence. Brands understand this, and are willing to pay for you t advertise their products. The first is to create a stunning social media profile, provide great content then amass followers. Once you have the right numbers, brands are willing to pay you for the influence.
10. Video Production
Video is currently the most popular content format in the online world. Most people prefer video due to the ease of digesting video messages. The visual effects also allow one to retain more messages compared to written content. Take advantage of the video craze and start creating your videos. Don’t feel the pressure on stating with an expensive camera. Start using videos using your phone camera and upgrade once you have the money for more gadgets.
11. Virtual Assistance
Virtual assistance is all about performing all the office roles without going to the office roles. Most companies are looking to cut on costs of renting and maintaining an office thus the need for virtual assistants. Whether you are great in marketing, calendar management or bookkeeping, there tons of clients looking for your services. Virtual assistance business is quite easy to start as you don’t need several years of experience or license to operate.
Dropshipping is one of the newest online business opportunities in Nigeria. It is a great way to make money for those who don’t enough money to start a full ecommerce site or products. Dropshipping is where you sell products to a customer without owning the product. A client makes an order through you then you pass to the store. The store then sends the product to the customer through your name. To make it in Dropshipping you need to choose a profitable niche, have dependable suppliers and choose the right selling platform.
13. Information Marketing
Do you believe you have some information that can benefit several people? Or are you an expert in any field? It is time you made money from your expertise by putting the knowledge in a book or a premium website. You can then make money by charging people to buy the book or access the website. Whatever information you have should be impactful and helpful to get sales.
14. Sales, Marketing and Promotion
Businesses with online presence must find ways to attract customers, and these businesses are willing to pay you a lot of money if you can bring the clients. The demand for online sales and marketing has been on an influx in recent times. As an internet marketer, you can as a consultant to help the company create a marketing strategy. The other option is to implement the company’s marketing strategy. To succeed in online marketing, you need impeccable copywriting and storytelling skills.
15. Tax Consultancy Service
Even though most homeowners can learn all the other business aspects, most tend to struggle with the taxes. There are several taxes for businesses in Nigeria thus it is a little hard to keep up. Get some training on taxes and customs then offer your expertise. Use the several online methods to advertise your business for more clients.
16. Search Engine Optimization
Search engines like Google are one of the main sources of customers for business. Most people who visit search engine pages tend to click on the information on the first page only. To get these clients, most companies are looking to rank top in the search engine results. Companies are willing to pay those who understand the ranking algorithms to reach and stay at the top. Before you open an SEO business you have to understand the Google algorithms, keywords, website optimization and content creation.
17. Buy and Sell Domains
Maybe you have not noticed, but currently it is impossible to create a .com domain with any three-letter word. Millions of businesses coming online need easy to remember and attractive domains for their websites. Purchase some of the lucrative domains and sell them to businesses when the need arises. High value domains are quite costly and will earn you good money.
18. Affiliate Marketing
Do you attract a huge audience but struggling to make from the traffic? If a passive income sounds great to you then it is time you consider affiliate marketing. You only have to be ready to put in some decent work before you start earning. Affiliate marketing is earning commission promoting another company’s product. Choose a niche you are passionate about then look for affiliate programs. You will make decent money once you are an authority in your need or have marketing skills.
19. Resume/Cover Letter Writing
One of the main reasons why most people fail to secure jobs in Nigeria is due to their poor resumes. Most job seekers lack the resume crafting and planning knowledge. Fill this gap by offering stellar resume and cover writing services.