Businesses you can start with 100K
Fortunately, this article lists some business ideas that can start at 100k.
#1. E-agency Payment/Banking
This type of business is now very popular in Nigeria. This is largely due to the fact that bank deposits and withdrawals have become a cumbersome task. Bank transactions take almost an eternity to complete. You must be on time and follow the covid-19 protocols set by the bank before entering the bank lobby. All these tasks usually take a maximum of 30 minutes, but you still have to wait in line for almost an hour or more to solve your problem.
Well, a few years ago people had to deal with all these things in silence, but that is different now. They now have the option of using electronic payment/correspondent banking centers for a fee. Given the amount of time they get with this system, they would love to pay for something.
Starting this type of business will not cost you much if you take the right approach. The main tool needed for this business is a POS machine. This machine can be purchased on the market, directly from a bank as an agent, or at a certain price from an electronic payment company. Once the machine is connected to your bank account, you can make debit and credit transactions, pay utility bills and more.
#2. Popcorn Production Company
Popcorn is a delicacy eaten by most Nigerians. They are sold and consumed in cinemas, parties, restaurants, etc. The popcorn business has not gone out of fashion. In fact, many popcorn makers are currently inventing different flavors to come up with unique tastes.
If this business is in an area full of teenagers and young adults, it will definitely put money in your pocket. It is usually made with corn, milk, butter, sugar, water and any preservatives.
There are also different popcorn machines on the market, such as microwave popcorn machines, hot plates and hot air popcorn machines. Each of them is sold at a different price. However, depending on your power, you can choose the more economical one.
#3. mini import
Mini Import is another business where you can start with 100k or less, depending on your financial situation. The business involves buying small quantities of goods from abroad to sell in Nigeria. Shoes, bags, watches, belts, vases, household items, etc. are all available.
Usually the process of starting a small import business is not that difficult to master. As long as you can read and write, you’ll be fine.
However, you will need a device with internet access, whether it is a phone, laptop, desktop or tablet. You also need a valid email address, an active bank account and the desire to be successful in your business.
So over the years, China has become the country where most people import because of its lower currency value compared to the naira.
But it is important to note that as a newcomer to the business, you need someone to guide you through the process involved in importing your first project. They will also guide you in the long run until you can stand on your own two feet. And, depending on your marketing skills, if you do it right, you can recoup your business capital within one to three months.
#4. Resale data and resale tickets.
The number of smartphone users in Nigeria is increasing every day. In fact, it is estimated that there will be about 145 million smartphone users in Nigeria by 2025. As a result, the market for data and charge cards is growing.
Nigeria spends billions of naira on top-up cards every day, and that won’t stop anytime soon. With 100 units or less, you can resell data and toll card printers and start dabbling in this huge industry.
There are also innovative ways that people are selling data and uploading cards today by building websites. This makes it easier for people to buy them from the comfort of their homes. It also eliminates the need to find a place to buy.