If you want to start a profitable business in Nigeria and you have little or no capital. This is how you can go about getting started with your small business in Nigeria.
The instability wrought on the Nigerian economy has led to an increase in the price of everything. Every business man knows the chant of ‘everything is now expensive’ like a lullaby a mother sings to her sickly child; but the truth remains that there are endless possibilities to the businesses you can start in Nigeria, especially as a developing country where all you require is determination, hard work and a little bit of money.
Starting a business has always been known to be capital intensive. In times like this, when income remains fixed but cost of living continues to explode, we are faced with a higher capital need to start the simplest businesses; after all businesses thrive on the buying and selling of goods and services indirectly or not.
There comes the need to search out ways to start lucrative businesses that require little to no capital but can grow exponentially.
This post seeks to provide a list of profitable businesses in Nigeria you can start with little capital, key steps and processes of what you need to start a profitable business in Nigeria.
[paste:font size="4"]Baking and Confectionery Shop
Every business, whether big or small, needs a plan for that business. In starting a business, a business plan helps you to stay focused and organized. Remember organizational skill is one of the skills of a successful entrepreneur. Therefore, in writing your business plan, you check out some business plan samples online to serve as a guide.
Examine the current market for the proposed business.
WEMA Bank small business loans which have been tailored to meet specific business needs such as the WEMA Bank Pharma Loan which is tailored to help pharmacies and small drug store owners. Applicants can get as much as 5 million naira loan without collateral.
They also have the WEMA Medi Loan which targets private hospitals, clinics, and diagnostic laboratories. Applicants can also get as much as 5 million naira.
The School support facility loan is another loan initiative that is targeted at supporting the operations of educational facilities and applicants can get as much as 10,000,000 loans.
WEMA has also partnered with the Development Bank of Nigeria to provide loans to Small and Medium scale enterprises at affordable rates with a five years tenor and up to 200m for SMEs and 720m for small corporations.
These loan schemes are designed to make your business execution easier. Applications for these loans have been made easy.
Your business can be registered as a business name or a corporation, depending on its confirming with the requirements of the CAMA 2020. It is advisable to consult a lawyer on the benefits of both and their suitability for your business.
WEMA business account is highly suited for this. It is an account created to target small businesses and can be operated online for ease of business. It is designed to help small businesses grow. It has a minimum opening balance of just 10,000 naira and has the full benefits a current account has to offer. Charge rates on this account are affordable at a monthly turnover.
It is also important to create monthly, quarterly and yearly business reports that must be vetted by professionals, in order to keep you track.
In the long run, the idea behind starting a business is to have the financial freedom only a personal business can afford you and also to liberate yourself from the instability the economy imposes. You can start your business today with next to no capital and grow exponentially with the above strategies.
You should take a step towards financial freedom today.
source: https://www.ogbongeblog.com/start-profitable-business-in-nigeria-with-little-capital.html
The instability wrought on the Nigerian economy has led to an increase in the price of everything. Every business man knows the chant of ‘everything is now expensive’ like a lullaby a mother sings to her sickly child; but the truth remains that there are endless possibilities to the businesses you can start in Nigeria, especially as a developing country where all you require is determination, hard work and a little bit of money.
Starting a business has always been known to be capital intensive. In times like this, when income remains fixed but cost of living continues to explode, we are faced with a higher capital need to start the simplest businesses; after all businesses thrive on the buying and selling of goods and services indirectly or not.
There comes the need to search out ways to start lucrative businesses that require little to no capital but can grow exponentially.
This post seeks to provide a list of profitable businesses in Nigeria you can start with little capital, key steps and processes of what you need to start a profitable business in Nigeria.
[paste:font size="4"]Baking and Confectionery Shop
- Affiliate marketing
- Animal farming
- Day Care Centre
- Home and Online Tutoring
- Dry Cleaning
- Viewing Centre
- Pre-Order Importation
- Soap Production
- Real Estate Agency
- Website and Graphic designing
Every business, whether big or small, needs a plan for that business. In starting a business, a business plan helps you to stay focused and organized. Remember organizational skill is one of the skills of a successful entrepreneur. Therefore, in writing your business plan, you check out some business plan samples online to serve as a guide.
Examine the current market for the proposed business.
- Who are the possible clients of this proposed business?
- Can I succeed at this business? Do I have the necessary skill to make this business thrive?
- Will this business be easy to scale?
- What is the necessary amount of capital that must be inputted into this business and do I have it?
WEMA Bank small business loans which have been tailored to meet specific business needs such as the WEMA Bank Pharma Loan which is tailored to help pharmacies and small drug store owners. Applicants can get as much as 5 million naira loan without collateral.
They also have the WEMA Medi Loan which targets private hospitals, clinics, and diagnostic laboratories. Applicants can also get as much as 5 million naira.
The School support facility loan is another loan initiative that is targeted at supporting the operations of educational facilities and applicants can get as much as 10,000,000 loans.
WEMA has also partnered with the Development Bank of Nigeria to provide loans to Small and Medium scale enterprises at affordable rates with a five years tenor and up to 200m for SMEs and 720m for small corporations.
These loan schemes are designed to make your business execution easier. Applications for these loans have been made easy.
Your business can be registered as a business name or a corporation, depending on its confirming with the requirements of the CAMA 2020. It is advisable to consult a lawyer on the benefits of both and their suitability for your business.
WEMA business account is highly suited for this. It is an account created to target small businesses and can be operated online for ease of business. It is designed to help small businesses grow. It has a minimum opening balance of just 10,000 naira and has the full benefits a current account has to offer. Charge rates on this account are affordable at a monthly turnover.
It is also important to create monthly, quarterly and yearly business reports that must be vetted by professionals, in order to keep you track.
In the long run, the idea behind starting a business is to have the financial freedom only a personal business can afford you and also to liberate yourself from the instability the economy imposes. You can start your business today with next to no capital and grow exponentially with the above strategies.
You should take a step towards financial freedom today.
source: https://www.ogbongeblog.com/start-profitable-business-in-nigeria-with-little-capital.html