Top 10 Most Profitable Business to Start with 20k in Nigeria | 2024 Tips

Have you been searching for the most profitable business to start with 20k in Nigeria? Well, search no more; we’ve got you covered.

This blog post reviews the most profitable business to start with 20k in Nigeria.

Beginning a business can be an effective way to attain financial freedom and follow your interests.

Nevertheless, it can also be an intimidating endeavor, particularly if you lack significant funds to begin with.

If you are searching for a lucrative business to start with a budget of 20k in Nigeria, there are a couple of factors to consider.

Firstly, you must select a business that is in high demand and has a low initial cost. Secondly, you must ensure that you possess the necessary skills and expertise to run the business competently.

Many people in Nigeria are unemployed due to the country’s high unemployment rate.

It is suicidal to live without a source of money.

However, if you are clever, you can establish your own company.

If you know what you’re doing, you’ll soon be earning money on your own, including by hiring others.

The primary issue with beginning a business, according to most individuals, is not a large initial budget but rather a lack of ideas that most people hardly consider.

Even as an undergraduate or graduate, without any formal education, or even with just 20,000 Naira in money, you can start a variety of lucrative businesses.

I assume that since you’ve arrived on this page, you’ve wanted to invest in company ideas and have your 20,000 Naira available.

If so, keep reading because this post offers the 10 most profitable business to start with 20k anywhere in Nigeria, including online and offline.

What kind of business can I start with 20000 naira in Nigeria? Well, let’s find out.

Let’s get started now without further ado!

See also- Is Airbnb Profitable In 2023? Where to Invest

Key Takeaways 

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• Contrary to popular belief, there are a variety of approaches to launching a firm that allows you to focus more of your attention on launching your ideas than on the financial commitments and administrative details.

• A trip of a thousand miles, as they say, begins with a single step, so you can start something now and become a successful businessperson tomorrow.

• For small business owners who want to start their own company with little funding, many changes have been made available. Such firms can be started with little more than a solid company concept or plan, some research, and some startup money.

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Top 10 Most Profitable Business to Start with 20k in Nigeria

To start a profitable business with 20k in Nigeria, you need to carefully consider the type of business you want to start, your target market, and your marketing strategy.

Here are some tips for starting a profitable business with 20k in Nigeria:

1. Choose a business that you are passionate about. This will make it easier to work hard and stay motivated.
2. Do your research. Make sure that there is demand for the products or services that you plan to offer.
3. Create a business plan. This will help you map out your goals and strategies.
4. Start small and scale up gradually. This will help you minimize your risk and maximize your chances of success.
5. Market your business effectively. Let people know about your business and what you have to offer.

Below is a list of the 10 most profitable businesses you can start with as little capital as 20k in Nigeria, outlined and discussed below:

• Popcorn Business
• Phone accessories Business
• Recharge Care Business
• Small Chops Business
• Bead Jewelry Making
• Making Refreshing Drinks
• Okrika Business
• Native Cloth Selling
• Become a Home Service Stylist
• Digital Marketing 
• Perfume Oil Business

Read this quickly – Top 10 Most Profitable Business to Start With 10k in Nigeria | 2023 Tips

1. Popcorn Business

Whatever your location, starting a popcorn business as a young entrepreneur in Nigeria is the first 20K business idea.

Because there is always a market for products like snacks, this firm has been flourishing for years and will continue to do so.

Start by reading some internet instructions or watching some YouTube lessons to learn how to make popcorn at home.

After you’ve finished your research, simply use your 20,000 naira to locate and purchase all the ingredients you’ll need, such as corn, sugar, and other things.

You should be able to make your first batch of popcorn using the instructions.

Keep in mind that a company’s success is greatly influenced by its branding and packaging.

Pack your merchandise and let your neighbors know about it.

To increase sales, you can also bring it to places with a large population, such as banks, schools, and large corporations.

Even better, if there’s a vacant place on your street, you can display it there to draw attention from onlookers.

2. Phone Accessories Business

Are there many people or students where you live?

Then why not use your N20,000 to fund a firm that sells phone accessories?

Simply by looking for distributors of accessories, negotiating with them, and buying accessories like chargers, batteries, earbuds, memory cards, phone cases, etc., you may launch a phone accessory business with N20,000 in startup funds.

Do you ever wonder how business people acquired all these accessories?

They work hard so they can achieve that.

Their relatives are  now heading the firm, which they originally started for only 15,000 naira

I know that if you live in a densely populated location, marketing this kind of product is really simple.

Simply display your goods and keep as much of them on hand as you can to draw customers.

3. Recharge Card Business

Have you read the article about profitable startups that only cost 10,000 naira? 

Then you’ll discover that 20,000 naira is an excellent starting capital for a business that sells recharge cards.

By simply approaching a distributor of recharge cards and purchasing a range of recharge cards in packs or bulk according to the network and rates, you can launch this business with merely N20,000.

When you purchase recharge cards at wholesale costs to resell at retail pricing, depending on where you live, you can save anywhere from 3 to 10%. 

This means that you may buy an N1000 recharge card for N900 to N970 at wholesale pricing, earning you a profit of N30 to N100.

Consequently, you will make a total sale of roughly N21,500 after selling the entire card you bought with your capital, generating a profit of between N1200 and N2000.

4. Small Chops Business

In Nigeria, no matter where you are, you can be confident that, as long as your product is edible, you will find rapid clients and make a high profit.

It is worth mentioning that this is similar to the popcorn industry.

You’ve probably seen those young Igbo men selling puff puff, akara, plantains, chin chins, pies, doughnuts, and other things at some point.

That is the main focus of the tiny chop industry.

And trust me, they are doing well with this company.

An example is a man who started with barely N10,000 and now earns more than N20,000 per day making puff puff in one of many articles that have been written.

If someone can start with $10,000, it simply indicates that you can if you’re among those wondering.

“What business can I start with $20,000 in Nigeria?” You ought to try this small-business venture.

Any type of chop you like can be made with just a gas cooker, frying pan, and other materials.

5. Bead Jewelry Making

Although we will go through the finest businesses for students in Nigeria to launch with 20K later in this post,

For both students and, of course, non-students, bead-making is a simple yet successful business idea.

You’ll need to read a few books on bead jewelry creation and even watch some YouTube lessons before you can launch your business.

Once you are aware of all the requirements and the process for manufacturing it, all you need to do is locate a store where you can buy the supplies and begin creating your own beaded jewelry, such as necklaces and bangles.

The fact that it is simple to sell to fellow students, faculty members, or lodgemates makes it ideal for college students.

If you reside on campus, you can also count on increasing sales as friends begin purchasing your goods.

6. Making Refreshing Drinks

Another successful home-based company to launch is selling homemade beverages like Zobo, particularly to people who reside in the country’s north.

As a result, if you reside in Kano, Kaduna, Kogi, Abuja, Sokoto, etc., and are wondering what kind of business you can start in Nigeria with 20K, this is the ideal opportunity for you.

You may learn how to produce Zobo online, and with just N20,000, you can subscribe. 

Purchase all the supplies required to construct the zobo with the money that is left over.

All you need to do for the marketing and sales component is ice them and carry them to parking lots or other locations where employees frequently require cold beverages.

As well as taking some to schools, you may promote and sell them locally.

7. Okrika Business

The London used clothing (Okrika) business is one of the most popular, cheapest, and fanciest businesses to launch and bag enormous profits.

If you didn’t know, the majority of boutiques now sell first-class Okrika, which is why I call it a posh company.

All they do to differentiate it is wash, add pleasant smells, and package it. 

Just that, and they will be sold like brand-new clothing.

The best part is that you can launch this business with N20,000 in capital, from purchasing to packing.

All you have to do is locate an expert in the field, establish a working relationship with them, and request that they put you in touch with Okrika wholesalers.

Once those pieces of worn clothing from London come, all you need to do is rebrand and properly package them, then find a little area to display them and possibly even market them to your neighbors.

Okrika’s ability to be sold quickly without packing is another wonderful feature. 

Considering that most Nigerians use that, this makes sense.

8. Native Cloth Selling

If you’re looking for a company to start with N20,000 and you like clothes in addition to Okrika, I would advise you to attempt local cloth selling.

As one pair of jeans can cost up to N20,000, it is well known that international clothing such as T-shirts requires more startup money.

However, residents can purchase 5 yards of 5 different types of apparel and garment materials for 20,000 Naira.

Simply hunt for a store where local clothing is inexpensive, buy a variety of it, and then spread the word to your neighbors.

Students should start with their other classmates, lodgemates, and pals.

Furthermore, keep in mind that you can put those products on social media, and if they are particularly appealing, you will undoubtedly sell every item in a week.

You should anticipate between 20 and 70 percent ROI with a firm like this. 

Consequently, you may expect to make a profit of up to 14,000 with an investment of 20,000 Naira.

9. Become a Home Service Stylist

Considering starting a business in Nigeria with $20,000 but a professional barber or female stylist?

Why not modernize how you monetize your abilities by providing home services?

It’s very simple to get started because all you need to do is use N20,000 to get the necessary supplies, print some fliers and banners, and then pay a tiny influencer to promote your company.

Afterward, you’ll undoubtedly start getting customers.

Customers in this industry are consistently loyal, so if you make a good initial impression, your clients will likely call you every week or biweekly.

And you can achieve financial breakeven with just 5 clients.

In order to break even, you must charge clients between N2,500 and N10,000 for residential services.

10. Digital Marketing

A mere $20,000 can be spent to start a profitable internet business using digital marketing. 

The internet has made it possible for businesses to expand their consumer base and improve their marketing strategies.

Specialists in internet marketing are still few and far between in this nation.

Because of this, you can approach small businesses and offer to help them sell their products online with nothing more than a smartphone, a data connection, possibly some graphic design experience, and most importantly, digital marketing abilities.

Simply setting up a Facebook page and an Instagram account for each of your clients and assisting them in regularly producing and posting content may get you started in this direction.

Considering that you already possess knowledge of digital marketing, you can advertise to attract clients and even display your expertise by posting about your company on social media.

Posting your digital marketing gig on freelancing marketplaces like Fiverr, Upwork, Freelancer, PeoplePerHour, etc. will help you attract interested clients.

11. Perfume Oil Business

The pleasant scents of fragrances are well known. 

Therefore, you can start selling the source of lovely and beautiful scents to people for N20,000.

To start this business, you must locate a wholesaler of perfume oil, bargain to purchase numerous bottles of fragrance in bundles at a wholesale price that should be less than N20K, buy as much as your money can afford, and then begin selling.

You can market and sell your products by posting on social media or by visiting local businesses like banks, schools, and small offices.

You may make a significant profit by reselling those scent oils through advertising methods.

For instance, if you spend N20,000 on 30 bottles of perfume oil and N1000 on each, your total sales will be N30,000. 

Consequently, you will keep the N10,000 profit.

We hope that this list will be a great help in beginning your business career, either as a student or an enthusiastic entrepreneur in Nigeria.

See also: TikTok Monetization: How Much Does TikTok Pay Per View

Advantages of Starting a Business in Nigeria

Beginning a business in Nigeria has a lot of advantages.

Notably, starting your business enables you to take control of your future.

The following day, no boss has the right to come up to you and terminate you. Workplace security exists.

The chance to advance and create a name for yourself is another factor.

Building a brand is a crucial part of owning your own business.

Your brand will expand as you develop.

Look at Dangote, for example. His brand will live on long after he is gone.

You have a greater chance of becoming wealthy if you operate your own business.

It is worth mentioning that the work environment is overly competitive.

There are many people who have worked for many years without receiving a promotion, but no one can dispute the fact that you have your own business.

You have the chance to influence the economy by giving other Nigerians a means of support and by creating jobs.

Everyone with a good heart should be encouraged to start their own business for the delight of providing jobs and a means of subsistence for others.

Nigerians can engage in a variety of profitable companies.

But for some reason, Nigerians tend to leave the country in search of greener pastures rather than attempting to draw inspiration from home.

As a result, foreigners are assuming control because they recognize the chances that we miss.

What are the Challenges of Starting a Business in Nigeria?

Commencing a business in Nigeria can present difficulties; however, it can also be a fulfilling venture. The following are some of the obstacles that you might encounter:

• Access to capital: It can be difficult to obtain financing for a new business in Nigeria. Banks may be reluctant to lend to new businesses, and interest rates can be high.
• Infrastructure: Nigeria has a number of infrastructure challenges, such as poor roads and power outages. This can make it difficult to operate a business efficiently and effectively.
• Corruption: Corruption is a problem in Nigeria, and it can make it difficult to do business. You may be asked to pay bribes or deal with bureaucratic red tape.
• Competition: There is a lot of competition in the Nigerian market, especially in popular industries such as food and fashion. You need to be able to differentiate your business from the competition and offer something unique.
• Security: Security can be a concern in some parts of Nigeria. You need to take steps to protect your business from theft and other crimes.

In addition to these general challenges, there may also be specific challenges associated with the type of business that you are starting.

For example, if you are starting a food business, you need to make sure that you have access to safe and affordable food ingredients.

If you are starting a fashion business, you need to make sure that you have a reliable supply of high-quality clothing.

Despite the challenges, starting a business in Nigeria can be a very rewarding experience.

There is a large and growing market for goods and services in Nigeria, and there are many opportunities for entrepreneurs to succeed.

How can I Overcome the Challenges of Starting a Business in Nigeria?

Here are some tips for overcoming the challenges of starting a business in Nigeria:

• Do your research and create a business plan. This will help you understand the market and develop a strategy for success.
• Network with other entrepreneurs. This is a great way to learn from others and get support.
• Be patient and persistent. It takes time and effort to build a successful business. Don’t get discouraged if you don’t see results immediately.

If you are serious about starting a business in Nigeria, don’t let the challenges discourage you. With careful planning and execution, you can achieve your business goals.

Which Low-Capital Business in Nigeria is the Most Lucrative?

The most profitable enterprise in Nigeria with little capital is dropshipping.

Various things are sold online via this process.

But the advantage is that you don’t need to keep an inventory or a store.

You earn commissions by reselling items that are the property of suppliers or large retailers.

The younger generation in Nigeria loves it a lot. Finding an underserved market is the key.

Check this out – The Best Grants in Nigeria: A Comprehensive List for 2023

10 Best Business to Start with 20k in Nigeria

Starting a business can be a great way to achieve financial independence and pursue your passions. However, it can also be a daunting task, especially if you don’t have a lot of money to start with.

If you’re looking for the best business to start with 20k, there are a few things you need to keep in mind.

First, you need to choose a business that is in high demand and has a low startup cost. Second, you need to make sure that you have the skills and knowledge necessary to run the business successfully.

What business can I start with 20k?

Here are a few of the best businesses to start with 20k:

1. Food Business

Nigeria is a country with a large and growing population, and people need to eat. If you have a knack for cooking, you can start a food business by selling your homemade meals to friends, family, and neighbors.

You can also start a food catering business or sell your food products at local markets.

2. Fashion Business

Nigerians are passionate about fashion, and there is a large demand for affordable and stylish clothing.

If you have a good sense of style, you can start a fashion business by selling clothes that you design or source from suppliers. You can sell your clothes online, at local markets, or through a physical store.

3. Beauty Business

Nigerians are also very interested in beauty and personal care. If you have experience in the beauty industry, you can start a beauty business by offering services such as hair styling, makeup application, and manicures and pedicures.

You can also sell beauty products such as cosmetics, skincare products, and hair products.

4. Education Business

Nigeria has a large and young population, and there is a high demand for education. If you have a strong academic background and teaching experience, you can start an education business by offering tutoring services or teaching online courses. You can also start a school or childcare center.

5. Technology Business

Nigeria is a rapidly developing country, and the demand for technology products and services is growing.

If you have skills in areas such as web development, software development, or graphic design, you can start a technology business by offering your services to clients.

You can also start a blog or YouTube channel to share your knowledge and expertise with others.

6. Freelancing

If you have skills that are in demand, you can start a freelance business and offer your services to clients on a project-by-project basis.

This is a great way to start a business with little or no startup costs.

7. Consulting

If you have expertise in a particular area, you can start a consulting business and advise clients on how to solve their problems.

This is a great way to start a business if you have a lot of knowledge and experience.

8. E-commerce

You can start an e-commerce business by selling products online. This is a great way to reach a large audience and sell your products all over the world.

9. Dropshipping

Dropshipping is a type of e-commerce business where you don’t have to carry any inventory. When a customer places an order, you simply contact the supplier and they will ship the product directly to the customer. This is a great way to start an e-commerce business with little or no startup costs.

10. Affiliate Marketing

Affiliate marketing is a type of online marketing where you promote other people’s products and services in exchange for a commission on sales. This is a great way to start a business with little or no startup costs.

These are just a few of the many businesses that you can start with 20k. When choosing a business, it is important to consider your skills, interests, and the needs of the market.

You should also do your research to make sure that there is a demand for the products or services that you plan to offer.

Also read – How To Get A Startup Business Loan with No Money or Collateral in Nigeria

Tips for Starting a Successful Business with 20k in Nigeria

Here are a few tips for starting a successful business with 20k:

• Choose a business that you are passionate about. This will make it easier to work hard and stay motivated.
• Do your research. Make sure that there is a demand for the products or services that you plan to offer.
• Create a business plan. This will help you to map out your goals and strategies.
• Start small and scale up gradually. This will help you to minimize your risk and maximize your chances of success.
• Market your business effectively. Let people know about your business and what you have to offer.

Conclusion on the Most Profitable Business to Start

In conclusion, if you have the capital to launch a company, I think the list of 20k Nigerian business ideas I’ve shared for you here will give you plenty of profitable ventures to consider.

Remember that only by implementing these business ideas will they be beneficial.

Starting a business can be a challenge, but it is also a rewarding experience. With careful planning and execution, you can start a profitable business with 20k in Nigeria.

Do something right away.

Good luck!

Frequently Asked Questions on the Most Profitable Business to Start

References

• Theinfoworth.com
• Nairarush.com.ng