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An entrepreneur fights for the capital that will enable him to successfully implement his idea. For any entrepreneur, a great business is one that is not capital intensive.
There are many small business ideas that require very less investment. These ideas, if well executed, can ensure the prosperity and profitability of the business.
low-cost business ideas with high profit is highly desirable. However, most people are not sure what these thoughts would be and how they might fit into their scheme of things.
Low-cost business ideas with high profit 2024
1. Tuition/Coaching Lessons:
What was your favorite subject at school? Did you sail through math like a wizard or did you have a special chemistry with chemistry? If so, a room, a couple of chairs, a board, a marker and a duster are all you will need to start teaching this subject.
If you know a foreign language like French, Spanish or German, you can easily give lessons in such languages and start a small business without much investment.
Foreign language courses are always in demand by students and professionals alike, so as an entrepreneur you don't have to worry about your pipeline running dry.
The idea is not just about low investment and high returns, it also has some sense of cash flow and predictability of demand.
You can also set up a very small business loan for such businesses and there is no shortage of avenues from where you can get a basic loan to start this type of business.
2. Event/Wedding Planner:
Weddings never go out of style. Whether the economy is booming or in recession, there is always a market for weddings. To top it off, weddings range from traditional marriage, burials to very private gatherings.
To put things into perspective, the wedding market was estimated to be around 1 million in 2027 and is growing at a rate of 20 percent annually.
This presents a huge opportunity for wedding planners who can provide wedding themes, planners, decorators and caterers and flawlessly plan and organize the entire wedding ceremony.
It requires an initial capital investment in personnel, logistics and layout for which you have a plethora of small business loan options.
Even if the initial investment is low, the returns that can be made after the business expands are significant.
3. Cooking courses:
If the popularity of shows like MasterChef is any indication, cooking classes can be a great business in Nigeria. It requires very low investment but can earn good profits.
All you need is to arrange the kitchen and equipment, allied infrastructure, raw materials and cooking ingredients.
Anyone who believes in the potential of this business would have to put in a very low initial investment. They can avail small business loans from various financial services companies.
Once a cooking course is set, the owner can run multiple batches on the same device. Thus, Capex investment is limited and small investment in working capital would be enough to run the business smoothly.
4. Driving school / taxi service:
If a person has good driving skills and can buy a vehicle such as a car, people can be given driving lessons. With the same vehicle, one can train 10-15 customers in a month and earn a decent amount with minimal investment.
Getting a small business loan and buying a car doesn't have to be too complicated. Part of the earnings from the driving school can be used for repayments to service the loan.
Depending on the savings, the fleet can be expanded, more driving school instructors can be hired and the business can flourish. A person can also use a small business loan to purchase a new car.
If he has the required driving skills, he can sign up for a ride sharing service like Ola or Uber. Once he does that, he can offer rides through the ride-hailing app and earn money to pay off his loans and save for further business expansion.
5. Catering operation:
Everyone enjoys good food. A food business is never without demand. All occasions like birthday parties, weddings, anniversaries etc. have food on offer and caterers are in demand to ensure that the food served is delicious.
For a catering service, you only need a kitchen and a few employees who cook, serve, deliver and manage logistics. Have you always wanted to own your dream restaurant chain? You can start a catering business because it is a relatively low investment and high return.
You can use the loan for Capex investments and slowly build a great business. Given our country and the celebrations, rituals and events we host throughout the year, catering services will always be in demand. It is one of the best small investment ideas in Nigeria.
6. Fitness centers:
More than 65% of Nigeria's population is under the age of 35. The youth are healthy and many of them are members of a fitness center or gym. They love going to the gym and burning off a few extra calories. The remaining 35% are also many fitness enthusiasts and health conscious people. Anyone who has trained in the field of fitness can start a fitness center.
Premises or infrastructure and equipment can be leased or purchased. The space can be used almost 16 hours a day because people like to go to the fitness center at different times of the day. The idea of opening a fitness center is a business idea with low investment.
Even if the person interested in opening this center cannot afford it, he has several options available to use a small business loan. It is a very profitable business idea because fitness center subscribers find it difficult to visit the fitness center regularly, but most of them pay an annual subscription.
7. Computer Training Center:
We are in an era wherein there is a lot of demand for computer literacy and proficiency. If one has a basic idea of how to operate a computer and how to work with simple tools such as the Microsoft Office suite of products – Word, Excel, and PowerPoint, the chances of employment of the person are much brighter.
Hence, there is a great demand to learn computers, programming and the booming areas in technology such as artificial intelligence, blockchain, data analytics, IoT, etc.
Are you an expert in any such area? If yes, you can start a training center equipped with an internet connection, a few computers and learning aids such as whiteboards, projectors, etc. The business is driven by knowledge and hence the subsequent investment after the initial capex outgo is low.
Multiple batches can be run for college students, working professionals, etc. and a handsome profit can be made on a very small initial investment. What’s more, a small business loan for such initiatives is easily available. You can visit Lendingkart.com for a business loan.
8. Boutique, Salon, Spa, etc.:
There is always a demand for personal hygiene, fashion and grooming-related services. Once you make an initial investment in the store and raw material, if you can focus on selling and brand partnerships, you are highly likely to turn it into a profitable business idea.
A small business loan for the same can be easily availed. If you are interested in becoming your own boss with any such venture, the right time is now!
9. Real Estate Agent or Broker:
How about becoming a rainmaker for your own business? Sounds interesting. With a little research on the real estate market in the area and an understanding of the prospects for both commercial and residential real estate, one could venture into creating a real estate agency.
If you have good communication and people skills, you are likely to attract buyers and sellers alike and broking a deal could help you earn a handsome commission.
The investment required to start this is very less and as you build your network and start playing a role in more deals, the commission you earn can make the business venture a highly profitable one.
10. Web/ Social Media agency:
In the digital age, most companies want to spend their marketing budgets on advertising through digital channels and through paid social media campaigns.
If you have a good knowledge of marketing, communications, branding, web presence management and social media, you could start your own venture to help companies establish a strong digital footprint.
All you need is an office, a few computers, some skilled professionals and you are good to start. Are funds to start up a problem? You needn’t worry as there are many options to avail of a small business loan to start a web/ social media agency.
