The business landscape in Nigeria is already saturated, especially with the development of newer means of offering goods and services including digital services. In the 21st century, many entrepreneurs are less interested in starting up conventional businesses as many feel that they may no longer be as lucrative as before.
However, I can authoritatively tell you that in spite of the profound impact adopting latest trends and newer technologies may have on any business, both conventional and digital business models can work for anyone who puts in effort and wisdom in what they do.
To this end, there are a myriad of small-scale businesses ideas that you can adopt if you have capital and are looking for what can yield some Return on Investment (ROI) for you. Some may require you to acquire certain marketable skills. Read through to find out 20 business ideas that can thrive in Nigeria’s diverse and dynamic market in 2024 if you adopt \ny of them:
Catering Services (Indoor and Outdoor)
Catering services are in high demand due to the social nature of most Nigerians. Whether for weddings, parties, or corporate events, the services of caterers are highly valuable and cannot be overlooked thus, the business can be lucrative if you position yourself to be the next go-to. You could as well partner with existing caterers if you do not have all your utensils yet. Meanwhile, Indoor catering can focus on smaller, intimate events, while outdoor catering can cater to larger gatherings.
Mobile Food Vending
With the fast-paced lifestyle in urban areas, mobile food vending is a promising business idea that anyone who has a thing for culinary activities can adopt for profit making. In Nigeria, several young fellas utilize their WhatsApp communities to build a base for patronage and deliver to nearby locations or employ the services of logistic companies or delivery men since they operate on a small scale.
Rental Services
Rental services, including equipment, party supplies and vehicles cater to the needs of various events and occasions. By providing quality and reliable items such as chairs, accessories, bridals and more for rent, this business can tap into the continuous demand for temporary use of expensive items.
Livestock Farming
Livestock farming, including rearing cattle, goats and sheep remains a profitable agricultural venture. With proper management and investment in quality breeds, this business can supply meat, milk and other products to local markets and beyond.
Poultry Farming
This involves raising chickens for eggs and meat. Given the high consumption rate of poultry products in Nigeria, this business promises a steady income. Starting with a small flock and gradually expanding can minimize risks and increase profitability.
Social Media Marketing
Social media marketers are becoming more and more necessary as companies realise the potential of social media. Assisting businesses to establish their internet presence, interact with clients, and manage successful advertising campaigns can be a lucrative niche to specialize in.
Blogging
Blogging offers an opportunity to earn money through advertisements, sponsored content and affiliate marketing. By focusing on popular niches such as lifestyle, travel, finance and health, bloggers can attract a significant following and monetize their content.
Freelance Writing
Freelance writing is an excellent option for you if you have a talent for writing. It involves you offering content creation, copywriting and ghost-writing services to businesses and publications. As a freelance writer, you can earn a substantial income while working from home.
Mini-Importation
This business idea basically involves importing small quantities of goods such as electronics, fashion and beauty products from countries like China and selling them in Nigeria. This has become increasingly popular in recent time especially with the rise of e-commerce platforms.
Transportation
Transportation services, including ride-hailing, shuttle services, and logistics, are essential in Nigeria’s bustling cities. With the growing demand for convenient and reliable transport, this sector offers numerous opportunities for small-scale entrepreneurs.
Waste Management Services
Waste management services address the critical need for proper waste disposal and recycling. By offering collection, disposal and recycling services, this business not only generates income but also contributes to environmental sustainability.
Cleaning Services
Cleaning services for homes, offices and commercial spaces are always in demand. By providing thorough and reliable cleaning solutions, you can build a loyal customer base and generate steady income if this business idea.
Jewellery Making
This idea involves creating unique and attractive pieces by using local materials, incorporating cultural designs and placing them for sale. As a jewellery maker, you can appeal to both local and international markets, leveraging the growing interest in African fashion.
Photography and Videography
Highly marketable skills such as photography and videography services require continuous upskilling as the practice and gadgets used evolve with time. These skills are however, essential for capturing memorable moments at events such as weddings, birthdays and corporate functions therefore, offering high-quality services and leveraging social media for marketing can help grow your business and mke it more lucrative.
Hairdressing Salon
Offering various hair care needs such as haircuts, styling and treatments can attract diverse clientele and can thrive in both urban and suburban areas.
Affiliate Marketing
Affiliate marketing involves promoting products and earning a commission for each sale made through your referral. By partnering with companies and leveraging online platforms, this business can generate passive income with minimal initial investment.
Resume Writing
Helping job seekers write professional resume that stand out to employers can attract many clients, especially graduates and young professionals.
Virtual Assistant
Virtual assistants provide administrative support to businesses and entrepreneurs remotely. By offering services such as email management, scheduling and data entry, virtual assistants can cater to clients globally, working from the comfort of their homes.
Disc Jockey (DJ)
A disc jockey provides music entertainment at events such as weddings, parties and corporate functions. With a good collection of music, sound equipment and marketing skills, DJs can build a successful business in the Nigerian event scene.
Online Clothing Store
An online clothing store can cater to the fashion needs of a diverse customer base. By sourcing trendy and affordable clothing and leveraging social media for marketing, this business can reach a wide audience and generate significant sales.
Fashion Stylist
Fashion stylists help individuals and businesses create fashionable looks for various occasions. By offering personalized styling services and keeping up with the latest trends, fashion stylists can attract clients looking to enhance their appearance.
Restaurant Business
Restaurateurs provide cooked food on demand for their customers. Adopting this business idea would require you securing a spot and making available, both local and international cuisines for customers.
In summary, the 23 company concepts listed here offer a range of chances for Nigerian small business owners to key into expanding markets and prosper financially. Entrepreneurs may create enduring and successful companies in 2024 and beyond by spotting a market niche, utilising technology, and providing high-quality services.
