It’s yet another blog. Before you start reading, I want to let you know that there is a bonus one, so it’s actually six low capital business ideas🤪 , yes I love you like that.
So, this time, let’s talk small beginnings, small start-ups or small businesses for our brother and sisters on a broke budget. So, you just finished your NYSC or maybe not. Okay so, you have been job hunting for a while now, but no actual job insight, or maybe not.
Okay, you just happen to be a stay-at-home mother at the mercy of her husband in regards to finance, just because you do not know how to start a business that requires little to zero capital. Well, you are in luck today, because I am about to give you options.
I am almost certain this is not the first, second or even third post you are reading about low capital businesses. You have probably come across a lot of articles or blog posts with gazillion strategies – both achievable, not-so achievable and non-achievable.
Well, the five small business strategies I mentioned in this post are not only legit businesses, but they are also realistic and super achievable. All you need do is pick one that fit your skills and the resources at your disposal if not, you may get frustrated.
My Intent for This Post (Low capital Business Ideas for Nigerians in 2020)
With the emergence of COVID 19 and how the economy has turned out to be, most people have lost their jobs or are taking home half-pay. Still, we have new graduates cropping up every other month, some of whom are sometimes helpless in the labour market, so, I thought it wise to help others help themselves.
I do this by sharing these five small businesses that an average Nigerian youth looking for an income source can start with little to no costs involved.
Before I mention them, I want you to recognise that these jobs require a lot of patience because you may not start to see the money roll in at the beginning. Therefore, you need some form of savings or someone to depend on while working towards monetising these hustles.
But with the determination to succeed and improve upon your craft, an open mind and resilience, believe me, you will start to see results sooner than you can imagine. So, here it goes;
5 low capital business ideas you can start in Nigeria
1. Manage Social Media Activities for Small Businesses
Practically every business has recognised the awesome value and benefit in social media marketing, especially in these times that we all try to stay online and reduce physical contact. Social media has become a very important part of our life and businesses. Most of us post content on our social feeds almost every day, so why not earn from doing it for others.
If you have ever tried to post content consistently on your social media pages, you will discover how much time, mental energy and resources needed to produce content. That’s why managing social media for small business owners is a great low capital business ideas.
Many small business owners do not have the time, the resources, patience nor expertise to post consistently and strategically on their business social media platforms like Facebook, Instagram, YouTube, Snapchat, Twitter or TikTok and so may need a social media manager.
These small entrepreneurs are eager to check off one more item on their to-do list and so are willing to pay for this service. The interesting part is, you can do this job from your home and can work for as many clients as you can handle all at once.
Take it upon yourself to contact local businesses and send out a one-page proposal to offer your services for a contracted monthly fee. But before you do, make sure you have a well-put-together social media page because that serves as your portfolio and gives prospects the confidence to hire you. Social Media Management is an easy way to earn money, regardless of where you live.
What social media managers do:
The job description of a social media manager is rather broad from content ideation to brand development, search engine optimisation and generation of inbound traffic, cultivation of leads and sales, engagement and reputation management; it’s a whole lot.
But you can begin by offering the basics (listed below) to small businesses and climb the learning ladder as you go.
- Content topic Ideation.
- Create, curate, and manage all published content (images, video, text and audio).
- Monitor, listen and respond to users via DMs, Comments, WhatsApp messages or emails while cultivating leads and sales.
- Expand community by gaining more followers.
- Design social media graphics for Facebook/ Instagram post, thumbnails, ads, landing pages, Twitter profile, Blog, etc.).
- Create and manage social media promotions and ad campaigns such as Facebook ads.
- Engage in dialogues for the business in social media spaces and answer questions where appropriate.
- Compile reports for management showing results (ROI). This is just as simple as writing how many followers you have gained/lost, impressions, profile visits, reach, email subscribers/unsubscribes, sales, customers complaints and so many other data.
2. Become a Personal Chef
Food! Food!! and more Food!!!. Catering for small groups of persons is another one in my list of low capital business ideas. Food is extremely essential to our wellbeing. Everybody needs to eat but not everybody can cook, has the time to cook or wants to cook. Are you a good cook? You could explore the idea of becoming a personal chef and preparing meals for other people.
Start by plating and photographing the meals you cook daily at home. You could also make small meals just for content for your page. Learn basic food plating techniques and photography by doing a little YouTube research. Take pictures in proper daylight (preferably outside your house) and edit using free apps all on your phone. Show us behind the scenes like market runs.
You could market your services on social media via Instagram and/or Facebook or even build yourself a free website( anticipate a tutorial on building a free website on your phone). Before you know it you could start getting calls for jobs.
Number 3 on my list of low capital business ideas is;
3. Start a Home Cleaning Service
There’s is no formings when you got no money. So, lower your shoulder pad, pick up a bucket, disinfectant, detergent and mop and start knocking from door to door 🤣 🤣 . Maybe not exactly that way 🤪 .
Cleaning tools and equipment are cheap. So, you see why it appears on my list of low capital business ideas.
Here’s how you can start;
Take pictures of your work tools, your mop, detergent, mop bucket. Take pictures of yourself cleaning your house. You could also get other non-copyrighted pictures or text content that has to do with house cleaning services. Post them on your Instagram and Facebook profiles.
Ensure you name your profile a nice short memorable business name that correlates with home cleaning services. Pick a particular colour t-shirt and denim for your uniform. You sure want to create that professional feel.
Ensure your page is transparent with all necessary details like email, phone number, Facebook profile user name.
- This gives prospects the peace of mind to hire you.
- Nobody wants to risk bringing in a psycho or total stranger (even if you are) into their home.
- Your prospects need to know and feel that you are readily accessible and not someone that could easily disappear into thin air.
There are loads of singles, families, busy mums and homeowners that need housekeeping or home cleaning services. This business is even scalable because once you start getting more homes than you can handle, you can employ more hands and before you know it you are running a multi-million dollar company🤪. Okay not exactly, but you get my point.
4. Start Homeschooling
Are you a graduate and still in the job-hunting phase? You most probably need a side income to keep body and soul together. Looking through numerous low capital business ideas? Look no more. Take a cue from here and become someone’s home lesson teacher.
Homeschooling is a great option. Become a home lesson teacher. You could take to your Instagram and Facebook page to advertise your services.
Create a one-page proposal that you could easily hand to parents or guardians. In it should include your name, all contact details, social media handles, subjects you can teach, time availability, your rate, mode of payment plus any other information you would like to include. This way you seem more professional and make the inquiry process easier for you and your prospects.
5. Become a Freelance Article Writer
Just like creating and posting consistently on Instagram or Facebook, writing articles for blogs is very tasking, and time-consuming not to talk of the mental energy that goes into content ideation to final posting. I can tell because I face this same challenges.
Freelance content writing has become one of the most sought after low capital business ideas. This is to say that writing is a good small business you could start. Handle text content creation for other people- bloggers, authors, businesses etc. Use social media or job sites to advertise your services.
Now, to my Bonus
Ride-Hailing (Uber/Bolt etc.)
I left this for the last because you need to have access to a car for this. Note, I said ‘access’, you do not need to own a car. Look for people willing to rent their cars daily or lease their vehicles and pay them daily or weekly depending on your contract with the car owner.
As you ride and make money, you offset your car rental. If you are serious, with time you could get money to start up a business of yours and become your own boss.
My Final Thoughts on Low Capital Business Ideas you Can Start in Nigeria.
Do have it at the back of your mind that Rome wasn’t built in a day. So, put in the work required of you, exercise patience, perseverance and resilience. Continue to learn new things/ways of doing things. You’ll definitely get better at your job, land more/better clients, produce quality deliverable/services and eventually make more money.
If you can, and by the way, you should, run Facebook/Instagram sponsored ads on your posts to increase your visibility. Very important.
Don’t wait till you get all the expensive, professional gadgets before you decide to start (I think I should take this advice too). Just start. You cannot be perfect before you start.
You must make mistakes as you go and that’s how you learn. Ask questions too and closely watch what others in your niche are doing, so that you do not make costly mistakes. At the end of the day, when mistakes are made try not to dwell on them for too long. MOVE.
If you need more options for low capital business ideas to start online, you can grab my ebook ‘Freelance Side Jobs’ for free.