As it stands, it’s easy to become a millionaire with a capital as low as 25,000 Naira. This is possible because of the available business ideas in Lagos. How would it feel to be a boss a few weeks after investing as low as 20k to 25k? Great feeling, right?
In this article, business ideas with low capital and high profit are the focus. This means that all suggestions are purely low-cash demanding. That is, the estimated costs will all be based on items that are low and very affordable.
Moreover, fairly used startup items are recommended to help compress the amount of money required. For example, this article will not recommend tilling the premises during the first few weeks. Ready to be thrilled with decent options to pick from? Alrighty!
Here are the topmost unpopular business ideas in Lagos in 2020 to embrace.
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I wrote this article on betting premises with my headset on. What thrills me about these stores is that the power source (generator) is usually active 24/7. Where there is a betting house with a fluctuating power supply, there is a big problem. In Lagos, there are lots of guys willing to stake to win big. Have no fears about payments for winnings because the money will not be coming from your pocket.
Of all business ideas with low capital and high profit in this list, this is the most demanding (financially). However, there are situations where the company provides an agent with basic resources like a bet-slip printer, a laptop, among others. In my location, for instance, a betting company like BetKing provides few basic items to its agents. I do not know about your location though.
Here are the requirements with the estimated cost.
- A wall TV (fairly) – Budget 15k for a not-too-wide screen
- Power source – About 15k generator
- A laptop/desktop – Often issued to agents
- Betslip printer – Issued to agents
- A small store
- A wooden counter divider
As earlier stated, this particular business idea is a bit demanding compared to others on this list.
Selling Raw Goat Meat
There are several places to sell raw goat meat and earn hundreds of thousands within a few weeks in Lagos. Two recommended places are markets (mini and large) and busy roads. The downside of selling along the road is that Lagosians do not fully patronize vendors. They believe that buying from the market will be cheaper due to competition. Concerning the market, you’ll have to register properly to avoid being expelled from the market or having your goat meat seized.
If you afford to slaughter a full goat, give it a few days and the returns are back and high. When I go to buy goat meat for 200 Naira, they’re usually a few pieces of meats. Although this is caused by the high cost of goats, it’s still very profitable.
What is needed to kick-start these business ideas with low capital and high profit? Let’s break it down together.
- Machete (buy from Hausa man at a cheap price).
- A wooden table
- Money for goat/slaughter
When meats are left, pay for refrigeration and resell the next day. It’s very simple.
The best market days are usually Saturdays, Sundays, and Fridays.
As time goes on, add another variation of meat to boost profit.
Soft Drinks retail
Start with 10 crates at least. I started with just 5 crates and a wheelbarrow for delivery. This is a business that requires being friendly in the neighborhood. It sells anywhere and anytime as long as there are grocery stores, provision stores, and drink parlors nearby. Call them “beautiful neighbors” always and sell out quick. Also, always offer to deliver as I did with my wheelbarrow.
You do not require much for this business idea in Lagos to yield high profits. Here are the items I started with.
- 5 crates of soft drinks.
- A wheelbarrow (I already owned one).
- Fairly used refrigerator – 15k (find a repair shop and get a cheap one)
- Generator – 15k
If the resources are much, add beer to the collection alongside bottle water like Eva, etc.
Beer Parlor Business
What I like about the beer parlor business is that it does not necessarily require a big beautiful building. This is an open-space business that booms, especially during weekends in Lagos.
The requirements are quite much. Some of the costly requirements are seats and tables. However, this can be handled by renting or making payments on installment.
The requirements are almost similar to that of soft drink retail. Moreover, it requires having staff which could be the person you live with. This is a very busy business and I do not recommend it to people who are chronically lazy.
Consider this business to be a futuristic powerhouse for money in Lagos. At the moment, the Nigerian government is making attempts to end goods importation. This is in a bid to encourage local productivity which means an economy boost. Although this isn’t my field, I’ve involved myself in something local that is already paying.
You, however, need training on bag making. Depending on the level of determination, as short as 3 months should be enough to become professional. You can as well surpass your trainer’s abilities by seeing YouTube videos for more bag-making skills.
The major requirements of this 2020 business idea in Lagos are:
- Leather for bag making
- Sewing machine
- Other bag refining accessories
Please and please, go for already used tools so that the cost would stay low. After about a month or so, the returns should be enough for brand new tools.
Just behind my shop is a shoe mender’s booming business. He’s always busy working and making money. It doesn’t interest me because things will be too tight. I’ve questioned him a couple of times on the business and I’ll share it here.
The first thing, according to him, is to get training and help one’s self with YouTube videos. Here are the basic tools and items he recommended for a starter.
- A shaping machine
- A small generator
He goes around big shops and small shops to collect old shoes. Sometimes, shops sell while others do not. For the shops that sell, they sell at very cheap prices since the shoes are not so good. Intriguingly, he deals on both male and female shoes but recommends starting with that of males. I’m yet to ask why.
Open a Barber Shop
This profitable business idea requires skills before it works. A barber makes good money on a daily basis, especially during the evening hours. Needless to mention Saturdays when everyone is free.
Let’s do quick math. If you charge 150 Naira for kids and 200 Naira for adults, this is an okay rate, right? Multiply 200 (adult) Naira by 10 and it’ll give 2k Naira. Multiply 150 Naira by 5 and multiply 50 Naira (shaving fee) by 5 as well. Basically, the least you can make on bad days is 2,000 Naira. 2,000 x 30 days will give 60k which is a near-average earning. As time goes on, you’ll build more customers and increase earning.
- Two hair clippers
- A small generator
- Wall mirror
- Ceiling or standing fan
- Blade sterilizer
- A TV
- Hair dye, powder, comb/brush.
You must train yourself to become a good barber to deliver beautiful haircuts. This is the only way to attract more clients to your barbershop.
The downside of tailoring is that it requires expertise or skills of some level. Apart from this, you’re so good to make your money without a break.
Just like bag making and the likes, a novice should go on YouTube to learn new skills. With such an attitude, you could be teaching your trainer some new techniques for lovely tailoring.
The requirements are not so much but a bit costly. Stuff like the sewing machine require buying on hire purchase since the money isn’t there yet. Go for a machine that an owner is willing to sell because new ones are costly. You’ll need a box iron and an electric iron as well as a wooden table. Other requirements include:
- Tape and other measuring rules
- Temporary marker/marker chalk
- Pins and colorful sewing threads
Some people sew from home while others sew in open places because it serves the cost of renting. Consider this option for a start and rent a shop some weeks later.
Phone Repairs and Accessories Selling
Phone accessories like a pouch, charger, power bank, screen guard, etc. attract lots of money. Learn how to equally repair phones and set up a small site for the business here in Lagos. It pays because people require these sorts of products and services daily in Lagos. Include other services like app/software installations, video/audio downloads, virus scanning and flashing, video-audio converting, Photoshop design, etc.
Can you compose good writing, develop a web, design with certain computer software? Then why sit back? You may have been aware of the online markets like Fiverr and Upwork but these platforms take time. Let me explain the sort of freelance I’m referring to. I’m referring to such that you go to shops – big and small, to propose a freelance work. For instance, you might ask a business to pay for a beautiful logo that defines them. Or, offer to copy-write for business and publish online. Be explicit and you’ll get that job and the pay.
From 20 attempts, you’re likely to find at least 5 businesses with money offers.
This is yet another business ideas in Lagos. With the number of persons threading Lagos roads daily, there’s no reason why cabbing or taxi business will not boom. You might think that this business is costly but it isn’t. With the option of hire-purchase in Nigeria, you can get even a Lamborghini for taxi business and return the money in a short period.
Interestingly, there are online service companies like Bolt and OPay in Nigeria. You should sign up with these guys to see big earnings weekly. Lest I forget, some persons offer to rent out their cars for this business. That is, you could actually hit Lagos roads and make money with a car that isn’t yours.
- Drivers license
- A car (owned, hire purchase or rent)
There are hundreds of things to bake, sell, and make thousands. Of these things, bread-baking is the costliest and most demanding. How about cake, buns, shortbreads, and the likes? Well, these are the options to go for. It should not take up to 5 months to learn the skills of baking tasty foods to attract customers. I learned how to bake cake and chin-chin within weeks but I do not want to profess in it (make a career).
To become a great baker requires devotion and intelligence. It is part of the business ideas in Lagos with low capital and great yield with no sweat. Come on! There are numerous events demanding baked foods out there. Should I talk about cakes? Name a ceremony that does not require a cake and I’ll show you a country with no flag.
Every business ideas in Lagos on this list has been verified and recommended. There is none with high risk on the list and as such, you won’t lose money. Focus on these two things:
- Building and accommodating customers
With these two principles in place, I’m betting that ‘returns’ will return within a few weeks.
Be friendly, don’t cheat clients and do not give out goods and services on credits. Explain to the customer the defect of such action and its negative effect on the business. Unless the chances of payment are high, decline the request and move on. This is business and you must stick to certain principles as an entrepreneur. Finally, grab these business ideas in Lagos for yourself.