The truth is, some of these small business ideas are neither ingenious nor new. But by having street smarts, the right team, risk tolerance, passion, and perseverance, they can become multi-million naira (or dollar) enterprises.

Here are 10 small business ideas that will have you raking in millions in no time.

1. Agribusiness

With a population of over 170 million people, the Nigerian agribusiness sector is one of the largest in Africa. A population explosion in the next few years has been predicted, making the agribusiness industry a more lucrative business option to consider.

Already, many sub-sectors of the industry, like poultry farming, fish farming, farming, cassava farming, and palm oil farming, are churning in millions for successful farmers in their fields. There are thousands of small business ideas in agriculture to venture into.

What you need: Extensive market research and a high-yield agribusiness idea to focus on.

Also Read: 7 Top Business Grants & Loans Available for Small Businesses.

2. Web Design Agencies

These days, nearly all businesses are jumping on the online scene. This means one thing – they all need websites, which is where you can come in. This gap in the web design space poses an opportunity for several web design agencies or aspiring entrepreneurs looking to go into web development.

As a web designer in Nigeria, you can promote your agency through SME events, blogging, social networks like LinkedIn, and several other channels. Helping the millions of small businesses springing up to create great web designs and set up blogs on WordPress or Blogger can be real money-spinners.

What you need: A computer, good web design skills, a portfolio, and various channels to reach potential clients.

3.  Education

Nigerians (especially those who can afford it) take education seriously.  The typical sequence is Daycare Centres, Nursery schools, primary schools, secondary schools, and universities. This is definitely one good investment potential for any entrepreneur.

What’s more, you can decide to invest in the non-traditional education sector like special education, adult education, educational websites, educational technology, and even educational resources. This industry has a very wide scope to cover to keep the bucks coming in.

What you need: Pick an education niche and get trained for it. Start investing.

4. Retail Stores

With basic needs of clothing, groceries, medication, and a lot more, being a part of the average person’s daily life, the retail store industry in Nigeria deserves a second look in terms of investments. It doesn’t have to be significant; you can still generate substantial revenues even with a small retail store.

For a start, you set up a small store focusing on groceries, fashion items, or one of the other diverse categories. Starting a retail store carries its own cost implications, but it is very lucrative all the same. Ask SPAR, Shoprite, Health Plus, and the like.

What you need: Understand the market, know what sells, and position yourself to claim the bulk of the customers.

5. Digital Advertising Agency

With hundreds of small businesses cropping up in every sector, staying afloat can be a huge task. This is where advertising agencies come in. As an advertising agency like Anakle or Wild Fusion, you can help businesses grow their customer base by creating compelling online and offline campaigns.

Companies are usually eager to pay lots of money to grow their brands faster. So, if you’re an experienced copywriter, partnering with a few other copywriters and a really good artist could get your creative agency running quickly.

What you need: Learn how to build apps or games and know how to organize quality/creative campaigns that would go viral.

6. Mobile App Development Agencies

While not all Nigerian companies use custom-built mobile applications to engage with their customers, thousands constantly look for skilled mobile app developers to bring their ideas to life. This need for mobile application development in Nigeria is now high, making it really lucrative.

An average mobile app in Nigeria could cost between N300,000 to N3,000,000. Handling multiple projects at the same time could mean raking in millions.

What you need: Being tech-savvy, mobile application development skill and multi-tasking skills.

7. Mobile Phones

Retail or online mobile phones store owners millions from just selling mobile phones to the ever-growing Nigerian market. Companies like SLOT have the goodwill, the largest customer base and the money from just selling phones.

With a popular and lucrative small business like this, you can try out various marketing strategies like offering mobile phone deals to entice many more individuals to patronize your smartphone business.

What you need: Start by selling cheap mobile phones.

Also Read: 5 Tips for Starting a Successful Internet Business in Nigeria.

8. Real Estate

With several real estate companies in Nigeria now focusing on either residential or commercial real estate, the opportunities in the industry are simply growing. In Nigeria, real estate businesses are typically done through offline sales channels, but you can set up an online channel and offer thousands of properties for sale.

Examples of some successful online real estate companies in Nigeria are ToLet, Private Property, and Lamudi. What’s more, you could act as a real estate agent and get a commission on every sale you bring to a real estate company. What more, you could act as a real estate agent and get a commission on every sale you bring to a real estate company.

What you need: Customer service skills, sales skills, and keeping up with daily real estate news.

9. Startup Loan service

If you have a little extra cash to spare, you could start up a loan service for small business owners who hit gridlocks while trying to secure loans from banks and other financial institutions. Due to the heavy load requirements set by these financial institutions, many startups are hardly eligible for loans.

As a startup loan service company, you can provide short-term loans with far lesser restrictions to budding businesses.

What you need: Some extra cash, risk tolerance, and a lawyer.

10. The Stock Market

Of course, there is the inherent risk of heavy losses, but the stock market is pretty lucrative if you make good stock bets. Before deciding on what stocks to buy, study the company’s short and long-term progression, and talk to your stockbroker, a financial expert, or even a friend that’s been trading successfully in the stock market for a long time. With the correct predictions, investing in stocks can make you a millionaire.

What you need: An understanding of the Nigerian stock market trends and an experienced stockbroker. You must be raring to start one or two of these businesses! Share your thoughts in the comments section.

Guest Contributor: Daily Digest.

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