Do you have a business idea you would love to start, but do not have capital? Before we go into how to start a business in Nigeria without capital, I will like to let you know that money shouldn’t stop you from starting that business of yours.
You may have gotten a lot of advice on why you should be an entrepreneur. Or you may have personally conceived the idea. First of all, funds should not stop your dream of becoming one. Once you have a clear vision of your entrepreneurial dream and a business plan, you are good to go.
Moving ahead on how you can start a business in Nigeria without money. I have segmented this article into two parts to help you start that business idea of yours without capital and start yielding profits. First of all, you will find businesses that you can start right away with little or no money at all. Also, you’ll find some helpful guides to follow on how you can start a business without money in Nigeria. Lets jump right in.
Businesses To Start With Little Or No More Money In Nigeria
Having you been searching for the cheapest business to start, free online business or the best business to start with little money? Below are the best businesses you can start today without money.
1. Social Media Influencer
Below is a google trend for social media. This is a very clear uptrend and shows the high growth of the social media business.
You basically don’t need a money to start this business. All you need is your smartphone and good internet connection.
There are a lot of companies and growing businesses looking to get more exposure on social media. And you can take advantage of this if you have a good online presence. Even if you don’t have a lot of followers, you can genuinely grow your followings on any platform and start earning money. Interestingly, if you have up to ten thousand followers, you are automatically an influencer.
2. Content Creation
Do you make videos? Are you a photographer, editor or a writer? You can master your skill and start off your business. There are a lot of businesses looking for these skills mentioned above. Sites like fiverr, freelancer, and upwork have businesses looking for these skill set. All you have to do is sign up in one or more of them, create a gig and start earning.
3. Blogger Or Vlogger
You may have expertise in a particular field and want to share your knowledge and insights. This field may be cooking, fashion, travel or DIY tasks. You can create a youtube channel or start a blog and start making money selling advertising spaces or making reviews. A laptop or very good smartphone can do the job. You can start this right now, it costs little to nothing.
4. Affiliate Marketing
Affiliate marketing is basically promoting a companies’ product and getting a commission off each sale you make. You can easily make easy cash through this method. The strategy is simple, choose a product or service of your choice promote and get paid a commission. For instance, Jumia and Konga are examples of companies you can work with as an affiliate.
This is a type of eCommerce business. And what makes this type of business interesting is that you do not have to purchase any product to keep in a store. Neither do you have to deal with shipping products to customers.
What is dropshipping?
In simple terms here is how it works, Emeka has an online store where he displays products. However, Emeka does not have any of those products displayed in his online store. When a customer comes and makes a purchase from Emeka’s store, he contacts his supplier who then ships the product directly to Emeka’s customer.
The advantage of this business model is over affiliate marketing is that Emeka puts whatever price tag he wants on the product. And on the good side, he does not buy products to keep, he just fulfills orders from his online store.
6. Information Marketing
Do you have access to some information that a lot of people are willing to pay for? You can easily start a business without money from selling that information. For example, in Nigeria a lot of people are looking for ways to receive money through Paypal, a lot are looking for ways to make money online.
Do you have answers to questions like these? You can easily create an eBook or webinar and sell your information to these audience. A lot of people are willing to throw thousands at you if you have valuable information.
7. Web Design Services
This is a digital world where virtually all businesses need a website to get more customers to make sales. You can easily start web design services with no money in Nigeria and start raking in thousands. This is an industry that will continue to grow as long as the word ‘business’ still exists.
Web design services involves design/creation of online stores, blogs, web sites and other web pages. If you have skills using WordPress, you can easily dive into this business.
Guides On How To Start A Business Without Money In Nigeria
1. Work Properly On Your Business Idea
What does your business offer? Is it adding value to others? Is it solving a problem? These are questions you should ask yourself before you journey into the world of entrepreneurship. A lot of people are always searching for ways to solve their problems, and a lot are willing to pay as long as they can get a solution to there problem.
So if your business idea answers the above questions properly, then you are on the right track.
2. Analyze Your Market
Running a business is always involves delivering something unique from your competitors. Someone else may already be running that business idea of yours. Even if someone else isn’t running it already, when you start running this business of yours will it be difficult for someone else to reproduce your idea and make it more presentable?
These are things you should consider, try to analyze the market and how it operates. You should always make your service or product stand out from the rest. If you are to have competitors, your product or service should not just be unique but the best.
3. Run A Trial
Let’s assume you’ve reviewed your business idea and it solves a solution. As well as analyzed your target market. The next step for you to take is run a trial. This way you have a feel of what your business looks like, what it entails and how to run it with confidence. Most importantly, this helps you identify challenges that you must have failed to see coming.
4. Gather Feedback
Once you’ve run your trial, gather feedback and reports from this tests and analyze them. See ways you can improve this business of yours. And if it is an entirely new business, getting a mentor or an expert already in the field will help you a lot.
When your mentor or an expert reviews your work, they get to tell you important details that you may be missing out.
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