7 Business To Start With 700k in Nigeria: Food, Fashion, POS, Logistics, Saloon

What business can you start with 700k in Nigeria as a career beginner, a single guy or girl or a married house wife? Is it even possible to begin a business with that amount of money in the present day Nigeria? The Nigerian economy is currently down and who knows, we might even be walking into recession.

Well, I will answer these questions and also walk you through the different business you can startup with that amount of money.

First of all, it is possible to start a successful business in Nigeria with 700,000 Naira (NGN). I proved this point in my previous article on “How to Start Foodstuff Business in Nigeria and Earn Daily Income“. Nigeria offers a wide range of business opportunities across different industries and sectors for serious minded people to benefit from. But with careful planning and execution, you can setup a profitable business venture. Do not forget to register your business with the Corporate Affairs Commission (CAC) and open a business account with any local bank of your choice.

Cheapest Business in Nigeria to start with 700k

Now, I will show you some of the potential business ideas you can try your hands on with that N700k budget:

Fashion Boutique: Consider opening a small boutique selling clothing, shoes, or accessories. You can focus on a specific niche or target a broader market.
Beauty Salon or Barbershop: invest in basic salon equipment and provide hair and beauty services to local customers.
Food Catering or Fast Food: Start a small food catering service or a fast food joint, offering popular local dishes or snacks.
Poultry Farming: Start a small poultry farm with broilers or layers to produce eggs or meat for sale.
Snail Farming: This snail farming is a low-cost venture that can yield good returns.
Soap and Detergent Production: Learn how to make various types of soap and detergent products for sale.

7 Business to start with 700k in Nigeria

1. Logistics Business

Starting a logistics and courier service can be a profitable venture, especially with the growing popularity of online shopping in Nigeria. Here are some steps to consider if you want to start a successful logistics business.

Business Plan, Create a comprehensive business plan that outlines your business goals, target market, budget, and strategies for growth.

Legal Requirements, Register your business with the appropriate government authorities and obtain all necessary permits and licenses.

Starting a delivery and courier business can make you money, especially since more people are shopping online in Nigeria. Here’s what you need to do:

First thing to do is to begin with a plan. Write down a plan that talks about what you want to do with your business, who you want to sell to, how much money you’ll spend, and how you’ll make your business bigger.

Second step is to get all legal documentations. This will help you to make sure your business is official. Yea, this means you have to tell the government about it and get all the papers and permissions you need.

Before you start, learn as much as you can about the delivery business and check out your competition. Also, think about how you’ll deliver things and who will use your service. Having a good plan and following the rules will help you succeed.

2. Food Business

Starting a business with 700,000 Naira in Nigeria? A smart choice is the local food and restaurant business. People in Nigeria really like it!

Starting a food business in Nigeria means you need to know what you’re doing. You must have passion for cooking. If you’re interested in it and love doing it, then give it a shot!

You can choose what kind of food business you want. You can start a fast food place, do catering, run a food truck, deliver food, or even open your own restaurant (mama put).

The key is to pick something you enjoy and learn about it. That way, you can do well and make money.

3. Fashion Business

Starting a fashion business with 700,000 Naira in Nigeria can be a great idea! Here are some simple steps to make it work:

Try and show off your clothes online. You can create a website or use Facebook, Instagram, or WhatsApp to show people your fashionable clothes. Take good pictures of your designs so they look nice.

Secondly, you can tell people about your clothing line. Simply use Facebook, Instagram, or other websites to tell people about your fashion brand. You can also ask famous people who love fashion to talk about your clothes. And sometimes, you can pay to put ads on the internet so more people see your brand.

Another method is to join Fashion Shows. Sometimes, there are fashion events where you can show your clothes. This can help more people know about your brand.

Starting a fashion business can be hard work, but if you show your clothes online, tell people about them, and maybe join some fashion shows, you can make it a success.

4. Beauty Business

Starting a beauty business with 700,000 Naira in Nigeria can make you money. You can either sell beauty products or open a beauty salon, and both can be profitable.

Let me show you what you should do.

The first step is to choose your beauty business. Make sure you decide what you want to do in the beauty world. Do you want to sell skincare stuff, makeup, hair products, or offer beauty salon services? Think about what you love and know about.

Another important thing in fashion business is Passion and Knowledge. Your business should be something you’re really into and know a lot about. That way, you’ll enjoy it more and do it better.

Starting a beauty business can be a good idea in Nigeria because lots of people care about how they look. So, pick what you like, learn about it, and go for it!

5. Agriculture Business

Starting a business with 700,000 Naira in Nigeria can make you good money if you work hard and plan carefully. There are different options like vegetable farming, poultry farming, fish farming, or specifically catfish farming.

Vegetable Farming: You can grow vegetables like tomatoes, peppers, or onions. People always need fresh veggies, and you can sell them in your local market.
Poultry Farming: Raising chickens for meat or eggs can be profitable. Nigerians love chicken, so there’s a demand for it.
Fish Farming: Fish farming is a growing industry. You can raise different types of fish, like tilapia or catfish, and sell them to people who enjoy seafood.
Catfish Farming: Catfish is a popular choice because it’s tasty and easy to farm. You can set up ponds and raise catfish to sell.

In all you do, have it in mind that success in any business depends on hard work. Try and learn about what you’re doing, and take care of your business. So, pick what suits you best and get started!

6. Sales of Electronics

Starting a business with 700,000 Naira in the electronics retail sector in Nigeria can make you money because many people want electronic gadgets. There are very important point you must know. Now, let me talk about them gradually.

The first thing you wanna do is to plan carefully. Think about what electronics you want to sell. It could be phones, laptops, or other gadgets. Plan how you’ll get them and where you’ll sell them.

The second step is to learn about electronics. You must know what you’re selling. Make sure you learn about the products so you can help customers choose the right ones.

After learning, you need a good location for your store. Don’t fail to pick a good place to sell your electronics. It should be where people often go to buy these things.

Be smart when it comes to customer service to buyers. Always be nice to your customers. Tell them the truth always. Treat them well, and they’ll come back and bring friends.

The last one I will talk about in electronics business is for you to budget wisely: Please, use your money carefully. Don’t spend it all at once. Make sure you have enough for the products and other expenses.

Starting an electronics business can work well, but you need a plan and hard work. If you do it right, you can make a good profit.

7. POS Business

Starting a Point of Sale (POS) business in Nigeria can make you money because more people want digital ways to pay and do banking. Yes, you can start the POS business with 700k or even less. However, there are some certain things you have to do before starting a Point of Sale business on the streets. Let us deliberate on what you should know.

The first thing you must do is to learn about POS you want to use. Make sure that you understand how POS machines work and how to use them. You’ll need this knowledge to help customers. Ask your bank or POS merchant to guide you through the operating process.

Now that you know how to operate the POS, you will need to choose a good location. Observe the area very well for traffic. That is, pick a place where lots of people go, like a busy market or a popular shop. This way, more people will use your POS services for transactions.

Now that you have started your POS business, you must be trustworthy. Money is nobody’s friend, so don’t play with your or other people’s money. People will trust you with their money, so be honest and reliable. Make sure transactions are safe and secure. Do not loose your POS machine or your customer’s debit card. You learn how to How to Prevent Fraud on Credit Card with Identity Theft Detection.

For an additional income, you can offer other services. Use your POS machine to offer extra services like mobile top-ups or bill payments. This can attract more customers.

Lastly, be sure to manage your money effectively. Keep track of the money you make and spend. Don’t use all your earnings right away. Save some for emergencies.

Starting a POS business in Nigeria can be a smart move, but you have to work hard and be careful. If you do it right, you can make a good profit.

Best Advise to Adhere to when Starting a N700k Business in Nigeria

Now, let me give you some simple starting advice for your food business in Nigeria:

Passion: Choose a food business that you love and are passionate about. It will make your work more enjoyable.
Research: Learn about the food business in Nigeria, study your competition, and understand what customers like.
Budget: Be careful with your money. Use your 700,000 Naira wisely to buy equipment, ingredients, and set up your business.
Hygiene: Keep your food and workspace clean to make sure your customers stay healthy and happy.
Marketing: Let people know about your business through word of mouth, social media, or local advertising.
Quality: Serve good-quality food. People will come back if they like what you offer.
Customer Service: Be polite and friendly to your customers. Happy customers come back and tell their friends.

When you are doing all these steps above, always remember that starting a business in Nigeria takes time and effort. So don’t get discouraged if things are slow at first. Keep learning and improving, and you can build a successful food business in Nigeria.

Conclusion for Business To Start in Nigeria

There are several promising business opportunities you can start in Nigeria with a budget of 700,000 Naira apart from the ones mentioned in this article. Even though I have provided only 7 types of business, you can still covers a range of other businesses.

Make sure your conduct detailed market research, develop a solid business plan, and choose a business that can work with your interests, skills, and local demand. You can grow your business to a conglomerate and start exportation. If you do, then see How to Open a UK Bank Account from Nigeria for Personal or Business.

List of Business To Start in Nigeria: Food business, fashion business, beauty business, agriculture venture, electronics retail, or a POS business. I will say it again and again, your determination and business understanding will play a significant role in your success.