What type of business can I start with N10k to N50k as a student in Nigeria?

A business that wants to generate a sizable profit requires diligent planning, tenacity, talent, communication abilities, and wise choices. Nigeria might provide business owners with a very sizable target market for their goods and services.

The current economic situation in Nigeria is unfavorable to students and graduates alike. The rigorous academic calendars make it quite impossible for students to fully run a business and keep up with academics. In this article, we have provided business ideas and solutions for Nigerian students looking to earn some extra cash alongside schooling.

You must first determine the kind of business you are interested in, its marketability, and how manageable it is for you. You will find it more convenient and adaptable as a student if you get involved with a business that doesn't demand you to work full-time. You'll be able to carve out some time for your studies if you do this.

This article aims to provide you with tips on how to begin earning profit even with a limited starting capital. You can get an idea of how to start anything with as little as N10,000 by looking at the business ideas provided here.

1.     Freelance Writing

 As a freelance writer, you can make money by writing blog posts, product reviews, descriptions, articles, etc., for clients and publishing firms.

To get started, necessarily require startup capital. You only require a laptop or smartphone and a good internet connection in addition to your natural writing skills. Simply seek writing jobs online, have a device, and begin writing for money.

2.     Copy Writing

Anyone who creates content for marketing or advertising objectives is known as a copywriter. You can work as a copywriter for advertising agencies, marketing companies, or businesses themselves.

Starting a career or business as a copywriter can be a good fit for you if you have excellent writing abilities and a passion for marketing and advertising.

The ability to generate appealing and compelling content is the most crucial talent for a successful career as a copywriter. Effective copywriters may develop slogans for advertisements, website content, and email marketing campaigns, among others. These contents must have the ability to persuade customers to purchase goods or services.

3.     Affiliate Marketing

One of the simplest online businesses is affiliate marketing. Currently, there are a few affiliate marketing companies operating in Nigeria, including Expertnaire, Learnoflix, and AffiliatedNg.

For each sale made, they all provide their associates substantial commissions.

Bloggers or individuals can make money through affiliate marketing by using an affiliate link to promote goods or services that are sold by other businesses. The affiliate partner receives payment for helping the merchant or advertiser reach their goal.

Usually, a sale is an outcome. However, some affiliate marketing organizations can pay you for leads, free-trial users, website clicks, or app downloads.

You don't have to worry about expensive starting costs because most affiliate programs are typically free to join. If done correctly, an efficient affiliate marketing approach can transform from a side gig into a lucrative online business concept by bringing in a significant amount of income.

4.     Online Arbitrage

The act of purchasing goods from one online marketplace and reselling them on another for a profit is known as online arbitrage. For instance, you might purchase goods from online retailers or from local merchants at markets, and resell them on your own platforms. You can start this business with as little as N10k.

You must spend money on a few necessary tools and resources if you want to start engaging in online arbitrage. Finding profitable product concepts for resale will be your first step. To buy in bulk, you'll also need to be able to access local and online wholesale markets.

Finally, you'll need to do some market research on things like product demand, availability, costs, and marketing techniques. In order to process payments from your clients, you must lastly set establish a payment system.

5.     Dropshipping

Dropshipping is a retail strategy used in Nigeria where the vendor doesn't hold inventory of the goods it sells. It is expensive to buy in bulk in Nigeria, and doing so carries some risk. When dropshipping in Nigeria, the vendor buys the product from a third party and arranges for direct delivery to the buyer.

It is a form of business strategy that allows an enterprise to run without maintaining an inventory, keep goods in large quantities, or even transport goods to customers.

The supplier is merely contacted after a customer places an order, and the products are subsequently delivered right to the customer's door. You can expand your product offering by adding items from other vendors using dropshipping platforms.

The drop shipping business doesn't need a huge upfront investment and is easy to set up and operate. You don't have to leave your job to launch a profitable store; you can manage your dropshipping business in your leisure time.

Customers can purchase a variety of goods from you, and you can set your own rates and promote your brand.

6.     Mini Importation

Mini importation allows you to buy products from China or other Asian and European nations and import them into Nigeria. This low-investment venture has the possibility of yielding significant rewards. Make sure the product is in high demand in your community.

Even if N10,000 may not be enough to import a product, you may still locate items that are reasonably priced and in high demand like phone cases.

Mini-importation differs from dropshipping in that it calls for you to purchase goods from Chinese websites like Alibaba, 1688, or rz-sourcing and ship them to Nigeria (or wherever you are based).

7.     Graphics Design

A fantastic choice is logo and graphic design, provided you have the requisite talents. You can establish yourself as a self-employed graphic designer and begin marketing your services to local businesses and individuals with just 10,000 naira.

The fundamentals of logo and graphic design can be learned through a variety of internet sites. Additionally, there are many online collections that feature incredible graphics work from skilled designers across the world that you can use as a design guide.

If you are skilled in user interface/user experience (UI/UX) design or logo design, you can start marketing your services to startups and small enterprises.

You don't need to be an experienced artist to get started because there are several graphic design online tools that make it simple to create designs that appear professional. Canva, Adobe XD, and Figma are a few of these apps.

8.     Dry Cleaning      

There is always a need for laundry services, particularly in crowded urban areas. You may get started right immediately with just 10,000 naira and a little investment in certain essential tools.

The benefit of starting a dry cleaning business at home is that you don't need a lot of money to get started. Standard dry cleaning businesses often require a large machine and can cost millions of Naira.

9.     Home or Online Tutoring

A terrific approach to get extra income is to launch a home teaching business. You can launch your business with as little as 3,000 naira and expand it swiftly.

Additionally, you can hand out flyers in your neighborhood. You must make a tutoring plan before you can begin. The categories you will tutor in, the fees, and the times and days you are accessible should all be included in this.

You will also need to choose a suitable area for your tutoring sessions. After setting everything up, you can begin promoting your services and drawing in clients.

10.                        Small Chops Business

Without a doubt, the small chops business is one of the rapidly expanding businesses in Nigeria. This frequently occurs since it has evolved into an unstoppable food option at gatherings and is less onerous to prepare than cooking or baking pastries.

Facet dishes are small chops, sometimes known as finger foods or appetizers, which are offered at gatherings.

However, in more recent times, individuals and businesses organize them in the reception area or at work, whether for a party or for personal use. One of the most profitable and affordable businesses you can start is the demand for this simple and stress-free product.

11.                        Make Up Business

It goes without saying that the makeup industry may be quite lucrative, particularly if you have a strong customer base. As a result, many students have ventured into the business in a bid to make extra cash.

Many young people in Nigeria looking for work a source of livelihood eventually opt for the cosmetics industry. 

Additionally, depending on the products used, the initial investment needed to launch a beauty business in Nigeria might be anywhere from 50k and 150k. Many novices and newcomers to the beauty industry hardly have the means to purchase expensive kits.

12.                        Barbing Salon

Barbing is a very lucrative business on campus. To start this business, you must not already own a barbershop. The main things you require are a clipper and good haircutting skills.

You can still run this business as a student even without a clipper.

If you have barbering skills, you can apply to any reputed salon near the school; make sure you and the shop owner have an agreement regarding how often you will be paid. You will both benefit since you will invite many of your schoolmates to cut their hair there. You get a cut of the money, which helps him maintain his salon.