Many young Nigerians believe that starting a business requires having or stashing millions of naira in banks. Yes, funding is a critical side of starting a business, but facts show that many entrepreneurs with millions of naira or dollars have failed in business.
Experts consistently say that funding is not the biggest element in business but a unique, sellable and bankable idea. Start-Up Digest has decided to show yet-to-be-employed young Nigerians and aspiring entrepreneurs a list of four businesses they can do with N50, 000 or less.
Without being overly optimistic or unrealistic, fashion and design require funding. In fact, in some cases, N10 million may be insufficient to set up a full-fledged fashion outfit. However, to start at a micro level after apprenticeship, N50, 000 is enough to buy a sowing machine. Many fashion designers do their work at home, so the issue of rent is not always a limitation. This also applies to other areas of fashion such as the makeup and designing. Yejide Elugbaju, founder and CEO of Rivah Beauty Limited, told Start-Up Digest that she started her outfit in January of 2016 with N50,000.
Crystal Omotosimi, who is today the chief executive of HC Vestimenta Enterprise, a fashion and designing outfit, started in June of 2014 with just N9, 000 and has grown more than 40 times than that today.
You can start with family and friends. Here is a testimony of the Kwara State-born Abubakar Sodeek Arekemashe, a 27- year- old student, who is now the chief executive officer of a laundry outfit called Sky Limit.
“When the idea came to my mind, I discussed it with my friends. I told them I wanted to start a laundry business. They called it an inferior business (Alagbafo in the local parlance). But I let them realise that it was nothing to me and I started it on 24th February, 2017 with just N200.00. It was easy for me because I had iron, laundry basket, regular water supply and electricity. Out of the money, I bought soap and starch, then started with three clothes. Today, I am getting a number of people who patronise me,” Arekemashe told Start-Up Digest.
3. Online Business
Nigeria is still a goldmine. Many digital businesses that you find in Europe, China, India and USA are still not here. Many Nigerians are raking in millions through online sales, and payment platforms, among others.
Bamidele Onibalusi is the founder of Deloni Enterprise, an online business. Onibalusi started the business with N15, 000, which he used to register his website and purchase hosting. Hear his testimony to Start-Up Digest:
“I mainly deal with clients and customers in Europe, America and other parts of the world. I also earn my income in dollars and convert at the current exchange rate. This ensures that the recession in Nigeria has little or no impact on me.”
Gaming business can cost a lot of money. However, starting it does not always require all the money in the world but knowledge and experience.
Bernard Egeonu is the chief executive of Ednet Computers Limited, a video gaming company. Egeonu told Start-Up Digest that many game developers started without money.
“I have been in this business for 10 years at Alaba International Market in Lagos. All you need actually is the knowledge of the business, which is most important. You could start with whatever money you have. There are those who are game developers. There are those who actually test the game, who now verify when games are developed. They check the quality, standards, and gaming advances along with technology. I started in a very small shop but now have two shops,” he said.