What businesses can be started with 1 million naira?
This is a common question people ask maybe after getting hands-on money amounting to that amount or out of curiosity.
Well, 1 million naira is fairly a lot of money in Nigeria and can surely start a lot of businesses in Nigeria.
This article will look into businesses that are lucrative and would require approximate 1 million naira to start.
Know that how businesses work can hugely depend on the immediate environment. A background check on what the people really want will go a long way in determining the kind of business you should venture into.
1) POULTRY: There is a reason poultry is number one on our list and it\'s because of its lucrativeness. One of the best businesses you can start with 1 million naira is a poultry farm.
You could even start with a little less than this amount and invest a lot more when you start making a profit.
Poultry farm if done right will bring good profit giving you more funds to expand the business. There is no fear of not having the market to sell your poultry products as the market is already there and demand is still very high.
What you need to start this business:
i) SPACE: This is where you are going to build your poultry farm.
ii) BREED: These is where you have to choose which breed to rear. What you want to produce from your farm helps you to determine the breed.
Layers: This breed is kept for laying eggs.
Broiler: This breed is kept for meat.
Cockerel: This breed is kept for meat but they are of higher demand compared to broilers.
iii) Providing feeds: This is also very important as it will determine how your chicken grows. Quality feeds can make your chicken grow faster which will make you more profit in the shortest time possible.
1v) Staff: For a poultry farm of that size, you will not be able to carry out al the tasks. You are going to need help. So, employing people that will help even before starting the business is necessary.
v) Finding Market: Most people think this is not important as the business is just starting but it is actually. In fact, it is really important to tell people about your business even a few weeks or days before starting your business. It is a way of preparing people\'s mind on what is coming to them.
The good news here is, finding buyers for any poultry product is quite easy since there is already high demand in the market.
2) E-commerce Business: This is one business that a lot of people are not really aware of its potential to make a good profit. It could be really easy to set up a million naira e-commerce store if one has the right knowledge.
Let me explain what an e-commerce business is short.
An e-commerce business is just a business done over the internet. It could later require that the 2 parties ( seller and buyer) meet face-to-face but the products and prices are listed on the e-commerce website
Now, mostly e-commerce sites require an online store where available goods and prices are listed.
Step involve in getting an e-commerce store.
i) Get your business name: This is what people will use in identifying both online and offline. It should be unique and short so people will remember quickly.
ii) Register your domain name: This will be the name of your online store it\'s actually the name you use as your online store.
iii) Building your online store: You should be careful here, as to how an online store looks and functions can determine your success.
You could get a ready make template like Shopify where basic functionalities are made available but in any case where you need more functionalities make sure to employ good hands to build your store.
iv) Register your business: Depending on your region you might have to register with the right bodies to ensure a seamless operation.
v) Getting products ready: This is a very important step, stocking the goods and getting it ready for delivery.
3) Supermarket: You know how Nigerians prefer buying from the supermarkets. 1 million naira can get a fairly stocked supermarket. You could supply all the basic items needed by the people around you.
The success of this business largely depends on the location it is situated. You should look at a busy area where you have lots pf people that are ready to buy.
Typically, supermarkets are located in big cities where we have working-class people who are able to buy the kind of things sold in supermarkets.
4) Boutique: Boutiques are always in business all year round and can peak during the festive seasons. So, you don\'t have to worry about sales.
Another thing here is the return businesses. When once you\'ve established a good relationship with your customer, he/she is likely to come back another time to get some wears.
Again, the location is really important here. Your stock and pricing should depend on your targeted customer. Don\'t go for high quality when you don\'t have people with huge income around where you locate your boutique and vice versa.
5) Block Industry: You might not believe but block industry is the new lucrative business in town and the patronage is really good. One good opportunity can leave you profits running to hundreds of thousands of naira.
A lot of building sites you see today in the city don\'t mould blocks they simply buy already moulded blocks.
Blocks industry mould all types of blocks. They make work easier and faster for the builders and engineers.