Here are the types of business you can do with 1Million Naira in an economic as tight as this. Never look down on the kind of profit or gain that that money can bring in for you if you put your mind to work. Sometimes there is always light at the end of the dark tunnel if we strive to put our minds through some of the untapped opportunities that lie ahead and oftentimes in front of us.
A million naira is an ideal capital, however, knowing the type of business to start with 1 million naira in Nigeria could take time as there are tons of them out there.
Generally speaking, if you want to start a business with one million naira, you should be looking at a business that will yield tens of millions of naira in profit within just a short period of time.
Types of Business You Can Do With 1Million Naira
Below are the kinds or types of business you can do with 1million naira in Nigeria and in other neighboring countries around her:
Real Estate
The real estate business is a very profitable business you can start with 1million Naira in Nigeria and make a steady income.
This business involves buying and selling or renting out properties such as houses and shops. If you bought a house for N1m, you can sell it for N1.2m keeping a profit of 200K. More so, you can rent it out and collect rent fees annually and passively.
Car Dealership Business
Venturing into car dealing is another massively profitable business to start with 1 million Naira in Nigeria and make good money.
This business involves buying cars at cheap prices, and then selling them for high prices after a few days to make profits. With N1m as capital, you would want to start with fairly used cars in Nigeria as they are cheaper and sells fast.
Cooking Gas Business
Sales of cooking gas is another lucrative business to start with 1 million Naira in Nigeria and make a consistent daily income.
This business is very easy to start as all you need is prior knowledge of how to sell gas. Then, get all the necessary materials including gas a tank, scale, hose pipe, and so on, and then start selling gas and making profits.
You can start even in front of your house since the business only requires a little space to start.
Poultry Farming
This business model is very profitable and easy to start as a lot of the needed materials to start are readily available in the country.
To start this business, you’ll need prior knowledge of poultry farming, then find a piece of land to build a poultry shelter, and buy some chicks as well as their feed, then start breeding them.
Once they are mature, you’ll start making money from sales of eggs they produce if you breed layers, and make money from sales of the chickens if you breed broilers or other types of poultry birds. Usually, your money should start coming in after 2 to 3 months.
Making money as a gym or fitness consultant is very easy as you’ll charge an enrolment fee from people before you start training them. Enrolment in some gyms in Lagos may cost up to N50,000 per month.
Transport Business
If you’re asking what business can I start with 1 million naira in Nigeria to make daily income, I’d suggest you start a transport business.
This business model is the one where buy a couple of bikes, tricycles, or vehicles, then employ people to use them for a daily job and deliver for you at the end of the day.
With N1,000,000, you can get three to 5 bikes to start with, or two tricycles. This business is very profitable as you can keep making N10,000 and above daily from just a few bikes, tricycles, or vehicles.
Fish Farming
Another farming business you can start with 1million Naira in Nigeria is fish farming. This business is very profitable, as fish is fast-selling livestock.
To start this business, you’ll need to build or rent a pond, buy fingerlings, as well as fish feeds then start breeding them. A kilo of catfish could sell for up to N3000 in Nigeria.
Jewelry Store
Sales of jewelry such as wristwatches, rings, and necklaces is a very profitable business that can be started with 1 million naira anywhere in Nigeria.
To start this business, you’ll need to find importers of jewelry (they are mostly located in Lagos and Kano), build a business relationship with them, and start a legal importation of jewelry together.
Usually, you’ll need other jewelry together so as to reduce the cost of shipping, and clearing. Once your goods arrive, just find a good design and catchy shop to start selling.
Bakery Business
With bread being one of the fastest selling food in Nigeria, starting a bread production business by opening a bakery is another lucrative business you can start with 1 million naira.
To start this business, you’ll need prior knowledge about bread production, or hire bakers who already know about the business. Then, open a bakery and start producing bread to make money.
Read Also: How to Start Earning Money from Gold Business
Fitness Center/Gymnasium
A gymnasium could be a great business idea for you if you’re an athlete, or love sport, as you can set it up with 1 million naira or less.
This business model is the one where you become a fitness trainer by providing all the necessary indoor exercise types of equipment for people.
To start this business, all you need is a hall or an empty single building, get a variety of exercise machines and equipment such as treadmills, kettlebells, dumbbells, etc. and start tutoring and training people on how to use them.
Mothercare Store
Regardless of the area you live in, a fast-selling business you can venture into with 1 million Naria capital or less in Nigeria is sales of mother care products.
This business involves selling products such as baby’s food, dresses, shoes, creams, oil, pampas, diaper, trolley, dryers, and all other types of items that nursing mother and their baby need.
Boutique
Opening a boutique where you sell dresses such as T-shirts, Jeans, Shorts, and even shoes and caps is another easy business to start with 1 million Naira in Nigeria especially if you live in an area where there are lots of youths (school areas).
This business is very profitable and super easy to start as all you need is a well-designed and catchy shop, then fill it with dresses and shoes worth N1m, and you’re good to go.
Cyber Café Business
A cyber cafe where you offer computer and internet services is also a very lucrative business to start with 1 million naira in Nigeria especially if you live in a school area.
This business involves rendering services such as photocopy, lamination, printing, data entry, completing online registration for people, checking examination results online, etc. and making money from the charges.
To start this business, you’ll need prior knowledge of computer science. Realistically, less than a million should be enough to start this business as all you need is a shop, set of computers, printers, and photocopiers.
Restaurant/Eatery Business
Opening a restaurant where you’ll be selling a variety of local and international foods is another good business idea that requires even less than one million naira to start anywhere in Nigeria.
This business is very profitable and very easy to start as all you need is a good location where you can set up your eatery, then hire some catering to do the cooking.
Phone Dealership Business
Selling of phones is one of the fastest selling businesses to start with 1 million Naira anywhere in Nigeria.
With the saturation of Android and iPhones in the GSM market, selling of phones is now more profitable than ever as you can buy a phone for N40,000 and sell it for N55,000 keeping a profit of up to 15K and even more per phone.
To start this business, all you need is a small shop or a kiosk and a show glass to showcase your products. Then find phone wholesalers negotiate and buy a variety of phones to resell at retail prices.
Cosmetics Business
Opening a cosmetics shop where you’ll be selling beauty products such as creams, tubes, lipsticks, eyebrows, and so on is another good business to start with 1 million naira, especially for ladies.
This business is very profitable because beauty products sell fast as a lot of ladies use them in their daily life. To start, all you need is a shop, and suppliers or cosmetics companies where you can get those products at the cheapest price.
