The rate of unemployment has kept on rising in Nigeria, from January, 2015 when it was 6.4%, till January, 2017, at the rate of 14.2%. This data is worrisome. This is why low cost business start ups have brought out the spirit of entrepreneurship in Nigeria.
Between 2006 and 2016, the unemployment rate in Nigeria averaged 9.76%. With the rate at which young people gain admission into institutions of learning, and with the rate at which graduates are produced every year, also including the number of Nigerian graduates passing out from NYSC, We tend to wonder, what will be the fate of these young African Leaders in years to come. Therefore, thinking about low cost business start ups isn’t out of the point.
Landing a very good job isn’t an easy task in Nigeria. Many things are involved; it is either you have a very serious connection (even the connection is accompanied with…), or you have a family company waiting for you to graduate graduate and be employed.
However, are you a fresh graduate? are you still in school, still serving, or soon to pass out of the National Youth Service Scheme? Don’t be scared. All you need to do is; believe in yourself and figure out a way to become an entrepreneur.
This doesn’t mean you shouldn’t be looking out for other corporate jobs. As you still wait for your employment letter, here are some business startups you could think of venturing into with a very minimal capital, at your own home.
Here are some Low Cost Business Start ups
Cooking / Baking
Often, one gains success in business only when the person genuinely enjoys the work he/she has chosen, If you enjoy baking and cooking, then be sure to gain both fulfillment and significant income by starting a good baking or cooking business at your own home. Startups with such mentality pays a lot.
All you need is think out a strategy, and target your customers. Package yourself as a graduate. “Packaging is everything”. For instance, there are lots of corporate workers who don’t have time for home made food, they are so busy that they even wish to increase the hours of the day, All you need to do is, approach them, get their contacts. Let them choose a time for their meal.
Don’t forget you are just getting started, you have to be there on time (expunge the Nigerian time mentality). Grow your business, if you are good at what you do, you will be called. Don’t forget your friends and families could also make your customer list…oh!!! even your phone book, and social media list. Think Business!
Start-up equipment: as minimal as a stove, kerosene, food stuffs and condiments.
This is one of the low cost business start ups that could be established anywhere…but it really need a very serious and diligent entrepreneur. All you need is focus and think smart. If washing and ironing a shirt could cost as low as N200 in Nigeria, imagine when you have done 20 shirts in a day? do the calculation.
It might not be so much but, great things start small. (Of course typical Nigerian Parents would start expecting from you once you graduate)…so WAKE UP.
These are all you need;
- an ironing table
- Good pressing Iron
- a hanger for hanging your finished clothes,
- big washing basin,
- industrial Laundry detergent
- and for packaging sake water proof nylon sheet.
Please, keep in mind, you have to treat your customers well and be patient enough to take specific instructions. Think of how to get to your customers as a beginner…Don’t be shy…This is business. There is Honour in Labour.
Tailoring and clothing line
These are two different businesses but they could still go alongside with each other. It has come to our notice that most Nigerian girls have embraced this business especially the art of tailoring of recent, and this is a very commendable act.
Instead spending time on social media posting pictures, you tend to see Nigerian Ladies who post their works. And, they are really awesome. However, tailoring needs patience to learn, and you should have the flare for fashion. No matter how long it takes to be an apprentice, just be a good one..your work will speak for you…
All you need is a sewing machine, the write combination of materials and definitely, a smart brain…lol.
On the other hand starting a Clothing line is pure artistry. You don’t really need to learn the act or art of sewing. You just have to be a lover of fashion. You also have to be trendy. Make friends with good tailors and give them your designs and selected materials…after which, you think of diverse marketing strategy…Thanks to Social media and Internet. Everything could now be marketed online.
MAKE- UP ARTIST
Make -up as we general call it, is a preparation usually applied on the face by women mostly. This is a highly artistry and lucrative, but you wouldn’t know, only if you are told. Asides from the make- ups you could by in the market, make sure you are updated with the recent tricks and techniques.
Have a good camera phone or camera.Make sure to join Instagram and Facebook. Their marketing tools are superb. Download a good filter app.Well, it is visuals you are marketing and in the business of visuals, there are no rules. Everything that glitters isn’t gold. Also, get your friends and sisters to model for you. Make sure they are very pretty. Try and connect with other Make up artists so as to be abreast of trends. It is one of the low cost business start ups most female graduates should think of.
Although this venture has been popularized. People are still making millions of Naira in this business. As a graduate you could still do something better all you need is to think and ask yourself: What will I do that they aren’t doing? Once this question is answered, You are sure to stand out.
If you are a fishery expert or you studied this in school, it is either you breed the fries (baby fish) or you buy fingerlings, which ever way. To start this business you need a very big container, preferably a storage tank cut into two (automatically gives you two ponds) and good water.
But, If you cant afford storage thank, then, you could start with any wide water container. You also need to get natural fish feeds or synthetic feeds.There are several aspects of Fishery ranging form breeding, fingerlings, table size, brood-stock and smoking. Just know what you want and pursue it.
In all being successful means learning from those who have already made it in the line of business you have chosen. Don’t be sacred, startups could be very small initially. Amidst all these, you need to challenge yourself. Set personal goals. Don’t mind what your mates are saying.
Believe in your self and take calculated risks. Manage every time you have, give more time to your business. Spend wisely, always think of raising income and expanding your business.
Most importantly read!!! Broaden your knowledge find out the latest trends and tips in your line of business and get more enlighten about your business and things you need to expand your business. We hope this startups will help you as you work towards being a successful entrepreneur. Don’t forget to register your business as it progresses.
Also Read : 3 key elements to make your business a success
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