by Temiloluwa Abiola
Amidst the prevailing economic challenges facing Nigeria, IkejaBird is offering viable solutions by curating a list of six businesses that can be started with no capital.
Whether you’re a recent graduate, a stay-at-home parent, or someone seeking financial independence, this article equips you with practical ideas that can be implemented locally. These business ideas require minimal or no initial investment, making them accessible to aspiring entrepreneurs.
1. Freelancing Business
A freelancer is a person who works as an independent contractor and gets paid on a project-by-project basis, typically for short-term projects.
We spoke to a freelancer who offers virtual assistance service to four small business owners, and earns in dollars. According to her you must:
- Identify your skills and expertise: Examples are writing, graphic design, web development, virtual assistance, or consulting.
- Create a professional website or portfolio to showcase your work and services. Additionally, create profiles on relevant freelancing platforms like Upwork, Fiverr, or Freelancer.com.
- Market yourself: Utilize social media platforms, networking events, and online job boards to promote your freelancing services.
- Develop a pricing strategy: Research industry rates and determine competitive pricing for your services, factoring in your experience, expertise, and project scope.
In this business all you need is a mobile phone or a laptop to make your work more efficient.
2. Dropshipping
Dropshipping is a popular online business that allows you to act as an intermediary between the supplier and the customer. A dropshipper working in Lagos told us how this business works:
- Find low-priced items: Look for wholesalers or platforms.
- Add your profit margin: Set your selling price.
- Post items online: Use your WhatsApp Business as your online store.
- Customer orders: Forward the order to the supplier.
- Supplier delivers: They deliver directly to the customer or you depending on how you want it
We also spoke to Shukura Varieties stores who sell items wholesale. She said she has a lot of students that dropship for her. They repost what she sells on their statuses and inform her when a person makes the payment for a product, all they have to do is send her the price of the product and their delivery fee. She said different ladies have made money dropshipping, she also mentioned that the best-selling item are her sneakers. Some students sell as much as double the price of the sneakers.
To get started in this business, identify suppliers or wholesale business owners. If you wish you could start with popular platforms like AliExpress.
However, it’s essential to conduct thorough research, choose reliable suppliers, and focus on providing outstanding customer service to succeed in the competitive dropshipping market.
3. Tutoring Business
Starting a tutoring business is a fantastic venture. Whether through virtual tutoring, home sessions, or a tutorial centre at home, it’s flexible. Identify your strong subjects, and offer lessons at home or virtually.
For instance, a music tutor in Ikeja said he delivers lessons as a home tutor and also uses his house for teaching. Another tutor reaches Nigerian students abroad, adapting to time zones for extra income. You can use platforms like Tuteria, Favispire, or Superprof to connect you with students but they take a certain percentage. You can also market yourself independently.
4. Catering Business
Catering Services offer a great home-based business opportunity. IkejaBird spoke to a caterer who said she posts her home-cooked meals online to get clients. Clients often pay up to 70% upfront for ingredients, and after preparing and delivering the meals, they pay the balance fee. If you excel at cooking, this is a lucrative business. You can also consider offering in-home cooking services for added convenience and profitability.
5. Personal Shopping Services
If you enjoy shopping or going to the market, then this business is perfect for you. In the course of this research, IkejaBird spoke to Madam Bose, who shared her simple yet successful business model. She collects shopping lists from clients, heads to Mile 12 market to purchase the items, and delivers them. Starting with her church members, Madam Bose has grown her clientele significantly. It’s a straightforward business that thrives on providing a convenient shopping experience for busy individuals. Madam B said her clients are busy women who work from 9-5 and do not have time to go to the market.
6. Affiliate Marketing
Affiliate marketing is a simple way to earn money by promoting other companies’ products or services. It works like this:
You sign up with affiliate programs offered by companies like Jumia, Konga, Amazon, Wakanow, and other Nigerian businesses. These companies will provide you with special links or codes to promote their products. When someone clicks on your affiliate link and makes a purchase, you earn a commission – a percentage of the sale.
It’s like being a salesperson, but instead of working for one company, you can promote products for many different companies at the same time. The more products you promote and sales you generate, the more money you can make.
Companies love affiliate marketing because they only pay when an actual sale is made. For you, the affiliate, it’s a way to earn money without creating your products or services. All you have to do is market the products well to your audience through your website, social media, or other channels.
The key to success with affiliate marketing is finding the right products to promote and creating effective marketing strategies to drive sales. With hard work and creativity, affiliate marketing can be a lucrative way to earn extra income or even become a full-time business.
Conclusion
Starting a business with little to no capital might seem challenging, but there are great opportunities for those who use their skills. From freelancing to dropshipping, affiliate marketing, and virtual assistant services, these businesses offer a low-risk, high-reward path to entrepreneurship.
Success in these ventures requires hard work, dedication, and a willingness to learn and adapt. Building a strong online presence, using social media, and providing excellent service are important in a competitive market.
Remember, the journey starts with a single step. Bookmark Ikejabird.com for assistance in navigating these opportunities and making living easier in these challenging times.
