Many Nigerians would like to start a business that will make them successful, and provide for their generations yet unborn. Because of this, some people may venture into businesses; some successful, others not so lucrative. It is for this reason that we have listed some lucrative businesses you can start with ₦1,000,000 and above.
Returns on investments are determined by factors such as your ideas, vision, plan, and how your business meets the needs of people and not necessarily by how much is invested.
Some businesses can start without any capital, and still grow to become successful. The idea is to give value and people will be willing to exchange their hard-earned cash for it.
How to Invest Above 1 Million Naira in Nigeria
In this article we will outline some businesses that can easily start with that amount of money, help clear your doubts, and help you make a better decision.
Investment is a good way to plan for the future. Even if businesses face risks, it is most likely that they earn you money in the long run.
Fasten your seat belts and join me on this ride.
-
Open A Supermarket
Mini supermarkets and provision stores sell everyday products; products that people cannot do without. With 1 million naira and above, providing such a service will help you grow, make money, and meet the needs of people around you and even passersby.
People do not bargain price tags in supermarkets and superstores, so it’s a good way to keep your money coming in without worrying about bargainers.
A good position that is easily accessible has less competition and more consumers are good for this business. You will not have to worry about others selling the same products as you within a close range, and make money.
It is good to provide prompt, quality services that are needed by the locales. That way, they can always trust your store to meet their needs.
-
Open A Restaurant
It’s not possible to start a fancy restaurant with 1 million naira and above, but it is possible to start a small one, or start a joint venture with someone else.
Food is a basic necessity and whether people like it or not, they will always need to eat. To support this, people are now busier than ever.
For starters, you will need a good location, preferably near schools, universities, offices/workplaces. These places are a sure bet that your products will find their customers.
Make your food the best that can be found around. Good food keeps people coming back. Avoid any mistake that can tarnish the image of your restaurant. Remember, food is important, and people will find it difficult to trust your restaurant again, even if for a little mistake.
-
Start Boutique Business
Clothing is one of the necessities of life. Fashionable, up-to-date clothing? Even more appealing! Clothes have come to be more than a survival need. They have become a need for everyone to keep up with, as they evolve. People dress for work, religious gatherings, social gatherings, functions and even home.
You should know that people are looking for clothes that make them look good without breaking their banks. Bank on this. Try selling clothes that are regular and cheaper; clothes that are affordable to the majority of people and watch your store emptied and refilled.
Make sure that your clothes satisfy the needs of your clients and you’re good to go.
-
Go Into Bakery Business
Starting a bakery business doesn’t require you to be a baker. It’s easy these days to find competent hands to help you run your business.
Have your business plan ready and start working! A nice, marketable spot is good for sighting. Be creative and original, and make products that your customers will come to know as unique to only you and watch them come back for more.
It doesn’t hurt to start small. With time, people will come to know you and your business will grow.
-
Produce Yoghurt, Ice Cream and Sell
Dairy products are winning these days, and because they’re easy to produce, they have become a fast-growing business idea. You can sell them at retail price to people, as well as at wholesale price to restaurants, hotels, canteens, cafeterias, or simply sell in trucks.
Power supply is essential for this business, so that you keep your products cold or frozen all the time. Also, you should at least know the market you’re selling to, and most likely have a target market for your products because they cannot be kept for long.
Ensure that you provide high quality products and/services to your customers and you will see continued patronage in your business. Defy this rule and witness the opposite.
-
Do Poultry farming
Poultry farming is a lucrative business in Nigeria, because bird’s meat is among the most consumed products here. There are many restaurants and food vendors that sell chicken in part or in whole, and Nigerians patronise them. Poultry products also include eggs, a part of many recipes.
Even though poultry farming requires some effort, it is profitable in the end.
You should put the following into consideration: land acquisition, chickens, equipment to be used on the farm, timely feeding, and vaccination.
There is a waiting market for these products at harvest: hotels, roadside food vendors and eateries.
So, there you have it. The above are some ideas for starting a business with 1 million naira and above. I hope they’ve been useful to you.
Don’t forget to share and drop your comments below.
