The Top 13 Business Ideas to Start with 700k in Nigeria

Are you looking for business ideas to start with 700k in Nigeria? With the current state of the economy, starting a business is becoming more attractive than ever before due to the high rate of unemployment and underemployment.

However, it is essential to find the right business idea that will help you maximize your investment and generate a steady income stream.

In this article, I will explore some lucrative business ideas that you can start with 700k in Nigeria.

Business Ideas to Start with 700k in Nigeria

1. Food Business

Starting a food business is a profitable venture, but it is essential to identify how you intend entry into this business.

Because there are various food business ideas that you can start with 700k in Nigeria such as;

Restaurant: A restaurant is a great option if you have a passion for cooking and serving food. You can offer traditional Nigerian cuisine or specialize in a particular cuisine like Chinese or Italian.

To start a restaurant, you need to rent or buy a space, buy kitchen equipment and furniture, and hire staff. 700k might not go far in starting this business on a large scale, but it might be sufficient in starting on a small scale.

Fast Food Joint: A fast-food joint is an excellent option if you want to serve food quickly and at an affordable price.

You can offer snacks like samosas, spring rolls, and meat pies or even specialize in fast food like burgers, pizza, or shawarma. To start a fast-food joint, you need to rent or buy a space, buy kitchen equipment, and hire staff.

Food Truck: A food truck is an excellent option if you want to take your food to the streets. You can offer a variety of foods like burgers, hot dogs, sandwiches, and even ice cream.

To start a food truck, you need to buy a truck, install kitchen equipment, and obtain necessary permits from the local government.

Catering Service: A catering service is an excellent option if you want to provide food for events like weddings, parties, and corporate events.

You can offer a variety of dishes, including finger foods, main courses, and desserts. To start a catering service, you need to buy kitchen equipment, hire staff, and market your services.

Food Delivery Service: A food delivery service is an excellent option if you want to deliver food to people’s homes or offices. You can partner with restaurants, fast-food joints, or even cook and deliver the food yourself.

To start a food delivery service, you need to have a vehicle or delivery bikes, hire drivers, and have a website or app for ordering.

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2. Fashion Business

The fashion industry is a lucrative business idea that you can start with 700k in Nigeria. Here are some of the fashion business ideas that you can explore.

Clothing Line: A clothing line is an excellent option if you have a passion for designing and making clothes.

You can specialize in a particular niche like African prints or even design clothes for a particular age group or gender.

To start a clothing line, you need to have a good understanding of fashion trends, source materials and hire tailors.

Accessories: Designing and selling accessories like jewelry, handbags, and shoes is an excellent option for those who want to start a business with a low budget.

You can sell your products online, at markets, or even partner with fashion stores. To start an accessory business, you need to have a good eye for design, source materials and have good marketing skills.

Bespoke Clothing: Creating bespoke clothing is an excellent option if you want to offer personalized services to your customers.

You can design and create custom-made clothing for weddings, events, or even everyday wear. To start a bespoke clothing business, you need to have good tailoring skills, source materials, and market your services.

Fashion Boutique: A fashion boutique is an excellent option if you want to sell fashion items like clothing, accessories, and beauty products.

You can specialize in a particular niche or offer a variety of products. To start a fashion boutique, you need to rent or buy a space, source products and have good marketing skills.

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3. Agriculture Business

One of the primary advantages of starting an agriculture business is the potential for high profits. With a budget of 700k, you can invest in land, equipment, and supplies needed to cultivate crops or rear livestock.

One viable agriculture business idea is to start a vegetable farm. Nigeria has a large population and is known for its high demand for fresh produce.

You can invest in a small plot of land and cultivate high-value crops such as tomatoes, peppers, and cucumbers.

With effective marketing strategies, you can sell your products to local markets, restaurants, and supermarkets.

Another agriculture business idea is poultry farming.

Poultry farming involves the rearing of chickens for meat and egg production. With a budget of 700k, you can invest in chicken coops (chicken pens), feed, and other necessary equipment.

By providing quality products and adhering to strict hygiene standards, you can build a loyal customer base and generate significant profits.

Read More on Poultry farming:

Poultry farming business in Nigeria (cost and profit)

Fish farming is also a viable agriculture business idea in Nigeria.

You can invest in a small pond and cultivate fish such as tilapia, catfish, or salmon. With effective marketing strategies, you can sell your fish to local markets, restaurants, and supermarkets.

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Starting an agriculture business requires significant effort, dedication, and knowledge of the industry.

It’s important to conduct thorough research and develop a solid business plan before investing your resources.

With the right strategy and approach, however, starting an agriculture business can be a lucrative and rewarding venture.

In summary, starting an agriculture business is a viable option for anyone looking to start a business with a budget of 700k in Nigeria.

By focusing on high-demand products and developing effective marketing strategies, you can build a successful and profitable agriculture business.

4. Beauty and Wellness Business

The beauty and wellness industry is a fast-growing market in Nigeria. With a budget of 700k, you can start a beauty and wellness business that offers a range of services and products to cater to the growing demand for self-care.

One popular beauty and wellness business idea is to start a beauty salon. You can invest in equipment such as hairdressing chairs, hairdryers, and hair styling products, and hire professional stylists and beauticians.

By providing quality services such as haircuts, styling, makeup, and manicures, you can attract a loyal customer base and generate significant profits.

Another beauty and wellness business idea is to start a spa business.

You can invest in equipment such as massage tables, spa chairs, and steam rooms, and hire licensed massage therapists and aestheticians.

By providing services such as massages, facials, and other spa treatments, you can cater to customers looking for relaxation and rejuvenation.

You can also start a health and wellness store that offers a range of products such as herbal supplements, vitamins, and health foods.

With effective marketing strategies, you can attract customers looking for natural and holistic wellness products.

Starting a beauty and wellness business requires significant effort, dedication, and knowledge of the industry.

It’s important to conduct thorough research and develop a solid business plan before investing your resources.

With the right strategy and approach, however, starting a beauty and wellness business can be a lucrative and rewarding venture.

And it is a viable option for anyone looking to start a business with a budget of 700k in Nigeria. By focusing on high-quality services and products and developing effective marketing strategies, you can build a successful and profitable beauty and wellness business.

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5. Laundry and Dry Cleaning Business

The laundry and dry cleaning business is one of the most lucrative businesses in Nigeria, and it can be started with a capital of 700k or less.

With the increasing urbanization, people now have less time to do their laundry, hence the need for laundry and dry cleaning services.

To start a laundry and dry cleaning business, you would need to secure a location and obtain the necessary licenses and permits.

It is advisable to choose a location that is easily accessible to your target market, such as a residential area, student hostel, or office complex.

You would also need to acquire the necessary equipment such as washing machines, dryers, irons, pressing machines, hangers, and detergents. You can buy these items new or fairly used, depending on your budget.

Marketing is crucial for the success of a laundry and dry cleaning business.

You can start by offering promotions, such as discounts or loyalty programs, to attract new customers.

You can also advertise through word of mouth, flyers, social media, and local newspapers.

In terms of pricing, you should consider the cost of detergent, water, electricity, and other expenses when setting your rates.

It is important to be competitive in pricing, but at the same time, ensure that your profit margin is sufficient to cover your costs and generate income.

Another way to boost your income is to offer additional services such as ironing, pickup and delivery, stain removal, and folding services.

These services can help differentiate your business from competitors and create additional revenue streams.

If you intend to start this business then you must read this article on; Laundry business in Nigeria. The article covers everything about starting a profitable laundry business.

6. Personal Training business

The personal training business is a great opportunity for individuals with a passion for fitness and a desire to help others achieve their health and wellness goals.

With a growing emphasis on healthy living and fitness in Nigeria, the demand for personal trainers has been on the rise.

To start a personal training business, you need to have the necessary certifications and qualifications in personal training.

This will give you the necessary skills and knowledge to create fitness programs that are tailored to the needs and goals of your clients.

You will also need to have good communication and interpersonal skills, as personal training involves working closely with clients to help them achieve their fitness goals.

As a personal trainer, you will be responsible for assessing your client’s fitness level, creating customized workout plans, and providing motivation and support to help them stay on track.

One of the key challenges of starting a personal training business is finding clients.

You can start by reaching out to friends and family members to build your initial client base.

You can also create a website or social media presence to showcase your expertise and attract potential clients.

Marketing is crucial for the success of a personal training business.

You can use social media platforms, such as Instagram and Facebook, to promote your services and build your brand.

You can also participate in fitness events and community activities to build your network and gain exposure.

Pricing in the personal training business can vary depending on the level of experience you have and the type of services you offer.

You can charge per session, per week, or per month.

It is important to research your competitors to ensure that your rates are competitive, but at the same time, ensure that you are charging enough to cover your costs and generate income.

In summary on personal training business, it is a great opportunity for individuals in Nigeria who have a passion for fitness and a desire to help others.

By providing quality services, building a strong brand, and effective marketing, you can build a successful personal training business in Nigeria. But with 700k the business might be on a low scale.

But if you can get a partner in this business with your 700k and his own 700k it can go a long way in running this business on a full scale.

7. Clothing Business (Boutique)

Starting a clothing business, such as a boutique, with a budget of 700k is very much possible.

And if you are going to be successful in this business with 700k you must make sure you pay attention to factors such as;

Location
Target Market
Inventory
Marketing
Business model
Store Setup
Your ability to manage finance effectively

Those are factors you shouldn’t leave to chance. Know more about the clothing business from this key resource

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8. Sales of Electronics

This venture involves selling various electronic items such as TVs, DVD players, fans, speakers, microphones, and other related electronics.

Although this business seems to be dominated by the Igbos, it is not by any chance restricted only to the Igbos.

No matter the tribe you may find yourself in, starting an electronics business can bring in substantial profit.

And it is one of the easiest businesses to start;

Let’s say you decide to open an electronics shop in a bustling area of Lagos.

You secure a well-located shop space, negotiate competitive wholesale prices with trusted electronics suppliers, and stock your inventory with popular items such as Smart TVs, home theater systems, and wireless speakers.

Through effective marketing campaigns (which are mostly by playing loud music), you attract customers and establish a reputation for quality products and excellent service.

As word spreads about your shop, you will experience steady growth in sales and expand your customer base.

With proper financial management and strategic planning, your electronics shop will become a profitable venture that contributes to the local economy and provides employment opportunities.

9. Sales of Building Materials

If you’re looking for a profitable business opportunity in Nigeria to start, consider starting a business in the sales of building materials.

This business covers a wide range of building material products such as; cement, tiles, roofing sheets, ceilings, and other related build materials inclusive of different types of cement.

I know a university colleague of mine who built his house and got married through this business.

Just like the electronics business, this business is easy to start and scale.

For example:
Let’s say you start a building materials business in a rapidly developing city like Abuja.

You secure a well-located shop space, build relationships with reputable distributors, and stock your inventory with a wide range of building materials, including high-quality cement, stylish tiles, durable roofing sheets, and elegant ceiling options.

Through effective marketing campaigns, word-of-mouth referrals, and your commitment to delivering top-notch customer service, your business gains traction and attracts customers from various construction sectors.

As the construction industry in Abuja continues to flourish, your building materials business becomes a go-to supplier, contributing to the success of numerous projects and establishing a strong reputation within the market.

Selling building materials can be a lucrative venture, and with a budget of 700K, you can successfully establish and grow your business.

10. POS Business

If you’re looking for an easy and profitable business opportunity to start in Nigeria, consider starting a Point of Sale (POS) business.

This venture involves providing convenient financial transactions, such as deposits, withdrawals, and other financial-related transactions, for customers.

With a budget of 700K, you can establish this business and capitalize on the increasing demand for POS services.

If you want to know more about starting a POS business and the cost, then check out these resources;

11. Car Wash and Detailing Business

With the increasing number of vehicles on the roads, there is a growing demand for car washing and detailing services.

This venture can be started with a reasonable budget and has the potential for long-term success. But you must be customer friendly and train your employees to be too.

You can know more about the car wash business and how you can make 600k monthly.

Online Business Ideas to Start with 700k in Nigeria

12. Online Business

There are several online business ideas you can pursue with a budget of 700k in Nigeria.

One of the most popular options is affiliate marketing, which involves promoting other people’s products and earning a commission for every sale made through your unique affiliate link.

Another online business idea is to create and sell digital products, such as e-books, online courses, or software.

With the increasing demand for digital content, this is a lucrative opportunity to leverage your expertise and create high-quality, valuable products that customers are willing to pay for.

You can also start a blog or a YouTube channel and monetize it through advertising, sponsorships, or affiliate marketing.

By consistently creating quality content that resonates with your target audience, you can build a loyal following and generate income through various monetization strategies.

Whatever online business you choose, it’s important to focus on providing value to your customers and building a strong brand presence.

This involves creating a professional-looking website, engaging with your audience on social media, and developing a comprehensive marketing strategy to reach your target audience and drive traffic to your website.

In summary, starting an online business is a viable option for anyone looking to start a business with a budget of 700k in Nigeria.

By leveraging the power of the internet and focusing on providing value to your customers, you can build a successful and profitable online business.

Key Resources

13. Photography Business

With a budget of 700k, you can start a photography business in Nigeria.

The photography industry is growing rapidly, and there is a high demand for professional photographers for events, portraits, weddings, and product photography.

One of the first things to consider when starting a photography business is to determine your niche.

You can focus on event photography, portrait photography, or commercial photography. Having a niche can help you establish your brand and build a loyal customer base.

Next, you need to invest in quality photography equipment, such as a professional camera, lenses, lighting equipment, and editing software.

You can also consider investing in a studio space if you plan to offer studio photography services.

One of the key success factors in the photography industry is the ability to market your services effectively.

You can use social media platforms like Instagram, Facebook, and Twitter to showcase your work and reach a wider audience.

You can also consider offering discounts and promotions to attract new customers.

To be successful in the photography industry, you need to deliver high-quality work and exceptional customer service.

Building a strong brand identity through quality work and excellent customer service can help to attract and retain customers.

Another way to build your brand is by networking with other photographers and industry professionals.

You can join photography clubs or attend photography conferences to connect with other professionals in the industry and learn new skills and techniques.

5 Business Ideas you can start with 700k

How to Start a Small Business in Nigeria

An idea supported by market research
A business plan
Funding and a bank account
Business structure (e.g., corporation, LLC)
Doing business as (DBA) name
Business Location
Licenses and permits
Insurance policies
Marketing

If you want to know more about starting a small business in Nigeria, click here

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Conclusion

With the listed business ideas mentioned, I believe you can make a substantial living from your startup capital of 700k.

If you have any questions, or contributions leave them in the comment section.

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The Top 13 Business Ideas to Start with 700k in Nigeria

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