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EntrepreneurshipFEATURES

Run Your Own Company, Be Your Own Boss, Big Time, With Just N150, 000!!

 

Folake Olagunju           I

The prevailing economic situation makes it imperative for many young Nigerians, especially graduates, to create jobs for themselves. However, majority are discouraged because of inadequacy of funds or lack of access to capital. Many a times, folks think they cannot start a business without a huge sum of money. This makes them seek loans from banks which mostly turn them down. Some become frustrated, abandon their dreams and may take up demeaning jobs or delve into questionable ventures, as the case may be.

What these people do not realize is that they do not need bank breaking sums of money before they can become entrepreneurs, as there are businesses you can start with as low as N150, 000 and make up to between N500, 000 to N1million returns per month, as it grows.

From Bizwatchnigeria, here are five mind boggling businesses you can start with N150, 000 or even less:

Party Equipment Rentals

In Nigeria, partying is a common practice, especially on weekends. We have weddings, birthdays, dedication, thanksgiving parties among others. This is why party equipment rental business is like a goldmine in this part of the world.

Party equipment rental services involve renting or leasing equipment like chairs, tables, commercial cooking equipment, tents and so on to people for their events.

For those with little capital, you can start on a small scale (with between N150, 000 and N200, 000), and then you work on expansion as the business grows. The first and most important thing to do is to know what kind of equipment you want to be dealing in. Investigate the cost of making or buying these items, then find out fees charged for renting out the items and for how long.

After this, it is necessary to get in touch with neighbours and event planners in your area, letting them know you offer such services. To get a large customer base should be your focus in this business. That’s because the more patronage you get, the faster it is for you to cover your costs and start making profit.

Let’s examine one aspect – chair rentals.  The market price of a plastic chair is about N10, 000, per dozen, while renting it out goes for an average of N500 per dozen.  With N200, 000 you can buy 20 dozens and your business starts. If, for instance, you give the whole twenty dozens of chair out on rent for events on Friday, Saturday and Sunday, at N500 per dozen, you get N30, 000 as revenue every week, supposing you don’t rent on week days. In a month, at the least, you will make N120, 000 without much hassle.

One benefit of venturing into this business is that you can do it from your home; all you need to do is to create space for storing the equipment in your house. It can also be run as a part time thing, giving you the opportunity to do other businesses.

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Laundry Services

You will agree with me that, as a result of our busy schedules, many people, especially bachelors, find the task of washing, rinsing, starching and ironing clothes quiet tedious and time consuming.

For that reason alone, the laundry business has become another lucrative venture in Nigeria. Starting this business is not as capital demanding as some think, as you can actually start the business in the comfort of your home, on a small scale, with just the basic needed equipment and materials. With less than N120, 000 capital, you can go commercial

Washing supplies like hangers, tags, pressing irons, ironing table, packaging nylon, buckets, basins, starch, garment conveyor, stain removing chemicals, a generating set etc.

If you charge N250 to launder shirts and trousers and get to attend to an average of 30 pieces of clothing every day, from Monday to Saturday, in a month of 25 working days, you can make as much as N200, 000. However, this might not be the case in the very first month, as you would need to work hard to ensure a steady flow of customers. With hard work and focus, you can even make much more than this in subsequent months.

Before starting this business, it is important that you learn from an already existing laundry business how to wash, dry clean and iron different fabrics. You also need to know what temperature works for different fabrics and how to fold and pack them. The length of the training depends on how fast you learn these basics.

This business is a goldmine for smart entrepreneurs who are able to provide the convenience needed by customers at a reasonable price. You also need to let as many people as possible know the kind of services you offer and try as much as possible to do a very good job. When you do, you will be surprised at how many customers you get through referrals.

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Candle Production

The problem of erratic power supply in the country can also be a source of revenue for smart entrepreneurs, as it has provided income opportunities for those who have what it takes to provide alternative power supply of which candle production is one.

A sizeable group of Nigerians rely solely on candle to battle the erratic power supply, as not everybody can afford to get power generating sets.

With less than N200, 000 you can start this money spinning business. To start, you need a candle machine which contains an in-built water tank for cooling the wax and costs about N70, 000. You also need a candle mold, which goes for N10, 000 each. This mold produces 16 candle sticks at a time and goes about 50 times a day translating into 800 candles per day.

Other startup requirements are Wax – N1, 600 per slab, Thread – N100 per bundle, Paraffin Oil – N250 per liter, Stearic Acid – N260 per kilo, Packaging Nylons – N1, 500, Sealing Machine – N2, 000 and others.

A carton of 65 packs of candle is sold for N5, 000. So, with a capital base of about N200, 000, you can comfortably produce up to five cartons in in a day. With aggressive marketing, what that means is that you will be generating more than N150, 000 per week, and N 600, 000 per month.

You don’t need a degree to this business and it can also be done right at the backyard of your house. So, space is not a problem here.

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Ice Block Production

Another business that is thriving as a result of the erratic power supply in Nigeria is that of ice block production and sales.

When you consider the epileptic supply of electricity, the hot weather and the need for cold drinks and beverages either at home or for parties, ice block comes to mind.

Starting the business, you need an area where the power supply is at least averagely okay, a good power generator, adequate water supply, ice block making machines, Polythene bags etc. With about N150, 000, one can purchase a block making machine that produces 50 to 60 bags of ice blocks. The machines vary though, as there are ones that make blocks within six hours, 24 hours and three days.

The business is very lucrative, it must however be noted that it is somewhat seasonal. A bag of ice block that goes for about N60 during the rains would sell for between N120 and N150 during hot weather.

Just like other businesses, it is also essential that you strive to get more customers because the more ice blocks you sell, the more profit you get and, as time goes on, you can get additional ice block making machines.

This business thrives well in areas where there is incessant power outages, and also in over-populated places like motor parks, market places, schools, commercial and business areas. If you take your marketing to these places, you can be sure of patronage as long as you are consistent.

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Photography

At any season of the year, photography is always in demand because people love to keep a memento of their important life events. It is a multidimensional business; so you can make money from any area you focus on.

With about N200, 000, you are good to start up a small scale photography business. All you need is a good camera which could be gotten for about N80, 000, a laptop with a high RAM (N60, 000) and a generating set.

Once you take photographs of your clients and edit them on your laptop, you can print with digital lab operator. As time goes on, you would be able to get your own studio fitted with everything you need.

It is important to get a good location, probably an area buzzing with commercial activities, so you can attract clients. You also need to create an attractive portfolio and you will have more clients calling for your services. Indeed, with a digital camera, a reasonable price, good marketing and publicity, uniqueness and a lot of creativity, you are on your way up with photography.

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  1. Run Your Own Company, Be Your Own Boss, Big Time, With Just N150, 000!! http://t.co/8CLZoiHtdg http://t.co/ElA58eLwJZ

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