Small & Medium Enterprises (SMEs) are privately owned businesses that require little to no capital to startup, involve about 1 to 50 members of staff, and operate independently in a local area. According to the Central Bank of Nigeria (CBN), a business is considered an SME if it involves not more than N5m capital or N25m annual turnover.
Small-scale businesses have been found to be one of the main indicators of the global economy both at national and international levels. Over the years, they’ve created billions of jobs across the globe, contributed to countries’ import and export values and created opportunities for private investors and entrepreneurs.
The opportunities attached to starting an SME are endless. Perhaps the best part is that they require little investment and capital, thereby levelling the business ground for all categories of individuals irrespective of their capital. In other words, small-scale businesses are open to all, and they have a high tendency to grow into large conglomerates in Nigeria, Africa or anywhere around the world, with the right strategies and execution.
If you’re an investor or entrepreneur looking to start a small-scale business, here are 10 lucrative small-scale business ideas to start in Nigeria, Africa or anywhere around the world.
”All you need to get started in this business is a suitable site, a good structure, chairs and gadgets for showing games. Over time, you’ll get to build a steady number of viewers.
Timi OwopeNetworth Online Co.
1. Poultry Farming:
The agricultural sector has always been a gold mine for ages. More so, there are a lot of lucrative agricultural opportunities open to people who are not willing to go through the rigours of crop cultivation, one of which is poultry farming.
Poultry farming enjoys a large and steady market in the food processing industry in Nigeria, Africa or anywhere around the world. Hotels, restaurants, local food stores and homes are in constant demand of chicken, turkey, eggs, and other related products. Once you carve a specific market for your SME, you will be able to generate a lot of profits from poultry farming.
2. Rental Services:
The rental services industry is a broad one in Nigeria, comprising car rentals, canopies and chairs for events, as well as houses. Chairs, tables and canopies are the most common rental materials in Nigeria because of the large number of events held in the region.
Starting a rental services business requires modest strategies. It is a business anyone can start in Nigeria, Africa or anywhere around the world, especially if you focus on renting canopies, tables and chairs. However, ensure to set up the business in a major town where parties are regular.
3. Snail Farming:
Snails come in several species which are great for rearing. The traditional method of hand-picking snails for sale has failed to meet the global annual demand, leading to the rise in snail farming. Nigeria alone consumes about 7.5 million kilograms of snails per annum, creating a huge demand for snails
Starting a snail farm is not very tasking in Nigeria, Africa or anywhere around the world. You can start with 100 snails of the right specie. Get a suitable housing unit with the right humidity for them and sufficient feeds. Over time, they’ll rear thousands of eggs and reproduce offspring significantly. Snails hibernate mostly during the day, which means you can combine snail rearing with your regular 9 – 5 job.
4. Sports Viewing Center Business:
The expansion of sports has created a lot of business opportunities for people across the world. Individuals in villages, towns and cities in Africa who do not have direct access to sport channels resort to viewing centres.
All you need to get started in this business is a suitable site, a good structure, chairs and gadgets for showing games. Over time, you’ll get to build a steady number of viewers.
5. Makeup Business:
The beauty industry has advanced over time, so much that makeup is not just another beauty item but now a creative art that forms a major component of several industries. Models, artists, photographers, actors, and more are some of the professionals who use the service of makeup artists regularly.
Similarly, makeup artists are needed on special occasions like weddings and birthday events. An added perk to starting a makeup business is that you can also train people and earn money from makeup training classes too.
6. Laundry Service:
Another lucrative small-scale business in Nigeria, Africa or anywhere around the world that almost anyone can venture into is the laundry business. This is a business that requires little technical skills or business strategies to succeed. You can start the business with just one or two workers, but over time, you could choose to boost your staff strength for greater productivity.
All you need to do is to situate your business in a favourable place in town, especially in areas dominated by office workers who have little or no time to spare for laundry.
7. POS Business:
The POS business is a fast alternative to regular banking. Rather than queuing for long hours at the bank or ATM, people can conduct basic financial transactions at the POS machine, thereby saving time. The success of this business is based on the time effectiveness that it offers.
You could establish a chain of POS stands or shops across several places in town to provide a quick way for people to make withdrawals for a fee on every withdrawal.
8. Hair Dressing Business:
To open a hairdressing salon, you need to be a professional hair stylist or employ the services of one or more stylists. Hair makes an important component of people’s beauty, so they take special efforts to keep it in the best shape possible.
The hair styling business can be a highly lucrative small-scale business opportunity depending on where it is set up. You can also train apprentices, and recommend and sell attachments, wigs and hair care materials to clients.
9. Barbing Salon Business:
Like hair styling, barbing equally requires expertise. Before you open a barbing salon, be sure to have acquired the basic skill or have hired barbers who are highly skilled.
Similarly, you can make extra income by selling hair products to your clients and training people in your salon.
10. Ice Block Production:
Ice blocks are the only option for cooling foods and drinks in most parts of Africa where there is erratic power supply. More so, they are cheap and easy to use. Hence, the ice block production business enjoys a steady market in Nigeria and other parts of Africa.
To start ice block production, you need to invest in the equipment, a factory site, some members of staff and a delivery vehicle.
