5 Business Ideas You Can Start With 20,000 Naira

You are in your hustle era and ready to embark on your business journey or start a new venture. But you're supposedly held back by lack of capital. Many Nigerians believe that starting a business requires a huge amount of money and that businesses are often high-risk in nature.

What if I told you that this assumption is not entirely true? The problem most times is not lack of capital but rather the lack of business ideas that one can venture into with a small amount of money. As a matter of fact, there are numerous profitable businesses that you can start with about N20,000 or less.


Why Start A Business?

These days it is not enough to have a single source of income. Have you seen the state of things in the country? In that case, you know that to survive you need multiple sources of income. With the way the economy is unstable, everyone needs a safety net to survive. So here are some reasons why you could start a business:

To provide solution

You can spot a problem or notice a gap in meeting the demand for specific products or services. Then, decide to be the hero by solving a problem with your products or services. An excellent act for humankind!

To sustain oneself

Oftentimes, your business might be your sole means of livelihood or it could be one of the numerous ways you make a living. You could use your business to stay afloat, after all, as the saying goes “man shall not live on bread alone”.

To be one's boss

The 9-5 lifestyle might not just be for you. You may not want to wake up to go to work only to spend hours in traffic. Moreover, you may like the flexibility of having your own business and being your boss.

Business Ideas To Start With 20,000

Whether you have a 9-5 or a student looking to start a side-hustle or want to go into a new low-risk business, regardless of the category you fall into. You can put aside some money and start any of these 5 business ideas:

Thrift / Okrika Business

Thrift, Okrika or bend down select business is highly lucrative, especially among students and young people. People love thrift clothes because they are affordable and sustainable, and many gems can be found while thrifting at a low cost.

With N20,000, you can start a thrift business. All you have to do is research the best market to get affordable, good-quality clothes to resell. The popular markets in Lagos to buy clothes from are Yaba market, Balogun market, Oshodi market, Aswani market, Katanga Market, and so on.

Also, some of these markets have special days where you can get cheaper deals. Generally, the main days to get good quality clothes in Lagos markets are Mondays, Wednesdays and Fridays. While days for discount prices are usually Tuesdays, there is also Yaba night market.

After buying a bale of cloth, invest in branding materials, set up an online store, and start selling. With all these, you are set to begin calling yourself a business owner. Well done, it is not easy.

POS/ Agency Banking

Point of sale (POS) provides services that help us easily withdraw and send funds. Becoming a POS agent is gaining traction fastly in Nigeria, especially in areas where a commercial bank or an ATM isn't easily accessible. It's also profitable. Generally, an agent makes N100 for every N5,000 naira a person withdraws. What a cool way to make money!

To get started, you need to get the POS machine which is typically for N15,000, and you start transacting with any amount of money you like. If you are interested in this, you can become an agent with Kippa's agency banking. Click here to become an agent today.

Accessories Business

This is another low capital, high reward business. I'm not referring to selling real gold or diamonds, more like non-tarnish steel accessories. There's already a market for this; people love to be adorned with beautiful, suitable, quality accessories that won't cost them an arm and a leg. Basically, looking good on a budget.

In Lagos, there're wholesalers in Balogun Market, China Town or any other markets. You can buy directly from or ship the accessories from online retail services like Aliexpress. With the skyrocketing exchange rate, this may not be advisable.  It's often best to stick to a supplier to ensure the quality of what you're getting. You can also get discounts for being loyal to your supplier.

Perfume oil

For people who can't afford high-end perfumes, perfume oil serves as an alternative or complements the other scents they use.

As usual, you don't need too much money to set up this business. In fact, you may not even spend up to N20,000 while starting. You can get a supplier to buy from, or you can make them yourself. See how to make perfume oils here.

Finger Foods/Pastries

Do you love spreading joy with your love for cooking or baking? Then, you can monetize this passion of yours into a lucrative business.

You can start this business in the comfort of your home. Be it small chops, chin-chin, smoothies, zobo, cupcakes, bread, cocktails, and so much more. There'll always be an audience ready to patronize you. You're good to go with excellent service, proper branding, and promotion.

Final Words

While you may have decided on the business you would like to start, another concern may be how you manage and keep track of all your business transactions. With Kippa, you can keep your business finances in check with all the amazing features we offer like cashbook, bookkeeping, invoicing, debt reminder and many more.

Furthermore, after starting your business, you would want to unlock all the potential for your business by registering it. With Kippa start, you can register your business with N15,000 only and you get your CAC certificate within 5 days.

UPDATE- We have reviewed our pricing for Kippa Start. From the 12th of October, 2022, business registration on Kippa Start will now cost 20,000 NGN. Our value, speed and efficiency remain the same

Run your business with Ease

A crucial part of what the Kippa app does for your business is analyzing financial reports to help you make better business decisions; help you understand cash flow. And overall, it gives you insights that reveal the bigger picture of how your business progresses.

Measure the growth of your business in a click
Measure the growth of your business in a click

All the tools you need to start/run/ grow your business, your go-to bookkeeping, accounting and business bank app; Kippa gives your business a way to measure your overall performance. It also provides information to make decisions related to your business, and it helps you ascertain your revenue and income.

Oyindamola Ogunlana

Oyindamola Ogunlana