So are you thinking of starting a business even while you are in school?
Well, there are still many simple businesses you can start with as low as ₦20,000 and make good profits.
Starting a business can be a great way to earn extra income to support your academic expenses.
But oftentimes, some people feel discouraged if they don’t have huge startup capital.
But that shouldn’t be so, as they are many businesses you can start with as low as ₦20,000 and still be on good profit by the end of the day.
So in this article, I’m going to be showing you 15 businesses you can start with ₦20,000 in Nigeria as a student.
Ready? Let’s get started!
Also Read: 25 Best Side Hustles for Nigerian Students
15 Businesses You Can Start with ₦20,000 in Nigeria As a Student
Here are simple but lucrative businesses you can start with ₦20,000 in Nigeria as a student:
1. Soap Making Business
Soap making is a great business idea that requires creativity and a little investment.
With ₦20,000, you can purchase the necessary raw materials such as soap base, fragrance, color, and molds to make unique and appealing soaps.
You can start by creating small batches of different scents and colors and selling them to your fellow students, friends, or family members.
You can also sell your products on online platforms such as social media and e-commerce websites.
2. Popcorn Production Business
Popcorn is a popular snack that can be easily produced with a popcorn machine and raw materials.
With ₦20,000, you can purchase a popcorn machine, kernels, oil, and packaging materials to start your own popcorn production business.
You can sell your popcorn at local events, markets, and even to your fellow students on campus.
You can also explore different flavors and packaging designs to attract customers.
3. T-Shirt Printing Business
T-shirt printing is a profitable business that requires creativity and a little investment.
With ₦20,000, you can purchase a basic heat press machine and some plain t-shirts to get started.
From there, you can create unique designs and sell your products on social media platforms or to local businesses.
You can also collaborate with local events or clubs to create custom t-shirts for their participants.
4. Shoe Cleaning Business
Shoe cleaning is a business idea that requires attention to detail and some investment.
With ₦20,000, you can purchase the necessary cleaning materials and equipment such as brushes, polish, and cleaning solution to start your shoe cleaning business.
You can offer your services to your fellow students on campus or even to local businesses.
You can also consider offering additional services such as shoe repair or customization.
5. Home Cleaning Service
Home cleaning is a service that is in high demand, especially in urban areas.
With ₦20,000, you can purchase cleaning supplies and market your services to your fellow students on campus or to local homeowners.
You can offer services such as deep cleaning, window cleaning, or laundry services.
You can also consider offering weekly or monthly cleaning packages to retain customers.
6. Snail Farming Business
Snail farming is a low-cost and profitable business idea that you can start with ₦20,000.
Snails are a delicacy in Nigeria and are in high demand.
You can easily find materials to construct a snail pen, purchase the necessary snails, and start breeding and selling them.
You can also sell snail eggs or matured snails to local restaurants, hotels, or supermarkets.
Blogging is a popular online business idea that requires passion and consistent effort.
With ₦20,000, you can purchase a domain name and hosting to start your website.
From there, you can create content on a topic you are interested in and market your blog to attract readers.
You can earn money through advertising and sponsorships as your blog grows in popularity.
8. Social Media Management Business
Social media management is a service that is in high demand for businesses that want to build their online presence.
With ₦20,000, you can create a basic website and purchase tools to help you manage social media accounts.
You can offer your services to local businesses and help them create engaging content, grow their following, and improve their online reputation.
9. Content Writing Business
Content writing is a business idea that requires good writing skills and attention to detail.
With ₦20,000, you can create a basic website to market your services and purchase tools to help you manage your writing projects.
You can offer your writing services to individuals, small businesses, or even larger corporations.
You can write blog posts, product descriptions, social media content, and other types of written content for your clients.
You can also set your rates based on the type of content and length of the project.
10. YouTube Channel
YouTube is a platform that allows creators to earn money through advertising and sponsorships.
With ₦20,000, you can purchase a good camera or even use your phone to start creating videos on a topic you are passionate about.
You can then monetize your videos and earn money through views and sponsorships.
You can also collaborate with other creators and grow your audience.
11. Photography Business
Photography is a business idea that requires creativity and good equipment.
With ₦20,000, you can purchase a good camera and some basic accessories to start your photography business.
You can offer your services to individuals or businesses for events such as weddings, parties, or corporate events.
You can also sell your photos on stock photography websites.
12. Mobile Phone Accessories Business
Mobile phone accessories such as cases, screen protectors, and chargers are always in demand.
With ₦20,000, you can purchase a variety of mobile phone accessories and sell them to your fellow students or on online platforms.
You can also consider setting up a mobile phone accessory shop on campus or in a busy area.
13. Makeup Artist Business
Makeup artistry is a business idea that requires creativity and some investment.
With ₦20,000, you can purchase the necessary makeup supplies and create a portfolio of your work to show potential clients.
You can offer your services to fellow students for events or to local businesses.
14. Catering Service
Catering is a service that is always in demand for events such as weddings, parties, and corporate events.
With ₦20,000, you can purchase the necessary ingredients and kitchen supplies to get started.
You can offer your services for events on campus or to local businesses.
You can also consider offering customized menus or meal plans to retain customers.
15. Freelance Graphic Design Service
Graphic design is a business idea that requires creativity and some investment in design software.
With ₦20,000, you can purchase design software and create a portfolio of your work.
You can offer your services to local businesses or through online platforms.
You can also consider offering additional services such as branding or website design to attract more clients.
Overall, starting a business as a student can be a great way to earn extra income and gain valuable entrepreneurial experience.
However, it is important to do proper research and market analysis before starting any business.
You should also develop a business plan and marketing strategy to help you reach your target audience and grow your business.
With determination, hard work, and a little creativity, you can turn your ₦20,000 investment into a successful business venture.
Why You Should Start a Business As a Student in Nigeria
As a student in Nigeria, starting a business may seem like a daunting task.
After all, you have to manage your studies, social life, and other responsibilities.
However, there are several reasons why starting a business as a student is a good idea.
Let’s take a closer look:
1. Extra Income
As a student, your finances may be limited, and starting a business can provide you with an additional source of income.
But what’s more exciting is the fact that you can make money doing something you enjoy.
For example, if you’re passionate about fashion, you can start a mini-importation business where you import trendy clothes and accessories from overseas and sell them to your peers.
Not only will you earn money, but you’ll also get to share your passion with others.
2. Gain Valuable Experience
Starting a business can provide you with valuable experience and skills that can benefit you throughout your career.
You can learn important skills such as entrepreneurship, marketing, customer service, and financial management.
These skills will not only make you a better entrepreneur, but they’ll also make you a valuable employee or leader in the future.
3. Flexible Schedule
As a student, you may have a flexible schedule, which allows you to dedicate time to your business.
You can use your free time to work on your business and manage your studies around your business activities.
This means you can have the best of both worlds – pursuing your passion and achieving academic excellence.
4. Create Job Opportunities
By starting a business, you can create job opportunities for yourself and others.
This can help to reduce unemployment rates in Nigeria and contribute to the growth of the economy.
By creating jobs, you’ll be doing your part in improving the lives of others and creating a better future for yourself and your community.
5. Build a Network
Starting a business can help you build a network of contacts and customers that can be beneficial for your future career.
You can meet potential business partners, mentors, and clients through your business activities.
By interacting with different people, you’ll be exposed to new ideas, perspectives, and opportunities that can help you grow both personally and professionally.
6. Solve Problems
Starting a business allows you to identify problems and challenges in your community, and create solutions for them.
For example, if you notice that there’s a lack of healthy snack options in your school, you can start a business selling healthy snacks to your peers.
By doing so, you’ll be contributing to the health and well-being of your community.
Making a positive difference in the world is one of the most fulfilling things you can do, and starting a business can help you achieve that.
To summarize, starting a business as a student in Nigeria may seem challenging at first, but it can provide you with numerous benefits.
From earning extra income to building a network and making a positive difference in your community, the advantages are too good to pass up.
So if you’re thinking about starting a business, go for it!
With hard work, determination, and a bit of luck, you can achieve success and create a better future for yourself and others.
Tips for Identifying Profitable Business Ideas with Low Startup Costs
Oftentimes, identifying a profitable business with low startup costs can be challenging.
But do not worry because I’ve got some tips to help you out!
1. Consider Your Interests and Skills
As a student, you have unique talents and interests that can help you find a business idea that you’re passionate about.
Consider your hobbies, talents, and skills when thinking about a business idea.
If you’re good at baking, you can start a small baking business, making cakes and other desserts for birthdays and special occasions.
Or, if you’re passionate about fashion, you can start a fashion business by selling your designs online.
Starting a business around something you love and are good at can make it easier to stay motivated, committed, and engaged in your work.
Also, when you’re passionate about what you do, it’s easier to communicate your enthusiasm to others, which can help you build a loyal customer base.
2. Research Your Market
Before starting any business, it’s crucial to research your market.
You need to find out if there’s a demand for your product or service and if there are already existing competitors in the market.
Conducting market research can help you identify potential customers, determine the pricing for your product or service, and learn more about your competitors.
To conduct market research, you can start by talking to your target audience to get feedback on your business idea.
You can also look at existing businesses in your industry and analyze their strengths and weaknesses.
This can help you identify opportunities to differentiate your business from your competitors.
3. Find a Niche
Finding a niche can help you stand out in a crowded market.
A niche is a specific area of a market that’s underserved or unexplored.
By focusing on a niche, you can target a specific audience and provide a unique value proposition that sets you apart from your competitors.
To find a niche, start by analyzing your target market and identifying areas that are not being served by existing businesses.
Look for areas where you can offer something new, different, or better than what’s currently available.
For example, instead of starting a general tutoring business, you can specialize in teaching a particular subject, such as mathematics or physics.
4. Start Small
Starting small can help you keep your startup costs low and test the profitability of your business idea.
You can start by offering your product or service to your immediate circle of friends and family.
This can help you get feedback on your business idea and make any necessary adjustments before launching to a wider audience.
Starting small can also help you test the demand for your product or service without investing too much time and money upfront.
Once you’ve validated your business idea and gained some traction, you can then expand your business and reach a wider audience.
5. Leverage Social Media
Social media can be a powerful tool for promoting your business and reaching potential customers.
Platforms such as Facebook, Twitter, and Instagram can help you build an audience and market your products or services.
To leverage social media, start by creating profiles on the platforms where your target audience is most active.
Then, start sharing content that’s relevant to your business and engaging with your followers.
You can also use social media to run promotions, host giveaways, and generate buzz around your business.
6. Embrace Technology
Technology can help you automate your business processes and reduce your startup costs.
For example, you can use free tools such as Google Docs and Trello to manage your business tasks and projects.
You can also use social media and email marketing tools to communicate with your customers and promote your business.
Embracing technology can also help you streamline your operations and save time, which can be especially important when you’re a student juggling schoolwork and other responsibilities.
To summarize, identifying profitable business ideas with low startup costs requires some creativity, research, and an entrepreneurial mindset.
By considering your interests and skills, researching your market, finding a niche, starting small, leveraging social media, and embracing technology, you can identify a profitable business idea that you can start with little capital.
Note that starting a business as a student can be challenging, but it can also be rewarding.
It can help you develop valuable skills such as time management, communication, and problem-solving.
Also, it can provide you with a source of income and help you become financially independent.
So, don’t be afraid to take the leap and start your own business.
With the right mindset, strategy, and a willingness to learn and adapt, you can turn your entrepreneurial dreams into reality.
Also Read: What Can I Cook As a Student in Nigeria?
Tips for Managing Your Business While in School
Managing your business while also going to school can be challenging.
But I’ve got some tips that could be helpful to you:
1. Develop a Schedule
Balancing a business and studying can be challenging, but creating a schedule that allocates time for both can make things a lot easier.
As a student in Nigeria, you can make use of various time-management tools, such as a planner or a digital calendar, to create a schedule that works for you.
Make sure to include study time, class time, and business activities.
By developing a schedule, you’ll be able to stay organized and stay on top of both your studies and your business.
2. Delegate Tasks
One person can’t do everything on their own, especially when running a business and being a student.
If you want to be successful, you should delegate tasks to trusted people.
This could be your business partners, assistants, or even professionals you hire to help you out.
This will help you free up time for your studies and ensure that your business is still running efficiently.
3. Utilize Technology
Let’s face it – technology has made everything a lot easier, and running a business while studying is no exception.
By using apps and software to manage your business tasks, you can automate some of the processes and stay in touch with your customers and team members.
This will save you time and help you manage your business more effectively.
Also, using technology will make your business appear more professional and credible to potential customers.
4. Build a Support Network
Having a strong support network is crucial when running a business and being a student.
You can join networking groups or attend business events to surround yourself with people who understand your challenges and goals.
Additionally, you can seek advice from experienced entrepreneurs who can offer guidance and support as you navigate the world of business.
5. Prioritize Your Studies
While running a business is undoubtedly important, your studies are also a priority.
It’s essential to make arrangements with your business partners or customers to accommodate your study time.
This will help you stay on top of your studies and prevent any negative impact on your grades.
Keep in mind, your academic success is crucial for your future, so don’t neglect it!
6. Stay Healthy
Finally, managing a business while studying can be stressful, so it’s crucial to take care of your mental and physical health.
You can exercise regularly, eat healthy foods, and practice stress-reducing activities such as meditation or yoga.
When you take care of yourself, you’ll be more productive and focused, which will help you succeed in both your business and your studies.
To summarize, managing a business while studying as a student in Nigeria is challenging, but with the right strategies, you can succeed.
By developing a schedule, delegating tasks, utilizing technology, building a support network, prioritizing your studies, and staying healthy, you’ll be on your way to achieving your goals as a student entrepreneur.
Frequently Asked Questions (FAQ)
Which Business Is Best for Easy Money in Nigeria?
I understand that you’re looking for ways to make some easy money, but let me tell you – there’s no such thing as a free lunch!
Building a successful business requires hard work, dedication, and a solid plan.
You’ll want to research potential opportunities and consider factors like competition and market demand.
The road to success may not be easy, but with the right mindset and strategy, you can achieve your goals.
What Is the Cheapest Business to Start in Nigeria?
If you’re looking to start a business in Nigeria without breaking the bank, there are plenty of low-cost options to consider.
Some popular ideas include freelancing, blogging, and online tutoring.
You could also start a small-scale food kiosk or offer housekeeping services.
However, keep in mind that even low-cost businesses require careful planning and budgeting to ensure success.
With the right mindset and strategy, you can launch a thriving business in Nigeria without spending a fortune.
What Is the Fastest Way to Make Money As a Student in Nigeria?
Need some quick cash as a student in Nigeria? You can try freelancing, tutoring, or selling products online.
There are also websites like Fiverr, Upwork, and Amazon Mechanical Turk that offer paid opportunities for completing tasks.
Just be careful of scams and do your research before signing up for any platform.
With determination and hard work, you can earn extra income while still focusing on your studies. So, what are you waiting for? Start hustling!
What Business Moves Fast in Nigeria?
If you’re looking for a fast-moving business in Nigeria, there are several options to consider.
E-commerce, mobile banking, and digital marketing are all growing rapidly.
The food industry, especially online food delivery, is also seeing significant growth.
The healthcare, real estate, and renewable energy industries are also showing promise.
Keep in mind that success is never guaranteed and careful planning, hard work, and adaptability are essential for any business to thrive.
So, choose wisely, stay focused, and keep hustling!
What Business Can I Do to Make Money Daily in Nigeria?
Are you looking to make daily income in Nigeria? There are plenty of options to consider!
You can start street vending, offer ride-hailing services, or run a small convenience store.
If online is more your thing, then affiliate marketing, blogging, or dropshipping might be the way to go.
Offering services such as laundry or cleaning can also earn you daily income.
However keep in mind, success takes hard work and a solid plan, so choose a business that suits your skills and interests.
As a Nigerian student, starting a business while in school can go a long way for you.
Firstly, it will expose you early to the world of entrepreneurship and this can be very helpful given that landing your dream job in Nigeria can sometimes be challenging.
But from the experience you gathered while doing business in school, you can be able to start a small business while waiting to land your dream job.
There are so many other benefits of starting a business as a student in Nigeria.
If your parents are not well to do, you can help in covering the cost of your academic expenses from the money you make from your business.
If you have been sleeping on starting your own business as a Nigerian student, I advise that you get up and start one!
Yes, it may not be rosy at the beginning but with persistence and dedication, you could be on your way to becoming self-employed after you graduate from school.
If you have any questions or inquiries, kindly drop them in the comment section and I will respond almost immediately.
Wish you success in your entrepreneurial journey!