This post talks about the top businesses to start with low capital In Lagos. It’s aimed to enlighten those who wish to start up a profitable business in Lagos but have limited financial resources.
Setting up low capital business In Lagos could be daunting, especially if one is not a business-oriented person, the challenges of coming up with ideas and strategizing to source for products, getting customers, and ultimately starting to make money.
But Don’t worry we got you covered all in this post.
We’ve interviewed several business owners in Lagos on how they set up their businesses, Charles a mobile phone and accessories seller shared his story of how he successfully became a mobile phone and accessories dealer with as low as 500 thousand naira. And many more to inspire you. Read on and learn how to set up your business with low capital in Lagos effortlessly.
Top Business To Start With Low Capital in Lagos
These 5 businesses are the list of lucrative yet capital considerations anyone can do and smile to the bank.
- Phones and Accessories shop
- Foodstuff business
- Electrical Appliances business
- Selling Used Wears
- Barbers Shop
Let’s go over each of them in detail
1) Phones and Accessories shop
Do you know that an average phone accessory you buy in Nigeria is being sold to you at twice the purchase cost price? Mobile phones have become part of our lives, a necessity to ease day-to-day communication, and others have taken it further with an added level of obsession with their phones.
They have become what clothes and shoes are to the fashion world. while some use their phone as a simple communication tool, others have turned it into a veritable fashion accessory, using it to make statements about who they are and what they believe in. For the latter group, their phones are not just a means of communication, but also a way to express themselves and their style.
Lagosians are always on the lookout for the latest trends in phone accessories and are willing to spend a pretty penny to get their hands on the newest and coolest pouches, Earpieces, chargers, Screen guards, cases, etc.
That is where you come in as an aspiring business person in Lagos to fill in those demands for trendy and latest phone accessories.
These are a few steps to take to get you going with the phone accessories business
Get A Strategic Location for Your Shop
Like every other business, the phone accessories business requires positioning at the right spot to be able to reach the right set of customers.
To get the best out of a phone and accessories business it is ideal to choose a busy location with a lot of foot traffic, places like Bus stops, busy streets, and residential areas that people live around, another good strategic location in areas dominated by the youths, and example is school environments, as the youth have higher purchasing power interns of mobiles and gadgets accessories
Source For The Phone Accessories
This is a very vital aspect to consider when starting a phone and accessories business, where you source for your products determines how much sales and profit you make. The major phone accessories you will be dealing with for a start include earpieces, headphones, chargers, pouches, screen guards, USB cords, memory cards, power banks, EarPods, and air buds. These everyday accessories people purchase says Romanus Nwode a mobile phone accessories dealer.
But before implementing any of these strategies we will be discussing, visit the phones and accessories shop you know to ask for prices of different accessories to understand the profit margin when you are sourcing your product.
The three major profitable sources of phones and accessories in Lagos:
a) Get At Computer Village
Computer Village is the hub of phones, computers, and mobile accessories. It boasts a wide array of accessories and phone parts in the state and beyond. Computer Village market is located in Ikeja the center of Lagos, sourcing for phone and accessories products in the market is simple straightforward
When you arrive at computer village approach shop owners who deal in each of the accessories mentioned earlier for wholesale prices, usually they will ask you how many pieces you are buying, this is to ascertain the quantity that determines a wholesale purchase, ideally, any quantity from 10 pieces should be categorized as wholesale.
Always look out for shops that are fully stocked, this could be a sign that they sell to retailers at wholesale.
b) Source From Alaba International Market
Sourcing for mobile phone accessories in Alaba has the same process as Computer Village. However, their prices slightly differ as Alaba is more of a wholesale market and caters mostly to resellers. When you arrive at the market ask if the mobile phones and accessories section as the whole market has different sections for different electronics.
Approach shop owners who deal in each of the accessories mentioned earlier for wholesale prices, usually they will ask you how many pieces you are buying, this is to ascertain the quantity that determines a wholesale purchase, ideally, any quantity from 10 pieces should be categorized as wholesale.
Do not jump into purchase yet, various dealers are selling the same product in the market, so endeavor to compare prices, and go for the cheapest without compromising quality.
c) Import From China
Note that this option is applicable when your phone and accessories business starts booming and you desire to become a direct importer of your products.
China is a major manufacturer and supplier of mobile phones and accessories imported to Lagos. Importing phone accessories from China is lucrative yet capital-intensive and is beyond the context of this post. So, stick to the other approach mentioned above while we put up a dedicated page that talks about everything you need to know about importing from China to Lagos.
Attract Customers
Getting customers to your phone accessories show is the bread and butter of the business and plays a pivotal in the success of the business. To get eyes on your phone accessories shop depends on your marketing acumen, but give you a few guides based on our interaction with mobile phone sellers in Lagos.
- Make Shop Arranged: Arranging your shop in an orderly manner is very important, it makes your goods attractive and inviting to customers. Create a simple show glass design and hang your accessories on the wall by section, eg earpiece on one side, chargers on one side, screen guards on another side. this makes your shop visually, appealing you get the idea.
- Have A Display Banner: Creating a display banner outside your shop is essential, it helps create awareness about your products. This could be done by designing various accessories you sell on the banner with a simple business name. eg mic’s Phone accessories with designs of chargers, earpieces, memory cards, etc on the banner. this goes a long way to capture passersby attention to you business.
- Create awareness: It makes sense to create awareness by making people turn to look at your business, a good approach is to get a musical instrument that is loud enough to capture people’s attention and play good music. This is highly beneficial in letting people know that Hey! something is going on here.
2) Foodstuff Business
Foodstuff is arguably one of the best business ideas to start in Lagos with low capital now because the rate at which people consume food now is very high and the demand keeps increasing, It is a lucrative business that can be started with little or no capital. As a foodstuff seller people will always come to you for it, the more you sell, the more money you make.
The foodstuff business will save you and your family tonnes of money from the cost of food consumption. because you buy in wholesale prices and have mastered the secrets of buying in bulk for sale
Another good thing about foodstuff selling is that it can be done anywhere, in a shop, at the roadside, or even in your house. It is a very easy business to do and it does not require any special skills or training.
All you need do is look out for big food items markets around you and approach the seller of garri, rice, beans, sugar, Semovita, wheat flour, vegetable oil, pounded yam flour, tomato paste, and other foodstuffs to buy from them in large quantity at a wholesale price which you can resell at your shop or roadside at a reasonable price and make your profit.
One of those markets where you can buy foodstuff at profitable prices to resell is the Ile-Epo market, this market serves people of Lagos state and is known for its cheap and fresh food items. we have posts that talk more about the Ile-Epo market, go ahead and read them to get more information on how to source your foodstuff.
3) Electrical Appliances business
Homes, offices, shops, and everyone using electricity desires appliances. As an aspiring business owner in Lagos that is a great chance for you to utilize the opportunity for you to get to business to make money.
As a fresh start-up, you only focus on affordable appliances like bulbs, wires, switches, suckets, lamb holders, pressing iron water heaters, blenders, and other fast-moving and affordable appliances till your business grows to start selling the likes of air conditioners, sound systems, etc.
Selling electrical appliances in Lagos can be a profitable business venture if approached strategically. Here’s how you can make money in this market:
- Get A Business Space: Your electrical appliances shop should be located around residential areas where people live or do business, this is important because your business will likely be patronized by people staying around your business place.
- Source For Your Electrical Appliances: A place to source for your electrical appliances is the Alaba international market, this is the powerhouse of electrical and electronic appliances in Lagos, people from all around the country and West Africa visit this market to get goods to stock their shops and electronic business. Consider the Alaba market when you want to buy electrical appliances wholesales for your business
- Promote Your Business: The electrical appliances business is not different from other businesses in terms of advertising it to people. A few ways to do this are by word of mouth, distributing flyers around your business neighborhood, and creating awareness of your business by using musical instruments. Also, you can utilize an online presence by engaging with an online marketing service provider in Lagos to do the magic for you.
Setting up a successful electrical appliances business in Lagos isn’t rocket science, it requires combining quality products, strategic location, competitive pricing, excellent customer service, and other natural business sense.
4) Used Wears Business
When you ask a lot of Logoasians which they prefer between new and foreign used wear, most will opt for foreign used wear, maybe the reason is due to the high quality of the wear compared to poorly made new ones.
Selling used clothes, bags, shoes, belts, curtains, and duvets is a profitable venture in Lagos, this is one business to start in Lagos with low capital and make a substantial amount of money. this business can be started for as low as 30,000 naira, all you have to do is sharpen your negotiation skills when you get to the market and you can go home with a beautiful dress for as low as 500 naira each.
This business could be done in the shop, home, and stalls. To start this business just head to markets where you can buy cheap used wear to resell as a business, one of those markets is Katangua Market Lagos, we have a detailed post on everything you need to know about Katangua Market, this could help you on how to source for used wears for your business.
Starting a used wear business in Lagos is not difficult, visit the market and buy at affordable prices then go and sell for profit.
Markets To Buy Used Clothes In Lagos
- Katangua Market
- Asuani Market
- Yaba Market
5) Barbers Shop
A barbershop is one business to start in Lagos with low capital, this is a cool way to make money. The business can be quite profitable, as there is always a demand for haircuts and other grooming services.
Mastering barbing requires a few months of training to learn the ropes of the trade, this depends on your learning ability. But once you have mastered the skills, you can open your shop and begin making money.
Getting started you will need to find a good location for your shop. It should be in a busy area with a lot of foot traffic. This will ensure that you always have customers. You will also need to get the necessary equipment, such as chairs, clippers, scissors, aprons, aftershave, and a few hair and beard treatment creams.
Once you have everything set up, you can start advertising your business and attracting customers. Word of mouth is always the best form of advertising, so make sure that you let everyone know about your new barbershop. You can also put up flyers and posters in local businesses and promote your business on social media.
Final thoughts
Starting a business in Lagos with low capital is not only feasible but also promising. By choosing ventures like a phones and accessories shop, a foodstuff business, selling used clothes, an electrical appliances shop, or a barber shop, you tap into essential needs and vibrant markets. These businesses require minimal initial investment but offer substantial growth potential. As Lagos continues to flourish as a commercial hub, seizing these opportunities can lead to significant financial rewards and personal satisfaction. Embrace the entrepreneurial spirit, leverage the bustling Lagosian economy, and take the first step towards building a successful business today.
Based on popular demand we will be grading the already talked about businesses by start-up amount.
What business can I do with 500k in Lagos
- Phone And Accessories Business
- FoodStuff Business
- Used Wears Business
- Electrical Appliances Business
- Barbers Shop
Which business can I start with 100k in Lagos
- Food Stuff Business
- Used Wears Business
What business can I start with 50k in Lagos
- FoodStuff Business
- Used Wears Business
What is the easiest business to start with little capital
- Used wears Business
- FoodStuff Business
Business ideas in Lagos for ladies
- Foodstuff Business
- Phone Accessories Shop
- Used Wears Business
