There are lots of business ideas in Lagos with low capital for anyone who wants to go into business. Lagos state is filled with a lot of business opportunities that you can venture into. However, not all these business opportunities are known to everybody.
Here in this post, you will discover five (5) best business ideas in Lagos with low capital. Ensure you read this post till the end then take action immediately.
Disclosure: This post contains affiliate links. If you click on any of them to make a purchase, I may get a commission but at no additional cost to you.
Business Ideas in Lagos with low capital: Best Five (5)
1. Mini Importation Business
Mini importation business, also called “E-Commerce business”, is one of the best and lucrative business ideas in Lagos with low capital. It is very easy to start a mini importation business in Lagos because there is a sea port in Lagos and it does not matter how far your house is to the port, your goods will still get to you.
By the way, “mini importation is a business that involves importing products (goods) from abroad at very cheap prices and selling them here in Nigeria at a higher price”. Mini importation is still an untapped business by a lot of people. This business is not yet saturated so it is still scalable.
However, to start mini importation business in Lagos you do not have to travel out of the country. The internet has made life easier for us. You can import goods with your mobile phone or computer by just placing an order online and it will be shipped to your doorstep. It is certainly one of the most profitable business ideas with low capital because you can start with as low as 20k.
How to Start Mini Importation Business in Lagos
Here are the steps to start a profitable mini importation business in Lagos or anywhere in Nigeria:
- Decide on a niche
- Source for the products
- Buy from a trusted supplier
- Pay for the products
- Product Delivery
- Start Selling
Let me explain further…
Decide on a Niche
Choosing a niche is always the first step of every successful business. A niche is an aspect of mini importation you want to go into. One cannot be a jack of all trade in mini importation business. You have to be specific on the type of products you want to be importing. Therefore, the particular type of product you focus on is your niche.
For instance, you can focus on importing and selling health related products. Also, you may decide to focus only on importing electronic gadgets. It is generally advisable to import hot selling products. Hot selling products are products that are in high demand. They are products that people are always looking for and will pay any amount to get it. Watch this video to learn more about choosing hot selling products.
Source for the Products
Sourcing for products means to determine where to import from. There are lots of companies one can import from online. Some of the reputable companies one can import goods from are Amazon, Alibaba, Aliexpress, 1688.com, and so on. However, sourcing for products is a crucial step in mini importation business. You have to determine where to buy quality goods at the lowest price possible.
Buy from a trusted supplier
After determining the best company to buy from, the next step is to buy the products from that trusted company (supplier) you chose. Before you buy, you have to check for ratings and reviews about the products in order to be sure that they are of good quality.
Pay for the Products
After payment, your goods will be shipped to you depending on the method of delivery you choose. However, the delivery method you choose will determine how long your goods will take to arrive. There is an option of free delivery and there is an option of premium (paid) delivery. Free delivery of your products will take a lot of time. However, a lot of people go for the premium delivery because it is the fastest form of delivery.
The next step after your products are delivered to you is to start selling. There are many ways to sell products. You can sell offline and you can sell online or you can combine both. One of the best ways to sell mini importation products is to sell online. Selling mini importation products is one of the best business ideas in Lagos with low capital.
One of the most successful mini importers in Nigeria, who has also successfully trained thousands of people, created a video training about mini importation business. Click HERE to see the video also.
Dropshipping is also one of the lucrative business ideas in Lagos with low capital. This business is very profitable but many people are not familiar with it. It is also very similar to E-Commerce business.
How Dropshipping Works
This is how Dropshipping works…
You create an online store (a website) and list products on it for sale. Afterwards, you look for buyers online to buy the listed product. When they pay to make a purchase, you contact a seller who will now deliver the product to the buyer. A dropshipper is a middle man between a buyer and a seller online. He takes order of a product from a buyer at a high price and pays a seller to deliver the product to the buyer usually at a cheaper price. This is how dropshipping works.
3. Selling Information Products
Another lucrative business idea with low capital you can start in Lagos is to sell information products. Information products could be in form of e-books, video courses, audio, or CDs. Selling information products means selling the knowledge you have about a particular thing.
A lot of people have problems and they do not have the right information to solve their problems. If you have these solutions, you can package them as e-books or videos and sell them online. For instance, lots of people are looking for ways to lose weight and they do not have the right information on how to do that. Therefore, if you have the right information, you can package it for sale at your own price. This is a highly lucrative business if it is done the right way.
However, if you have no idea about how to produce information products for sale, there is a method that allows you to sell other people’s information products as your own and keep 100% of the profit. This method is totally legal all over the world. A lot of people do this and still make millions from it. This method of selling information products is called “White Label” or “Private Label Rights (PLR)”.
“White Label” products are products that are created by other people and these people will give you the right to rebrand the products as your own for sale. However, they will charge you a little fee for this.
The beauty of selling information products is that you create the product once and it sells forever. That’s it. Create once, sell forever.
However, I do recommend that you learn from the experts before you dive into this business. You need to be properly guided.
Jonathan Melody, a self made millionaire in this business, created a video training about how to start selling information products. He titled the video “Information Business Machine”. Click here to see the video. He is an expert you can learn from.
4. Affiliate Marketing
If you are looking for business ideas in Lagos with low capital, you cannot go wrong with Affiliate Marketing. If you are in Lagos or anywhere in Nigeria and you desire to quit your boring 9 to 5 job, affiliate marketing is for you. Before I go further, let me tell you what Affiliate Marketing is:
What is Affiliate Marketing?
Affiliate Marketing is a kind of business that involves promoting (marketing) other people’s products and getting paid a certain percentage of every sale. There are lots of affiliate marketers all over the world. Interestingly, you can be in Lagos and be an affiliate marketer for big companies elsewhere around the world.
What You Need for Affiliate Marketing
- A laptop computer
- Internet connection
Time is one of the most precious things in life. The more time you devote to affiliate marketing, the more successful you will become. If you devote the same amount of time and effort you give to your 9 to 5 job to affiliate marketing, you will become a millionaire in less than two (2) years. The beginning stage of affiliate marketing which is the learning stage requires your time more than your money. But when you successfully cross over that stage, it will require less of your time and give you more money.
A laptop computer
You also need a computer, preferably a laptop, for affiliate marketing. It is an online business therefore it requires a computer.
Affiliate Marketing requires an internet connection also. This is because almost everything about it is done online.
How Affiliate Marketing Works
This is how Affiliate Marketing works…
Let’s assume that the price of a product you want to promote is N40,000 and the affiliate commission is 50%, and you successfully refer five (5) customers who buy the product, your commission will be N20,000 (50% of N40,000) x 5 customers = N100,000. That is a lot of money. This is simply how it works. For example, Bluehost pays $65 for each customer you refer to them. Bluehost is a company that sells website domain and hosting. Therefore, if you refer someone who uses their platform to create a website, they will pay you a huge sum of $65 per customer you refer.
You may probably say, “I don’t like any business that has to do with referring people”.
Affiliate Marketing is NOT the same as Network Marketing like GNLD and co. No. it is not.
Read on and I will show you some ways to promote affiliate products even without talking to anybody directly. In fact, the “no talking to anybody method” works best. Affiliate Marketing is surely one of the best business ideas in Lagos with low capital.
Before I show you ways to promote affiliate products, let me show you how to become an Affiliate Marketer in the first place…
How to Become an Affiliate Marketer
There is a right way to become a successful Affiliate Marketer and there is a wrong way to become one. Whether you are going to be successful or not depends on how you begin.
I will show you the step by step process to become a successful Affiliate Marketer.
Come with me…
- Do some research
- Decide on a niche
- Join an affiliate network or program
- Decide on how you will promote the product
- Start promoting
Let me explain these points further…
Do Some Research
Doing research is always the first step of every successful business. Study a lot about Affiliate Marketing business before you dive into it. Learn everything that is learnable. There are lots of resources on Google and YouTube that will help you get started. Toyin Omotosho, a very successful internet marketer, created a video training where he explains affiliate marketing. Click here to see the video.
Decide on a Niche
A niche is a branch or an aspect of something. An affiliate marketing niche is an aspect of affiliate marketing you want to be promoting. Affiliate Marketing is a like a big tree with many branches. These branches are called niches.
Affiliate niches (branches) could be: education, automobile, finance, weight loss, beauty, furniture, software, romance, and many others. In fact, there is always an affiliate program for any kind of niche you decide to choose.
It is important that you focus on a particular niche when you are just starting out. But if you are just starting out as an affiliate marketer, choosing a niche may seem difficult. It’s totally normal. As time goes on, you will discover that your niche will come to you naturally. The aspect you have passion for the most will likely become your niche.
Join an Affiliate Network or Program
An Affiliate Network is a company you partner with to promote their offers. A lot of sellers register with these companies in order to have access to affiliates like you and me who will promote their products. A typical affiliate network consists of four parties: The network itself, the seller(s), the affiliate(s), and the customer. However, there are other affiliate programs called “in-house affiliate program”.
An “in-house affiliate program” does not require you to join an affiliate network. This type of program only requires you to join through the seller’s website. There are many networks you can register with like Expertnaire, JVZoo, Warriorplus, Commission Junction, Grammarly, etc. However, some international affiliate networks require that you have a website before you can join them.
If you truly want to be successful in Affiliate Marketing, You have to open a website from day one. Although it can be done without a website but that will greatly limit your profit.
I recommend having a website (blog) for affiliate marketing because it will make your business stand the test of time. However, if you want to make quick money that will disappear easily, you do not need a website”.
Click here to learn how to create a website easily by yourself, without the help of any programmer or any knowledge of coding.
Decide on how you will promote the product
After joining an affiliate network or an in-house affiliate program, you have to decide what promotional methods to use to generate sales. A lot of these companies with give you advertising materials to use for the promotion of their products. In the course of this article I will share with you four (4) powerful and irresistible ways to promote affiliate products and generate massive sales.
After deciding how to promote affiliate products, the next step is to start promoting.
Let me walk you through the four (4) powerful steps to promote affiliate products and generate massive sales…
How to Promote Affiliate Marketing Products and Make Lots of Profit
I will share with you four (4) powerful and irresistible ways to promote affiliate products and make lots of money from it.
- Free promotional method
- Paid promotional method
- Promoting through YouTube
- Promoting through Blogging
Let me explain them one by one… Keep reading.
Free Promotional Method
Free promotional method or rather free advertising is a form of advertisement one is not paying for. The free advertising method involves telling people one on one about the affiliate products you are trying to promote. You can easily do this by chatting up your friends and family on social media, asking them to buy your offer or by posting images or videos of the products you want to market on your Facebook wall.
However, free advertising method is not limited to that alone. You can go to Quora or Reddit and genuinely answer people’s questions based on your niche, then add your affiliate link for people to make a purchase.
With this method, you will search for questions that are related to the product you want to promote then give your answers. As long as your answer and your affiliate links are there, it can keep generating sales for you. Quora and Reddit are question and answer platforms where people come to ask questions from fellow forum members and get answers.
Free promotional method means leveraging on these free ways to promote affiliate products. A lot of Affiliate Marketers use this method to make money.
Paid Promotional Method
This method involves running paid advertisements online in order to send traffic (people) to the offer you are promoting. This method can be more effective than free promotional method if you do it the right way. You can reach thousands and millions of people with it depending on your budget. It involves running Facebook ads, Instagram ads, Google ads, Bing ads, etc. and directing the traffic to the product you are trying to promote.
However, the paid promotional method requires an automated process. This means that you will set up a buying and selling process that runs itself. To make this method work, you have to set up what is called “a sales funnel”.
A sales funnel is an automated buying and selling process that you set up for your potential buyers to go through to buy your offer. It is not really okay to just run an advert directly to what you are selling. You have to take your potential buyers through a page where you can get their email addresses in order to do a follow up on them. This is because not everyone buys immediately and that is why we are setting up the funnel.
What make up a sales funnel are: an advert, a pre-sell article, a landing page, a thank you page, and a sales page. This video explains it more.
Here is an image of a sales funnel
The advert will contain captivating text called an ad copy and an image. The pre-sell article is an article that is professionally written to make potential buyers have “a foretaste” of what they are buying. The landing page is where you tell them to sign up for your offer with their name and email address.
The thank you page is where they are congratulated for signing up. Finally, the sales page is where they buy your offer. You need an E-mail marketing software to do this. GetResponse is a good email software to start with. Click here to sign up for GetResponse. You can use it to set up your landing pages, thank you pages and also capture your customers’ email addresses.
Promoting through YouTube
Starting a YouTube channel and creating video contents that solve people’s problems is another great way to make money from affiliate marketing. Millions of people turn to YouTube to find video contents that solve their problems.
Affiliate Marketing is about problem solving. You help to solve people’s problems and they pull out their money to buy your offer. That’s how it works.
You do not need many subscribers to start using this method. All you have to do is create problem solving videos based on your affiliate niche and place your affiliate links at the top of the description box for your viewers to click and make a purchase if they are interested.
Here is a video training that reveals how to start a YouTube channel and turn it into a money making machine.
Promoting Through Blogging
One of the best ways to promote affiliate products that will generate monthly recurring revenue for you is blogging, and that is if you do it the right way. I said “if you do it the right way” because there is a wrong way to blog and there is a right way to blog.
I will show you the right way to start blogging in this post. Keep reading.
Blogging involves posting contents (articles) that solve people’s problems on your website (blog) and placing your affiliate links within those articles. This way, as long as your blog posts are online, your affiliate income will keep flowing in. However, it will require you to have a website (blog) of your own.
Creating a website is easier than ever now. All you need to own a website or blog is to buy a domain name and a hosting plan. This guide will teach you how to create a website/blog by yourself. Click here to see the guide.
Learn more about blogging in the next point.
Blogging is one of the untapped business ideas in Lagos with low capital. You can even start a blog with less than 10k. I will show you how, later in this post.
Starting a blog is very easy and profitable. A lot of bloggers are full time bloggers simply because they do not need any government or private job elsewhere. One can make a full living just from blogging. I will show you how, but before then let me tell you what blogging is in the first place.
What is Blogging?
In simple terms, blogging has to do with writing articles that solve people’s problems online and “somehow” getting paid for it. Whenever we have problems that we need solutions to, most times we resort to Google to find answers. Therefore, if you write blog posts that solve people’s problems and people find it on Google, it can be a huge source of income for you. I will show you how in this point.
How to Become a Successful Blogger Even if You know Nothing About it before
Anyone can become a successful blogger if they put their minds to it. if you read from here till the end, I can assure you of becoming successful in your blogging career.
I will share with you the step by step guide to setup a blog that will make you money and you will agree with me that it one of the best and lucrative business ideas in Lagos with low capital.
Step 1: Setting up your blog
- Choose a niche
- Get a domain name
- Buy a hosting plan
- Install WordPress (Recommended)
- Customize your blog
- Download necessary plugins
- Index your website (blog)
Step 2: After setting up the Blog
- Do keyword research
- Post quality contents (articles)
- Monetize the blog
I will explain these steps further to you…
Step 1: Setting up your blog
Decide on a niche
Blogging requires that you are specific about what you want to be blogging about. You cannot be blogging about everything or nothing in particular. No. You must have a focus. Therefore this focus is called a niche. It is a specific aspect you want to be blogging about. There are different blog niches like politics, finance, relationship, health and fitness, weight loss, automobile, software, pets, and so many others.
However, you have to do a little research to know whether the niche you are choosing is profitable.
For instance, if you are blogging about “software”, we know that software niche is profitable because people are always in need of software and they will always pay to get it.
Also, when deciding your niche, choose the one that aligns with your passion and you cannot get tired of writing about. This will really help your blog in the future. A lot of bloggers blog about things as basic as “dogs” and they still make a lot of money from it.
Get a domain name
A domain name is the name you want your blog to be called. For example, www.adexreviews.online is the domain name of this website. You are the one who will decide what name you want your blog to be called. Once you buy a domain name, the blog will be active online automatically and no one else can buy it again as long as it is active.
I recommend getting your domain name from Namecheap. They sell very affordable domain names, but first…
Use the free tool below to check if the domain name you want to use is available. You can proceed to buy from there.
Find a domain starting at $0.88
powered by Namecheap
Tips for buying a domain name
- Think of an incredible name to use. Don’t use a name that is difficult for people to pronounce or remember.
- Use a name that is the same or similar to the reason why you are creating the blog.
Buy a hosting plan
A website host is an online server that houses your blog (domain name). Once you buy a domain name, your blog will be active automatically. However, without a hosting plan it won’t work. A hosting plan is the house where your blog and all its contents live. For instance, a desktop computer has a Central Processing Unit (CPU). Inside this CPU is where your files are stored. This is exactly how a website (blog) works too.
Your hosting plan is the CPU of your blog. It stores all the contents of your blog. Your blog (domain name) needs a house (hosting) to come alive. That is why you need to buy a hosting plan. I also recommend that you buy a shared hosting plan from Namecheap if you are on a low budget. Click here to visit Namecheap.
When you buy the shared hosting plan, you get access to:
- Host three (3) different domain names (websites) on it
- 30 professional emails (e.g. firstname.lastname@example.org)
- Massive discount of up to 50% for the first year.
- WordPress integrated
- 24/7 customer support
Install WordPress (Recommended)
I recommend using WordPress for your blogging platform. WordPress on your blog is like Microsoft Windows on your laptop computer. We use WordPress to type, edit posts, and control the look of the blog. It is the most recommended blogging platform worldwide because of its ease of use.
It is also specially designed for blogging. Namecheap hosting plan comes with pre-installed WordPress. All you have to do is sign in to your hosting account after paying then click on WordPress to install it. Alternatively, you can download it and install it manually.
Customize your blog
To customize your blog, you have to install a theme. WordPress comes with some pre-installed themes you can choose from. If you do not like any of the pre-installed themes, you can download a theme of your choice online and install it. A theme is what gives your blog a good look.
Download necessary plugins
One of the most important plugins that is “a must have” for all bloggers is Yoast SEO plugin. This plugin guides you in writing blog posts that are search engine friendly. In other words, it will help you write posts that will rank well on Google.
Index your website (blog)
This is a very crucial aspect of setting up your blog. Indexing is what makes search engines like Google find anything you post on your website. You only need to index your blog once then anytime you post anything, Google will easily find it.
Watch this video guide on how to index your blog.
Step 2: After setting up the Blog
Do keyword research
After setting up your blog, the next crucial step is to do keyword research. Keyword research means topic research. You have to do a research about the topics people are searching for on the internet, based on the niche you chose. As a blogger, you do not just write what you want, rather you write about what people are searching for to solve their problems and that is where the real money is.
For instance, if you write an article about how to buy a phone online, you are solving the problems of people who don’t know how to buy a phone online. Therefore, if you are an affiliate for a phone company like Konga, you will leave your affiliate link somewhere in the post for your readers to click to buy. If they buy, you get paid your own affiliate commission.
Blogging is about solving problems and then getting rewarded for it.
When you are doing keyword research, always look for low competition keywords. It will help your blog to rank faster in search engines.
There are online tools that can help you with your keyword research. Some of them are KWFinder and SEMRush. SEMRush has a very large database of keywords. It pulls data from all over the world. You can sign up for KWFinder free trial here or sign up for SEMRush free trial here.
Also, you can begin your keyword research with the search tool below.
Post quality contents (articles)
After you have done your keyword research, the next step is to start writing blog posts based on the research you have done. When starting out, post as many quality contents as you can and ensure they are well optimized for search engines. If you have no time to write or you do not know how to go about it, you can hire a freelance writer to write your blog articles for you. Click here to hire a freelance blog post writer.
However, while writing blog posts ensure that you optimize them well for search engines. This is called Search Engine Optimization (SEO). Every blog post must be optimized properly for search engines. This book will teach you about how to optimize your posts to rank well on Google. Click here to get a copy of the book.
Monetize the blog
This is the moment we’ve been waiting for…
You can monetize your blog in these ways:
- Affiliate Marketing: This is one of the most profitable ways to make money from your blog. Whenever you post articles that have your affiliate links on your blog and people click to make a purchase, you get paid. Read more about affiliate marketing in this post.
- Google Adsense: When you register for the Google Adsense program, Google will place advertisements on your blog and pay you when people click on them. Ensure you do not deliberately click on those adverts yourself to make more money. Your blog will get penalized by Google for it.
- Selling your own digital products: If you have digital or physical products to sell, you can advertise them on your website for people to buy.
- Selling advertising spaces: When you have a huge number of people visiting your blog monthly, you can apportion certain columns or pages to people who want to advertise their own businesses on your blog and you will charge them for it. This method pays a lot.
Frequently Asked Questions
What business can I start with low capital?
There are many business ideas in Lagos with low capital. You can start mini importation business, dropshipping, Affiliate Marketing, and Copywriting. This post will guide you on how to start some of them.
What business can I start with 50k in Lagos?
Lagos is full of opportunities. With 50k in Lagos you can start mini importation business, cryptocurrency trading, and dropshipping. These are some of the lucrative business ideas in Lagos with low capital.
What business can I start with 20k in Lagos?
If you have a budget of 20k in Lagos, you can start a blog. Blogging is highly profitable. I have covered everything you need to start a blog in this post. It is one of the best business ideas in Lagos with low capital.
There are lots of lucrative business ideas in Lagos with low capital. Here in this article, I have covered the best and most profitable five (5). What are your thoughts about business ideas in Lagos with low capital that one can start?
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All the best!