If you’ve ever asked yourself, “Can I start a business with ₦700,000 in Nigeria?”, the answer is yes, you can. As someone who has guided hundreds of entrepreneurs through their startup journey, I can tell you that the capital you have is only part of the equation. What matters more is choosing the right venture, understanding your market, and executing with discipline. There is always a business to start with 700K in Nigeria that is not just affordable, but profitable when done right.
Across Nigeria, people are building businesses that solve everyday problems, sometimes with even little as ₦700,000. What makes the difference is clarity: knowing which sectors are growing, what consumers are actively spending on, and how to meet those needs efficiently.
This guide highlights profitable businesses in Nigeria that can be launched with 700k or less, complete with startup costs, tools, earning potential, and tips to avoid mistakes. You’ll also find insights on important steps like business registration in Nigeria and marketing strategies to help you hit the ground running. Every section is built to help you take action with clarity and confidence.
And to make setting up your business even easier, you can enrol in our Entrepreneurs Success Blueprint Program (ESBP). It is a practical course designed to guide you step-by-step on how to start, structure, and grow a profitable business in Nigeria.
Key Takeaways
- Starting a business with ₦700,000 in Nigeria is not only possible, it is smart when you focus on solving real problems in your community.
- You don’t need to chase flashy ideas; simple, everyday businesses, when executed well, can generate consistent income and grow steadily.
- Success comes faster when you invest time in understanding your market, planning properly, and staying disciplined with your money.
- No matter the business you choose, structure it from day one, register it, brand it, and run it like the profitable venture you want it to become.
10 Profitable Business to Start with 700K in Nigeria
Sometimes, the difference between someone who launches a business and someone who keeps saying “one day” is clarity. When you can see what’s possible, you move differently. ₦700,000 might not feel like a lot, especially in today’s economy, but I’ve watched this same amount transform lives when directed with intention.
Let’s take a look at some of the profitable businesses in Nigeria that you can start with as low as ₦700,000 today :
1. Food and Beverage Business
If there’s one thing that never slows down in Nigeria, it’s the food business. Rain or shine, election season or festive period, people must eat. And not just eat, they want good food, well prepared, and served hot. That’s why a well-run food and beverage business will always find its footing. With ₦700,000, you can carve your space in this bustling industry without setting up a fancy eatery in a highbrow neighbourhood.
You could start by selling freshly made jollof rice and grilled chicken to busy workers in your area, or package soups and stews for families who want the convenience of home-cooked meals without the stress. You could even run a breakfast spot right outside your compound, serving akara, pap, and yam with a smile before 9am. The real trick? Keep it clean, consistent, and tasty. Word spreads fast when your food hits the spot.
Nigeria has a deep love for food, and every community has its unique cravings. If you understand your local demand and you’re willing to show up daily with quality, you’ll never run out of customers. Whether it’s pepper soup in the evenings or rice and beans at lunchtime, there’s always someone hungry and ready to pay for convenience. Start small, build your flavour, and let the market do the talking.
2. Retail Store
Retail thrives in places where convenience matters. Think of the young mother who’d rather buy her baby’s diapers from the nearby kiosk than face the stress of a crowded market. Or the office worker who grabs toothpaste and cereal on their way home. Your ₦700,000 can go far here if you stock the right products.
Start by identifying what sells fast in your area: snacks, provisions, cleaning items, and personal care essentials, and focus on quality over quantity. Instead of renting a big shop, a compact space or even a wooden stall with good visibility can get you going. The key is location and customer trust. Once people know you’re reliable, they’ll keep coming back, and they’ll bring their neighbours too.
3. Farming Ventures
Agriculture isn’t just for large-scale investors with hectares of land, it’s for anyone willing to work with nature and be patient with results. With ₦700,000, you can venture into small-scale poultry farming or fish farming.
You don’t need to break the bank to get started. A few hundred birds or a basic concrete pond can kick things off. Invest in good feed, learn basic animal care, and prioritise hygiene. That alone can set you apart. Nigerians eat chicken, eggs, and fish every day, and your job is to plug yourself into that demand chain with quality and consistency.
Farming may not have the glamour of tech or real estate, but don’t be deceived, it’s one of the most profitable businesses in Nigeria. It takes time, yes, but the returns are steady, especially when you build trust with buyers. Restaurants, market women, and food vendors are always on the lookout for reliable suppliers. If you can deliver, they’ll keep coming back.
4. Online Store
We’re living in a digital-first world where attention is currency and convenience is king. Nigerians are shopping online now more than ever and with the right strategy, your phone can become your shop, and your social media page, your storefront.
Running an online store means identifying what people are already buying and finding a cost-effective way to provide it. Popular products include accessories, skincare items, hair products, clothing, and even kitchen essentials. Your goal isn’t to stock everything, it’s to start with a niche and serve it well.
When starting, consider your target audience, your supplier, and your ability to deliver quickly. Don’t buy stock blindly; carry out proper market research. Check what’s trending, test interest, and calculate your profit margins before placing your first order. Packaging matters too. People are more likely to return or refer others if their order feels thoughtfully presented.
You can sell directly on Instagram, WhatsApp Business, or TikTok Shop. If you want a broader reach, set up a free storefront on Jumia, Flutterwave Store, or Konga. These platforms make it easier to manage inventory, receive payments, and build credibility with new customers.
Running an online store is one of the smartest small business ideas in Nigeria because it meets people where they are, on their phones. With consistency and good customer service, it can go from side hustle to serious income source in months.
5. Event Planning
In Nigeria, we celebrate everything, and we do it big. From weddings and birthdays to housewarmings and naming ceremonies, events are woven into our culture. And where there are events, there’s opportunity. Event planning is one of those businesses that rewards organisation, creativity, and strong relationships. If you’re someone who knows how to bring order to chaos and can handle pressure without losing your cool, this space might be for you.
With ₦700,000, you won’t need to buy every chair, canopy, or speaker. Instead, focus on building relationships with trusted vendors, decorators, caterers, DJs, photographers, and coordinate the moving parts. Invest your capital in branding, a basic website or Instagram presence, business registration, and logistics.
Start by offering to coordinate small events for friends, colleagues, or local religious groups. Use those early jobs to build your portfolio and gather testimonials. In this business, referrals are your biggest currency.
What makes this a profitable business in Nigeria is simple: people will always pay for peace of mind. Your job is to deliver a stress-free experience and handle the details they don’t want to worry about. Do that well, and you’ll never lack clients.
6. Real Estate Services
You don’t need to own a house to make money from real estate. In Nigeria’s growing cities, people are constantly searching for places to live, rent, or invest in. If you’re observant, trustworthy, and a good communicator, a real estate agency or property management is a smart play. With ₦700,000, you can position yourself as a reliable middleman, connecting landlords to tenants and earning commissions in the process.
Use part of your capital to register your business, brand yourself professionally, and set up a simple website or WhatsApp catalogue with listings. And if you don’t know where to start with the registration, don’t worry, we’ve helped many entrepreneurs like you handle it through our business registration service. It is quick and straightforward and helps you stay compliant. Once your business is properly set up, people will take you more seriously, and it becomes easier to build trust.
That trust is everything in this space. You’ll be handling people’s money, documents, and private spaces, so reliability is non-negotiable. Focus on areas you know well. Show up on time. Be honest. Handle paperwork properly. With time, you can expand into managing short-term rentals or co-listing with developers.
7. Beauty Care Services
Someone once said that she almost did not book a makeup artist because she charged ₦25,000. After all, it felt too cheap to be real. That says a lot about this space. In Nigeria’s beauty industry, good work commands premium prices, and people will pay as long as they trust the result. That’s why beauty care is one of the most profitable businesses in Nigeria: low overhead, high demand, and strong earning potential when your skill speaks for itself.
With ₦700,000, you can equip yourself with the tools to launch as a makeup artist, hairstylist, nail tech, or skincare specialist. Start lean, quality over quantity. A solid product kit, good lighting, clean tools, and a steady hand can take you far.
Clients today are not just paying for the service; they’re paying for the experience. Be professional, punctual, and precise. Post your work. Show your results. And price yourself like someone who knows what they’re doing. The demand is there, and if your work is good, people will pay without blinking.
9. Mother and Baby Products Retail
When a new baby arrives, everything else takes a back seat. Parents don’t cut corners on diapers, formula, wipes, or clothing, they buy what’s needed, no matter the cost. That’s what makes this one of the most stable and overlooked small business ideas in Nigeria. You’re not just selling products; you’re giving parents peace of mind.
With ₦700,000, you can start a lean, focused store, either online or in a small residential space, stocking essentials that move fast. Think feeding bottles, baby bath sets, maternity pads, nursing pillows, and organic baby creams. Source from trusted suppliers and prioritise brands parents already know. New mothers are loyal customers; serve them well and they’ll keep coming back for months.
If you’re consistent, responsive, and reliable with deliveries, you won’t even need a big storefront; WhatsApp, Instagram, and neighbourhood referrals can carry your business far. The key is trust. Once a mother knows you always have what she needs, she won’t look elsewhere.
10. Laundry Services
In cities like Lagos, where people spend more time in traffic than at home, laundry is no longer a chore, it’s a service they’re willing to pay for. The average working-class Nigerian simply doesn’t have the time or energy to soak, scrub, rinse, and iron after a long day. That’s why laundry services remain a profitable business in Nigeria, especially in densely populated urban areas.
With ₦700,000, you can set up a small laundry station from your home or rent a modest space. Buy a washing machine, a good pressing iron, a backup generator, and reliable detergents. Keep your space tidy, brand your nylon bags, and ensure clothes are tagged properly; details matter in this business.
What keeps customers loyal isn’t just how clean their clothes come out; it’s how reliable you are. If you say Friday, make it Friday. Offer pickup and delivery in your neighbourhood to stand out. Most importantly, treat people’s clothes like they’re your own. That’s what turns first-timers into regulars.
Key Considerations for Starting Your Business in Nigeria
Starting a business is more than just picking an idea and spending money. It’s about knowing where you’re going, how to get there, and being prepared for the road ahead. Whether you’re launching one of the many small business ideas in Nigeria or exploring a niche of your own, these are the key things you need to get right from day one.
Market Research
Before you spend a single naira, understand who you’re selling to. What do people around you need? What are they currently using? How much are they willing to pay? Good market research doesn’t have to be complicated; ask questions, observe behaviours, and test your assumptions.
If you want to build a profitable business in Nigeria, you need to solve a real problem, not just follow a trend.
Business Planning
A business plan isn’t just for big investors, it’s your guide. It helps you map out your goals, costs, revenue streams, and marketing approach. Writing one forces you to think critically about how to grow, how to deal with challenges, and how to stay focused. If you’re trying to figure out how to start a business in Nigeria, this is one of the smartest first steps. You don’t need to write a 40-page document, just a clear, actionable plan you can follow.
And if you don’t know where to begin, don’t worry, we’ve created a simple, practical Business Plan Template that shows you exactly what to include. It’s the same format we use with our clients, and you can get it here to hit the ground running.
Business Registration
One of the fastest ways to earn customer trust and position your business for long-term growth is by registering it with the Corporate Affairs Commission (CAC). Many people overlook this step when starting small, but it makes all the difference.
If you’re opening a retail store, launching an online brand, or offering services, formal business registration in Nigeria gives you legitimacy. It also opens doors to funding, partnerships, and business accounts. If you’re unsure how to go about it, we can help you register your business quickly and professionally.
Location and Operations
Location can make or break your business, physically or online. If you’re setting up a physical outlet, choose a spot with good visibility, foot traffic, or easy access. If you’re running online, make sure your social media or e-commerce platform is easy to navigate.
Your operations, how you source products, deliver services, and communicate with customers, must be smooth from the start. That’s what builds your reputation.
Marketing Strategy
No matter how good your product or service is, people need to know it exists. Your marketing doesn’t have to be flashy, it just has to be consistent. Use Instagram, WhatsApp, flyers, or referrals to get the word out. Start where you are, with who you know. Your first ten customers will likely come from your immediate network. Build from there. In today’s digital world, visibility is as important as quality.
That said, marketing is just one part of the bigger picture. If you want to build something sustainable, you need to get the whole foundation right, from strategy to operations to marketing and execution. That’s exactly what we teach at the Entrepreneurs Success Blueprint Program (ESBP). Here, we walk you through how to structure your business properly and grow it with clarity.
FAQS About Businesses to Start with 700k in Nigeria
What business can I start with 700k in Nigeria?
You can start a food business, laundry service, online store, or small retail shop. Focus on high-demand, low-overhead options.
Is ₦700,000 enough to start a profitable business in Nigeria?
Yes, if you plan well, manage costs, and meet real customer needs. Many successful businesses started with less.
What business can I start as a beginner in Nigeria?
Start with service-based businesses like cleaning, food prep, or beauty care. They require low capital and are easy to learn.
What is the most reliable small business in Nigeria today?
Retail, logistics, and beauty services are consistent earners. They solve everyday problems with steady customer demand.
Do I need to register my business before I start?
No, but it’s strongly advised. Business registration builds trust and allows access to corporate accounts and opportunities.
What can I sell online with ₦700,000?
Skincare, fashion items, gadgets, and baby products are great options. Start small and build based on demand.
Can I get funding to add to my ₦700k capital?
Yes, but it depends on your structure. Register your business and have a plan ready to approach lenders or investors.
How can I avoid wasting my ₦700k capital?
Start lean, test your idea, and track your spending. Avoid buying unnecessary equipment or renting expensive spaces.
Conclusion
Starting a business with ₦700,000 in Nigeria might sound ambitious, but it’s more than possible; it’s smart when you choose the right idea and approach it with structure. I’ve worked with entrepreneurs who started with far less and built something solid. What made the difference wasn’t just the business idea; it was their mindset, their willingness to learn, and their consistency.
Nigeria is a tough market, yes, but it’s also full of opportunity. People are spending every day on food, on convenience, on beauty, on essentials. You just need to position yourself where demand meets value. If you focus on solving real problems, stay disciplined with your spending, and treat your customers right, your ₦700k can go a long way.
Here are ways Entrepreneurs.ng can help you start or scale your business:
- Register your business today with Entrepreneurs.ng’s Business Registration Services.
- Tell Your Brand Story on Entrepreneurs.ng, let’s showcase your brand to our global audience.
- Need help with your marketing strategy? Get a Comprehensive Marketing and Sales Plan here.
- Sign up for our Entrepreneurs Success Blueprint Program to learn how to start and scale your business in just 30 days.
- Book our one-on-one consulting and speak to an expert about structuring and growing your business.
- Visit our shop for business plan templates and other valuable resources to guide you.
- Get our Employee-Employer Super Bundle NDA templates to legally protect your business and workforce.
- Join over 20,000 entrepreneurs by signing up for our newsletter and receiving valuable business insights.
