Lagos being a densely populated city with an estimation of about 20 million inhabitants makes it suitable for businesses to flourish easily.
The advantages of starting a business in such a highly populated city are the high chances of sales and profit
In as much as one might intend to start a business with the hope of making a profit, considering the best business ideas in Lagos is of extreme importance.
In this article, we have made thorough research on the 10 best business ideas in Lagos to help you stress less racking and cracking your thoughts over the perfect business to start, these are listed below.
This is an addition to the daily income business post we made earlier.
List of Business Ideas in Lagos
1. Food Business
For a highly populated place like Lagos, with people with tight schedules and busy lifestyles due to day-to-day activities, starting a food business is a very good idea with high chances of sales and profit as food is essential and needed daily. This serves as the best option for a busy place like Lagos.
With good cooking skills, online publicity if necessary, the right location, and a none disappointing delivery plans one can go ahead with the food business in Lagos
Capital Required is around ₦100,000 – ₦1,000,000 depending on your specialization and the scale on which the business is based on.
The profit range is between 100,000 – 500,000
Challenges faced include delivery, lack of adequate staff as the business expands, payment problems
2. Event Planning and Management
One of the best business ideas in Lagos with a reasonable profit margin is planning and management of events.
Lagos bubbles with different events from time to time. These events include Weddings, naming ceremonies, Graduation parties, school parties, coronations amongst others.
All you need to do is standardize your event planning and management skills, and get registered as people are always ready to pay in order to lift the burden and stress of planning events off themselves.
The capital required is around ₦100,000 – ₦500,000 per 200 guests. This can also depend on how much the client is willing to pay.
The profit range is between ₦200,000- ₦400,000 above monthly
A few of the challenges to expect include limited planning time, uncooperative weather, and inadequate information about events from clients.
3. Fashion Designer/ Tailoring
Yes, we all love to be admired, and as they say “Style is a global Language”. If you are a dedicated fashion follower with the ability to create unique and eye-catching designs then you can turn your passion into a profitable business!
With properly executed plans, fashion designing is a good means of making money
Capital ranges from ₦100,000 and above.
Profit ranges from ₦20,000 above monthly
Likely challenges include copying designs, adaptation to new trends and designs, scarcity of needed materials, and electricity.
A salon business is one of the best business ideas in Lagos. The fact that it’s a service needed by both young and old a few dozen times every year.
Having exceptional skills, getting beauty products and some needed salon equipment are all you need to go into this lucrative business.
Capital is around ₦50,000 above.
The profit range is over ₦30,000 monthly
Challenges include customer loyalty, getting skillful staff, and hazards from harsh chemical products burning from heating equipment.
5. Mobile Phone Repair Service
Mobile phones are an essential commodity used by both young and old. With the increase in phone usage and the necessity of having one, venturing into mobile phone repair is yet another business idea with a high-income capacity if planned and managed properly.
These mobile phones are prone to damage which can include software and hardware hence, they often need mobile phone repair services.
Capital is quite low as one can start with as know as ₦20,000 to get some equipment
The profit range is between ₦100,000 -₦150,000 monthly
Challenges include getting quality phone parts, electricity, and impatient clients.
6. Sales of Electronic Devices
Starting an electronics business is highly profitable if one invests a reasonable amount of capital.
Using a creative marketing strategy to overcome competitors, setting up in the right location, and stocking durable and reliable products are all essential in building a successful electronics product business.
Capital involves ₦500,000 and above
The profit range is between ₦50,000 and above monthly
Challenges involved are shipping costs, eco-friendly products, energy-efficient products, and meeting customers’ demands.
7. Ice Block Production
With the situation of electricity instability, Dense population, and harsh weather conditions, the demand for ice blocks, and chilled products including water, soft drinks, and juice to keep one hydrated is on the high side
All the aforementioned points make ice block production one of the best business ideas one can get involved in Lagos.
Capital required is ₦300,000 or above depending on the average number of ice blocks to be produced
Profit range ₦200,000 or more monthly
Challenges include high capital investment, unstable electricity, and maintenance of ice block machines.
8. POS Business
Besides the difficulty of getting access to banks in rural areas, nobody loves to be in that usual long queue at banks.
The presence of POS business has made transactions so easy, fast, and less stressful
The easy and less time-consuming involved in getting money in exchange for whatever it is needed makes this business a good one to thrive well in a good location.
It is highly lucrative as one can make unlimited numbers of transactions thereby increasing the profit range.
The capital required is a minimum of ₦50,000
Profit range₦150,000-₦250,000 monthly
Challenges involved are network issues, high crime rates, power supply, dishonest staff, and security.
9. Freelance writing
As a freelance writer, you can make money by writing content for bloggers, publishers, newspapers, and others
Starting freelance writing is almost cost-free as you can start using your smartphone.
Having good writing and grammar skills with a reliable Internet connection is all that is needed.
The demand for freelance writers is getting high on a daily basis, this is due to more people showing interest in online businesses, and high-quality content needs to advertise goods and services to attract potential customers.
The profit range is between $200-$1000 per month
Challenges involve time management, price negotiation, and maintaining clients.
10. Kids Day Care
The growth of women involved in salary and self-owned business increases daily, these women’s busy schedule gives them less time to attend to kids, hence the high rise in the need for Kids’ daycare.
Running this business is one of the best business ideas for someone with passion and natural energy for children.
It can be set up at home or other spacious places in a good and safe location.
Capital required ₦500,000
Profit range ₦200,000 and more monthly
Challenges involve licensing, getting the right curriculum, a lack of qualified staff, and getting the right location.
Asides from being your own boss, the profit involved in Best business ideas in Lagos explained above is needed in these times of the frustrating economy.
It should be noted however that intense research should be made before venturing into any of these businesses.
Getting the right location where a particular service is needed with proper management is key to the success of every business.