Best Business to Start With 700K in Nigeria-Turn Your 700K Into Millions

Are you wondering what business to start with 700k in Nigeria, especially in this Jagaban economy? I’ve got you covered.

Technology ventures, like mobile apps or online services, show strong potential due to high smartphone use and growing internet access.

Success requires careful planning and market research to align with local demands.

Understanding consumer behavior is key to thriving in Nigeria’s dynamic business environment.

Understanding the Nigerian Market

The Nigerian market offers opportunities, with a young population driving e-commerce growth on platforms like Jumia.

Consumers are loyal to affordable, quality brands, with rising health awareness in food and personal care.

The competitive landscape features local and international brands, with innovation and adaptation crucial.

Navigating Nigeria’s regulations, including business registration and taxes, is key to market success.

Also, an incredible level of marketing will ensure quick success and big gains.

Let me show you how to achieve success.

51 Business you can start with 700k in Nigeria

Here are 51 unique business ideas you can start in Nigeria with 700,000 Naira:

1. Profitwave Automated Trading System

Automated trading is a strong business choice with 700,000 Naira.

In Nigeria now with the fast rising cost of things. Low startup costs, scalability, and potential for high returns are key to success.

All you have to do is trade with the BIG BOYS in the forex industry and make money for yourself.

But this time you are not doing it yourself.

The Profitwave Fx automated trading reduces emotional decision-making.

They also allow diversification across various assets, lowering risk and enhancing profit potential.

With careful strategy and management, this business can generate steady income and significant returns, making it a compelling option for investors.

2. Portable Solar Power Kits

Selling Portable Solar Power Kits is a great opportunity in Nigeria due to frequent power outages and rising demand for reliable, renewable energy.

With 700,000 Naira, you can source affordable solar kits for homes and small businesses to reduce reliance on the national grid.

The market is expanding as more people recognize the long-term cost savings and environmental benefits of solar energy.

The business has low overhead and offers recurring income through maintenance and upgrades. Reliable products and customer education build loyalty.

3. Phone Accessories Kiosk

A Phone Accessories Kiosk is a lucrative business in Nigeria, especially with the high penetration of mobile phones across the country.

With an initial budget of 700,000 Naira, you can set up a small kiosk in a busy area, stocked with popular accessories like phone cases, chargers, earphones, and screen protectors.

These items are in constant demand due to the high usage and frequent need for replacements.

The business has a quick turnover for early profits, low inventory costs, and scalability through add-on services like phone repairs.

4. Home-Delivered Fresh Produce

Home-delivered fresh Produce is a growing business idea in Nigeria, driven by increasing health consciousness and demand for convenience.

With 700,000 Naira, you can source fresh farm products from local farmers and deliver them directly to customers’ homes.

This model eliminates the need for a physical storefront, reducing overhead costs.

The business can cater to busy professionals, health-conscious families, and urban dwellers who prefer the convenience of home delivery.

5. Laundry Pick-Up and Delivery Service

A Laundry Pick-Up and Delivery Service is a practical and in-demand business in Nigeria.

This is true, especially in urban areas where people have busy schedules.

With 700,000 Naira, you can start a laundry service with pick-up and delivery for added convenience. But the Cost of dispatch ride makes this a bit challenging.

However, you will find it easy to enlist the help of a trusted tricycle rider

The capital covers washing machines, detergents, and transportation.

Strong customer service and reliability can quickly build a loyal client base and drive referrals.

6. Customized Gifts

Starting a Customized Gifts business with 700,000k is great.

what you have to do is tap into the growing trend for personalized items for special occasions and corporate events.

This business allows you to create and sell custom products like:

Mugs
T-shirts
Photo frames

Which hold sentimental value for customers.

The investment will cover equipment like printers and sublimation machines, as well as materials for the gifts.

Creativity and effective marketing can attract diverse customers and companies. Repeat business and referrals make it a sustainable venture.

7. Mobile Nail Salon

A Mobile Nail Salon is an innovative business idea that caters to the growing demand for convenience in personal care.

With 700,000 Naira, you can buy nail care equipment and offer manicure and pedicure services at clients’ homes or offices.

This business appeals to busy professionals, stay-at-home parents, and anyone who prefers the comfort of getting their nails done at home.

The mobile aspect eliminates fixed salon costs, while excellent service and flexible scheduling can build a loyal customer base and enable service expansion.

8. Second-Hand Clothing Store

Starting a Second-Hand Clothing Store with 700,000k is great.

This is a viable business due to the high demand for affordable fashion. However, when it comes to fashion you must set your standard.

That is you must know the audience you want to serve and know what they want to wear.

With this budget, you can source a range of carefully selected good-quality second-hand clothes, ensuring quality and style.

Setting up a boutique requires minimal investment in inventory and a small retail space.

This business model appeals to budget-conscious consumers and those looking for unique, vintage items.

Second-hand clothing is profitable and eco-friendly due to low costs and sustainable fashion trends.

9. Pet Grooming Service

A Pet Grooming Service is an excellent business to start with 700,000K

There is an increasing number of pet owners seeking quality care for their animals.

The investment can cover grooming tools:

Clippers
Brushes
Bathing supplies

As well as marketing to attract clients.

Offering services like baths, haircuts, and nail trimming can appeal to pet owners who want to ensure their pets look and feel their best.

This home-based or small shop business has low overhead, charges per service, and can be profitable with excellent service leading to repeat business and referrals.

10. Event Decorations

Starting an Event Decorations business with 700,000 is possible.

This allows you to offer affordable and creative decoration services for small parties and gatherings.

The budget can cover initial costs for decor items, such as balloons, table settings, and backdrops, as well as marketing and transportation.

This business caters to a variety of events, from birthdays to weddings, providing customized and attractive decorations that fit different themes.

Focusing on creativity and detail can attract clients to memorable events. Low investment and potential for repeat business make it a scalable and rewarding venture.

11. Food Truck

Starting a Food Truck with 700,000 Naira is a great way to enter the food industry with relatively low overhead costs.

The budget can be used to purchase or retrofit a food truck and equip it with essential cooking and serving tools.

Serving popular street foods allows you to attract a broad customer base and generate high sales volume.

A food truck’s flexibility allows you to serve various locations and events.

12. Photography Service

A Photography Service is a lucrative business idea with 700,000 Naira.

With a Business like photography, there are a whole lot of things you could be doing.

Providing an opportunity to capture moments at small events and portraits.

The budget can cover a high-quality camera, lighting equipment, and basic marketing expenses.

Offering services for events such as birthdays, engagements, or family portraits allows you to cater to a diverse clientele.

With social media growth and demand for professional photos, high-quality images, and excellent service can attract repeat clients and referrals, leading to a successful business.

13. Online Tutoring

Online Tutoring is a cost-effective business to start with 700,000 Naira, especially given the growing demand for remote education.

The budget can be used for setting up a professional online presence, purchasing necessary software, and marketing your services.

Offering tutoring in subjects like Math, English, or coding allows you to reach students across various locations.

This low-cost, scalable business can provide steady income by offering personalized online tutoring, capitalizing on the rise of remote learning.

14. Fish Farming

Starting a Fish Farming business with 700,000 Naira is a promising venture due to the high demand for fish as a protein source in Nigeria.

The budget can cover the cost of setting up fish tanks or ponds, purchasing fingerlings, and investing in feed and water quality management systems.

By focusing on high-demand species like catfish or tilapia, you can tap into the growing market for affordable and fresh fish.

With proper management, this business can yield high returns and scale by increasing fish stock or expanding to supply local markets and restaurants.

Also, the people you hire are another aspect you shouldn’t overlook because the success of your business might as well depend on that.

15. Fashion Design and Tailoring

A Fashion Design and Tailoring business is a great fit for a 700,000 Naira budget, allowing you to start with a small setup for designing and sewing custom clothing.

The investment can cover sewing machines, fabrics, and other tailoring tools.

By offering bespoke clothing and alterations, you can cater to clients looking for unique and personalized fashion.

This business thrives on the demand for custom-made apparel.

Quality craftsmanship and great customer service can build a strong reputation, attract repeat clients, and allow for expansion into a boutique or online store.

16. Interior Decorating

Starting an Interior Decorating business with 700,000.

This allows you to offer affordable decorating services for homes and offices.

The budget can cover initial costs for marketing, sample materials, and basic decorating tools.

Providing budget-friendly yet stylish decorating solutions can appeal to clients looking to enhance their spaces without significant expense.

By focusing on creativity and client needs, you can build a strong reputation in interior design.

Low overhead and the potential for repeat clients make this a profitable and scalable business.

17. Mini-Importation Business

A Mini-Importation Business is an excellent choice with 700,000 Naira due to its low startup costs and high profit potential.

With this budget, you can import small, high-demand items like gadgets, fashion accessories, or beauty products from international suppliers.

The business focuses on sourcing competitively priced products and selling them locally, leveraging the rising demand for affordable, quality items.

This model needs minimal infrastructure, with online or small shop sales. Strategic sourcing and market research boost profit and ensure fast turnover.

18. Graphic Design Services

Offering Graphic Design Services is a promising business with 700,000 Naira, as it requires relatively low startup costs.

This investment can be used for a high-quality computer, graphic design software, and marketing.

Graphic design services are in demand from local businesses and individuals needing logos, brochures, social media graphics, and more.

With the rising need for visual branding, offering creative designs can attract clients, build a strong portfolio, and lead to steady work and referrals.

19. Freelance Writing

Starting a Freelance Writing business with 700k Naira is a viable option due to the low initial investment and high demand for content.

The budget can cover a computer, writing software, and marketing efforts.

Freelance writers can offer services such as blog posts, business copy, academic papers, and more.

With digital media growth, quality writing is in demand. This flexible business can scale by adding clients or specializing.

A strong portfolio and networking attract steady work.

20. Cooking Classes

Offering Cooking Classes with 700,000 Naira is a great business opportunity, especially if you have a passion for food.

Think about Hilda Baci, she made a fortune cooking

The budget can be used for purchasing kitchen equipment, and ingredients, and marketing your classes.

By teaching local or international cuisines, you can cater to individuals or groups interested in improving their cooking skills.

This business taps into the rising interest in cooking.

21. Online Resale Business

With 700,000 Naira, an online resale business can be profitable by buying high-demand items like electronics or fashion products and reselling them at a markup.

The budget can be used for purchasing inventory and setting up an online store or marketplace presence.

This business model benefits from low overhead costs compared to traditional retail and can reach a wide audience through e-commerce platforms.

Focus on trending products and strong online marketing to attract customers and boost sales. Efficient inventory management and customer service are essential for success.

22. Digital Marketing Agency

Starting a Digital Marketing Agency with 700,000 Naira is a promising opportunity due to the increasing need for online presence and brand promotion.

The budget can be used for essential tools, such as social media management software, and marketing your agency’s services.

This business involves providing services like social media management, online advertising, and search engine optimization to local businesses.

Rising demand for digital marketing means offering effective strategies and results will build a strong client base and enhance your agency’s reputation.

23. Bead Making and Jewelry Design

A Bead Making and Jewelry Design business is a great option with 700k Naira.

This allows you to create and sell handmade jewelry.

The budget can be used to purchase materials, tools, and marketing materials.

Handmade jewelry is popular due to its uniqueness and customization options.

This business can be operated from home, reducing overhead costs.

By focusing on quality and unique designs, you can attract customers seeking personalized accessories.

24. Errand Service

Starting an Errand Service with 700k Naira is a practical business idea that caters to busy individuals and professionals.

The investment can cover basic operational costs, such as marketing and transportation.

Offering shopping, delivery, and personal task services meets the needs of busy clients.

The business has low overhead costs and steady income potential through subscriptions or pay-per-task services.

25. Dropshipping

Dropshipping is a low-risk business model that fits well within a 700,000 Naira budget.

This model allows you to start an online store without holding inventory, as products are shipped directly from suppliers to customers.

The budget can be used for setting up an e-commerce website, sourcing suppliers, and marketing.

Dropshipping reduces the need for significant upfront investment in inventory and warehousing.

Target niche markets and employ effective online marketing to boost traffic and sales.

21. Mobile Barbing Service

A Mobile Barbing Service is a flexible business idea with 700,000 Naira, allowing you to offer barbering services at clients’ homes or offices.

The budget can cover the cost of professional barbering tools, transportation, and marketing.

This service is appealing to individuals who prefer the convenience of home grooming.

Offering quality haircuts and grooming services helps build a loyal customer base and gain referrals.

26. Fitness Coaching

Starting a Fitness Coaching business with 700k is a great idea due to the growing awareness of health and fitness.

The investment can cover basic equipment, marketing, and possibly certification if needed.

Offering personal training or group coaching sessions allows you to work with clients to achieve their fitness goals.

Operate from a home gym or offer virtual coaching to lower overhead costs.

27. Blogging

Starting a Blog or YouTube Channel with 700,000 Naira is an affordable way to share your passion on a digital platform.

This budget can be used for a high-quality camera, microphone, website setup, and initial marketing efforts.

By focusing on a niche topic you’re passionate about, you can attract a dedicated audience and monetize through ads, sponsorships, or affiliate marketing.

Consistent content creation and audience engagement are crucial for growing your platform.

28. Mini Supermarket

Opening a Mini Supermarket with 700,000 Naira is a practical business idea due to the consistent demand for convenience items.

The investment can be used for setting up a small store, stocking essential goods, and initial marketing.

A mini supermarket caters to residents who need quick access to groceries, household items, and other necessities.

Success hinges on location and a curated product selection.

29. Herbal Medicine Production

Starting a Herbal Medicine Production business with 700,000 Naira is a promising venture due to the increasing interest in natural remedies.

The budget can cover raw materials, equipment for processing herbs, and marketing.

By producing herbal remedies for common ailments, you can cater to a growing market seeking alternative health solutions.

Quality control and customer education build trust and demand, with growth potential through local markets, health stores, and online sales.

30. Egg Supply Business

An Egg Supply Business with 700,000 Naira is a feasible venture given the high demand for eggs in homes, shops, and restaurants.

The budget can be used for purchasing eggs in bulk, transportation, and setting up a distribution system.

By establishing relationships with local farms or suppliers, you can ensure a steady supply of quality eggs.

Effective logistics and marketing can build a reliable supply chain and reach clients.

31. Waste Recycling Business

Starting a Waste Recycling Business with 700,000 Naira is an environmentally conscious and profitable venture.

The investment can be used for collecting and sorting waste materials like plastic and metal, as well as initial marketing and operational costs.

This business addresses the growing need for waste management and recycling solutions.

Partnering for recyclables and selling them to processors can be profitable, requiring effective waste management and community engagement.

32. Home Cleaning Services

Offering Home Cleaning Services with 700,000 Naira is a practical and low-cost business idea.

The budget can be used for cleaning supplies, equipment, and initial marketing.

This service caters to busy professionals and families who need regular or one-time cleaning.

Provide thorough cleaning to build loyalty and gain referrals.

33. Frozen Food Supply

Starting a Frozen Food Supply business with 700k Naira is a viable option due to the demand for frozen foods like fish, meat, and vegetables.

The budget can be used for acquiring a freezer, sourcing quality products, and marketing.

By offering fresh and frozen food items to households, shops, and restaurants, you can tap into a steady market.

Effective inventory management and distribution ensure product quality and customer satisfaction.

34. Car Detailing Services

A Car Detailing Service with 700,000 Naira is an appealing business due to the desire for well-maintained vehicles.

The budget can be used for purchasing detailing supplies and equipment, as well as marketing.

Offering comprehensive cleaning and polishing services can attract car owners who want their vehicles to look and perform their best.

Operating from home or a small facility reduces overhead costs. High-quality service and attention to detail will build a strong reputation and steady customer base.

35. Photography Props Rental

Starting a Photography Props Rental business with 700k Naira is a niche but profitable idea.

The investment can be used to acquire a variety of props and backdrops that photographers need for shoots.

Renting out these items provides a cost-effective solution for photographers who want to enhance their sessions without purchasing expensive equipment.

With the rise of video content and YouTube, this is a great avenue to generate some money for yourself.

Effective marketing and a well-organized inventory system attract photographers and studios.

36. Shoe Making

Shoe Making with 700,000 Naira is a creative and profitable business idea.

The budget can be used for purchasing materials and tools, and setting up a small workshop.

Designing and producing handmade shoes allows you to offer unique and customized footwear, appealing to customers looking for quality and originality.

With the right skills and marketing, you can attract clients for bespoke shoes. Low overhead and high margins make this a rewarding and scalable business.

37. Mobile Phone Repair Service

Starting a Mobile Phone Repair Service with 700,000 Naira is a practical business idea given the widespread use of smartphones.

The investment can cover repair tools, spare parts, and marketing.

Offering services like screen replacements, battery repairs, and general maintenance can attract a steady flow of customers.

This business has low startup costs and high-profit potential. Reliable, timely repairs build a strong reputation and grow your customer base through referrals.

38. Cooking Gas Retailing

Starting a Cooking Gas Retailing business with 700,000 Naira is a practical venture, given the consistent demand for cooking gas.

The budget can be used for purchasing gas cylinders, setting up a small retail space, and marketing.

By offering small cylinders to households, you cater to a wide customer base needing convenient refills.

Ensuring safety and reliability builds trust and loyalty.

39. Baking Business

A Baking Business is an excellent use of 700,000 Naira, as it combines creativity with profitability.

The budget can cover ingredients, baking equipment, and initial marketing.

By baking cakes, pastries, and other goods, you can cater to local events, celebrations, and daily needs.

This business benefits from high demand for fresh baked goods and offers good profit margins.

40. Fitness Equipment Rental

Starting a Fitness Equipment Rental business with 700,000 Naira is a practical choice given the increasing focus on health.

The investment can be used to purchase equipment like treadmills, weights, and exercise bikes.

Renting out fitness equipment provides a cost-effective solution for individuals who want to work out at home without a large upfront investment.

This business has low operational costs and benefits from rising home fitness demand.

41. Homemade Skincare Products

Creating and selling Homemade Skincare Products with 700,000 Naira is a lucrative business due to the rising demand for natural and organic beauty products.

The budget can be allocated to purchasing raw materials, packaging, and marketing.

By formulating skincare products with natural ingredients, you can cater to health-conscious consumers looking for effective and safe alternatives.

Building a strong brand and ensuring high product quality are key.

42. Graphic Tees Business

Starting a Graphic Tee Business with 700k Naira is a great option due to its low initial investment and high-profit potential.

The budget can be used for designing, printing equipment, and marketing.

Custom graphic t-shirts appeal to various age groups and interests, providing a market for unique and trendy designs.

Sell online, via social media, or local markets.

Strong branding and creative designs drive sales and profit.

43. Handmade Soap Production

A Handmade Soap Production business with 700,000 Naira is a promising venture given the growing interest in natural skincare.

The budget can cover raw materials, soap-making equipment, and marketing.

Handmade soaps are popular due to their unique scents, textures, and natural ingredients.

Create high-quality, eco-friendly skincare products and build a strong brand to attract customers.

44. Small-Scale Poultry Farming

Starting Small-Scale Poultry Farming with 7000k is a viable business.

This is due to the consistent demand for eggs and chicken meat.

The budget can be used for purchasing chicks, feed, housing, and initial veterinary care.

Raising chickens for eggs or meat allows you to tap into a steady market while providing fresh, locally-produced products.

Effective management of feeding, health, and breeding ensures profitability.

45. Artisan Coffee Stand

Opening an Artisan Coffee Stand with 700k Naira is a great choice due to the increasing popularity of specialty coffee.

The budget can be used for coffee equipment, initial inventory, and setting up a small stand.

Providing high-quality, unique coffee blends can attract coffee enthusiasts looking for premium beverages.

A well-placed stand and excellent customer service build loyalty.

46. Custom Furniture Making

Starting a Custom furniture-making business with 700k.

This is a promising option due to the demand for unique and personalized furniture.

The budget can be used for tools, materials, and marketing.

By designing and building custom-made furniture, you cater to customers looking for bespoke pieces that fit their specific needs and tastes.

This business needs skill and creativity but offers high profit margins and repeat clients.

47. Plant Nursery

Starting a Plant Nursery with 700,000 Naira is a practical business idea due to the growing interest in gardening and home decor.

The budget can cover initial costs for plants, soil, pots, and setup.

By selling flowers, herbs, and shrubs, you can cater to gardening enthusiasts and homeowners looking to beautify their spaces.

Offering diverse plants and expert care advice attracts customers.

48. Toy Production

Creating and selling Handmade Toys with 700,000 Naira is a rewarding business due to the consistent demand for unique and quality toys.

The budget can be used for materials, equipment, and marketing.

Handmade toys are valued for their creativity and craftsmanship, making them appealing to parents and gift buyers.

Selling online and locally expands your reach and boosts sales.

49. Personalized Stationery

Starting a Personalized Stationery business with 700,000 Naira is profitable due to the demand for custom stationery for events and companies.

The budget can cover design software, printing equipment, and marketing.

By offering customized stationery for weddings, corporate events, and personal use, you cater to clients looking for unique and high-quality products.

This business is financially rewarding with low overhead costs and high profit margins.

50. Digital Content Creation

Creating and selling Digital Content with 700,000 Naira is a flexible and profitable business idea.

The budget can be used for equipment, software, and marketing.

By producing digital content like eBooks, online courses, or design templates, you cater to a growing market of individuals and businesses seeking valuable online resources.

Amazon KDP is also a profitable venture to look into

This business scales well and generates passive income through digital sales.

51. Mobile Car Wash Service

Starting a Mobile Car Wash Service with 700,000 Naira is cost-effective and convenient, requiring minimal equipment and setup.

In Nigeria, a mobile service that offers convenience and comes to the customer’s location can attract a steady clientele.

The initial investment can cover a portable water tank, cleaning supplies, and marketing materials.

Operating costs are low, mainly for transportation and cleaning products.

In urban areas with many cars, this business can quickly generate steady cash flow and offers flexible scaling options.

Identifying Profitable Niches

Starting a business in Nigeria with 700,000 Naira offers various opportunities in profitable niches.

Agriculture, e-commerce, real estate, and technology are promising sectors.

Agriculture thrives with Nigeria’s fertile land, offering ventures in crop production, poultry farming, and agro-processing.

E-commerce benefits from rising internet use, with niche markets like handmade crafts providing opportunities.

Real estate, especially affordable housing and property rehabilitation, caters to urban growth.

The technology sector, including fintech and renewable energy, presents expanding markets.

A focused approach in these areas, backed by a solid business plan and market research, can lead to successful and sustainable ventures.