In the year 2017 during my NYSC days, I started a small-scale business by collaborating with my mother to sell roasted peanuts in bottles with the sum of 1,500 naira. This business then didn’t require huge capital to start and it was quite profitable even with the small capital invested in it because as the days became weeks, it was enough to buy some foodstuff and even some personal effects.

Just like I started my small-scale business with little capital, you can also do the same with a few thousand even in this year, 2023. Even with the way prices of things have skyrocketed now, I have been able to come up with three small business ideas that are simple and easy to start, require little capital to start up, and are also very profitable.

So, if you already possess the skill and would like to be your own boss, or even if you lack the expertise and would like to hire a partner or partner{s} and would also want to start up a small-scale business, then this blog post is for you.

THREE SMALL BUSINESS IDEAS IN 2023 

1.  Service-Based Business:

 

A service-based business is a business that caters solely to the benefits of its clients or customers. Anyone with handwork or possessing a vocational skill can operate a service-based business because goods are more often than not, not sold in this type of business except to add it. Minimal capital will be needed to buy tools and equipment and also to rent or lease a space where you can render these services to your customers and all these depend on your budget. For example; a barber shop or a hairdressing salon. if you are a lady and you have more experience in that. Even if, you do not possess the skills required to own a service-based business, you can build a studio or rent a space and hire people who are skilled in and around this profession and have your business running.

Examples of service-based businesses include:

• Hairdressing.
• Barbing.
• Photography.
• Website Designing.
• Painting.
• Car Wash.
• Auto Mechanic.
• Laundromat/Laundry Services.
• Catering.
• Fashion Design, etc.

2. BRANDING:

Businesses require branding and employ the services of a graphic designer. If you are a graphic designer and you possess knowledge of design software such as Adobe Photoshop and Corel Draw and you want to take it a notch further you can utilize these skills and venture into branding. For example; a T-shirt printing business and this one is relatively easy to start. You can also hire someone to design the logos and put people’s brands on their t-shirts, vehicles, or on different physical objects if you do not possess the skills. All you require is a couple of machines like the Vinyl and Heat Transfer Machines, you also need a desktop computer or a laptop. Also, you can hire someone’s to work the machines for you too if you are new to branding. This business is quite expensive to start up because the types of equipment mentioned are not cheap to purchase.  One can spend up to a million naira trying to set up this business but trust me, it is quite lucrative once you find a niche in it and start to build a clientele.

3. MEDIA AGENCY:

Starting a media agency to help businesses or even personal brands gain visibility on the internet by running ads and creating content for them to draw traffic to their products, services or your personal brands is another great business o start. A good advantage of this business is the fact that it is very flexible. It requires a little or too much time to start it. You do not need to rent out a space in order for you to kick start, you can run this in the comfort of your home. Just possess the basics like an internet connection, a workstation, and a website. The media agency business has high gross margins and even with some expenses, you still get to keep most of the profits.

The media space is crowded and so it is very competitive. In order for you to thrive in that world, you have to build some trust with your audience and clients. There are lots of options to choose from when starting a media business so you just have to choose a niche and stick to it like;

• Social Media Management Agency
• Music Streaming
• Online Book Publishing
• Podcasts

There is also a full video on our YouTube channel that talks about starting a profitable media agency, so do click on the video below to check it out.

 

In order to save yourself from unemployment, above are three profitable businesses you can start. It is one thing to start up a business and another to manage and keep it running so you have to bear in mind that the beginning might not be so rosy for you and might not start yielding the number of profits you are expecting daily or monthly. Patience and hard-work is the key!