10 Businesses You Can Start With 100K in 2024

Are you nervous about businesses you can possibly start with 100k in Nigeria? It’s no longer a surprise that the cost of living in Nigeria is extremely high and people are looking for the right businesses to invest the money on, in other to catch up with the high cost of living.

However, a lot of people thinks that 100k is very low and poor to start a business that will easily grow and expand, but I can tell you for free that you can still start many businesses with 100k or less and make money daily. I will tell you the right businesses to start with 100k and make money this 2024, just scroll and keep on reading!

Why Startup a business in 2024?

If you haven’t start up a business, now is the time to start up your own business and start making money in 2024. There are many reasons why people choose to start a business. To have a stable source of income and financial opportunity, to become independent and have full access over your own business and many reasons.  Even salaried workers now start up a business and have multiple source of income, so you should consider start one.

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10 businesses to start with 100K or less in Nigeria

Here are the 10 Offline businesses you can start with 100K or less in Nigeria:

1. Affiliate Marketing

Affiliate marketing is a great business to start with 100k or less in Nigeria. As an affiliate marketer, you’re required to promote goods or services for brands and earn commission for every successful sale made through you. Affiliate marketers usually use their unique referral link to convince people to buy products from a specific company.

To start affiliate marketing, you first need to build your community, it can be a blog, Facebook page, Telegram Channel or Whatsapp group, then convert people to buy products through you. Here are steps to start affiliate marketing:

  • Identify your niche – Choose what your community or fans will get from you.
  • Build a community – After you might have successfully identify your niche, the next step is to build a community and grow your audience.
  • Join an affiliate program – You needs to join an affiliate program that suits your audience and get your unique link.
  • Promote your affiliate link – try convince your users to buy products through your affiliate link so that you earn a commission.
  • Run ads to reach more people – For example if you own a blog, you can choose to run Google Ads, or if you own a Facebook page, Telegram Channel, or Whatsapp group, then consider promoting them to gain more audience.

A lot of Nigeria affiliate marketers make up to ₦200,000 interest every month. So you can also try affiliate marketing if you have at least 100k to promote your community.

Recommended>>>20 Daily income Business in Nigeria to consider in 2024

2.  POS Business

Yes, Point of Sale (POS) business is arguably one of the best businesses to start with 100K in Nigeria. A POS business is a types of business that provides users the opportunity to perform transactions such as withdraw money, deposit money, utility bills or even fund their mobile number. POS business is considered very lucrative especially for people who base in high traffic areas such as busy streets, mall, supermarket or even higher institutions.

To start a POS business you need to get the POS machine from any POS service provider such as Opay or Palmpay. POS machine can cost for as low as ₦30,000 get one for yourself and find a high traffic area where foot traffic are extremely high.

3. Start Charcoal Distribution

This is one of the most neglect businesses to start with 100k. Do you know that you can buy and sell charcoal and make high profit income? Yes, infact you could boast of up to 20% interest rate in every charcoal distributed.

To start charcoal business in Nigeria, you first need to analyze states where charcoal are extremely cheap and where it’s cost, you buy from the cheap location and then distribute them to the cost one. Some popular states where you could buy charcoals cheap are Kaduna, Kano or Plateau state and you could sell them cost in states like Abuja, Rivers or Anambra state.

When buying charcoal don’t forget to include charges like transportation firm and other required payments. You can possibly start with buying 15 – 20 bags then expend as time goes on.

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4. Start Dropshipping Business

Dropshipping business is one of the businesses to start with 100k in Nigeria. Infact, in some cases you could spend less than 100k while running a dropshipping store.

Dropshipping involves the process of selling products online through your website without having to keep products in stock. All you have to do is to forward the inventories to your vendors and have them ship in the product to the customer. To start a dropshipping store all you need is to create and customize your store then run ads regular to attract potential buyers.

5. Food Selling/Mini Restaurant

Yes, you can also sell cooked food and make money daily. Maybe you maintain a good cooking ability, then you can consider venturing into food selling or start a mini restaurant that pays. Food selling as another business you can start with 100k and still make a lot of profits.

To start a food business, you also need a location with high foot traffic. Suitable to start in area’s like schools, motor packs or road side with huge walking traffic.

6. Start a VTU Business

You can also start Virtual Top-Up (VTU) business and make money daily. VTU is a business that involves the electronic sale of airtime and data, pay utility bills and cable subscriptions. In a VTU business, a person or company acts as a reseller for mobile network operators (MNOs) and sells airtime and data to customers. According to, over 80 million Nigerians have access to Internet, that’s to tell you how lucrative VTU business can be. Here are steps to start a VTU business:

  • Create your VTU website or buy a VTU website script.
  • Choose your domain name and hosting.
  • Choose your API providers
  • Customize your website and set your prices
  • Launch your website and promote it.
  • Constantly run Facebook and Google Ads for better results.

Finally, VTU business is one of the businesses you can start with 100k and stand a chance of making profit.

Recommendef>>>How to Start A Dropshipping Business That Pays in Nigeria

7. Minerals & Pure water Business

This business is among the businesses to start with 100k or less. You can start selling chilled minerals or water and still make profit on a daily basis. According to NIOPOLLS, more than 45% Nigerians drinks sachet water, that’s over 90 million people’s making the business very profitable.

To start minerals & pure water business you need to buy a cooler, find a water supply company that’s cheap, then get a location with high traffic. Infact you can also start this business with 100k or less.

8. Sell mobile phone accessories

Selling mobile phone accessories is another business you can start with 100k or less. This business involves you buying and selling of mobile phone accessories such as cases, chargers, earpods or screen protectors. The low cost of starting a mobile phone accessories business makes it an ideal option for someone with a limited budget.

To start selling mobile phone accessories, you need a location with high walking traffic, places like campuses, road sides and motor parks are ideal.

9. Start a hair salon

You can also get a salon for your self if you’re good in plaiting hair. A lot hairstylists in Nigeria charge the average of ₦15,000 per hair braided. Many people in Nigeria, especially women, like to have their hair plaited or styled in different ways. So you can now imagine how lucrative this hair salon business can be.

To start a hair salon business in Nigeria does not require much and it’s also something that falls within 100k circle.

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10. Selling of fairly used clothes (Okirika)

You can venture into selling Okirika clothes. This is a popular and lucrative business in Nigeria, as many people prefer to buy used clothes at a lower price than new ones. The demand for “okrika” is high, especially in urban areas and in markets. To be successful in this business, it’s important to source quality used clothes, price them competitively, and build a good reputation with your customers.

Please take good note that all the businesses are listed above are very much profitable irrespective of the position (number). You’re to choose the one that is more favorable an what you think you can do.

Are there businesses to start with 100k and make profits?

Yes, there are a lot of businesses to start with 100k and you still make profits on a daily basis. 100k can be very low but a lot of people still use it to setup their businesses.

Challenges to face while starting up businesses with 100k

Starting a business with 100k can be challenging in several ways. Firstly, it can be difficult to secure the necessary capital, as banks and other financial institutions often require more than this amount for a business loan. Secondly, finding the right location for your business can be challenging, especially in densely populated areas like Lagos. Finally, hiring and retaining good employees can be difficult, as many people may be reluctant to work for a small business with limited resources.


Starting a business with 100k might be very poor or little but it’s still very much possible to start something that put food on your table with that amount. You just have to start, make properly research understand what you want then start. As time goes on, your business will grow gradually if you properly manage the revenue that’s been generated.

All 10 businesses I listed above can be started with 100k or less, you can consider any of them and start.

Ugo Prosper Chibuzor

Hello everyone..... I'm Prosper Chibuzor Ugo, the founder and senior editor at Edu Forum Nigeria. Feel free to reach out to me using any of the contact details available below.

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