Business Ideas

List of lucrative small business ideas you can embark on this year part one

List of lucrative small business ideas you can embark on this year part one

Are you an entrepreneur looking to start a small business this year? You are not alone! Many people are looking to become their boss and start their own business this year. With the right idea and a solid business plan, you can turn your entrepreneurial dreams into a successful reality.

We will explore the top 10 small business ideas that entrepreneurs in can embark on this year!

Small businesses are the backbone of the US, with over 30 million small businesses fueling the American economy. The options for you to open your own small business are endless. All you need is a great small business idea, some thorough reflection, funding, and the required expertise to run the business. If you are looking for small business ideas to start your own enterprise, below is our exhaustive list of the best small business ideas to consider.

Catering Business

Do you love to cook? Launching a catering business may be the perfect small scale business idea for you. You can cook from home and cater to other local events. This is a lucrative business idea that you don’t need a huge capital to start. Besides the cost of food items, you may have to also hire a few employees as you begin to book more events. Your bill and service charge should cover these expenses.

Food Truck Business

A food truck business can be a rewarding venture if you like making meals on the go. With a food truck business, you don’t have to spend the time and money to set up a dedicated location. You can start with just a vehicle, cooking equipment, and some great ingredients.

Not only can you make some good cash from your own food truck business but you can take your business to different locations based on demand during different periods of the day or week giving you more options to capture customers.

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Food Delivery Service

With the rise of online food delivery services such as Jumia Food and Uber Eats, starting a food delivery service is a viable option for entrepreneurs in Nigeria.

You can partner with local restaurants to offer delivery services to customers in your area. With the right marketing strategy and delivery infrastructure, you can build a successful food delivery service.

Barbing Salon Business

Barbing, like hairdressing, is another thriving small-scale business opportunity. Men need regular haircuts and grooming services, making barbing salons a necessity in every neighborhood.

To start a barbing salon, you need to acquire the necessary skills or hire skilled barbers. Providing quality services, selling grooming products, and offering training can help your barbing salon stand out and attract a loyal clientele.

Open a Daycare Center

Nigeria’s demand for reliable daycare centers presents a unique small business opportunity. Many of these centers don’t meet the high standards that parents expect. This gap in quality childcare services creates a promising avenue for entrepreneurs. You can easily start this if you have creativity, a love for children, and access to a clean and secure environment.

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Cleaning service

If you love to clean and organize, starting a cleaning business could be a great opportunity. With more people working from home, many have struggled to manage work, childcare, and keeping their homes clean. The global cleaning service market is expected to grow to $88.9 billion by 2025 (from $60.25 billion in 2019). This has caused a high demand for home cleaning services.

While most residential cleaners need to purchase their own cleaning supplies, the startup costs can be low for basic cleaning tasks or organizing. This is especially true if you want to start solo and won’t need to hire employees.

Decor Business

If you want to establish your startup and looking for creative small business ideas, then this can be a great option for you. You may either choose to have a home decor business or office decor business. Both have a great scope in the current market. They make the best startup businesses ideas for those who like decorating.

The business can be operated either online or from the brick-and-mortar office. From home-based décor to commercial décor items, you have multiple options for consideration. If your décor have unique designs and are accurately priced, you can drive more customers. Source it from vendors or get it designed in-house under your own brand name for a profitable low budget business.

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POS Business
The Point of Sale (POS) business provides a fast and convenient alternative to traditional banking. Instead of queuing for hours at the bank or ATM, people can now conduct basic financial transactions at a POS machine, saving them time and effort.

Starting a POS business involves setting up stands or shops in strategic locations. By offering quick withdrawals and other financial services, you can attract customers and earn a fee on each transaction. Establishing a chain of POS stands across different areas can further expand your business and increase profitability.

Hair Dressing Business

Hairdressing is an evergreen small-scale business opportunity. People always strive to keep their hair in the best shape possible, making hairdressing services in high demand.

To open a hairdressing salon, you need to be a professional hairstylist or employ skilled hairstylists. Offering quality hairdressing services and recommending hair care products to clients can help you build a loyal customer base. Additionally, you can train apprentices and sell hair products for extra income.

Vegetable Farming

Starting a profitable vegetable farm is a promising agribusiness opportunity. With a growing population and rising incomes, demand for fresh produce is increasing rapidly. At the same time, there is still a huge supply deficit, meaning most vegetables are imported. This presents a major opportunity for aspiring farmers.

However, like any business venture, careful planning and smart execution are key to establishing a successful commercial vegetable farm.

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