I would like to ask our readers what profitable business i can do with my savings of 300k from my salary. My Company is going to be sold soon and i dont know if i will be affected. I currently earn 200k every month after tax and i do not want to be caught unawares. Even with Job security i would still like to try my hands on something by the side because i planned to buy a Car next year. Thank you.
Just two nights ago my darling friend and silent blog reader (LOL) Idu came over and one of the things we discussed was what businesses someone can start with about 100 thousand naira. We did some brainstorming and Idu came up with some really good ideas (Speaking of ideas generally, Idu you're awesome. The monies your parents spent on your education wasn't wasted at all!) After she left I gave it more thought.
First off, I'd just like to ask the poster what she's passionate about (apologies if you're not a she), if she's got any strengths and skills and what her gifts are. When these questions are answered I'd also like to ask how she thinks she can monetize her gifts/strengths/skills. I'm looking at this from the angle of gifts/strengths/skills, because in my opinion it's one thing to start a business, it's another thing entirely to keep it running, make it grow and yield profit, which should ultimately be the idea, yes? So unless you're one of those people who love business and have a natural flair for making and doubling money, going into a business you have no interest in could be detrimental.
And yes, even if you remain in the employ or get another job, which I pray you do ASAP, it's always advisable to have a secondary source of income. I think there's quite a lot you can start with 300k but I must first advise that with cash limitation you should avoid a business where you would need NAFDAC authorization, for now, as that would really eat into your capital. Also, factor in registering a business name. This isn't a prerequisite but something you might want to consider. It's not so expensive and it is also one of the services I render so if you're looking to register a name or a company call me. Lastly please remember to do your due diligence and market research before embarking on any business no matter how big or small. You ought to do all you can to ensure that your business thrives.
That said, these are the businesses I can think of off the top of my head that you can start with 300k. Some may require creativity (and some training) and maybe even much less than 300k eg
Food business (catering/small chops/bukka... If you're looking to avoid renting a place you can do cooking business where you deliver directly to homes and offices, this would require much more advertising)
Buying and selling (clothing apparel, accessories etc)
Fish farming (ie cat fish; relatively cheap but you must have space and access to water)
Trading in baby items (this is one market that usually 'moves' because there will always be babies and mothers often want the best; baby food/clothes/shoes/drawers/toys/snacks/formula/diapers etc)
One more idea I can give you but this is not something I would do personally. I know a few people that do it and it's sure to almost always make you money. And that is to be a money lender. For instance you lend someone 50k, that person pays you back in three months with a certain amount of interest. So say for instance you lend 6 people 50k and with the interest on it they pay you back at least 60k, you've made 60k. You do not spend this money but inject it back and now lend 360k to more people, maybe more interest and even more profit. This is a passive way to make money and it works well for the people that do it. Your money doubles and grows and you don't even lift a finger. Now, be aware that there are challenges with this line of business and PLENTY thought should be put into it for anyone who's considering it.
I'm a layman and my knowledge is limited, this poster isn't the first person to ask this question so I'm sure so many people are itching for ideas and answers. So over to you TTB readers.
Also please if you're running or have once run a profitable business you started with less that N300,000 please tell us about it. Thanks.