Many Nigerian undergraduates are fast becoming entrepreneurs and are combining school work with business. In our quest to encourage this trend of entrepreneurship, we are showcasing 10 businesses you can start with little funds and that can fetch you good money while on campus. And also some business tips that can guide you on your business ventures.
1. Barbing/Hair making:
You can learn how to make and barb hair for a living within a space of 6 months. Necessary skill is required through basic training you can acquire by enrolling in a beauty school or learn under an expert in a salon. After acquiring the basic skills, you can get employed in a salon or raise some capital to buy basic equipment like Hair Dryer, Combs, Thongs, Clippers, Rollers, etc.
2. Nail Fixing:
This is another lucrative beauty business that can fetch you an average of N5,000 daily. An average nail is fixed for N1,000. What this business majorly requires is basic skill and creativity. You can start up with little capital in the region of N30,000 to N50,000 to acquire the necessary materials and equipments.
This is about the latest business trend that is fast growing among young ladies. It is one of the businesses that require great skill and creativity. Ladies that are art inclined stand a better chance in this business. With as little as N25,000 you can start your own little business, getting the necessary brush, make-up and other required materials. A wedding make up for a bridal train can fetch you as much as N50, 000.
4. Tailoring/Fashion Designing:
Sewing and tailoring is another good business you can start but it requires some training which can be acquired in a fashion school or you can learn under an established tailor or fashion designer as an apprentice. You can start by sewing your own clothes and for your friends. This will serve as advertisement for you and how good you are determines how fast your business will grow.
5. Shoe making:
This is another fast growing business enterprise you can venture into as more Nigerians are patronizing made in Nigeria goods, especially leather slippers. You will need to be trained to acquire the necessary skills. But what matters most is your ability to produce neat and quality products that can match foreign products.
Many students can’t do without taking pictures, especially those that are into modeling and those that are aspiring to be models. You can catch in on this and use the opportunity to make good money while you are still on campus. Besides portrait shots, many events and activities are held on campuses on a daily basis, and all these require documentation through photography.
7. Event Planning/Decoration:
If you have a flair for planning family parties, then you can turn your sense of organization into a money spinner. You can also go a step further by learning how to decorate event venues. This is one service venture that is flourishing now as many people are embracing the services of party/event planners for various ceremonies.
You can take up a career in catering while in school. Making cakes and sugar-craft especially for weddings is very lucrative. You can also learn how to do small chops and finger foods as these are often used for cocktail parties and business luncheons. You can also do snacks and sell to your friends and classmates on campus.
9. Graphic Design/Printing:
You can learn desktop publishing and printing while studying for your degree. And after your training you can take design and printing jobs from your department, clubs and individuals. You can design school journals, magazines, handbills, posters, complimentary cards, etc within and outside your school. All you need is to be creative and quality conscious. Your job will bring you as many customers as possible.
10. Fashion retailing:
This is one of the oldest businesses on campus as many students, both male and female engage in buying and selling of clothes and fashion accessories. Often times, many students who engage in this business invest their pocket money to buy these clothes and accessories at the end of the holidays and sell to friends when they return to school.
For those who intend to go into business and become self-employed, we are providing you with useful business tips to guide you.
Identify your skill and business interest
First, you need to identify what you think is your natural skill and those things that are business oriented that you have a natural flair for. This helps you while you are learning under a professional and it protects you from pressure since it is what you enjoy doing or will naturally like to do.
Acquire skills and training
Besides possessing the natural skill, you will need to acquire basic skills and training either from a vocational school or under an expert as apprentice. This helps to hone your skills and allows you to learn the tricks and rudiments of the trade, most especially the business part of the trade.
Business name registration
If you are starting up on your own, you will need to register your business with the Companies and Allied Commission. This gives your business a legal footing and will protect your business name from use by another person. It also allows you to open a corporate account with a bank.
Sourcing for funds
The easiest way to source for funds for a small company is through friends and relatives. What you need to do is make a list of people you are very close to that can give you small money. By the time you have like 20 names and each of this people are able to give you N2,000 each, that amounts to N40,000. With this little money you can start something. It is advisable you start small and grow your business. And also don’t invest all you have at once, it is safe to have a back-up plan and back-up funds.
Buying of equipments and materials
After sourcing for funds and capital, the next step for you is to buy the basic necessary equipment and materials you will require for your business. Most of the businesses mentioned above do not readily need to be run from a shop or an office. You can start small in your room on campus and thank God for telephone. You will mostly be called if your service is required.
Proper book keeping and accounting
You will be required to have good records of your expenditure and income. This will enable you keep track of profit and loss.
Advertising and publicity
You will need to invest in light weight advertising like handbills, stickers, classified adverts. This works! You will also be required to make complimentary cards to give out to people as you tell them of the business you are into. Word of mouth too is very effective.
The easiest way for any business to collapse is un-due credit. Try as much as you can to cut down on credit that you give your customers as this can fold-up and crumble your business.
It is very wise to save part of your profit, and this can be done with a reputable micro-finance bank. These banks can help you grow your businesses if they see that you maintain a healthy account with them and that your business is a viable one.