10 Lucrative Business Ideas to Start with Little or No Capital in 2024

Written by Jubilant Agbor

As the world is embracing and welcoming the year 2024, we all have aspirations, resolutions, and expectations for the new year. 2023 has come and gone, leaving some better yet others worse, confused, and in the same way financially.

According to the National Bureau of Statistics (NBS), it is reported that in Nigeria, the unemployment rate stood at 4.2% in the second quarter of 2023. In other words, close to 50% of people living in Nigeria who are qualified, skilled, and willing to work cannot find work to do or a suitable job. This has left people with the question, “Where do we go from here? How do we move forward?”

As a result of all these, many resort to starting their own business as a means of survival rather than waiting to be employed or working in a toxic work environment. However, the growing number of Nigerians who also wish to start a business often face the challenge of identifying profitable businesses they can venture into with little or no capital.

This article focuses on addressing that problem as it provides a guide to 10 business ideas you could consider starting in 2024. Let’s delve into them one by one.

1. Day-Care Services

As the day goes by, the daycare business continues to flourish due to the increase in birth rate. Many working-class mothers, upon expiration of maternity leave, will have to put their babies in daycare centers to enable them to return to work.
Many parents can pay any amount just to ensure their kids are well taken care of. So if you are someone who loves children, then this business is for you.

2. Cooking classes

People love to eat food and try out new food, but not everyone understands the know-how of food preparation. With the help of social media, you could organize online classes, teaching people how to cook what you know.

3. Tutorial Classes

If you are someone with a passion for teaching others, then this is for you. Working as a tutor can be both rewarding and a great way of earning a living. In Nigeria, there are no specific qualifications to attain before becoming a private tutor. All you need is an adept knowledge of the subject(s) matter of interest. For example, if you are good in either Biology, English Language, or Physics, you can begin to offer your services in those areas.

To start, decide on the age group of the learners you want to tutor, list your subject strengths, research on the best instructional delivery method to use, then decide on a venue for your service (either your home or the learner’s house). After ensuring all that, advertise your services both online and offline and get started.

4. DJ Service

Everyone loves music. Music adds life to any event, either wedding, funeral, birthdays, anniversaries, get-together, etc. While few persons hire the services of live bands at their occasion, a DJ’s service is the most sought after by many.
So in 2024, if you are someone with a love for beats and good music, consider offering your service as a DJ.

5. Dropshipping

This is the most juicy and hottest retail business in the e-commerce industry and the world of online shopping over the years. By dropshipping, you get to sell a product online without having to worry about manufacturing, having the product present with you, or waybilling to a customer. Instead, your supplier or wholesaler sends the product directly to your customer upon completion of the transaction.

As a dropshipper, all you need to do is choose a product of interest to market, find a supplier, set up an online store with products clearly listed, then advertise. When someone places an order, you receive the order then proceed to finalize the transaction with your supplier, and your supplier handles the rest. With just your smartphone, data, and zero capital, you can start your dropshipping business today.

6. Errand Services

Errand service business is a yet-to-be-explored gold mine. This is because people are so much occupied with day-to-day activities taking them out of their homes. The concept of “Housewife” no longer holds water as women are now moving from taking care of the home to working to support their husbands.
This has left many homes with no one to execute basic tasks. As a result, there is an increasing demand for an errand service. People are willing to pay handsomely for outsourcing.

Errand service involves the execution of tasks for payment. These tasks range from simple things such as disposing of dirt, grocery shopping, washing clothes to babysitting, picking kids up from school, etc.The good thing is it requires no capital at all, and no skill or formal training is needed to start. All you need to do is put yourself out there, tell people you offer these services, and you are on track to gaining that financial freedom you seek.

7. Blogging

Are you someone who is very expressive with words? Do you love to share your experience, ideas, and stories? Then consider starting a blog.

To start a blogging business, it is important to have a niche (an area of interest you’d love to talk about). This might include any of the following: Lifestyle, Parenting, Entertainment, Food, Fashion, Beauty, Education, Entrepreneurship. So start by identifying your passion, brace up yourself with your head held high, smartphone and data, then get started.

8. Online Food Business

Food is essential for survival, and everyone loves to eat. While cooking might be a stressful and not-so-easy chore for some people, others who love to cook, for some reason, are placed in a condition where they can’t. Hence, they are left with no choice but to order food online.

One of the advantages of an online food business is that you can operate from the comfort of your home. So in your kitchen space, food can be prepared and sent on demand to clients. So if you love cooking and know how to make tasty food, set up your online shop and tap into this wealth business today.

9. Smoothie Business

Smoothie making is another business idea to consider. Due to the harmful health effects of consuming carbonated drinks, people are beginning to embrace healthy living by using smoothies as an alternative.
A smoothie is a thick beverage drink made from blended ingredients such as fruits, ice, sweeteners, milk, water. It is one of the most lucrative businesses in the food industry.

This business requires very little capital to start, and the fruits needed can be found in the local market or shopping mall. If you have a blender in the house, go on YouTube, learn how to make different varieties of smoothies, implement and start making money.

10. Coconut Oil Production

Coconut oil is the oil extracted from coconut meat. The demand for coconut oil is on the increase due to the numerous health benefits this oil offers. Coconut oil can be used as a hair maintenance product as it protects the hair against dandruff, skin care, cooking, oral hygiene, massage, makeup, etc.

Worthy to note is that only a few people produce coconut oil, so there is a low competition rate. You can start this business with low capital, and the residues like the chaff can be repackaged and sold as coconut flour for making swallow or baking.

There are so many things to do to earn a comfortable living in the year 2024. In this article, we’ve been able to come up with some of the businesses you could consider starting.

Read, plan, and take action.

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