The N1m business Ideas

Sometimes all we can do is try!

(please note that due to inflation the value of what N1m achieved before was more than what it can achieve now)

Sometimes in life we can sometimes be put to the test, not knowing what to do to make a living. It’s no one’s fault sometimes it could be a good story, and we are going higher in life and need a proper business to help stabilize earnings and income, for some others, it’s the opposite, they’ve lived well or better but are out of work or have met some stroke of bad luck and need to either invest N1m or rally people to get the N1m needed to start a business.

Starting a business can be difficult and can take some really drastic turns you didn’t expect, why? Cuz it’s money related, people don’t play with money, you will soon be quick to find out. There is no friend nor family in business, that’s if you are in actual business and not a charity or a hobby, then your money should matter to you, every kobo is needed to reorder, restock, close accounts or save for salaries or family upkeep. If done properly business can be mastered, it can become a part of your life and lifestyle, keeping records, knowing estimates, projecting profits, wooing customers and maintaining them.

Choosing a business that appeals to you is important, to prevent you rushing in and rushing out, many people when trying to decide what business to do are lured by the attraction of what they see someone doing or how much they might be making but may not understand the years it took to master the business or traits needed to do the business. Yes, some businesses take years to master or to even break even, so you really need to choose a business that you will be happy doing for at least 3 to 5 years. Can you picture yourself not getting tired of your business for 3 to 5 years? What if you don’t have sales persons to assist you, can you happily take on some of the work on whatever interim that there is no help? These are some pressing questions you need to ask.

Do you also have someone to guide you? Some business needs guidance, you’ve struck gold if you have someone willing to share business secrets for you to cross hurdles you didn’t even know where there.

If you’ve considered some of all the above mentioned then here’s my list of several businesses that can be started with N1m


•Small supermarket, kiosk or talk shop. 

•Small wine shop. 

•Small phone accessories. 

•A mini POS empire (minimum 5 stands)

•Small boutique. 

•Small bet Parlour. 

•Mini saloon empire (at least 2 small saloons). 

•Car wash empire (at least 3 car wash). 

•Rent a garden or lounge. 

•Learn a practical on demand skill. 

•Restuarant business. 

•Mini photo Studio. 

•Small spare parts and car accessories. 

•Car tire and batteries business. 

•Car engine oil business. 

•Car accessories (foot mats, extinguishers, wipers steering covers, design upholstery, etc). 


Please note :

1. N1m is small but very good for starting any business to try the business, if you have decided to. 

2. Try to minimize your rent for space or shops, don’t spend more than 10% of your proposed investment amount on rent. 

3. Only choose something you would be happy doing for 10yrs to the rest of your life, cuz once you start, that’s it, you either grow from there, or learn one of life’s greatest lessons.

4. Business needs at least 6 months to 3 years of patience, luckily to break even for a N1m business shouldn’t be too hard asides transport businesses which have a lot of financial risk and uncertainties

Written by Mundez 

edmundez@me.com

This is not financial advice, nor was this generated by ChatGPT.