What Can You Do With A Million Naira?

Opinion

Is there a legitimate business idea that will take a million naira or less and yield a profit within 6 months and continue to yield profit afterwards? Is it any different from the usual things people sell—fashion, skin care, hair, food, e.t.c.?

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Doesn’t sound like much does it? But it all boils down to perspective. A jobless person would see it as a windfall. A petty trader would call it a miracle. You might think of it as chicken change. Or maybe not.

In our country of today, what kind of business can you start or run with a million naira? Would 1 million count as starting capital for any lucrative business? I’m curious, because money really does not grow on trees. So, if someone placed this amount in my hand and told me to “go, be fruitful and multiply” and I don’t mean that in the procreative sense, what would I do with it? I’m at a loss.

There are so many entrepreneurs springing up and small businesses gaining ground. A lot of these are driven by young people and social media is playing an extremely important role in the process. So, I think it’s safe to say that the young ones have the answers? But I find that people are selling the same things – fashion, skin care, hair, food, e.t.c. Are they all making money? Is the market not yet saturated? Or is it that there are so many Nigerians and still not enough goods and services? Or we just like to buy and buy and buy? Consumerism I think it’s called – a preoccupation with and an inclination towards the buying of consumer goods.

Anyway, that’s beside the point. What I am trying to find out at the moment is if there exists a business idea that will take a million naira (or less) and yield a tidy profit within 6 months (and of course continue to yield profit afterwards). The underlying assumptions are that the idea must be legitimate, simple and can be implemented with minimal resources, the 1 million naira included. I would say it must be a novel idea, but then again, you can take something that already exists and do it in a new way. So, let’s not restrict it to just new ideas.

My colleagues and I argued and argued about this at work, while we were contemplating our fate as employees, and wondering if we would ever make millions by working for someone. We did not reach a consensus. Some think that there are a million things that can be done with a million bucks (see what i did there?), and they can all be started relatively easily, with maybe an extra requirement of employing someone to run it. The truth is, I have my doubts. But I just might be very short-sighted and narrow-minded.

So TNC people, put on your business hats and surprise me. Not every time gossip, sex and love stories.

And if I’m feeling benevolent, I just might throw in a small reward for the ‘winning’ idea.

Leggo!

Responses

  1. Mo
    This is a really good post. I can’t wait to read comments, and harvest or two ideas…*smiles* (desktop problems)

    Anyways, an idea i have been toying with in my mind is Online Training. I think less than 1 million will do but it depends on what you are training people on and how sophisticated you want your online platform to be. The training in my thinking (just felt like saying that) is Editing, a lot of upcoming writers, they could learn how to edit their books professionally by themselves.

    Here’s the Punchline, i know nothing about editing, my English/literary expertise is so limited, it’s probably very obvious in all i just typed.

    Cheers.

  2. Larz
    Any business idea that required you to pay huge amount of money for guaranteed return in 6months is a scam. Most businesses will take 1-2 years to yield profit.
  3. Ej
    I think for now, the only business that can yield such profit after a year is farming either rearing catfish or poultry. Also those guys that sell fries by the roadside make a tidy amount of profit so considering bulk sales, I would say it’s good business.
  4. Opeyemi
    With 1 million naira, I will go to a rural area, Like those Iseyin in Oyo state, Some parts in Osun states and Start farming cassava, With 1 million naira, In like 10 months .. Be at least expecting a profit, Thou it may not be that huge for a starter ..but subsequent years, Big profits is awaiting
  5. Nasir
    I have great business ideas but I don’t give them for free; pay a little something and you will get them. I will make sure it successful.
  6. Kayla
    Invest in Oriflame
    Or BTC
    You can start with less than a million and make a really tidy profit. If you wanna know how, you can drop your email 🙂
    Or depending on your interests, develop a business around those and make it something that meets a need.
  7. Your village people.
    With less than one million naira you can invest in the Magodo wood market. There are millions to be made there, someone with modern ideas can go into wood business where outdated practices are the norm.

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