3 Successful Nigerian Businesses That Started With Less Than 20,000 Naira
It is common to hear people who have considered going into business lament that the number one reason they are yet to act on their business ideas or even consider going into entrepreneurship is because of capital constraints. Contrary to popular believe, raising capital for your startup is not a major challenge. Often times, all you have to do is to get up with what you have and go to work! Successful businesses do not always have to be highly capital intensive and the following successful businesses that started with less than N20,000 (approx $50) can attest to that.
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Printivo didn’t start with six-figure funding. Oluyomi Ojo started out by hawking hand-made greeting cards on the University of Lagos campus. Printivo is an online design and print provider that provides its customers with free templates created by designers across Nigeria. Oluyomi started with less than N1000 (less than $3) borrowed from his mum. He later met Ayodeji Adeogun, who is now his co-founder. Recently, Printivo secured six-figure seed funding and has become a leader when it comes to design and printing of business cards.
No Left Overs Limited
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This Nigerian owned million dollar food business started with only N1,000 ($3) which she received from her husband during their most financially challenging period. Today, it has gained recognition from former United States of America first lady, Mitchelle Obama and was featured on Forbes, CNN, BBC amongst other media coverage. Within 3 days of starting the business, Ayodeji Megbope was able to generate a turnover of N5,000. This rose to N20,000 in two weeks and has grown ever since. No Left Overs now has branches across Nigeria.
House of Tara
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The popular beauty brand, House of Tara is known to have popularised the makeup craft in Nigeria. The business was started with N15,000 (approx. $45). Today, it is an empire in the beauty industry with franchises spread across Nigeria and West African countries like Senegal, Ghana and Benin Republic. Tara Fela Durotoye has won many awards and recognition including Forbes Young Power Women in Africa, the World Economic Forum’s Young Global Leaders, and the Future Awards Young Person of the Year and Young Entrepreneur of the Year among other awards.
The main business tip from these entrepreneurs is to grow from bottom-up, i.e., start where you are, with what you have!