10 Best Business to Start With 10 Million

Do you have 10 million naira you wish to put to good use like starting a profitable business? Well, you’re lucky to have found this.

We’ve spent years helping business owners find their footing, and we’re here to guide you through how to make good use of your 10 million via some of the best businesses to start with 10 Million. 

Trust us, with the information you will read here and the right approach, you can build a successful business that’s the talk of the town. 

Hence, in this guide, we’ll walk you through the tips needed to start the best businesses with such an amount. 

We believe this guide will help you make an informed decision. 

Are you excited? Let’s get started!

10 Best Businesses to Start With 10 Million

1. Real Estate Development

Have you ever walked past a construction site and wondered what it takes to be the one behind those beautiful structures? 

Well, with 10 million in your pocket, you could be that person. 

The real estate development business is becoming a goldmine for those who dream of it and have the resources to tap into it.

The truth is the real estate market is always open for new properties. 

Whether it’s residential buildings, commercial spaces, or mixed-use developments, there’s always a constant demand for quality real estate. And that’s where you come in.

How do you get started? 

Look for developing neighbourhoods or cities with growing populations.

Budget about 5 to 6 million naira for purchasing plots of land in those promising locations.

You can spend about 1 to 2 million naira on architectural designs and getting necessary permits.

Use the remaining 2 million naira to begin the foundation work and initial construction.

Also, don’t forget that your business needs marketing. Check out the real estate marketing strategies that works for your business. 

Pros:

• Has a high potential return on investment
• It provides you with a tangible asset that appreciates over time
• Provides Multiple revenue streams (selling, renting, leasing)

Cons:

• Initial capital may not be enough for the completion of the project 
• Market fluctuations can affect property values
• It involves a lengthy process from start to completion

We discussed possible business ideas you can do here(In and outside Nigeria)

2. Agriculture and Farming

Now, we know what you’re thinking. “Farming? Really?” “How’s farming one of the best businesses to start with 10 million?” But hear us out. 

Agriculture isn’t just about planting and harvesting anymore. 

It’s a refined industry with huge potential, especially given the growing global population and increasing focus on sustainable food sources.

With the current growing population and increasing focus on food security, agriculture is also a smart investment. Your 10 million naira can start a profitable farming venture.

But firstly, you need to decide between crop farming, livestock, or fish farming, then 

Then get land worth 3 to 4 million naira for land purchase or lease.

You might also spend about 2-3 million naira on basic structures (storage, irrigation systems, or fish ponds).

Use 2 to 3 million naira for machinery, seeds, or livestock.

You can reserve 1 to 2 million nairas for labour costs and working capital.

Pros:

• It’s in constant demand
• Government incentives and support are available
• Has good export markets

Cons:

• Could be affected by weather conditions and pests
• Requires continuous learning and adaptation
• It is labour-intensive and time-consuming

3. Food and Beverage Production

Everyone needs to eat and drink.

Hence, food and beverage production is another stable business option to invest your 10 million. 

With 10 million naira, you can set up a small-scale production unit.

Start by identifying a niche product with high demand via market research. 

Get a suitable business location with 3 to 4  million naira for renting and renovating the space.

Invest 4 to 5 million naira in production machinery and tools needed for the smooth running of the business.

You can also use 1 to 2 million naira for the initial stock of ingredients and packaging.

Don’t forget to set aside 500,000 naira for necessary licenses and quality certifications. There is a list of business ideas in the food industry you are going to love. 

Pros:

• There is a regular demand for food and beverages
• Has the potential for product diversification
• There is also an opportunity to create a unique brand if you wish. 

Cons:

• Strict regulations and quality control requirements
• Perishable products may require undelayed distribution
• There is a high rate of competition in some sectors

4. Retail Business

Retail businesses, from supermarkets to stores, have a direct way to connect with consumers. 

Your 10 million naira can help you carve out a niche in this industry. 

But first things first, there are different types of niches you can invest in, so, before you begin anything, you decide on the type of retail store like groceries, electronics, or fashion.

Once you have decided on the retail business to choose, invest 1 to 2 million naira on renting and renovating a good location for your business. 

Use 4 to 5 million naira for the initial stock of your products. 

You can also Invest 1 to 2 million naira in point-of-sale systems, shelving, and security.

Don’t forget the place of marketing. Set aside 500,000 naira for opening promotions and marketing efforts.

Pros:

• Gives room for direct interaction with customers
• Has the potential for Immediate cash flow
• Flexibility to adjust to market trends

Cons:

• High competition, especially from online retailers
• Requires constant inventory management

5. Tech Startup

Tech startups are also some of the best businesses to start with 10 million.  

You see, the tech industry is increasingly growing and offering innovative solutions to local and global problems. 

Your 10 million naira could be the seed that grows into the next big tech company.

What do you say? 

This is how to start. 

Spend enough time refining your idea and conducting market research. There are several profitable aspects of tech you can invest in. 

Then you need to build a team of experts which might cost you 1 to 2 million naira for the initial salaries of team members.

You may also need to Invest 4 to 5 million naira to create a minimum viable product (MVP).

You need legal and administrative licenses. Set aside 1 million naira for company registration, patents, and legal fees.

Then use 1 to 2 million naira for marketing efforts and user acquisition strategies.

Pros:

• High growth potential and scalability
• Attract investors for further funding
• Has the opportunity to solve significant problems

Cons:

• High risk and uncertainty
• Need continuous innovation and adaptation
• May need additional funding rounds

6. Fashion and Clothing Line

Nigeria’s fashion industry is lively and growing, with increasing interest in local designers and brands. 

If you are a fashion enthusiast, your 10 million naira could help you make a mark in this creative industry

You can start with design development. Allocate 1 to 2 million naira to create your initial collection.

Then invest 3 to 4 million naira in producing your designs.

You need to get your studio ready as well as the equipment. You can spend about 2 to 3 million naira on setting up a design studio and buying necessary equipment like industrial sewing machines, embroidery, and others. 

Because you don’t want to keep your business to yourself alone, you should spend 500,000 to 1 million naira on creating your brand awareness, photoshoots, and marketing costs. 

Additionally, you can consider setting up an e-commerce website and online sales platform for your business. And don’t forget to leverage TikTok. 

Pros:

• Allows creative expression
• Has the potential for high-profit margins
• There is a growing interest in African fashion globally

Cons:

• The industry is seasonal
• There is high competition
• You need a strong brand identity to stand out

7. Health and Wellness Services

With increasing health consciousness, especially in fitness, nutrition, and mental well-being, starting a health and wellness business can be both profitable and fulfilling. 

However, you should start by deciding between a gym, spa, wellness centre, or specialized health service.

Then spend 2 to 3 million naira for renting and renovating a suitable space.

You will also need equipment. Invest 4 to 5 million naira in fitness equipment, treatment tables, or specialized health tech equipment depending on your business need.

You should also set aside 1 to 2 million naira for salaries and training of your staff

Then use 500,000 naira for opening promotions and membership drives.

Pros:

• Growing awareness of health and wellness
• Has the potential for recurring revenue through memberships
• Has the opportunity to make a positive impact on people’s lives

Cons:

• Requires specialized knowledge and certifications
• Has high investment in equipment

8. Educational Services

There is no doubt that quality education is always in demand.

People are ready to spend any amount to get the right knowledge as well as get the same for their offspring. 

So, educational services will be a great business to venture into with 10 million naira.

To start a business that shapes future generations, you need to decide which aspect of education interests you and is more feasible. 

Find out which is more profitable between a private school, tutoring centre, or vocational training institute.

After that has been done, you need to secure a space. With 2 to 3 million nairas, you should find an appropriate place for renting and renovating.

Then, you need educational equipment and materials. You can invest about 2 million naira in educational tools, computers, and learning materials depending on the structure of your business. 

Don’t forget to set aside 1 to 2 million naira for initial teacher salaries and training.

However, before you proceed with the operation, you need to get the license and register. You can use 500,000 to 1 million naira for necessary educational licenses and accreditations.

Pros:

• There is always a continuous demand for quality education
• Has the potential to positively impact society
• Give room for expansion and diversification

Cons:

• It is a highly regulated industry
• You need to have qualified and experienced staff on the ground.
• The success of your educational services is always dependent on reputation and results, so you need to put in a lot of effort, resources, and manpower. 

9. Logistics and Transportation

As online businesses grow, there will always be the need for logistics. 

More so, the number of online customers and shoppers has rapidly increased and has been proposed to increase more in the coming years. 

Hence, good logistics and transportation services will be highly sought after as e-commerce grows and businesses expand.

If it is a business that interests you, do your market research and decide between local delivery, interstate transport, or specialized logistics.

As one of the best businesses to start with 10 million, the first thing to do is get a delivery vehicle which might cost between 4 to 5 million naira

You will also need to invest some money into GPS tracking systems and logistics software which may cost about 500,000 to 1 million naira. 

You will need a physical office too. You can spend about 500,000 to 1 million naira on office equipment and administrative costs.

More so, licenses and insurance are important.  You should consider doing the necessary permits and insurance coverage with 500,000 naira. 

Don’t forget the place of marketing and brand awareness, include it in your budget too. 

Pros:

• It is one of the most needed services for many business
• It has the opportunity to expand as long as the e-commerce industry grows. 

Cons:

• You need a high capital investment in vehicles
• Fuel price fluctuations can affect profitability

10. Entertainment and Media Production

Do you even know that Nigeria’s entertainment industry, popularly known as Nollywood, is the third-largest film industry globally?

Research shows that Nigeria’s entertainment and media market is projected to reach $10.8 billion in revenue by 2026, with a 12.56% annual growth rate from 2022 to 2026

Despite challenges such as copyright piracy and intellectual property rights violations, it is still considered one of the best businesses to start with 10 million naira with a good return on investment. 

However, you don’t just start because you want to start. 

The media industry is large, hence, you need to choose between film production, music production, or digital content creation.

After that, you need to invest heavily in high-quality cameras, sound equipment, and editing software which may cost you about 4 to 5 million naira. 

You also need a studio space and set it up.  2 to 3 million naira should be enough for renting and setting up a basic production studio.

You can’t do it alone you know, you need to look out for talent and artists you can promote and in return bring profit to your business. 

You should set aside 1 million naira for projects and collaborations with artists or actors.

Don’t forget the place of marketing. Use 500,000 naira to promote your first productions and establish distribution channels. Here is a better resource you are going to love. 

Pros:

• It gives room for creative expression
• Has the possibility for viral success and quick growth
• It has multiple revenue streams (streaming, licensing, live events)

Cons:

• It is a very competitive industry
• You can’t predict your success rate 
• You need to stay current with constantly changing technology and trends

Another business you want to try out in Nigeria is Laundry business, we have a detailed resource for you.

What Next?

We are glad to know you made it this far. It shows you are willing to learn all it takes to put your 10 million naira into good use. 

However, you might be wondering which of these businesses is the one right for you. 

The truth is that each business has its unique advantages and challenges, and they all have the potential to turn your 10 million naira into a thriving business. 

But then, all businesses require thorough planning, diligent execution, and constant innovation. 

So, you should take your time to conduct thorough market research and be sure there’s a demand for your product or service in your target area.

Also, don’t forget to manage your finances wisely. Know what’s taking money out of your business and how much is coming in return. 

However, whether you decide to start a real estate development business or a health and wellness business amongst others, you should look for the best consulting and digital marketing agency to work with. 

Whether you need help building brand awareness, showcasing your products or services, or creating a trend around your grand opening, you should consider working with UGC Deck. 

We have a team of expert content creators and digital marketers who are always ready to help. 

We understand the unique challenges of starting a new business and that’s why we have tailored services to fit your needs and budget.

We also have proven methods to grow your business. 

To get started, we will offer you a free initial consultation to evaluate your business needs and discuss how UGC Deck can support your business goals. 

We are confident that working together with us can help turn your 10 million naira investment into a thriving, profitable business

To learn more about our services or to schedule your free consultation, visit our service page. 

You can also reach us directly on WhatsApp or phone at +2348063469469

We are also available by email at hey@ugcdeck.co

However, don’t forget that every successful business starts somewhere. So take your first step in building a successful business by contacting us. 

We are confident that with your 10 million naira, a solid plan, and the right marketing support from us, your business will rank as one of the most successful businesses in Nigeria. 

We look forward to working with you soon.