Hello nairalanders, I am a recent graduate that just concluded the NYSC scheme. With the little money I saved from my stipends I decide to venture into a business.

I have two businesses in mind; food stuff (rice, beans, garri, etc.) retail biz and opening a barbing saloon ( which I have skill on ).

I am teaching in a private school at the moment, but like Oliver twist, I want more. I don't want to continue the job next year because of how some of these private school behave.

My questions are;
which one of them can I safely start with 100k?

is food stuff biz adviceable to venture into?, considering ban on rice.

what is the cost of starting each of the two?

I think from your explanation, you have two questions moulded together.


First, which business would you invest your N100,000 saved up stipend? Well, in this case, it boils down to where you have experience and equally, where your passion lies. Barbing Saloon is a very lucrative business for those who wish to start small. But one thing you should have in mind is that the return on investment isn't as much as the Foodstuff business.

And with little capital, you can easily navigate your way into the market and establish your foodstuff business, unlike the barbing saloon business where you have to acquire a lot of gadgets before starting up.


Foodstuff business I supposed is one of the highest growing business with a good profit margin when opened in a high foot density area. I'm a proud owner of a grocery store who have a relative experience of running a foodstuff business.


So, my advice goes thus; gather your money up, make a comprehensive research on foodstuff business. Get a good shop(preferably where there's a high foot-traffic), check your prospective competitors, see how flourishing their business is. Then go and learn the business first hand from someone who has been in it for a while.


Come back when you're obviously conversant with the nitty gritty of the business. Enter market and open your own shop.


Goodluck.

Thanks a lot, I really appreciate.