How to Start Foodstuff Business in Nigeria and Earn N1 million Monthly

How to Start a Foodstuff Business in Nigeria and Earn N1 Million Monthly

Have you ever sat down and thought about starting a foodstuff business in Nigeria came across your mind? If you have a passion for food and a desire to earn a good income, this could be the perfect opportunity for you. 

Nigeria’s rich food culture and growing population make it an ideal market for foodstuff businesses. 

In this post, you will explore how to start a foodstuff business in Nigeria and earn N1 million monthly in 2023. 

Ready to explore how to start a foodstuff business in Nigeria and earn N1 million monthly in 2023? Let’s get started if you affirm it!

Cost Of Starting a FoodStuff Business In Nigeria And Earn N1 Million Monthly

Before we get deeper into exploring how to start foodstuff business in Nigeria and earn N1 million monthly in 2023, let’s first take a look at the amount it may cost to start a foodstuff business in Nigeria and earn N1 million monthly:

Starting a foodstuff business in any location in Nigeria doesn’t require breaking the bank. 

You can start a small-scale food stuff business that may not require more than a hundred thousand nairas (N100,000).

With the N100,000 capital, you wouldn’t need to rent a shop from it. You can start from the comfort of your home. 

The budget of N100,000 would cover various types of food e.g. a half bag of rice, beans, spaghetti and cassava flakes etc.

With these, you can begin and advertise with word of mouth to your neighbor.

However, if you think big and aim high, you can surely make millions from your foodstuff business. But this time around, the start-up capital wouldn’t be with N100,000 neither N1 million nor two million naira, even 3 million wouldn’t be enough.

From experience and research, a foodstuff business that would bring in N1 million monthly would either be start with not less than N5-10 million or you start as a small scale and grow it up to the standard of making at least N1 million or more per month.

Read: Nigeria Dropshipping: How to Start Dropshipping Business in Nigeria and Earn N2.5m Weekly

This budget of at least N5 million will cover the cost of renting a store and warehouse, diverse foodstuff, hiring staff, etc.

List of Fast Moving Foodstuff Business In Nigeria

In Nigeria, we are blessed with various kinds of food, and all these foods are consumed on a daily basis, however, from the various kinds of food we have, some are exceptional and must be consumed by young and adults. They are:

• Rice
• Flour
• Beans
• Semo
• Spaghetti
• Indomie
• Poultry feed
• Cassava flakes
• Frozen food etc.

Now, let’s look into how to start a foodstuff business in Nigeria and earn N1 million monthly in 2023.

How to Start a Foodstuff Business in Nigeria and Earn N1 Million Monthly

Here are steps to follow to kickstart your foodstuff business in Nigeria today:

Make Market Research: The first step on how to start a foodstuff business in Nigeria and earn N1 million monthly in 2023 is to get to know what people in your area love to cook and eat. 

This will help you stock the right products.

Although, as a large-scale business, you must ensure every food item is available at your stop you need to ensure the majority of the available stock is those in high demand.

Choose Your Approach: Secondly, you may have to decide if you want to sell online, have a physical store, or a combination of both.

Here, it’s advisable to have the tool as a large-scale business.

Choosing the Perfect Spot/Location: Finding a good location, a place, especially near the roadside is a good idea for quick recognition and patronage. 

Reliable Suppliers: Build relationships with trusted suppliers who can provide you with quality products.

Store Setup: Create an inviting and organized store layout that showcases your products.

 Let the Sales Begin: Start selling your foodstuff, making sure to offer competitive prices and top-notch service.

Spreading the Word: Use social media, word-of-mouth, advertise on free classified ads sites like jiji, and other marketing strategies to let people know about your business.

Make Customers Happy: You do this by providing excellent customer service to keep people coming back.

Implement Good Strategies: Look into what your competitors are not doing right and make it better.

FAQs On How to Start a Foodstuff Business in Nigeria and Earn N1 Million Monthly

Here are some frequently asked questions on How to Start Foodstuff Business in Nigeria and Earn N1 million Monthly in 2023 with answers to each question:

How much can one use to start a foodstuff business in Nigeria?

The capital required to start a foodstuff business in Nigeria depends widely, a profitable foodstuff business ranges from N100,000 to N5,000,000, upward depending on your target. If you target making a million monthly, then starting with 5 million naira or more is a good idea.

How do you succeed in a foodstuff business?

To succeed in a foodstuff business in Nigeria, consider these key factors: thorough market research, sourcing quality products, competitive pricing, effective inventory management, good customer service, strategic marketing, and adapting to changing trends.

What food items are fast selling in Nigeria?

In Nigeria, fast-selling food items often include rice, beans, tomatoes, onions, cooking oil, spices, and popular staples like yams, cassava, and plantains. 

How do I set up a foodstuff shop?

To set up a foodstuff shop in Nigeria, follow these steps:

Choose a suitable location with high foot traffic.

Register your business and obtain necessary licenses.

Source reliable suppliers for a variety of food items.

Set up a well-organized store layout with proper shelving and displays.

Price your products competitively.

Develop a marketing strategy to attract customers.

Ensure excellent customer service to build loyalty and repeat business.