You can venture into good businesses as long as you have up to 500k or more, and you will see a positive outcome, but first, how do you discover those businesses? Maybe your mind has been directing you, but you are afraid of taking the risk because you want to be safe, and you need a guide to avoid making mistakes.
There are good businesses to start with 500k in Nigeria but making the right choice that will favor you is the most significant task that you have to deal with. However, this post is to help you make that choice as I am about to list 12 businesses to start with 500k in Nigeria. I assume that you have up to 500k and are ready to invest, but most of the businesses that I will list below can be started with less than 500k, while some will require more.
Remember, many things can hinder your success in any business, and most times, it's not the business you choose but the way you run the business. You package your business and be consistent with attending to your customers constantly. Every business has its principles that you must follow, and it's essential to learn that principle before you kick start your business.
Business to start with 500k in Nigeria
Without wasting more time, below are the 12 businesses you can start with 500k in Nigeria, and I am sure you will find this list helpful, especially when you have money ready for the business.
1. Mini Importation business
I know that some crucial businesses require millions of naira. Still, we are talking about the mini importation business here, and it's not a must to have millions before you can start. One of the biggest tasks is discovering the fast-selling product to sell and sourcing the items locally or abroad. Still, a simple google search can give you a complete list of international shopping malls where you can search, buy and import into Nigeria.
However, Due to our weak currency, the majority of individuals are frequently wary about small importation. You must realize that you may profit from small imports regardless of the exchange rate. Raise the price of the goods when the value of the dollar climbs versus the naira. It's that simple!
For the most incredible experience, you should also order fast-moving items. It isn't a well-kept secret. Take a look around and choose a product that is in great demand. If you're planning to advertise it online, Google Trends can help you figure out how popular it is. The more well-known a product is, the better your chances of making money selling the products.
2. POS Business
POS business is one of the best businesses. You can start with anything 500k or even less. Though many people are already in the business, you can still make money through it once you find a good location for your POS business.
You've most likely heard of this company before. The reality is that this business has the potential to generate a substantial amount of revenue for you.
Because most people lack time to line up at an ATM, the point-of-sale (POS) sector is a rapidly growing industry in Nigeria. You do not need technical expertise or millions of dollars to start this business.Do you know what you need to start a POS business in your area?
- A convenient placement for a shop
- A point of sale device
- Additionally, you should have a reserve fund to pay your consumers.
You do not need 500k to operate this business, as the point-of-sale gadget and shop may work on less than 300,000, depending on your region.
T ensure success in your business venture, you must begin with a business plan or feasibility study.
With sufficient promotion and awareness, you may earn more than #50,000 per week or month. This company concept is simple to launch, maintain, and expand. You may even run this company in conjunction with a phone repair or accessory business.
I have a detailed guide on how to start a POS business which you can read How to Start A POS business in Nigeria (Requirements)
3. Supplying of Food items like Eggs
Even as a student, this kind of business can earn you a good profit, yet it requires minimal capital to start. You can begin the egg supply business in Nigeria with 500k or less depending on how you package the business. For instance, eggs are the preferred protein source for many Nigerians. The number of eggs consumed every day by Nigerians on a national scale will require statisticians to determine.
It is an ideal small-scale business for a student to establish because it takes little cash. You'll have ready-to-buy consumers practically as soon as the hen lays the eggs. You develop into a mini-egg provider among your classmates, and eventually perhaps in the nearby food cafeteria.
Most people are willing to patronize you as a student since they recognize your struggle to make ends meet. When you realize how lucrative the poultry company is, you may upgrade to operating it.
Due to the increased likelihood that students would be too tired or sluggish to attend market runs, they may require the aid of a vendor or supplier.
4. Become a Jumia pickup station agent
Do you have a good shop or an apartment that is easy to locate by Jumia customers that can be used as a Jumia pickup station address? If the answer is yes, you can make some cash using your old or newly ranted shop as a Jumia pickup Station. Undoubtedly, Jumia is one of Africa's biggest online shopping malls, with millions of customers, even from Nigeria alone.
If you dont know, people choose the pickup station option because it's cheaper than in-house delivery. Jumia allows individuals and business owners with good locations to partner with them as long as they have a good place to use as their pIckup address.
The most important thing is that you dont need up to 500k to start this business because you can use your already rented apartment. You can also combine it with other companies and make more profiles.
5. Open a general merchandise business center
If you can find a good location, you can open a general merchandise business center to buy and sell anything. In your business center, you can partner with multichoice to sell and subscribe to people GOTV, Dstv, Startimes, Metro, etc.
You can also partner with MTN, GLO, AIRTEL, and 9Mobile to be their distributor selling airtime in large and small quantities. You are also free to start selling SME data plans. However, you can add phone accessories to your shops, such as phone chargers, earphones, batteries, screen guards, and phone packs. I can tell you that you have an excellent chance to go home with 5k to 50k profit per day, but it all depends on the location and how you package your business.
6. Cooking Gass Business
Another excellent business that you may start with 500k is a cooking gas distribution business. Due to the high cost of an LPG tank, you will be refilling with an industrial gas cylinder. To succeed in this business, locate it near residential areas to ensure that prospective clients have no difficulty finding your business. Additionally, try to start with a good business plan.
If you're unsure how to create a company strategy, contact a business expert for assistance. This lucrative venture carries a danger, which is why you must take precautions to avoid an outbreak. In contrast to previous years, beginning this business will require obtaining a permit from the Department of Petroleum Resources (DPR). Obtaining this permission is straightforward, as long as you have the financial means to start the business.
7. Snail Farming business
You probably aren't aware, but snail farming is one of the most profitable businesses in Nigeria. With 500k, you have all the necessary tools to become a billionaire in Nigeria. However, training is essential if you wish to thrive in this company.
I do not arrange snail farming training courses. However, there are several snail farming workshops available. Do yourself a favor and pick your smartphone or laptop to do a little web research, and you're ready to go. There are hundreds of guides online that can teach you how to raise, feed, and collect snails. This firm does not even require a capital investment of up to 500k, as suggested.
8.Photocopy & Printing Business
Because of the high demand at Nigerian institutions, photocopying/printing is the most common business you see most individuals (students and non-students) undertake on campus nowadays.
It's also relatively simple to get started and provides you the freedom to select your working hours. You can establish a photocopy/printing business with very little cash and a few devices (printer and laptop), as well as a modest generator.
If you plan to establish a business while still in school, you are not required to get a storefront. You may squat anyplace on campus that has a lot of traffic and do your thing.
You may even hire someone to do it for you (assuming you possess a laptop and a printer), and you and your partner can split the profits according to the terms of the partnership agreement.
9. A dry cleaning service
Dry cleaning is another profitable business that you can start in Nigeria with $5000 and requires no particular expertise.
To kickstart this business, all you need is an outlet and some dry cleaning equipment.
If you don't want to bother about it, you may employ someone to oversee your clients' clothing washing, drying, and ironing.
Depending on your location, you may earn more than $100,000 in a single week.
Additionally, you'll need to learn specific marketing techniques to engage with prospective customers. You can start this outstanding business with as little as 500k.
You must develop a reputation and earn the trust of your peers in this business. Your prospective clients will have complete confidence in your ability to keep their fabric protected and clean in this manner.
10. Blogging & Digital marketing
Blogging is undoubtedly a big business that pays in dollars. Yes, you work and earn in US dollars, a blogger, and I can tell you that I make my money in dollars, not in naira. Though you can start blogging for free, you will need to invest in Webhosting, domain name, pay writers, and pay for digital marketing tools and causes if you want to take it to the next level.
In blogging, paying for SEO services that can help optimize your website and help it stand out is enough to consume your 500K, but you don't have to look for SEO services since you can learn the basics. The truth is that you can start your blogging career with little or no capital. The secret of blogging is hardworking and consistent.You can read more about blogging
> Blogging and digital marketing niche not for newbie bloggers
> Freelancing VS Full-time Blogging which one is better
> (Promo) $1 for 3 Months Web Hosting offered by Interserver
11. Dropshipping business
Dropshipping is one of the businesses you can start with 500k in Nigeria. I know you have heard a lot about drop shipping, but there is more to that business than you think, and it's essential to learn how the system works before getting started.
However, dropshipping eliminates the need for you to maintain inventory or stock, as well as the requirement to manage delivery.
Almost all operations, such as delivery, will be handled by your provider.
Your sole responsibility will be to collect orders from your clients and forward them to your supplier for processing.
Your supplier will guarantee that the goods are delivered, and your consumers will be unaware that a third party is supplying the product.
With an intelligent plugin such as Alidropship, you can operate this company effortlessly.
12. Barbing saloon / Hairstyling
As they say, there is no food for a lazy man, and you must fix yourself somewhere to succeed in Nigeria. Opening and managing a barbing saloon is a good business venture that can change your stories.
Every young Nigerian with the required experience can start a barbing saloon business. However, it's pretty popular among the youths. Barbering/hairdressing is also very lucrative work for female and male pupils.
Hairdressing is quite popular among female university students. If you're talented and know how to create various hairstyles for university students, you'll earn some money, as nearly every female student at the institution does their hair regularly.
12. Used electronics business
You can make a lot of profit buying, and selling used electronic gadgets like smartphones, laptops, LED TVs, etc. I am sure you have seen many people making used smartphones on Facebook, Jiji, Nairaland. Do you think they are not making a good profit?
I have a friend in Onitsha who specialized in the importation of used Laptops and their accessories, and I can tell you he is cashing out very big. However, it would be best to make some inquiries from those people in the business for a long time to learn the secrets.