10 Profitable Businesses To Start With 500k In Nigeria

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10 Profitable Businesses To Start With 500k In Nigeria
Posted on: August 11, 2022, 05:59:19 PM
In Nigeria, you may start a highly lucrative business with 500k in 2022 if you follow the advice in this post. 500,000 Naira is a lot of money, but you’re not sure what to do with it.


Before asking yourself, “What should I invest on with 500k in Nigeria?” you need to know what makes a business successful. Patience is necessary to manage a successful business for a long time. It takes time and effort to be successful in business, so don’t expect overnight results. To grow your business naturally, you’ll need a lot of patience and hard work.

Always remember that business is not a foregone conclusion. It’s not feasible to expect a considerable profit margin straight soon. Slow and steady wins the race. Another aspect to consider is your comfort level with taking risks. As a business person, you must be able to take calculated risks to grow your company. Finally, find out what your consumers want from you. A successful business recognizes and serves its customers’ demands.

To get started, identify a problem in the market and hunt for a need. After that, you present an answer to their concerns. You can start, grow, and operate a profitable business this way. Here are the 10 profitable businesses in Nigeria that may be started with just N500,000, and they are as follows:

1. Start Farming. There is hunger



I don’t need to tell you how much people are struggling to eat in Nigeria, and it’s the best idea to venture into farming which will not only be profitable to you but will also guarantee your meals. There is joy when you can provide for yourself and others.

Farming is undoubtedly one of the businesses you might begin with N500,000 capital. To get this business off the ground, you must travel to regions suitable for farming, particularly locations with rich topographies. From there, you may either rent or purchase a plot of land.

After that, you will be able to find people to assist you with the preparation of the land, the planting of crops, and the upkeep of the land even when you are away from the country. It is in your best interest to gather your harvest at the appropriate time so that you may fetch a more fantastic price for it in the city.

However, farming is a seasonal investment and not suitable for those who are not ready for it or ready to learn how farming works. Presently, there is hunger in Nigeria, and if you dream of becoming a modern-day farmer, then the time is now.

2. Printing and distribution


Printed materials such as magazines, banners, books, and newspapers bring in a lot of money daily. Then you may buy some printing equipment, rent a place, and pay someone to operate the equipment. Once you’ve completed this, you’re ready to go.

People are more interested in the news than ever, and they want to see or know their next movement, and people what to know the latest happenings because bad news has become daily in Nigeria. Apart from news, people are eager to learn too. If you have something to present to the table, then Printing and distribution are what you need to reach 200 million Nigerians.

3. Block molding Industry


In Nigeria, you have the opportunity to make an investment of N500,000 in this area of the economy. It would be an excellent idea to make money by selling building bricks to different construction sites. Essentially, all that is required is some land, block molding machinery, and a person to manage the entire operation.

4. Barbing Salon business



In Nigeria, you may also establish a salon company for 500k. Nigeria’s hair-making and hair-cutting industries are among the fastest-growing in the country. You may make money if you locate your salon in a desirable area and rent a space.

However, you will also need to recruit personnel capable of running your salon business. Having a Saloon is a successful business concept.

No one has to be told that the barbershop industry is Nigeria’s most lucrative and easiest method to make money; many people use it as a side hustle, while others use it as their primary source of income. Whether you want to run it as a side business or not, you will surely make a sustainable amount of money once you plan your barbing business well.

5. POS Business


It sounds funny and true when people say that the number of POS operators has outpassed its customers. This is the word that people use to discourage anyone from starting a POS business in Nigeria. The truth is that there is no way POS operators can pass the customers. People are still cashing out big time on the POS business.

However, you must do a few things to succeed in a POS business in Nigeria. Location is the key. How many customers you will determine your success, and to have more customers means having a good location. Secondly, reduce your charges as low as you can to attract more customers due to the competitive nature of the POS business in Nigeria.

You can read my post on How to Get Opay POS Machine for Business. Most importantly, I have a complete guide on how you can start a POS business. You can even start the business with less than 500k, but you need a reasonable amount of money to pay your customers.

Read: How To Start POS Business In Nigeria | 5 Steps on how to get started

6. Start a Daily contribution business (Akawo)



Daily contribution is one of the profitable businesses you should not joke with, and it can make you reach overnight but requires someone accountable and severe because it has to do with people’s money. Trust me. You will be on top of your game if you can do it right.

Businessmen and women are ready to start saving for the future and need someone to help them meet their targets. You can be that trusted man or woman people can rely on when it comes to saving their money with you. Daily contribution business is more profitable than most businesses, but it takes time to convince people and build trust with me.

The 500k will be enough to print your savings and withdrawal ledger. You need workers too, but the 500k can still sort it out. Hopefully, within a few months, you will start making a profit to cater to the expenses.

7. Live Football match viewing center


The new season has just begun, and it’s the best time to start your football live match viewing center, which doesn’t cost much money to set up. If you have ample space in your place, it becomes cheaper for you, but if you don’t, you will need to find a suitable location and set it up. The expenses involved include:

  • Finding a good location and a place to set the viewing center
  • From the 500K, you need to buy a new or used LED big Tv between 32 to 50 inches TV
  • You will be the best DSTV satellite dish suitable for the job
  • A good generator because of the poor electricity supply in Nigeria
  • You will need to pay for a DSTV Premium subscription
  • You need chairs that you can afford. If plastic ones are expensive or occupy more space, contact a carpenter to do justice and make a good bench for you.
  • At least one big OX standing fan or ceiling fan.

When setting up a viewing center, remember that how you package your center matters a lot. Make it attractive, and you will see a massive turn-up.

8. Real estate business


The real estate industry isn’t the most popular or fastest growing in Nigeria or the rest of the globe. Real estate investing has made a lot of individuals wealthy.

It’s not too late to start a real estate firm with 500k; there’s still room for you.

There is nothing more to it than buying low-cost homes and selling them at a more fantastic price. There is virtually no danger in investing in a real estate firm because properties and lands are considered assets.

9. Setup A sports betting shop


Merchandise related to sports is in high demand and sells quickly. It doesn’t take much to make a million dollars; you only need a few things and a concept for a sports betting center to start.

So many young people in Nigeria do this today since it is so lucrative, and if you establish a sports betting firm, you’ll make a lot of money.

It should be my first company to start with 500k in Nigeria since I have seen and know many individuals in Nigeria who are already doing this and earning a lot of money.

Start-up risks include not understanding how to set up and start your business, such as selecting a proper location and other aspects, but don’t worry, we will discuss how to start your sports betting business in this post.

10. Mini Importation business


Decide if you want to start with offline or internet retailing; To decide whether to build a shop or sell your products online, you must first decide if you want to start a mini-importation.

Nowadays, people sell their products online, saving time by avoiding searching for stores and making it simple for buyers to place orders for the things you ship.

Import things from China or businesses who sell them for a bargain. Electronics, mobile phones, laptops, accessories, hair wigs and cosmetics, apparel items, and undergarments are some suggestions for the things that do well in Nigeria.

Place a bulk order for these goods and deliver them to your address. If you have enough room, you might offer to store these items in your apartment, or you could rent a room that you could use as a warehouse to keep the goods you would be selling.

Consider shopping from online vendors like AliExpress, Everbuying, Amazon, and DHgate.
If you are selling online, post your products, choose reasonable rates, advertise your brand, and begin using your new business as soon as your products have been delivered to your location.

More posts to read

* Tips on how to Start Okrika business in Nigeria
* 10 Businesses to start with N10,000 (N10k) in Nigeria
* How to start a foodstuff business in Nigeria (Full Guide)
* 12 Businesses to start with 500k in Nigeria

Conclusion


You can do many businesses with the 500K that will give you a good return, but you must do enough research and be sure of the road map to guarantee success. However, nothing good comes easy, be ready to work out your success. Anything that looks so easy might not be profitable, but if you are ready, take up the challenge and see yourself flying higher in no time.

I hope you have picked one or two things from this guide. If you have any questions, don’t hesitate to use the comment section; I will be happy to assist further.
 

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