While there are businesses you can run with little or no capital, most businesses would require enough capital for you to become successful.
Businesses You Can Start with N500,000 in Nigeria
With N500k to spare, there are a lot of business ideas you can start and make lots of profit. In this piece, you will find 10 Businesses You Can Start with 500k in Nigeria.
1. Mini Importation Business
Mini importation business is one that would have to be set in a physical location. This simply involves importation products from other countries and selling them for profit in your area. Before you start mini importation, you should research heavily on the business and the profit that would be derived from it.
You might also have to sign up for an online course on mini importation where you can learn the tactics of the business. There, you will also find information on the best products to purchase for any area, how to make your first sale, and how to expand your market.
2. Sales of Clothes and Shoes
With N500,000, you could open a shop where you sell new clothes and shoes. You won’t need to spend the entire N500,000 on this business and you should avoid doing so. Take note that, most of your customers will not be attracted by the beauty of the store but rather by the quality and affordability of your products.
You should ensure that your store is in a favorable location. It could be in a student area where you’re sure to get more customers or in a marketplace where people are more likely to come and purchase new clothes.
3. Barbing Saloon Business
The barbing saloon business is booming in Nigeria and will guarantee you daily income without fail. To get started, you will have to train under a professional. You could open a barbing saloon on a small budget, but it is important to give your customers the best as it would make them more likely to come back.
Setting up a barbershop could take at least N200,000, that is aside from renting the store. Once fully set up, you can make a signpost to let people know you’re in business and offer discounts to get customers. You won’t only have to cut hair but you can add services like dyeing and making of dreads.
4. Football Viewing Center/Game Center
You could place both establishments in the same location. A football viewing center would require more space and chairs. You will also need a subscription package using GOtv or DStv. You will also need a large TV set of at least 43 inches.
Depending on the size of the viewing center, you might need more than one TV set or go for a TV of 65 inches though this would be more costly. Your budget of 500k might barely cover these but if you stick to fairly used TVs, you could have more money to advertise.
A game center would require less space and fewer expenses. You could set up the game center with four PS4 systems and 4 small 24-inch TV sets. These would cost just about N300,000. The remaining money can go into setting up the shop and making a signpost.
5. Hair Dressing
Hairdressing is a lucrative business that will give you daily income regardless of your location. The business won’t require much to start depending on how you want to run it. You might want to go for more modern equipment which shouldn’t be a problem considering your budget. Take note that the location matters a lot when setting up a hairdressing saloon.
6. Real Estate Business
It might sound farfetched, but you can start a real estate business and make lots of profits. However, your profit would not come immediately. Getting involved in real estate means buying landed properties at cheaper prices and selling them at higher prices.
This business has actually made many people millionaires which is why a lot more people are rushing into the market. Today, it is more competitive than before, however, N500,000 should get you somewhere.
7. Block Moulding Business
Nigeria is getting developed at a quick space and thus there are more high-rise buildings. Contractors and builders would require building blocks and most homeowners would want to go for the quicker option, which purchasing the blocks.
This makes the block moulding business very profitable. To start the business, you will need a location that could be rented out. You can also purchase the land. Making blocks doesn’t require any complicated machine. In fact, the manual method could give you up to 100 blocks per day. With N500,000, you can get a site as well as the sand, cement, and labourers required for the businesses.
8. Computer Service Center
This business would require a good location to bring the most profit. You should set this business near a university, college of education, or polytechnic. You could also push it close to business areas though many offices would be able to afford some of your services.
Back then, the computer service center made a lot of money and was one of the fastest-growing businesses. Today, the advancement of technology has restricted its development though it still remains one of the best businesses to earn from on a daily basis.
When you offer a computer service center, you should include services such as typing, computer repairs, internet services, and the sale of computer accessories.
9. Renting Service for Building Materials
This is another booming business due to the rise of the construction industry. Most construction sites rent building machines to use in the building process. You could purchase these building materials like headpans, wheelbarrows, shovels, cement mixers, and many others. You could rent them out to these construction companies at a fair price.
My advice is that you should not start this business as your first business as it won’t bring profit right away. You will also have to be available in many areas and have an extensive network if you hope to get more clients.