In today’s business world, no amount is too small for you to start a business. In fact, there are many successful businessmen today who started with mere thousands and built their empires through consistency and determination.
Businesses You Can Start with N50,000 in Nigeria
For you, there are many businesses, you could start with N50,000 that have the potential of making you a millionaire.
In this article, we are going to reveal businesses to start with N50,000. These businesses can take off online, offline, or both.
Blogging is one of the most lucrative businesses to start on low capital. If you’re already a great writer and you’re ready to put in the work, you will easily find yourself in the ranks of millionaires of Linda Ikeji, Makinde Azeez, and Uche Eze. You can blog about anything, however, avoid going into something just because you’re passionate about it. To excel in blogging, you must only talk about things that people are interested in.
To get started in blogging, you can follow the steps.
- Research the trending topics and choose one from the list that you think you can easily blog about. It would be better to blog only on tech or just entertainment than to blog about everything.
- Get your domain name. A domain name is what your website will be called. It could be techgenius.com. This should cost you about $13 but you can get cheaper deals from many companies.
- Next, you need to get your website hosted. Hosting could cost as much as $3 per month but you could get better deals using discount codes and coupons.
- With your domain and hosting in place, it is time to get a great theme. There are tons of free themes that would make your site look professional.
- Once your website is all setup, you can start posting. You can get a ghostwriter to post the first few articles for you.
- To get readers, start advertising your posts on social media platforms and focus heavily on SEO.
- When you gain a significant number of views and have over 20 posts on your website, you can expect to receive sponsored content from brands as well as sign up for Google Adsense.
2. Chin Chin Business
Chin chin production won’t take a lot financially and the materials required are affordable and readily available. The actual capital needed to start a chin chin business would depend on how wide you want to reach. Since you’re short on funds, you would have to focus on a small-scale business for now.
Before getting started, you need to learn how to make tasty chin chin that will give your brand name the marketing it needs. You won’t be able to employ someone to make it for you with the amount of capital you have so it is best to pay someone to teach you the process. Once you’re done with the training, you can write a business plan. While most people won’t consider this very important, a business plan will give you a more realistic view of the business idea.
With your plan in place, you can go ahead to purchase the ingredients and equipment for the chin chin. When you start producing and selling, you also keep some funds for advertising so you can get customers with ease.
3. Creating E-books
Most Nigerians spend their time online and now rely more on ebooks to get information. If you don’t know, ebooks are just like regular books but in soft copy format which allows you to read them off your phone.
Creating e-books only requires that you have the ability to write and organize a book. You can find hundreds of videos on YouTube that will teach you how to put everything in place. You can create a book on anything from tech to medicine, to children’s stories. However, before creating an ebook, here is something you should know about the different types of ebooks trending right now.
- Ebook Courses: These are more like tutorials that help people to achieve something. These books could center on topics like how to build your website’s SEO, how to lose weight, or how to learn programming. If you want to create an ebook course using your name, take note that you’d have to be an established author and own a website to build your brand before people would trust you enough to buy from you.
- Kindle books: These are not really different from regular books but refer to ebooks sold on Kindle – Amazon’s book publishing platform. If you decide to start your career on Kindle, you will need to focus on using foreign names as the authors because they will attract customers way faster than using your regular name. Also, you will be able to make a profit much faster due to the presence of an already-made market.
You could use funds from the N50,000 to hire ghostwriters to write the book for you and another part of the money to hire a good designer to make a great cover. The remaining funds should go into advertising the book. You can create as many books on as many topics as you can find and get cheaper services to help you gain more profit.
4. Sales of Fairly Used Clothes, Shoes or Bags
This is a big business that could bring you lots of profit if you’re able to find the right spot. Setting up shop in a cloth market would get you a lot of customers as many average Nigerians rely on fairly used clothes, shoes, and bags due to their affordability. N50,000 is just enough capital for you to start your own okrika business.
Take note that most people involved in the business usually focus on one aspect of it. For example, you could focus on importing fairly used trousers rather than having clothes, shoes, and bags in one shop.
5. Sales of Hats and Caps
This is another business that would bring some quick profit if you find the right spot. Caps and hats are very affordable and there are hundreds of people looking to buy them. However, you will get better sales if you go to student areas as they are more likely to patronize you. To make quick sales, you could pack the caps in a bag and move around school areas during busy days. You could also set up a shed in any place of your choice.
6. YouTube Videos
YouTube is a goldmine where millionaires are being made every single day. The truth is that it would take more than just skill to make money off YouTube as you would have to remain consistent. If you have a good mobile device or a camera, you can get started. You won’t have to always rely on comedy skits though they are the easiest to create and would make you really popular.
You can use Doodle to create Doodle videos. These videos could be anything from tutorials to informational videos talking about finances, movies, or music. When you choose a niche, it is best you stick to that niche and name your brand something similar to your chosen niche.
You won’t be able to make money from YouTube right away but if you’re able to build your channel, you will be able to earn every month.