You just came across some money and want to invest it wisely. So, you decided to start a business in Nigeria, use the money to attain the financial freedom that has eluded you for so long.
There is just one little problem, the money you have is not more than five hundred thousand Naira. So, you ask yourself, are there businesses to start with 500,000 Naira in Nigeria?
The only problem is most people that ask this question are looking for a “get rich quick” scheme like Ponzi schemes or lottery numbers.
So, let me make it clear from the beginning, I’m neither going to tell you which Ponzi scheme is the in-thing, nor will I divulge any winning number. This article is about legit businesses to start with 500,000 Naira in Nigeria.
Now that I’ve gotten that off my chest, let’s jump right in.
Top 5 Businesses to Start with 500,000 Naira in Nigeria
Outlined below are some of the businesses you can invest in with a capital of just 500K.
This is just a fancy word to describe opening a store that caters to the daily needs of households and individuals. That’s right, it’s what we call “shop” in Nigeria. Items that you can sell range from toiletries, snacks, soft drinks to matches and candles. Basically, anything that is needed for basic survival and more.
The great thing about this business is that, the location is not so important if there are people in the place you pick, there is money to be made. You have the option of either having a permanent store or a temporary one. The temporary ones are usually made from wood or container.
What advantage does a temporary grocery store offer, you ask?
It is relatively cheaper when compared with the cost of paying yearly rent to a landlord. Furthermore, the fact that it is temporary means, you can move to a more suitable location in case of a natural disaster.
No, I’m talking about growing of crops. Although it’s lucrative, it’s not one of those businesses to start with 500,000 Naira in Nigeria. But animal farming is. One of the most lucrative of this business is fish farming, which confers the following advantage to the investor;
It is cheap to start
Doesn’t require a specialized Knowledge
Has a large market
If you’re not interested in fish farming, consider other areas such as, cattle rearing, piggery, snail farming. Perhaps the most lucrative of these is poultry business.
Why is poultry farming lucrative, you ask?
The demand for egg and poultry meat has always surpassed the supply. And as the population of the country is growing, the demand can only increase. Poultry farming is thriving in Nigeria because importation of birds is discouraged. This implies that the populace must patronize local farmers.
Event Equipment Rental Service
This business is a good investment because, it’s a onetime thing. You have to purchase the equipment’s once and enjoy continuous profit from renting them out. Example of equipment’s that you’ll need to start this rental service business include, canopies, tents, chairs, tables, etc.
The major thing you need for your business to thrive is the right contact. Start by getting two or three event planners that’ll require your service every week or more.
This ensures that you start making profit immediately.
Dry Cleaning Services
There are some essential things that most people cannot do on their own. The reason varies from lack of time to inability to do it. Consequently, there are people performing these services foot a fee.
One of such service is dry cleaning.
You can start this business from the comfort of your home.
All you need is a good washing machine, access to water, iron and electricity.
However, there is another part you must pay attention to; marketing. It becomes easier to make money from dry cleaning when people are aware if your business. You also need to create a good brand to make your business stand out.
Importation business involves buying goods from other countries and selling in Nigeria. The profit from this business comes from the difference in the value of the currency used. Now, you have heard it said that you need a lot of money to venture into importation business in Nigeria. This is not true.
The advent of internet and internet banking has made importation in Nigeria easier. All you have to do is pick an area of interest, something that solves a problem in Nigeria, an example is a Power case.
Next, look for an online store where you can get it for a cheap price. Consider Amazon, eBay, or Alibaba.
After picking the online site, contact the seller and discuss the terms of importing your goods to Nigeria. Of course, you need internet banking to make your payments.
After payment, your goods will arrive and you can start selling. Like any other sales business, importation business in Nigeria requires a lot of marketing.
What products can you import into the country, you ask.
You can import anything that interests you, ranging from computers, kitchen utensils, clothes, and home appliances to mobile phones, bags and shoes.
On a Final Note
There are many businesses to start with 500,000 Naira in Nigeria and they are not limited to the ones outlined above. There are other people making money from renting out building materials, running football viewing centres and operating a car wash business.
Making money from any of the ventures outlined above is a matter of picking something that works for you. Do an in-depth research to gain a better understanding of these ventures and invest your five hundred thousand Naira into the business that suits you.
Finally, invest a lot of hard work with commitment and watch your 500,000 Naira business grow into a multimillion naira business.