Last Updated on January 21, 2021 by Henry Ibeleme
Anonymous: For three (3) years now, I have been saving up some money to start a business
Now I want to ask: Which business can I start with 500k in Nigeria?
It has to be easy to establish, lucrative, and able to survive the hostile Nigerian environment.
Answer: As an aspiring entrepreneur, you might find yourself wondering about the type of business that you can start.
There are lots of business ideas in Nigeria, and they have the potential to make you lots of money in the long run.
However, you must ensure that the business is one that appeals to you as an individual if you must succeed.
What am I saying? It has to be a business you have passion for or at least one you’re confident you can do.
An introvert might find it hard to do a business that involves lots of people. Since they prefer to work alone most of the time as people might become a draining force.
The same is also true for an extrovert who strives amid people. Without a business that allows for constant contact with people, they are most likely to get bored and give up.
When you understand your personality and the type of business that will fit, you won’t have issues succeeding in any industry.
This article will guide you on some lucrative business ideas that you can start with 500k in Nigeria.
Table of Contents
1. POS Business
You’ve probably heard about this business numerous times. The fact is that this business has the potential to make you a lot of money.
Most people don’t have the time to queue in an ATM, thereby making POS Business a fast-rising business in Nigeria.
You don’t need any technical knowledge or millions to start this business.
Do you know what you need?
- A good location
- A shop
- A POS device
- And some outstanding fund to pay your customers
You don’t need 500k to do this business, as the POS device and shop can round up to only #200,000.
To widen your chances of success in this business, it is paramount you start with a business plan or a feasibility study.
With enough marketing and awareness, you will be able to make over #50,000 every week or monthly.
This business idea is easy to start, manage, and grow. You can even run this business alongside a phone repair business or accessories.
2. Mini Importation Business
Starting a mini importation business is another lucrative business that you can do with even less than 500k.
When I started this business, my initial business capital was #5000.
The reason I started with this little money was that I knew nothing about importation. I need to invest a little money to see how the business performs.
After two weeks of ordering a product via AliExpress, it finally arrived, and I made a triple of my investment.
Most people often shy away from mini importation due to our weak currency.
You need to understand this: irrespective of the exchange rate, you can make money from mini importation.
As the dollar rises against the naira, all you need to do is increase the price of the product. As simple as that!
You also need to order fast-moving products for the best experience. It isn’t a secret.
Look around you, and discover that product that has a high demand. If you’re going to market it online, use tools like Google Trends to determine its popularity.
The more popular the product, the better chance you have.
3. Egg Supply Business
Another lucrative business you can do with 500k in Nigeria is egg distribution and supply business.
To pull this business off, you need to identify some poultry farms in your locality and make some orders.
With just #200,000, you can quickly start this business and make a lot of money.
Your success in this business lies mainly in your marketing capabilities. The more customers you amass, the bigger your revenue.
It would help if you didn’t do this business alone, as you can employ delivery staff makes sure that orders are met.
Your target market includes restaurants, hotels, eateries, retailers, etc.
As you grow, you can establish a shop in a good location and acquire a vehicle for delivery purposes.
You can start this business with 500k, or even lower.
4. Real Estate
If you’re fascinated by real estate, perhaps this business is the ideal fit for you. But, can you start a real estate business with 500k?
You don’t need to buy lands or houses to be called a real estate investor. You can become a real estate agent and help individuals to sell or lease their properties.
The only thing you need to kick-start this business is:
The primary factor for success in this business is marketing, and they often entail running ads on Facebook, Twitter, etc.
When running an ad, always determine the people you’re targeting. If your client is in Lagos and is looking for buyers in Port Harcourt, you can easily target potential buyers within Port Harcourt.
When running an ad, there is an option to indicate the age bracket you want to target. You can also target specific interests like football, wear, shoes, etc.
Running ads isn’t as expensive as you may have thought. It can range for as low as #500 to over #30,000.
It all depends on the duration of the ads and how much you’re willing to spend.
If you’re someone with a passion for photography, then you should start up a photography business.
There are lots of DSLR cameras that you can get on Jumia for #150,000. You will also need lighting equipment and some accessories that your customer will find very useful.
Photography is one of these businesses you can start with at least #500,000 without any hassles.
In Lagos, an average photographer earns more than #100,000 in a month. This figure is not invented, as I am already in the business.
For a standard photography studio in a good location, earning can range from #150,000 to #500,000 every month.
Aside from offline, you can also make money online by selling stock photos on sites like Shutterstock.
Before you start this business, make sure that you already have the skills to take shots and edit with Photoshop.
If you don’t have these skills already, I would advise working for a photography studio. That way, you learn these vital skills that will help you become a professional photographer.
6. Cooking Gas Business
Another great business that you can start with 500k is the cooking gas business.
Since an LPG tank is expensive, you will be using an industrial gas cylinder for a refill.
To succeed in this business, ensure that your cooking gas business is close to residential areas.
That way, your potential customers won’t have a problem locating your business. Also, it is paramount you start with a business plan.
If you don’t know how to draw a business plan, get to a business consultant to help you with the process.
This lucrative business comes with a risk, which is why you need to take precautionary measures to avoid an outbreak.
Unlike before, starting this business will warrant getting a permit from the Department of Petroleum Resources (DPR).
Getting this permit is not hard, for as long as you have the finance to start this business.
7. Dropshipping Business
If you love everything that has to do with eCommerce, then this business will appeal to you.
It is one of these business ideas in Nigeria that you can start with 500k here in Nigeria.
In dropshipping, you don’t need to own an inventory or stock, neither do you need to handle the delivery.
Your supplier will handle virtually all the processes like delivery.
The only thing you will be doing is receive orders from your customers and transfer to your supplier for processing.
Your supplier will ensure the product is delivered, and your customers won’t even know it is coming from a third party.
With a sophisticated plugin like Alidropship, you will run this business smoothly without any hassles.
To get the plugin, you will pay a onetime fee of $89. As at the time of writing this article, the value is #34,400 when converted to naira.
You won’t even need up to 500k to run this business, since creating an online store won’t cost you more than #100,000.
8. Dry Cleaning Business
Another profitable business that you can start with 500k in Nigeria is dry cleaning, and you don’t need any particular skill to run this business.
All you need is an outlet and some dry cleaning equipment to help you run the business smoothly.
If you don’t want to stress yourself, you can easily employ someone who handles the washing, drying, and ironing of customer’s clothes.
In a week, you’re confident of making over #100,000, depending on your location.
Also, you will need to learn some marketing strategies that help you connect to potential customers.
#500,000 is more than enough to start this excellent business.
In this business, you need to build credibility and trust. That way, your potential customers will trust you to keep their cloth safe and clean.
If you’re the type that loves online businesses, blogging is one of these businesses you shouldn’t joke with.
Many of my readers have contacted me, asking if blogging is still lucrative in 2020.
After seeing how almost everyone is into blogging, it might discourage you.
But here is something you don’t know. As long as there are billions of searches every day on Google, blogging will never die.
However, you must be smart and passionate about succeeding as a blogger. The reason many fail and few don’t is because of knowledge.
When I started blogging, I made a lot of mistakes that made me hit the rock. But with the right blogging guide, earning $500 every month is possible.
I wrote a comprehensive eBook that guides newbie bloggers on this thrilling path. With 500k, you have all the chances of succeeding as a blogger.
With a detailed guide and a mentor, you won’t have to struggle at all. Please get in contact with me to purchase the eBook and to make me your mentor.
I will guide you from start to finish on how to blog and make money from it. It isn’t rocket science!
10. Heliciculture (Snail Farming)
You probably don’t know this, but snail farming is one of the most lucrative agribusinesses that you can do here in Nigeria.
With 500k, you have everything you need to become a millionaire here in Nigeria.
However, you need training if you must succeed in this business.
I don’t organize training workshops for snail farming, but there are many snail farming workshops that you can enroll in.
All you need to do is conduct a little research online, and you’re good to go.
In this workshop, you will be taught how to rear snails, feed, and harvest them.
You don’t even need up to #500,000 to run this business.
Gotten An Idea?
So far, have you gotten the ideal business that you can do? If not, I would advise checking out this 100 business ideas that you can do in Nigeria.
After you’ve identified that dream business of yours, what next?
Before starting any business, you need to have detailed knowledge of the industry. That includes:
- Conducting market research
- Drawing a business plan
- Conducting a feasibility study
If the business idea requires you to undergo training, look for a way to contact someone already in the business.
To start any business in Nigeria, you need money. I conducted research recently, and I discovered that business capital is the reason many are yet to start their business.
You might be asking, how do I get the money to start this business?
Well, there are many options for you, like:
After establishing your 500k business, do you need to register it?
Of course! The good news is that registering your business with the corporate affairs commission doesn’t cost more than #15,000.
That is not a typo!
With #15,000, you can register your business with CAC and do your business with seriousness.
The benefit that comes with registering your business is numerous.
I have already written a detailed article on how to register your business. Do well to check it out, as you might find it helpful.
There are lots of businesses you can start with 500k in Nigeria and make money. Keep in mind that no business idea is easy to run.
It takes determination, persistence, and perseverance. When you’re consistent in what you do, you will gradually grow with time.
You can’t build an empire in a day. It takes time, hard work, and passion. So, which business do you wish to start?