Last Updated on March 18, 2021 by Kings
We get a lot of queries on Profitable Business to Start with 500k in Nigeria, this queries are probably from entrepreneurs who are looking for where to invest there money for good returns. However, we wouldn’t just go straight to the point to tell you businesses you can start with 500k without highlighting a fact;
One thing that keep rich and wealthy people rich is that they keep investing there money while the average man who gets a million or below will think of upgrading his lifestyle with the latest trends but one with a rich mindset will think of how to multiply the money for additional steady income.
The only way to make more money is to invest it, and there are so many businesses to start in Nigeria that have the potential to earn you passive income in the long run.
However, we recommend you make proper research about any business of your interest before you venture into it.
When it comes to business survival in Nigeria, your personality as well does matter. For example,
While opening a restaurant business might look appealing to an extrovert, this isn’t same for introverts because 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.
So if you understand your personality, you’d be able to succeed in business in a short duration.
The present economy of Nigeria is not the one that encourages citizens to have one source of income. With a low minimum wage of about 30,000 Naira and high rate of unemployment in the country a lot of people are looking for ways to earn more income not excluding the unemployed who do not have a job are looking for lucrative business ideas they can do to fetch them money.
Enough said, this article will walk you through profitable businesses you can start with 500k, 300k, and 200k in Nigeria.
Cooking Gas Business
A profitable business you can start with 500k is the cooking gas business.
For a start you will be using an industrial gas cylinder for refill since an LPG tank is expensive.
To succeed in this business, ensure that your cooking gas business is close to residential areas. (Areas where a good number of people who use gas lives)
This way, your potential customers will find it easy to locate you. While this business is lucrative, it also comes with risk hence you need to take precautionary measures to avoid fire outbreak.
Unlike before, starting this business will warrant getting a permit from the Department of Petroleum Resources (DPR) which is very easy so long as you have the start up capital for this business
Dry Cleaning Business
Dry cleaning is a lucrative business because most of this corporate workers are too busy to take care of there dirty and rumpled clothes. So, they let the dry cleaners do the job. Amazing thing is, You can start this business with less than 200 thousand Naira or more. Do not forget that a lot of corporate workers who can afford drycleaners prefer classy ones so try as much as you can to make your dry cleaning business classy and fascinating.
A lot of people don’t know, but snail farming is one of the most profitable Agric business that you can do here in Nigeria.
With less than 500k, you have everything you need to become a heliciculture millionaire in Nigeria.
However, you need some training on how this business works for you to succeed in this business. All you need to do is conduct a little research online, and you’re good to go.
Food is a great way of generating good income in Nigeria
However, the most important thing in this business is a food that tase good, plus a good and conducive area for customers to eat without being disturbed by foul smells or flies.
To make things classy, you can furnish eatery a bit and create a small space (bar) where people can drink and take time to relax after eating. Additionally you can package your food to look attractive.
Corporate Cleaning Business
Offices and homes need to be clean. To stay sane, people need clean places and they need people to make the place they stay fresh. That could be you. With less than 200 thousand Naira, you can buy significant cleaning equipment and start with 2 or 3 people. Share your new business on your social media channels and tell everyone who cares to know and even those who do not care to know about your business. As a starter. you can clean homes and offices for a small fee.
Luxury Hair Extension
Hair extensions are a hot commodity which is why hair extension business is lucrative. Everyone wants to start a hair extensions business a lot of entrepreneurs are making a fortune from this business because women spend thousands of naira on hair extensions.
With 500k you can start a Keke Napep business which is a lucrative business and even more profitable if you choose to operate the machine by yourself, the result will encourage you to do more. You can make 5k to 10k daily depending on the turn out of passengers in your location. If you do not want to operate it yourself, you can outsource it to someone you trust, and the person can return proceeds of the day to you. The maintenance is cheap, the parts are available, N1,000 – N1,500 fuel could take you for the whole day if your carburetor is good.
Pos business have the potentials to generate you a lot of money as most people don’t have the time to queue in ATM, thereby making POS Business a fast-rising business in Nigeria.
Fortunately you do not need a large sum to start this business, you don’t even need any technical knowledge or millions to start this business.
To start, you need a shop and good location just like any other business. You also need a POS device some outstanding funds to pay your customers
POS device and shop can round up to 200k, 300k can serve as outstanding funds to pay your customers and with enough awareness, you will be able to make over N50,000 every week or monthly.
Computer Business Centre
A computer business center consist of internet café, photocopying, lamination, typing, scanning, binding, online registrations, 2 mins passports, instant photo printing, etc. With 500k you can start a computer business center and If you create this business in a school environment, you’ll make insane amount of money weekly.
If you’re the type that love to earn passive income online then blogging is for you, interesting thing is, you can be a blogger and still have other businesses offline. A lot of my blog readers ask me if blogging is still lucrative in 2021 seeing that a lot of people are now jumping into blogging. Well as long as there are billions of searches every day on Google, blogging will remain an evergreen business. But you must be really smart and passionate about succeeding as a blogger. The truth is blogging requires a good strategy, with the right strategy you will succeed in blogging, earning $1500 every month is possible. With less than 500k, you have a big chance of succeeding as a blogger. My extensive guide on how to start a blog should help you get started.