Starting a new business in Nigeria is never an easy fit, — this may be attributed to factors such as capital, location, and accessibility, — Just to mention some of the common things people worry about. Sometimes a lot of people give up because they feel the little money they have will not amount to anything.
This guide aims to show you that the most successful entrepreneurs did not succeed because they had huge start-up capital; they succeeded because they had the right idea and knowledge to put their money to good use.
So if you have as much as 500,000 Naira and you are considering businesses to start with 500k in Nigeria, you have come to the right place. Here are 7 very lucrative and profitable businesses to start with 500k Naira in Nigeria.
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Sales of Hair Extensions
This is one of the most lucrative businesses to start with 500k. It’s no news that African women have many beautiful and unique features, which include their hair type, and Nigerian women are not left out.
However, while they appreciate and love their hair just as it is, many others will still prefer longer or different hairstyles that cannot be naturally gotten. So, hair extensions are one of the best-selling beauty products for women.
There are several categories of hair you can sell, from cheap to expensive ones. All you have to do is find a good supplier and learn how the business works. In addition, you can open a shop to sell your products online with a good marketing strategy.
Salon Business
The salon business is of two types. The first is commonly known as a barbing salon, while the other is a beauty salon where people make and dress their hair. Some entrepreneurs own combined salons, while some also prefer to start a salon that focuses on one service, so the choice is yours.
You can open a beauty salon, a barbing salon, or both. They are very lucrative, and no matter the location or economic situation, people will always make their hair look good. However, note that you need to learn the skills necessary to open a salon. Also, to stand out in the industry, you need to be exceptionally good at what you do.
In addition to your salon services, you can sell a variety of hair products like hair growth creams, relaxers, hair extensions, hair combs, etc. So when people get their hair done, they won’t have to go out to buy whatever they need to maintain it.
Logistics Business
When thinking of businesses to start with 500k that will yield good profits in no time, a logistics business should come to mind — because it is an idea that satisfies daily needs for transporting goods. Businesses, individuals and organizations will always need big and small logistics companies to safely and securely transport their goods.
With 500k, you can start a small logistics company where individuals call you to help them make deliveries to different locations, and you get paid.
However, due to the popularity of this business, you have to invest in advertising and marketing to secure your place in the industry.
Restaurant Business
Will there ever come a day when people won’t love good food? It’s not possible, right? So there you have it; a restaurant is not just for people who can’t cook; it’s a place where people enjoy good delicacies without the stress of cooking.
So with 500k in Nigeria, you can open a small classy restaurant to satisfy people’s carvings for good food. The best part is that you don’t even have to cook or work there; you can hire a professional chef to prepare the meals, and your business will continue to grow.
Computer Business Center
This is one of the businesses to start with 500k that is in high demand in Nigeria. A cybercafe is incredibly lucrative in business and school environments where they need a lot of photocopies, printings, laminating, typing of projects and technical reports, etc. With just 500k, you can get everything you need for this business. You will need a gen, printer, photocopy machine, paper, ink, etc.
For a start, you can buy smaller machines and rent a small shop, but as the business grows, you can expand it, employ more people, buy bigger machines, and rent or buy a bigger space.
Car Wash Business
The car wash business is one of the numerous lucrative businesses to start with 500k in Nigeria. This is because almost every home has at least one car, and not everyone has the time to wash their cars themselves, and even those who do — will still require professional services occasionally.
Hence, a car wash business will always be in demand, and it costs less than 500k to start it. Also, depending on the size of your car wash, you can employ more hands to deliver fast and efficient services to your clients.
Poultry Farming
Nigeria is rich in agriculture because many people have made farming their primary source of income. The poultry business is undoubtedly very profitable, but you need to know how it is done. Poultry farming is just a branch of farming, and it is also vast with numerous opportunities, hence you need to decide what type of poultry you want. You can breed pigs, goats, chickens, fish, etc.
The best part is that you can choose the size of your farm to suit your financial capability, so you don’t need to worry about small or big start-up capital.
Final Note
Starting a business may seem daunting now, but when you think of the many long and short-term benefits, you will realize it is worth it. First, you will earn on an unrestricted level, have financial freedom, and become as free as you have always wanted.
You choose how you want to run your business and how much of your time you are willing to invest in it. These are some things you won’t get in salary jobs. It is also important to note that being jobless is not the only reason to start a business; you can do it to gain the financial freedom you deserve and to satisfy your passion for certain activities.
