My brother graduated from university, finished serving and wanted to open his own business. It wasn’t easy for him to come up with a brilliant business idea that birthed his empire today. If you are looking for a business to start with 500k in Nigeria, then this post is about to change your mindset. If you are that person, I say you are on the right page. I won’t be only showing you the business to start with 500k in Nigeria, but also the profitable ones and capable of fetching you millions only if you will be consistent and committed to it.
10 Current Businesses You Can Start With 500k in Nigeria 2022
1. Sports Viewing Center
It is no more news that men love sports, especially soccer. So opening up a sports viewing centre is a very profitable one in Nigeria, you can’t run out of customers. You need a 43 inches television to start with. Because of money, you can go for a fairly used one. If you can’t get a shop within the range of 100k or 150k, you can get a space, set it up with chairs, and you are good to go.
You can also set up a gaming centre in the space. For this, you can get 4 PS4 and 4 24 inches television, and your business is up. With 300k, you can start up the gaming section. You mustn’t buy new ones; you can go for pretty used ones.
So sports viewing centre in collaboration with gaming centre is a business, you cant start with 500k and grow into a million within three years.
2. Printing Business
Printing business is a business you can start with 500k in Nigeria, and it is also one of the fastest moving businesses in the urban areas. Every day, people print; if it isn’t A4, it is banners, magazines, newspapers, and many others.
To start this business, you need to get printing machines, papers to print with, ink, and an alternative power supply in case of an inconsistent PHCN power supply. Also, a conducive workspace, and if you don’t know how to print, then get someone that knows the technical know-how to work for you.
This business thrives in schools and areas with lots of companies and industries.
Farming is a business you can start with 500k in Nigeria. Farming, as we all know, have different sectors within.
With less than 100k, you can start vegetable farming in your backyard. If you have ample space in your backyard or small farmland, you can begin to cash or food crop cultivation. For example, if you are going for corn cultivation. You can get plenty of seedlings for 200k, keep 50k for fertilizers, keep 50k for labour, and 50k for miscellaneous. That’s 350k. And we all know that farming is very profitable. You can also go for
- Poultry farming
- Snake farming
- Snail farming, or
4. Block Building Business
The building block business is a profitable business opportunity to start with 500k in Nigeria.
All you need in this lucrative business is; land, machines for molding the blocks, and labour that has the technical knowledge of building blocks in case you don’t know.
To be more lucrative, you should set it up close to construction sites, and you can add interlocking of tiles too; it is pretty lucrative.
With 300k, you can get these block molding machines.
5. Mini Importation
Mini importation is a lucrative business to start with 500k in Nigeria. All you need is a smartphone, a good location, and the technical knowledge of how mini importation runs.
This business entails importing goods from other countries to sell at a profit in your own country. So you have to research the thriving trade in your area and the profitability ratio before you start.
You can sign in for a course under mini importation, after which you kick start the business.
6. Fast Food Business
Fast food is a business to start with 500k in Nigeria that can turn you into a millionaire within three years of consistency.
This business is the best start-up in school areas, areas filled with industries, companies or near motor parks and markets.
All you need is a conducive space, a set of gas cookers, simple kitchen utensils, some chairs and tables. If you do it very well and people love your food and are neat, you are already on your path to millions. In no time, you will be getting demands from far and wide.
7. Logistics Service
The logistics service is one of the fastest-growing businesses to start with 500k in Nigeria.
Due to the increased number of transactions from eCommerce, logistics service is in high demand. You just need a motorbike, and you can kick start.
You can get a motorbike for 300k; then you can get a business name, register it, and partner with some eCommerce site to be their delivery man.
8. Palm Oil Business
The palm oil business is the new gold in Nigeria. It is a business you can start up with 500k in Nigeria.
There are three areas to this business; you can work as an extractor, manufacturer, or supplier. All areas are profitable and are dependent on your location. If you live in rural areas, being an extractor or manufacturer is more profitable, while being a supplier is best for those in urban areas.
9. Computer Service Center/Cafe
If you live close to tertiary institutions, a computer service centre is an excellent business. And with 500k, you can get this business running. You can provide services like typing, internet services, and payment of school-related fees, writing of assignments and projects, computer repairs, sales of computer accessories, and so much more.
Hairdressing is a business to start with 500k in Nigeria. It is a business that brings in daily income. The profitability of this business is dependent on its location. So you have to be strategic about location in wanting to start this business.
What Business Can 500k Start in Nigeria?
- Sports Viewing Center
- Printing Business
- Block Building Business
- Mini Importation
- Fast Food
- Palm Oil
What Is The Most Profitable Business in Lagos?
Lagos being the most richest city in Nigeria still maintains Real estate is the most profitable business in Lagos state. Other profitable business in Lagos include restaurant and catering services. Lagosians consume foods a lot that no matter the location you start your catering business, you’ll always be in a rush to serve hungry customers.
I hope you loved and found this article interesting. Do keep in touch with us for more business posts.