Top 20 business to start with 500k in Nigeria
Are you an aspiring entrepreneur in Nigeria and you’re searching for lucrative great business ideas in Nigeria to start with 500k that you can invest your hard earn money in? And you are wondering what business you could possibly start up with it?
One important thing to note when starting a business is the fact that you would not make millions overnight as you do read online. You cannot just start and get 10,000 customers immediately.
You should have the intention that every business is just like a baby, it takes time to grow and you have to invest your time and effort in others to get results.
With that in mind, here are the top 20 business to start with 500k in Nigeria…
1. Restaurant Business
Are you a great cook? I mean, do people actually praise your cooking? Then a business to start with 500k in Nigeria is a restaurant business.
You can open a restaurant with less than 500k in Nigeria and make great profits. A restaurant that caters to the average Nigerian, at least those of the middle class, needs some basic items which include, rent (if you do not have a place of your own), table and chairs, a form of entertainment for your customers, preferably a TV and cable, cooking items, fan, and of course foodstuffs.
And of course, since everyone at some point would have to eat, especially during lunch breaks from work, the restaurant business is a great business idea to start with 500k in Nigeria.
2. Poultry Business
Another great business to start with 500k is a poultry business. You could go into the poultry business by focusing on the sale of eggs, frozen chicken, or the sale of the birds themselves.
A poultry business needs a location in which your backyard could do a cage for rearing your birds and feed.
As long as you got good breeds for whichever aspect you decide to focus on, you are bound to get good returns on your 500k investment in your poultry business.
3. Tailoring School
Everyone is becoming more and more interested in the fashion industry. Most people want to learn how to make their own clothes and design their own wear.
This is why a business to start with 500k in Nigeria is a tailoring school. A tailoring school trains those willing to learn how to sew clothes for a period of time.
To open a tailoring school, you would need some sewing tools and of course a location to set it up. Since the students would be paying for whatever they would use, you do not have to spend much setting it up.
4. Fashion Designing Business
Another business to start with 500k is the fashion designing business. There is always a high demand for tailors in Nigeria, and if you have got the skills required, then this is just the right business idea you could start with 500k in Nigeria.
5. Viewing Centre
One thing Nigerians love is football. We could watch it every single day and sharing the experience with fellow Nigerians who love it as well is just amazing. This is why a viewing center is a great business idea to start with.
You would need a hall, sitting arrangement, and of course television and cable. Viewing centers usually charge ₦100 to ₦300 for each match and it is a great way to make money that requires less than 500k to set up.
6. Fish Pond
A fish pond is another great business idea any aspiring entrepreneur can launch. You get to grow fish and sell to retailers and make a huge profit from it.
With the ever-growing demand for fish in Nigeria and not enough supply, this is definitely a great business to start with 500k in Nigeria.
7. Daycare Center
A daycare is a place that takes care of babies daily. Things required to set up a daycare is a room where the babies would be taken care of, toys, and emergency supplies for babies.
8. Tutoring Centre
Another great business to start with 500k in Nigeria is a tutoring center. A tutoring center is a place that tutors people who want to write external examinations.
You offer lectures to those preparing for WAEC, NECO, GCE, JAMB, and other external examinations. All you need is a location and some good teachers who would teach other subjects.
9. Event Planning
Event planning is another great business to start with 500k in Nigeria. As an event planner, you get to decorate and plan events for people.
Since most people hate to be burdened with the stress of planning parties but love throwing them, you could get to make good returns on your 500k investment in your event planning business in Nigeria.
10. Photo Studio
Yet another great business to start with 500k in Nigeria is a photo studio. Are you good at taking good pictures? Do you love photography? Then a photo studio is just right for you to open as an entrepreneur.
With the different marriages and other occasions conducted each year, people love their memories to be captured by good photographers and then developed them in good photo studios.
11. POS Business
If you are looking for a lucrative business to start with 500k in Nigeria, then POS business is one of the best viable and feasible businesses to choose from.
Imagine having your own share in a business whose market value is worth 3.2 trillion naira as of 2021? That’s a whole lot of profit to be made if you play your card right.
12. Mini Importation
You can start the mini importation business from the comfort of your home, it is not necessary that you must have a physical store where you do sell your imported products but you can also create online sale funnels where you can actually market your products the easy and smart way.
13. Recharge Card printing
Starting this business requires you to gather enough experience from an already existing venture.
Some of the tools and equipments you need for recharge card printing are a computer, laptop, or Smartphone, an active email address, paper for printing, the recharge card printing machine, software for pin code, and electricity.
14. Foodstuff Business
Any business related to food consumption thrives a lot and there is possibly an amount of income upon investment.
You can start a foodstuff business in a very busy or commercial area where people can actually patronize your business.
15. Furniture business
If you can master the art of making mouth-watering furniture such as chairs, tables, bed-frames, cabinets, etc. The furniture business is a lucrative business to start with 500k in Nigeria.
16. Retail Cooking Gas sales
Ever since the emerge of cooking gas, most Nigerian homes have adopted its use due to how economical and fast it is.
Starting a retail cooking sales in Nigeria with 500k is very much possible, you don’t need to have a gas station before you go into this business but you can start out as a retailer and sell your cooking gas products in your locality, to augment your income, consider gas refilling as well.
This business is very in terms of fire outbreaks, so you should ensure that you have preventive measures being put in place.
I know you must have heard how some online entrepreneurs are making money from their blogs. Yes, it is true.
Truth be told, you can make passive income from blogging but it wouldn’t happen overnight, you need to have the prerequisite knowledge, and capital before you venture into it.
You can start blogging with 500k in Nigeria.
18. Barbing Salon
Embarking for intensive training to acquire the barbing skill is the first step that is needed to be taken before setting up your barbing salon business in Nigeria.
Securing a good business location where your potential customers would be able to locate you is one of the good starting points, investing in barbing equipments, having a conducive place for your customers, great barbing skills and impressive customer service are some of the workable ways to set yourself apart from already existing barbing salon ventures.
19. Car wash business
With 500k, you can start a car wash business anyway in Nigeria.
You just need to walk up to any filling station or a bar (that has a lot of external space) within your vicinity, meet with the management so as to discuss your intention of starting a car wash business if there is a reached agreement, and then you can go behind closed doors and strategize.
20. Phone Accessories Business
Another great business to start with 500k in Nigeria is the phone accessories business. With millions of phone users in Nigeria, you are sure to make a good amount of profit margin in this business. You can start the sales of phone accessories such as charger, earphones, power bank, cover, memory card, screen guard, etc.
There you have it, top 20 business to start with 500k in Nigeria.
Which one would you love to go into??
Drop a comment below let’s relate!