15 Profitable Businesses To Start With 500k In Nigeria
A capital of 500k is sufficient to establish a profitable firm. However, as we all know, company success is determined by the business idea, timing, execution, and other aspects, not by the number of funds available.
Nigeria’s current economy does not encourage its residents to have a single source of income. With a minimum income of less than $50 and a high rate of unemployment, many Nigerians are looking for methods to make more money, and those without jobs are looking for enterprises that can start to make money.
We earlier published an article about firms worth investing in with less than 100,000 Naira. We’ll provide you some options for profitable businesses to invest in with 500 thousand Naira in today’s article. This is especially beneficial for folks who have money but are unsure about which firm to invest in.
1. MINI IMPORTATION
A physical site would be required for a mini importation firm. This basically entails importing things from other countries and profitably selling them in your area. Before you begin small importation, you should conduct an extensive study into the business and the profit potential.
You may also need to enroll in an online mini-importation course to learn the ins and outs of the industry. There’s also advice on the best things to buy for any situation, how to make your first sale, and how to extend your market.
2. HAIR DRESSING
Hairdressing is a lucrative company that may provide you with daily revenue no matter where you are. Depending on how you want to manage the firm, it won’t cost much to get started.
You may wish to invest in more contemporary equipment, which should not be an issue given your budget. When opening a hair salon, keep in mind that location is quite important.
3. REAL ESTATE
It may seem impossible, yet you can start a real estate business and profit handsomely. However, your profit would not appear right away. Investing in real estate is purchasing landed assets at a lower cost and then reselling them at a greater cost.
Many people have become billionaires as a result of this industry, which is why more people are pouring into it. It is more competitive today than it was previously, but N500,000 should get you someplace.
4. COMPUTER CENTER
To make the greatest money, this business needs a suitable location. This business should be located near a university, a college of education, or a polytechnic. You might also position it in business districts, however, many offices would be unable to purchase your services.
The computer service center at the time produced a lot of money and was one of the fastest-growing companies. Today, technological advancements have limited its development, but it remains one of the best enterprises to earn money from on a regular basis.
5. BLOCK MOULDING INDUSTRY
Nigeria is rapidly developing, and as a result, more high-rise buildings are springing up. Contractors and builders will need construction blocks, and most homeowners will prefer to buy them.
As a result, the block molding industry is extremely lucrative. You’ll need a venue that you can rent out to start the business. The land can also be bought. There is no need for a complex machine to make blocks. In reality, you may get up to 100 blocks every day by using the manual technique. You may get a location, sand, cement, and workers for N500,000.
6. RENTING SERVICE FOR BUILDING MATERIALS
Another flourishing enterprise as a result of the building industry’s growth. Most construction sites rent construction equipment such as headpans, wheelbarrows, shovels, cement mixers, and other similar items. You may rent them to these building firms at a reasonable price.
My recommendation is that you do not start this business as your first venture because it will not be profitable straight away. If you want to gain more clients, you’ll need to be available in a variety of locations and have a large network.
7. FOOTBALL VIEWING AND GAME CENTER
Both establishments could be in the same location. More room and chairs would be required for a football viewing facility. You’ll also need a GOtv or DStv membership bundle. You’ll also need a TV with a screen size of at least 43 inches.
Depending on the size of the viewing area, you may need more than one TV or choose for a 65-inch TV, which will be more expensive. Your 500k budget may not be enough to cover this, but if you keep to secondhand TVs, you may have more money to promote.
A game center would take up less room and cost less money. Four PS4 consoles and four mini 24-inch TV sets may be used to create the game center. These would cost just about N300,000 and the remaining money can go into setting up the shop and making a signpost.
8. BARBING SALOON
Barbering saloons are a booming business in Nigeria that will provide you with consistent daily income. To get started, you’ll need to take classes from a professional. You may operate a barbershop on a shoestring budget, but providing the best service to your customers will encourage them to return.
A barbershop might cost at least N200,000. This does not include the cost of renting the establishment. Once everything is in place, you may put up a sign to let people know you’re open for business and offer discounts to attract consumers. You won’t just have to trim hair; you’ll also be able to provide services like colouring and dreadlock creation.
9. BOUTIQUE SHOP
You might create a shop selling new clothes and shoes for N500,000. You don’t need to spend the entire N500K on this venture, and you should try to prevent it. Take notice that the majority of your clients will be drawn to your store because of the quality and pricing of your products, not the store’s aesthetics.
Make certain that your store is in a visible area. It may be in a student area, where you’ll undoubtedly get more consumers, or in a marketplace, where people are more likely to come in and buy new clothes.
10. DRY CLEANING
It may surprise you to learn that most business employees are too preoccupied with their work to consider their soiled and rumpled attire. As a result, they delegated the task to dry cleaners.
You can start this business for less than 200 thousand Naira, but if you want a standard dry-cleaning service, 200 thousand Naira will do the trick. Don’t forget that many corporate workers who can afford it prefer upscale dry cleaners.