Last updated on August 10th, 2023 at 07:47 am
Businesses to start with 500k in Nigeria
Welcome to Trending Now! In this post, we are going to bring to you the list of the 10 best businesses to start with 500k in Nigeria. We will give a detailed explanation about them, and also discuss everything you need to know about starting a business in Nigeria. So if this is what you are looking for, continue reading, you are in the right place!
Businesses To Start With 500k In Nigeria
A lot of people keep asking questions like what lucrative business can I start with 500k? what kind of business can I start with 500k in Nigeria? and a lot more, leading us to this article.
Starting a business in Nigeria is a very nice step but it’s very important to research your industry, understand risk, find competitors, and map out your finances before embarking on the business.
Yes, it’s a different thing to have money and a different thing to have business ideas. If you have the money but failed to choose the best business that fits you and your location, you will end up facing a lot of difficulties or even regretting why you start the business.
There are a lot of businesses you can start with 500k in Nigeria but which one is the best for you?
To answer the question you need to, first of all, do market research, determine your audience, choose a structure, understand the risk, and put together a business plan.
Beyond that, you should know that starting a business is very stressful, and you should not expect to make millions overnight, simply focus on building the business in other to achieve your goal.
10 Best Businesses To Start With 500k In Nigeria
The first on our list of the 10 best businesses to start with 500k in Nigeria is Agriculture!
Many Nigerians keep on underrating agriculture without knowing there is crazy money in the business. I can remember somebody telling me that agriculture is a dirty business, and she doesn’t want to be a farmer.
The statement was funny though, but I could not let it go because I knew very way she doesn’t know what she is saying. I have to give her a deep explanation of agriculture and also show her how people are making money in the business, and now, she is a proud farmer.
The impression the young lady was having is the same way many people feel about agriculture. Well, this is very far from the way agricultural business is done.
It’s understood that some people don’t come from an agricultural background, so they have little or no idea about agriculture, but we are here to tell you that agriculture is a very lucrative business not only in Nigeria but in the whole world, and it will barely fail.
Why Agriculture is Lucrative
The growth in the world’s population is part of the reason why agriculture is very lucrative. Here is how it goes:
- The population of the world is increasing on a daily basis, and agriculture is the only source of the world’s food supply. No matter where or what you are eating, the ingredients in your meals came from somewhere. All roads lead to agriculture.
- As the population is increasing, the lands used for farming are now occupied by industries, houses, etc. By so doing, there is a lack of land for farming, and the world population needs food to survive, which makes agriculture more lucrative.
- Farmlands are no longer fertile; hence, most farmers are no longer practicing shifting cultivation due to the scarcity of land, and by so doing, there is a shortage of food. Therefore, more farmers are needed to feed the world.
There are other reasons why agriculture is very lucrative, but for the sake of time, let us ride on!
Which agricultural business is most profitable in Nigeria?
There are a lot of agricultural businesses you can start in Nigeria and make awesome money. Some of them are:
- Cassava Farming
- Poultry Farming
- Pig Farming
- Maize Farming
- Rice Farming
- Fish Farming
- Beans farming
- Bee Farming
- Livestock Farming
- Yam Farming
- Groundnut Farming
Businesses To Start With 500k In Nigeria
2. Mini Importation
Mini importation is another business you can start with 500k in Nigeria!
It is simply the process of buying or importing goods from overseas at a cheaper or affordable rate to sell in the country.
Without a doubt, this business is very lucrative in Nigeria but just like we previously mentioned, you need to do market research, Determine your audience, Choose a structure, Understand the risk, and put together a business plan.
In some cases, you don’t even need a physical store to sell your goods. You can create an online store and start marketing your goods right away.
There are many products you can import in Nigeria and start marking your cool money. Some of the products are:
- Cosmetics and jewelries
- Laptops, Mobile Phones & Accessories
- Footwear & Parts
- Children’s Toys
- Wireless chargers
- Electronic equipment & machinery, etc.
To make it easier, you can get yourself an expert who will guide you through the whole process, or you can go through online courses in other to understand it better.
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3. Sales of Mobile Phones or accessories
Sales of Mobile Phones or accessories is another profitable business you can start with 500k in Nigeria.
As mobile phones became a basic need for many people in Nigeria, the demand for mobile phones and accessories is rapidly increasing.
I don’t need to tell you much about this business because it’s very common and you can practically see how demanding it is.
With 500 thousand Naira, you can handsomely start up this business. It’s either you venture into mobile phones or phone accessories. You can even combine the two if you have enough capital at hand.
Here are the basic things you should consider before venturing into the mobile phones or accessories business:
- Write a business plan
- Identify a Good Business Location and Premises
- Identify where to Source Mobile Phones/Accessories
- Furnish Your Mobile Phone/Accessories Business
- Consider going for products that are demanding in your location
- Register the business
- Research more
4. Restaurant business
Another one on the list of 10 best businesses to start with 500k in Nigeria is restaurant business!
This business is mostly for those who are skilled in the kitchen. However, even if you are not a great cook, you can venture into the business and employ people who know how to prepare delicious meals.
The restaurant is a sure money-making business because people will always find a place to eat.
With 500k you can successfully start up a restaurant business in Nigeria. Here are the important things to consider when starting a restaurant business:
- Choose a Restaurant Concept and Brand
- Choose the right location
- Register your business
- Create a business plan for your restaurant
- Get a good Space For Your Restaurant
- Furnish Your Restaurant
- Find equipment and food supplier
- Employ great Cooks
- Advertise your restaurant
Businesses To Start With 500k In Nigeria
5. Sales of Clothes & Footwear
Sales of clothes and footwear can not be left out of the 10 best businesses to start with 500k in Nigeria.
Just look at it in this way, all humans throughout Nigeria and the world have a basic need for cloth and footwear, and the fashion industry is always bringing out new styles and designs that people are willing to buy. With this, I don’t need to tell you that the clothes and footwear business is very lucrative.
With 500k you can successfully start a clothes and footwear business in Nigeria. You can venture into clothes or footwear or consider both if you have enough capital.
Here are the important things to consider when starting a clothes and footwear business in Nigeria:
- Generate Your Business Idea
- Carry out market research
- Create a Business Plan
- Choose a nice name for your clothes/ footwear business
- Register Your Business
- Choose a good business location and premises
- Identify where to buy your products
- Create an Online Presence for Your Business
- Advertise your products
- Have Good Customer Service
- Always deliver good products and services to your customers.
6. Computer Service Center
The computer service center is also among the 10 best businesses to start with 500k in Nigeria.
This business is a long existing business but yet still lucrative. More people are needing the services of computer centers on daily basis. These include photocopying, scanning, typing, printing, laminating, spiral binding, and online registration, among others.
As such, you can make a whopping amount of money if you venture into this business, but just like other businesses mentioned above, there are important things to consider if you want to be successful in the computer service center business. These include doing research, creating a business plan, targeting the right location, etc.
With 500k, you can get a space for the business and also buy the required equipment. Some of the equipment needed to start a successful computer business center are:
- Generator set
- Photocopying machine
- Laminating machine
- Light bulbs
- Stapler, etc.
Businesses To Start With 500k In Nigeria
7. Fashion Designing Business
The fashion Designing Business is another profitable business you can start with 500k in Nigeria.
Without a doubt, fashion design is among the hottest and fastest-growing industries, not only in Nigeria but the whole world at large.
People who venture into fashion design are making cool money, and the good aspect of it is that this business will never fail so far as people are interested in purchasing designer clothes, wearing customize traditional fashion items to occasions and events, adjusting ready-made clothes purchased from the markets, importing fashion products, etc.
With 500k, you can start a fashion design business in Nigeria and start making your money, but there are basic skills you need to possess to be successful in this business, these include creative skills, good managerial skills, marketing skills, time management skills, and negotiation skills.
To make it easier, you can get yourself an expert who will guide you through the whole process, or, you can through online courses to understand it better.
8. Open a Cosmetics Shop
Yes! opening a cosmetics shop in Nigeria is a very nice step if you want to step out of poverty and start counting millions.
People (especially women) will always need items like Moisturizers, Foundation, Lotions, Ointments, Gels, Creams or emulsions, Face powders, Concealer, Lipstick, Lip balm, Mascara, Highlighter, Eye shadow, Setting Spray/Powder, etc, making cosmetics a money-making business.
With 500k, you can start up a cosmetics business in Nigeria and start making your cool money.
9. Photo Studio
Another one on the list of the 10 best businesses to start with 500k in Nigeria is Photo Studio!
Are you a good photographer? Do you have a passion for photography? If the answer is yes then this is the right one for you!
It is one of the most competitive businesses out there but yet highly profitable. As far as events like wedding ceremonies, burial ceremonies, child dedications, birthday parties, etc keep happening, the photo studio business will continue to be marketable. And apart from that, people tend to snap in the photo studio like never before.
With 500k, you are good to go for this business.
10. Car Wash Business
The last on our list of the top 10 best businesses to start with 500k in Nigeria is the car wash business!
Without a doubt, this business is one of the most profitable businesses you can start in Nigeria. Just look at it in this aspect, the roads are very bad, the number of car users in Nigeria is rapidly increasing, and some are even having many, but they don’t have time to wash the cars themselves.
By so doing, you can make a whopping amount of money in the business if target the right place and also know what you are doing.
Summary of 10 best businesses to start with 500k in Nigeria
Here is the list of the 10 best businesses you can start with 500k in Nigeria:
- Mini importation
- Sales of mobile phones or accessories
- Restaurant business
- Sales of clothes & footwear
- Computer service center
- Fashion designing business
- Open a Cosmetics Shop
- Photo Studio
- Car wash Business
Businesses to start with 500k in Nigeria – Final Thought
There are a lot of businesses you can start with 500k in Nigeria but those are the ones we chose for better results.
Now it’s your responsibility to go through them or even do more research in other to choose the one you can best manage, and the one that is more lucrative in your locality.
We will keep on updating this page to fit the latest development.
Which among the businesses is your favorite?
Do you have an opinion or question? for free to use the comment section below!