Businesses To Start With 500k In Nigeria
Nigeria has a thriving economy and is home to the third largest population in Africa. It’s also an English-speaking nation, which means it’s easier for foreigners to get started here than in other African countries.
In addition, Nigeria offers entrepreneurs many benefits that can help them succeed, such as access to international markets through free trade agreements with more than 70 countries around the world.
These factors make starting a business in Nigeria one of the best things you can do for your future wealth and success!
Nigeria is a huge country with over 170 million people. However, the economy in Nigeria has been struggling for years due to corruption and theft from those who are supposed to run it.
There’s an opportunity for anyone willing to start their own business though! In this blog post, we will list 15 businesses you can start with 500k Naira (approximately $1,000 USD) that have potential in the Nigerian market.
Nigeria is a country with many opportunities for entrepreneurs. There are over 20 million people in Lagos alone, and there is an appetite for new products and services among the population.
However, starting a business can be difficult due to the high cost of living.
Before you can start any business you must recognize the significant key in business which is “Patients”.
Business achievement isn’t automatic. You don’t start a small or large business today and hit your expected profit margin immediately.
Risk is another factor you should consider, and should never run from as long as is a determined risk…“The higher the risk, the higher the reward”.
The following are the 15 businesses you can start with 500k in Nigeria;
1. Printing and Publishing
There are many individuals printing out materials consistently including banners, magazines, books, papers etc.
You can invest your money in getting these printing machines, get the workspace, and get somebody who has the specialized expertise of the machines. With these, you’re all set.
The beneficial thing about this busines (find out step by step guide to register a business) is the way that you don’t need to go through such a lot of cash running it.
All you need is to pay for the ink, the paper of the materials to print and the force supply.
2. The Building Block Business
Blocks business in Nigeria is another industry to invest resources into with 1,000,000 naira or below 500k in Nigeria.
All you need in this rewarding business is; land, machines for molding the blocks and an individual who has specialized expertise in the business(which by the way is not difficult to find).
The machines are typically not hard to work, so the expense of work isn’t so high.
You can rent a land ideally in an area with a lot of construction sites. With every one of these, you’re all set. All you need to keep the business running is buying of sand and cements for the activity.
3. Renting Service for Building Materials
This is another approach to enter into the construction business.
Most construction site rent machines which they use while they are constructing. That is the place where you come in.
For the simple ones like; headpan, shovel, wheelbarrows and to the more complex ones like cements mixers, compacting machines among others. You can buy these materials and machines and rent them out.
4. Computer Service Center
Computer Service Center Business in Nigeria With 100k this business thought turns into a reality. In any case, I encourage you to use at any rate 500k in order to get every one of the advanced computers and printers required for this productive Business.
This business in those days was truly outstanding, if not the best independent company thought to start in Nigeria before the widespread of personal computers.
5. Farming
Farming in Nigeria is another area you can invest resources into with 1,000,000 naira or below 500k.
You should simply go to where farming is predominant, particularly neighborhoods have great soils, in places like; Ondo, Edo, and Benue states for example.
You canrenta land there, request that people cultivate the land, and do the planting for you and also look after the land for you, the crops through the period prior to harvesting.
6. Food Processing
Currently, Nigeria’s greatest food issue isn’t creation, is processing and afterward promoting.
On the off chance that Nigeria could handle a greater amount of the food it produces, food waste will be marked down, the food supply will be steadier and less occasional, and food costs will be less inclined to wide swings.
Nigeria, for instance, is a main maker of tomatoes in Africa, be that as it may, the country burns through huge number of dollars consistently on bringing in handled tomatoes glue from china.
A similar circumstance applies to other imported handled food products whose crude materials are richly created in Nigeria.
7. Sports Betting
Sport betting in Nigeria is certainly making a windfall in Africa particularly as it needs laws on betting.
The widespread use of mobile phones and increment access to the internet has decreased the obstructions to enter this 315 million in number African market with a developing hunger for sports betting. There are different types of betting shops you can open like Baba ijebu lottery as well as other betting like Nairabet and their likes.
8. Exportation
There are a lot of things that can be sent out from this country, going from palm oil, garri, melon, cocoa, cashew, and so on
There are a lot of Nigerians in countries outside of Africa where they desire to eat Nigerian food however think that its hard to perceive any. This is the reason the expense for Nigerian food outside Africa generally in the USA is extremely high.
9. Importation of Used items
The way of life in Nigeria offers route to this market of used items.
The most well-known in this business is Used clothes.
But, to become famous in this industry of bringing in used items, you should include devices like phones, laptops, television and so forth
10. Restaurant
All you need to do in this business is to have detect that the climate is acceptable and favorable for clients to eat without being upset by flies, supplement or terrible stenches.
11. Taxi service
With 1,000,000 Naira or below you can wander into this business either as a uber driver yourself or you give the vehicle to another person to drive the vehicle while you get a week after week balance.
12. Real Estate
Real Estate business would one say one is of the businesses that you tell an alumni or an individual hoping to wander into business and the principal thought the individual conveys is; “how might I get a great many naira to start building houses for individuals to rent for individual or office purposes?”
In any case, truly, you can be an Agent to individuals who assemble houses to be sold or for rent and still bring in sufficient money to start building houses
What is required before this business thought can become worthwhile are;
- Have an office: This will make individuals effectively discover you and assist you with procuring their trust.
- Register your business: These days no one will simply make them fully aware of give anybody their business(most significantly land) to a complete more peculiar who additionally happens not to be perceived by law, to sell or deal with their property or properties
Both the workplace and business registration give you the full trust needed to make it in this hot business. This business is quick cash without pressure.
The most ideal approach to maintain this business is, through online media promotions generally on Facebook, Twitter, Instagram where most Nigerians are.
Let say you are in Edo state, correctly Benin City, and you have a property that the proprietor needs to sell, or give out on rent.
13. Logistics or Courier Service
The Logistics service is one of the quickly developing businesses in Nigeria because of its new popularity.
This interest is really a consequence of the great exchange in internet business in Nigeria (Check out the Top 11 Daily Income Businesses in Nigeria). In Nigeria as well as everywhere on the world.
If you are looking for a business that will not reason you more pressure in having a decent return I prompted you thought about starting this business.
Also, if so you decide to start this business, I encourage you to go through my elegantly composed article that has all the information you need to start your conveyance business as well as be the awesome your rivals.
14. Ice Block Production and Sale
At the point when anybody thinks about startup company thoughts in Nigeria, ice block creation consistently comes mind.
Maybe, the heat and humidity territory of Nigeria with a wealth of daylight and warmth impacts such idea.
In addition, it is a productive business thought to launch even with a little capital available to you.
All you need to start is only a decent cooler, electricity and water (that will turn into the ice blocks in the wake of freezing). Have you perceived how simple this is?
In certain pieces of town, there may be no electricity and individuals will search for approaches to protect things like their soup particularly.
Beverages and in any event, drinking water will require a touch of ice to get cold at any rate.
15. Daycare Center
There will consistently be the need to make a living even subsequent to bringing forth youngsters.
Subsequently, it is a business you can start today in the event that you are searching for new company thoughts in Nigeria.
The administrations they render are irreplaceable. Assuming you love dealing with kids, startning a daycare place is an incredible choice.
Something significant to note prior to starting this sort of business is that you’ll have to enlist it appropriately to try not to get into issues with the specialists.
Author
Abbey Johnson has a Masters degree as an engineer and has over 3 years of teaching and research experience. He is happiest when on a bike and is also interested in electric energy and computer Science.