In the past decades, 500k used to be a very big amount of money in Nigeria but in this present dispensation, the value of naira has continued to go down due to inflation and other socio-economic factors. But is all hope lost? No. If you’ve a very good business plan, you can still start a profitable business With 500k in Nigeria.
Sometimes, people do have enough money to start up a business but they do find it very difficult to draw a good business plan because they lack business ideas. Hence, it is vital to draw your business plan before investing in a particular business. You’ve to look inwardly within your region to know the kind of business that can thrive within your locality.
Although the value of naira has continued to go down, 500k can still be used to start up a lucrative business. All you need to do is to get a sense of direction through a business plan because getting a start-up capital in Nigeria is not a child’s play. In this article, we shall be guiding you on the profitable business(es) that you can start with 500k and turn it to millions with a short period of time.
What Business Can I Start With 500,000 In Nigeria?
The truth of the matter is that there are numerous profitable businesses that you can start with 500,000 in Nigeria but it is always important to consider your environment before starting up any kind of business to enable you to use your money properly.
Having said that, some of the business(es) that you can start with 500k are outlined below:
1. Phone Accessories
Due to the increase in the number of people that use phones in Nigeria, the phone accessory business has continued to gain ground and it is becoming more profitable on a daily basis.
With 500k, you can start up a phone accessory business. The good thing about this business is that it is very easy to scale up. What you need to do is to search for a big market where you can buy the phone accessories at a cheap rate and resell it at a higher price. For instance, you can go to big markets like Alaba international market in Lagos state if you stay within Lagos, Main market Onitsha for those in south east or any other big market nearest to you to buy phone accessories like chargers, power banks, batteries, earprice etc in bulk and resell them at a higher price.
This business can thrive very well in a student environment, market square, and any other busy spot that is within your locality. This business can be done anywhere because even people in the rural areas still use mobile phones.
2. POS Business
Since the introduction of cashless policy in Nigeria by the central bank, Point of Sale business has continued to gain popularity because of its lucrative nature. This business is not gender based hence it can be done by men and women alike.
To start a POS business, you’ll need to get a POS machine from a reputable company. Some companies that issue POS terminals will give you the option to either rent the terminal or buy it outrightly. Interestingly, the POS machines are relatively affordable, you can decide to get a mini, traditional or android POS machine depending on your budget and what you want.
With 500k, you can start a POS business and make good profits if your stand is within a busy area like shopping malls, campus, market square etc. .
3. Block Industry
Another profitable business that 500k can start is block industry. This business is lucrative because people are building houses on a daily basis and most of them don’t normally have a chance to mold blocks hence they contract the block industry to supply blocks to their site where they’re building structures.
To start a block industry business, you’ll need a leveled portion of land with enough space where you can mold and stack your blocks. If you don’t know how to mold blocks, you will seek the services of block molders who will help you to mold quality blocks. Once the blocks are molded, you will sprinkle water on it for about three days to make them stronger without cracks.
Block industry business can boom very well in developing areas where people are building new structures. To outsmart your competitors, ensure that you mold quality blocks.
4. Barbing Centre Business
The barber salon business is another lucrative business that pays handsomely. However, to start this business, you will need to spend at least six months to be able to get the skill. Once you get the skills, you can start making arrangements on how to start your own.
To start this business, you need to get a shop within busy areas like campuses, market places, busy streets and the like. After getting the shop, you can give the shop a face lift by decorating with wallpaper or painting it. Apart from that, you’ll need to buy chairs, sizable mirrors and quality clippers etc for your shop.
This business is very good but try to ensure that you establish good customer relationships with regular customers to enable you to make more profit because there is competition in the business already.
5. Computer Centre
Another lucrative business that 500k can start is the computer center business. This is very profitable but it requires getting a skill first. Once you open a computer center, you can render several services like spiral binding, photocopy, typing etc.
To start a computer center business, you will need to get a shop. After that, you’ll buy laptops or desktop, photocopying machine. You can make enough money from this business if it is located in a student environment or close to public offices. In fact, for this business to thrive, a good location is very important.
Ensure that you deliver quality and satisfying services to your customers to enable you to have a large customer base which will definitely increase your daily profit.
6. Poultry Business
Poultry farming is also a profitable business to consider when you want to start up a lucrative business. There is no skill required to start this poultry business.
All you need to do is to rent or buy a small portion of land. After that, you will construct a small structure with a roof to protect the birds from adverse weather condition.
After constructing the small structure, you will go to the market and buy birds with their feeds. Once you put the birds in the structure you constructed, ensure that you feed them properly to enable them to grow healthy. To avoid the high death rate of the fowls, ensure that you keep the environment clean.
7. Boutique Business
Opening a boutique shop is another lucrative business that you can start with 500k. It doesn’t require much, just get a shop and stock it with new jeans and t-shirts.
To make good profit from this business, you’ll need to find an empty shop within a busy area like campuses, market places etc. If you reside in Lagos or Anambra state, you can visit Alaba international market and Onitsha main market respectively to buy quality clothing at a cheap price and resell it at a higher price.
8. Cooking Gas Business
Currently, there is an increase in the number of people that use gas for cooking hence making cooking gas business very lucrative.
With 500k, you can start selling cooking gas, no skill is required. All you need to do is to get a functional scale, hose pipe, a dispenser and gas tank.
However, when doing this business you need to be very careful since cooking gas is highly inflammable. In fact, never go close to your gas tank with a naked flame.
9. Laundry Business
Drying cleaning business is also a profitable business that you can think of if you have 500k as a start-up capital.
It doesn’t require much skills, just know how to wash and iron clothes, and you’re good to go. This business thrives very well in a developed city. Hence it is best to have a laundry shop in a busy city to enable to get enough customers.
To start a laundry shop, you will need to rent a shop, buy a generator, electric pressing iron and a sizable table for ironing. Don’t forget that detergent is a must to have in a laundry business.
10. Engine Oil Business
Since there are many automobiles that uses engine oil, selling it won’t be a bad idea.
With 500k, you can start selling engine oil and make lots of profits. There is no skill that is required to start this business, just get a small shop in a busy area or mechanic village and then go to engine oil depots within your region like Jezco oil, Mobil oil etc to buy the engine oil at an affordable price and resell it at a higher price. This business is very lucrative and it’s easy to scale up.
11. Sale Of Electronics
Electronics business is a popular business that you can start with 500k. It is an age long business that is very profitable. You can start selling electronic products like DVDs, TV, microphones, fans etc.
This business is very lucrative and it thrives very well in developed cities. There’s no skill required to start this business.
12. Snail Farming
Did you know that snail farming is very profitable and with 500k you can start the business and cash out big time.
To start this snail farming, you need to get a small structure and also you may need to consult experts in the business for guidance. This business is very lucrative and the good thing is that there’s less competition in it. You can explore this business and become a millionaire within a short period of time.
13. Sale Of Computer Accessories
Due to the advancement in technology and globalization, selling computer accessories has become very profitable because the number of people using computers has continued to increase on a daily basis.
You can start selling computer chargers, mice, keyboards etc. There is no skill required to start this business. Just look for a large market where you can buy these computer accessories in bulk and resell them at a higher price.
14. Cement Business
People have continued to build different structures and cement is normally the primary material used in the building hence starting up a cement business won’t be a bad idea.
To start this business, just get a container or shop. To cut cost, you can buy from Dangote cement, BUA cement or Lafarage cement companies at a wholesale price and then resell it at a cheaper price. This business thrives in a developing area.
15. Restaurant Business
People eat daily no matter the condition, hence the restaurant business is a very profitable you can think of when you have 500k as a start up capital.
To start this business you may need a shop located in a strategic area. Just get cooking utensils and travel to rural areas and buy raw food at a cheaper price so that you can make enough profit after cooking it.
Ensure that you cook delicious foods always to keep getting customers who will be patronizing you. The truth is that this business is very profitable but it is stressful.
Although the value of naira has continued to go down, if you have 500k as start-up capital, you can still start any of the profitable businesses outlined in this article and turn a millionaire within a short time interval.
However, to achieve success in these businesses, it is important to study your environment very well to know the particular business that will thrive well. Also, once you start any of the above mentioned businesses, try and build good customer relationships to enable to have active customer base.