The prevailing economic realities of the day has prompted very many Nigerian entrepreneurs to think of starting their own business in order to make ends meet, thereby asking ‘what business can I start with about 50 thousand naira or less in Nigeria? ‘
However, most of them encounter the challenges of sourcing adequate start up capital to get started, if you are one of such entrepreneurs or you are merely keen on discovering viable business Opportunities you can start with about
N50 thousand naira and even less then read on!
50k business opportunity?
If ever you have wondered if one can actually start up a lucrative business with such amount of money, the answer is YES. The big question now beomes what can you do?
So, depending on your area of interest and what you can do to earn a living legitimately, we’ve sorted out some profitable businesses that can you either start with 20k, 30k, 40k or 50k.
In this 21st century, the whole world is becoming digitally globalized and doing so in top speed. As a result, the entire system is saturated with groundbreaking business opportunities.
Nigeria as part of this connected economy has a good number of its citizens who are making history in the business world as well. You too can join the league once you’re skilled, dedicated, consistent and determined to make the most for yourself.
Research has it that it is best to start up a business in times of economic crisis and financial meltdown. This is usually so, because start ups tend to swing into the economy with burning passion, innovative as well as a problem-solving mindset.
What business can I start with 50 thousand naira in Nigeria
Think you need so much to venture into one of such businesses? Well, let me walk you through 15 fantastic businesses you can start with about 50,000 Naira in Nigeria today. Let’s dive in!
1.) Mobile phone accessories –
Virtually everyone uses ear piece, ear pods, chargers, phone packs, screen guard and the likes. You will notice that there is an increase in the demand of these commodities every day. Thus, this business can be said to be in the same pedestal as other essential commodities that must sell each day.
With a start up capital of about 50k, you can venture into this viable business venture. In order to gain more profits from this business, simply visit Aliexpress.com and order them directly from China at a very cheap rate then resell them at the prevailing local market price and smile to the bank.
It is recommended that you plough back your profit into the business. This would invariably increase your profit margin over time following the increase in the quantity of products you have for sale. Maximize your social media handles in advertising your in order to reach more potential customers
One of the best business ideas to start in this millennium is blogging. Blogging is a very flexible business. You can do it from your home, you can do it from your office as a side job, you can even do it on your bed. It is a business that can you do anywhere as long as you are connected to the internet.
Blogging business is all about sharing information online, it could be about anything. You can start a blog about anything. You can start a blog for news, gossip and politics. There is no limit, you can blog about travels, insurance, finance, music, sport, relationship, phones, technology, career, foods and recipes. There is no limit!
Starting a blog is not cost effective, all you need is money to buy domain name and web hosting. This is less than $30 to start. That is less than N10, 000 to start.
3.) Baking Business
Baking is a thriving business in Nigeria. Cakes and pastries are things Nigerians can never get enough of. Every form of party ranging from weddings to birthdays and graduations needs cakes or small chops. You can start this baking business right from your kitchen.
You could start by making little cupcakes and small chops and sell to earn income. To gain visibility, you can then promote your baking business on your social media, get people to order, and start making the big bucks.
4.) Frozen meat/fish store (Cold room)
This is about stocking frozen foods like chicken, fish, gizzards and more for sale.
You will need to have refrigerators to store the frozen items. Also, you will need a generator set depending on where you are to guarantee regular power supply.
You can work to be a distributor on a low scale and grow over time.
You will need less than ₦100,000 to go into this kind of business and you may use part of your apartment, possibly in front of your house to start and rent a shop later. This is one of the business ideas that will bring in high seasonal income during Christmas and festive seasons.
5.) Fresh fruit juice business –
The fresh fruit juice production business is one of the lucrative small businesses in Nigeria that is often over looked by entrepreneurs. It is actually a fast moving business in most of the densely populated cities in Nigeria like Lagos, Port Harcourt, Aba, Kano, Abia, Abuja etc
Fruit juices are best served chilled to the final consumers who are mostly found in places like hotels, restaurants and hotels. Aside the cost of acquiring a freezer and generator (if need be) when they’re not available already, you can actually start up the fresh fruit juice production business with amounts ranging between 10,000 – 50,000.
6.) Fast food Business
The importance of food can never be overemphasized. You can use your cooking skills to make good money. All you need is a little stand, cooking materials, and foodstuffs. You can start by finding a very strategic location and start making foods like spaghetti and turkey.
You could also go ahead to specialize in making and delivering food to parties and events. You can use your social media to promote your business, put pictures of your food, and explain clearly what you do to reach a wider audience.
7.) Viewing center business –
Viewing center is undoubtedly a fast growing business, especially with the increase in the number of football and other sports fans watching football games. Thus, you can take advantage of this opportunity and key into the business.
To start the business, you would need few equipments like ; flat-screen television, desktop, cable connection and steady power supply. This therefore goes to show that this viable small business opportunity does not require much capital.
8.) Soap Production
Soap production is another business you could start. You can make liquid soaps for bathing or washing, brand them, and distribute them to various supermarkets who pay a week after supply.
You could also decide to promote your soap on social media like Instagram or Facebook and ultimately deliver it to your interested customers
9.) Car washing business
A lot of car owners take their car to the car washing joints. What you need to do is acquire a space large enough(it could be part of your compound).
The next think is to procure water spraying machine and you are ready to start your business. If you already have a space and regular water supply, it could be borehole. Then you don’t need much money to start.
10.) Cash Withdrawal joint
This business is generally about helping people withdraw money from their bank with their ATM.
There are places without ATM machines available, the goal of this business is to help people living in those areas have access to withdraw money with their ATM cards.
All you need is a POS and a shop or you can operate from your house. You can charge people N200 or above per withdrawal.
11.) Plantain Chips Business
This is also a very lucrative business which also addresses the question ‘what business can I start with 50 thousand naira or even less in Nigeria? ‘. Plantain chips are a very popular snack in Nigeria. You can make them, brand them, and supply to different shops or supermarkets and earn income daily.
12.) House painting
You must learn how to paint houses before you can do this work. However, you do not have to rent a shop at the beginning, just hang around a paint shop or rather leave your phone number, they will always contact you when someone needs your services.
When you make enough money, you can rent a shop, do business card. You can make big money when you have contracts to paint buildings.
13.) YouTube channel
This is one of the easiest and even successful way to make money. It is an open platform for those who create their own music content , video and publish them on the internet, it can reach targeted audience world wide.
However you must be creative, so that you can make children’s play, for example, and publish on the internet. It needs no investment as such but your talent, and you make so much money from this business.
14.) Hair/Barbing Salon
This is another very good business that can bring you income. If you don’t have a place, you could start at your house or you could offer home services. All you need to buy is the basic tools needed for your craft like clipper, scissors, combs, brushes, etc, and advertise yourself and you are good to go!
15.) Car painting
This is a very lucrative business people don’t look at frequently. Everyday, cars get scratched and all that. The owners want it painted to look new.
In some states, when you buy a new car for taxi or other transportation business, you will need to pant it to a specific colour.
That is where a car painter comes in. There are a lot of money to be made. I have painted my car a couple of times and it cost a lot. Guess what? my car painter has built his own house from this business!
You will need to learn the skill and get a painting machine and a space in order to get started properly. This therefore answers the question ‘what business can I start with 50 thousand naira in Nigeria? ‘