Top 10 Businesses To Start with 500k in Nigeria

Do you know that you can do a lot financially with 500k in the present Nigerian economy? Yes, you can. With 500k, you can successfully start a business that can pay your dues. All you need is first to study your environment and look at which of the business I will be outlining below can fit in.

10 Top Business To Start with 500k in Nigeria

Laundry Business

This is one of the most thriving businesses in the urban areas. Most people in the urban areas are working-class individuals, and they don’t have the time to do their laundry. To start a laundry business, the pieces of equipment you need are:

Washing machines – range from N100,000 to N500,000. Just go for the one within your budget
A pressing ion – averagely, a quality pressing ion goes for N25,000
A generator set – due to the light issues in Nigeria, this is a necessity. You can get a nice generator for N120,000 for a start.
Ironing table
Laundry detergent
Nylons and bags

One key thing about the laundry business is getting a good location. Once you have made little money from the business, you can get a business name, register it with CAC, and get nylons customized with your business name.

Mini Restaurants

The food business is a fast-growing business, especially in the urban areas, especially if you know how to prepare local dishes very well.

Similar to the laundry business, location is important for this food business. With 500k, you can rent a shop (renting a shop in an urban area should be between N150,000 to N250,000. With N100, 000, you can buy all the kitchen utensils you need, including plates. The rest can go to purchase chairs and a table, and a fan. If your money is enough for Air Conditioner, you can get one.

In a mini restaurant business, you can utilize social media handles like Instagram in promoting your business and make use of logistics to help deliver the food to your customers.

Printing and Publishing

This is another flourishing business in the urban areas. Every day, people print banners, books, jotters, magazines, newspapers, and many others.

All you have to do is get a good workplace. It mustn’t be a shop. You can start with a kiosk and then get a printing machine and a person that’s known the technical know-how of the business if you don’t know much about the printing and publishing business.

To start up a printing and publishing business, you need:

A printing machine – N150, 000 to N500,000
Workplace – N100, 000
Paper of the materials to print – N50,000
Ink – N10,000
Power Generator – N120,000

The Building Block Business

With so many constructions and daily real estate growth, this business has become a lucrative one.

To start up this business, all you need is;

Land
Machines for molding the blocks
A technical person who is knowledgeable about molding blocks.

Usually, the labor cost in this business isn’t very expensive as the machine is very easy to operate.

Computer Service Center/Cafe

With 500k, this business can become a reality. This business is one of the fast-moving businesses, especially in tertiary school and office areas. Here location is paramount for the business growth and survival.

With 500k, you can purchase a few second-hand computer sets and a good printer. You can get a good printer for about N120, 000.

You can carry out multi-services in a computer service center such as internet services, typing, photocopying, project writing, computer repairs, accessories, etc.

Livestock Farming

This is one of the businesses that cannot fail if you understand its technicalities. All you need for this business is la and, but you can start from there if you have a big compound. Then the animals and their feeds.

You can buy five female goats and two male goats, and after a month, you can get up to 20 goats. If you get two hens and a cock, and they are properly fed, you should be expecting about 30 chickens after a year.

There are different areas of livestock farming you can go in. They are:

Poultry
Pig farming
Snail farming
Fishery
Snake farming
Goat farming

Renting Service for Building Materials

This is a cost-effective business strategy to benefit from the proceed of the construction industry.

Most construction sites rent machines and equipment for building, such as; cement mixers, wheelbarrows, headpans, shovels, and compacting machines.

You can purchase high-quality sets of these machines and equipment and begin to rent them out.

Sports Betting/Viewing Center

Sports betting is one of the lucrative businesses in Nigeria. You can get a viewing center in the same shop to maximize the space. To set up the betting station won’t be more than 100k. To set up a viewing center, you can get two large-screen television and a power generator, and you are good to go.

This is one of the businesses to easily cash out regarding how Nigerian men love and cherish football.

Importation of Used Items

You can engage in importing used items like clothes, electronics, and phone gadgets and sell them at subsided rates. Before going into the business, you must be skilled in them. For example, if you are going into the importation of used electronics, you must be skilled in repairing electronics to fix any that aren’t in the best condition.

What you need in this business is the skill, information on where to import good used items, and a good location.

Hair Dressing Saloon

Are you a skilled hairstylist? You can proceed to get a hairdressing salon. You can carry out lots of activities in the saloon, like plaiting the hair, fixing wig repair, nail polishing, fixing facial extensions, manicure, pedicure, and hair treatments. If you are well skilled, and people confirm it, you are on your way to money.

Conclusion

Before establishing or implementing a business, survey which business ideas will flourish in your environment; different environments have different needs. Your business should be tailored to satisfy the needs of your environment for it to flourish.