More often than not, starting up businesses in Nigeria requires having a large capital, to begin with. However, there is still a wide range of options you can consider if your capital is in the middle range. Have you saved up some amount of money intending to start a business but can’t figure out which one to venture into?
In this article, you’ll learn about 10 businesses you can start with 500k in Nigeria.
10 Businesses you can start with 500k
I believe 500k, on average, is enough to start a profitable business, provided you pick the right one and make a good research about it. That said, I provide a list of 10 businesses you should consider below.
Poultry Farming
The first on our list is poultry farming, and that is because of the many opportunities it provides to make a profit. Poultry products such as eggs are widely consumed in every part of the country, which means if you start a business in this line, you’re sure to make a good profit in the long run.
Thankfully, you don’t need much capital to get started and you can start with 500k and it’s even better if you have space. By space I mean a clean and dry room where you can start.
Getting space in the middle of the town will be hard and won’t come cheap so, it’s better to go down where you housing is cheaper.
Your capital will cover the expenses for the following:
* A poultry house
* A waste disposal system
* Equipment such as lighting system, trays, and feeders
* Buying the poultry birds
The 500k can start a small scale business. Yon can see more about starting a poultry farm here.
Dry cleaning services
People who reside in cities like Lagos, Abuja, or Port-Harcourt don’t usually have the time for laundry — they believe that they have other important things to do and it’s truly so. Therefore, they look for those who offer dry cleaning services and pay them to do the cleaning for them. You can start this business at home (not worrying about finding a shop space). With 500k, you can start this profitable business and expand it as you make money. With your capital, you’ll cover the expenses for the following:
* A shop or space for dry cleaning (if you don’t intend to start at home)
* Purchasing dry cleaning equipment such as washing machines and irons
* Advertising your business.
Palm oil and vegetable oil
In almost every part of the world, palm oil and vegetable oil are used for cooking, which means it is highly in demand. Moreover, it has a huge profit-making potential and you can start with as low as 500k. This business has about three layers — the extractors, producers, and suppliers — and all of them have the potential of giving you high returns. So, you can just look into any layer you’d like to start with since each of them has a high profit-making potential. Here are some expenses you can cover with 500k:
* Buying the necessary equipment for the business
* Doing a market survey
* Getting a store
* Advertising and creating awareness
Mini Importation
This is also one of the most lucrative businesses to venture into, with promising profits, and you don’t need a very big capital to start with it. All you need to do is find e-commerce websites where you can import products and you can pay a very cheap price for these products and import them. With your 500k, you can import these products from countries like China and sell them here for profit. In addition, you can cover the cost of the following:
* Buying and shipping the products
* Renting a space for storing the products, if needed
* Running advertisements to create awareness
Pig Farming
Although not many people want to go into this line of business, it is a multi-million-naira business for those who know how to do it. Pork meat is widely consumed in many parts of the world, including Nigeria. So, don’t worry about making your profit or getting your pork meats marketable. With 500k, you can start and also cover the cost of the following:
* Purchasing piglets
* Renting a closed space
* Buying the feeding troughs
* Buying their feeds.
Car wash business
Another one on our list is the car wash business. Many people who own cars don’t have the time to wash them, therefore, they take it to those who do it as a profession. You can take advantage of this and invest some money into starting this business. You just need to find a good location such as a place with many bars or filling stations where cars are usually parked, and there, set up the car wash spot. With 500k, you can cover the following cost and start the business:
* Rent a car wash spot
* Paying for water usage
* Buying the necessary car wash tools such as brush.
Restaurant
Do you have good cooking skills or like to make different dishes every time? You can take that skill to a profit-making level. There are many types of a restaurant such as fast-food restaurants and fine-dining restaurants. You can decide on which of these you want, and with 500k as capital, you can easily start this business. That amount can cover the cost of the following:
* Renting a space
* Buying the necessary cooking equipment such as trays, spoons, and pots
* Buying foodstuffs
* Purchasing other tools like tables and chairs.
Importing used items
Importing used items is another profitable business you can embrace and start. It involves importing already used products or items from other countries and selling them to retailers here in Nigeria — you don’t have to deal with selling to consumers directly. Used clothes are popularly known products in this line of business. However, you can include other items such as phones, kitchen utensils, and laptops to increase your profit potential. If you have 500k, you can easily start this business. With that amount, you can pay for:
* used items from foreign companies
* Importation and delivery
* A physical shop, if you would need one.
Bakery
Another business definitely worth looking into, with your 500k as capital, is the bakery business. I don’t have to tell you how well bakery products like bread are consumed in Nigeria. Thus, going into this business means a large profit for you. You just need to find a good location where retailers need bakery products and start your bakery there. Your 500k can cover the following expenses:
* Renting an already made bakery or a space you can convert to a bakery
* Buying ingredients such as flour
* Buying baking tools
Snail Farming
The last on our list of businesses you can start with 500k is snail farming. You may not know this, but snails are very much in-demand just like pork in many parts of the world, including Nigeria. Many people and companies pay a huge sum to snail farmers to send them snails. That means snail farming has a high level of profit for those who know how to do it and can invest enough money into it. You can begin with as low as 500k and you can invest more into it from your profits in the long run. With your 500k, you can cover the following expenses:
* Purchasing or renting a space
* Buying snail farming tools
* Purchasing snail breeds
* Advertising your snail farming business
Sports Viewing Centre
A sports viewing center is the best choice if you’re a huge football fan looking to start a little business. You get to make money doing what you love. With 200k, you can start a small-scale sporting viewing center and expand as you grow. You will need:
- A plasma TV(or two)
- A DSTV or GOTV decoder
- A generator
- Extension boxes for viewers to charge
- Benches for viewers to sit
- A hall.
As you expand and the money starts flowing in, you may choose to add more televisions and a refrigerator and make provisions for snacks for viewers.
Conclusion
There are various businesses you can venture into in Nigeria when you have enough capital. However, sometimes, you may not have millions to invest in a very popular business, therefore, you would research business ideas that don’t require very much capital. To help you ease the process, we’ve looked into 10 businesses you can start with 500k in Nigeria. Now, you can pick any of these business ideas and turn them into a solid and profitable business.
That’s it with our list 10 businesses you can start with 500k. You can also read our article on 10 businesses you can start with 100k. Now, if you’re finding it hard on raise money for business you might to turn to short-term loan to fund your business. We recommend Fairmoney considering they offer loans with low interest rate.
