Anonymous: I have been saving some money to start a business in Nigeria, but I am able to save only 50,000 Naira.
Now, I want to ask; What business can I start with 50k in Nigeria, It must be easy to start, lucrative and fast moving?
Answer: There are many business to start with 50k That are very profitable and capable of making you a millionaire, these business are what some great entrepreneurs like; Obi Cubana, Dangote, Otedola, have tried and it gave them a lot of cash that they invested into other business.
Why can’t you cut your coat according to your size, By starting your business with the little you have? Let me shock you!
I started my barbing business with just 30k in our village square, I only bought necessary things like; Clipper, comb, brush and cover cloth with a chair.
Did you know that the barbing salon have expanded beyond my imagination.
Who is this post for?
- Those looking for cheaptest business to start in Nigeria.
- Females, looking for business ideas for ladies in Nigeria.
- Those looking for business to start with 50k or less.
Raising money to start up a business is always a very difficult things, but the hardest is trying to raising hug some of cash when you have nothing doing.
But in this article I will be talking about lucrative business to start with 50k in Nigeria, Ghana or any where in Africa.
Starting a business is not the problem, the issue is were and how to get capital to begin the business.
How To Raise Upto N50,000 Capital To Start A Business
1.) From family/friends: for instance; you may decide to meet your father, mother or uncle and tell them your plan to start up a business but you have no capital, they might be ready to help, without intention of getting the money back from you.
But, if it’s from your friend the best way to approach them is to try and get small amount of cash at hand, so that you can tell them that you have let say N30,000 but you need at least N20,000 to complete the money.
2.) Government grant; it is simply money given to an individual without intention of getting the money back.
If you apply for a grant and you were lucky to get it, you can use it to start up your business.
3. Empowerment: You can start up your business with money gotten through empowerment programme like, Npower that was established to empower Nigeria youths.
Once you have gotten the money the next things is to look for a lucrative business to invest on, that will keep bringing high yield in returns.
But, why should you read this article? It very important to read this article to the end because am going to list and explain each businesses and how to start it.
What business can I start with 50k in Nigeria?
Anybody can start these businesses that am about to list out now including student.
Below are some best business to start with 50k or less that is currently booming, and have high profits.
1. Selling of mobile phone accessories
The first lucrative business to start with 50k in our list is Phone accessories business which one of the fastest moving business in Nigeria current that you can start with low capital and earn high profit.
Almost everyone in Nigeria is using phone, because we are now in digital age, were many individuals use mobile phone for online businesses and communication.
The phone case, or the body sometimes fade away or get broken the owner will like to buy the part that broke in other to replace it.
You can start this business with as low as 50,000 naira and you will be sure of earning high profit in return.
2. POS business
Point of sale business is very lucrative in Nigeria you do not need to be told, I can’t even remember the last time I visited bank either to withdraw or deposit money.
But, the funniest part is that I normally pay for each transaction that I made at POS, as the owner of the business you can be making more than 100k daily even if you start it with N50,000.
All this depend on the location were you are, if you are in rural area were their is no bank then you may have high chance of making it.
You just need the POS machine which you will get from your bank and the start up capital.
But the most challenging issue in this business is security!
3. Popcorn business
This is another cheap business you can start with low capital and you will start getting high profit.
All you need is to buy the popcorn machine, the maize, butter sweetener, nylon for packaging, and a sealer as the case may be.
Even if you do not have enough money to buy the machine you can be using pot for a start until you raise money to buy it.
This business mostly move faster in student area, or market area were people can be seeing it.
4. Selling of Raw Food
People go out every day to purchase food stuffs that they will cook, you can quickly start this business with less than 100k or more depending in your financial ability.
You can be selling; raw rice, crafish, tomatoes, pepper etc. People will keep on patronizing you everyday.This business is one of the best daily income business any one can start in Nigeria.
5. Pure water business
Water is the most consumed drink in the world, people do not like drinking water that is not well treated or water from a dirty environment water is life that is why people prefer to buy pure water mainly for drinking.
You can start this business with as low as 50k or more, and you will be ready to start flowing in cash, let check this; one bag of pure water in my area is N200 but those selling it usually buy it from the manufacturing company at the rate of N90 per bag.
I do not need to tell you about how much gain you will make from each bag before you know.
To start this business you will need shop were you will be packing the bags of the pure water, refrigerator if you have the money and the money to start the business.
6. Selling of plantain chips
This is one of the untapped business in Nigeria currently that people do not understand how lucrative it is. Plantain chips are fried crunchy and it is made from ripe or unripe plantains.
You can start this business with Atleast 50k if you want to make hug gain from it, all you just need it to go to market and purchase the plantain, groundnut oil, gas and frying pan, sealers and nice nylon for packaging.
7. Soap production
If you want to earn high income from this business then you need to understand how to produce soup, you can learn this skill on youtube, then after learning it the next step is puting what you have learnt into action.
Go to the market and buy all the ingredients or chemicals and things required for the production, package it and bring it out to were people can see it, either market or on the street, and wait and watch how people will be rushing it.
You can then expand the business when you see how it’s moving.
8. Palm oil business
One small bottle of palm oil now in the market is N700, if you can buy at least one big gallon now that it is cheap and start selling it when it’s high you will see the kind of gain you will make.
Before one small bottle raised to N700, it was N300 before just after 2 months it increases, just imagine that you bought with N50,000 when it is cheap and start selling it when it increases.
palm oil business is very lucrative, and very good for any one that want to invest.
9. Selling of gas
We have moved from the era of using stove to gas, their is high increase of people purchasing gas cylinder everyday, and decrease of people using stove.
Some people move from village to town just to refill the gas, starting this business in any area in Nigeria will not be a problem to you because people that are currently doing the business are few in number.
All you just need to do it to get a big gas cylinders refill it and start selling.
Warning: do not do this business beside people’s home or were people are making use of fire.
10. Okrika business
Among all the list of business to start with 50k, 100k or more in Nigeria Okrika business remained one of the best business in Nigeria, it sounds local but money from it is not local.
Okrika business; is the process of selling fearly used clothes.
People doing this business are counting cash as gain each day, but all this depends on your business packaging.
For instance if you want to make enough gain from Okrika business you need to always rewash all the clothes you want to go and sell, iron it and package it very well so that when people see it they will like to buy it, some people will not even believe that it’s Okrika.
To start this business you need at least N50,000 or more, you can purchase it in high quantity in Lagos, Ibadan or in Aba and start selling.
11. Egg business
You can go to a poultry where you can buy crates of egg in quantities and start supplying to shops, in the market or in your streets to those that sell in retail.
The gain in this business is limitless but you need to be extra careful in handling the egg.
In addition, to this business you can even start selling chicken food also along side to increase your cashflow.
12. Robber slippers
This business is still relevant because people will never like to go out or enter bathroom without slippers, selling of robber slipper can boost your cash flow.
If you have up to 100k or 50k and you invest it into this business you will be expecting to make more than the amount invested.
Painting business is one of the hot business to start with 50k, the best part is that you can be selling the paint and still be painting houses for people.
For you to start painting for people you need to learn how to paint first. With this business you can be earning not less than 30k daily depending on your business strategy and location.
14. Selling Fast food
Many people wake up early in the money to work without thinking of eating at home, as a fast food seller you can be doing home delivery and also have a shop were you will also be selling.
You can be selling indomie and egg, meat pie, egg rolls etc, you will see how this business will be booming if you are good in preparing those foods.
I mostly recommend his business for ladies that know how to prepare different kind of fast foods very well.
Aunty please, give me one indomie with two eggs, put it inside takeaway. Lol!
15. Barbing salon business
I mostly recommend barbing salon business to guys most especially students that are looking for business to start with 50k in Nigeria.
I have covered everything you need to know about this business in my previous article, Barbing Salon Business Plan In Nigeria.
16. Cassava/Garri Business
Unlike in the past Garri is seen as food for the poor, that is food for the less privilege one’s who can’t afford rice.
But in 2021 garri have turned to food for the rich that poor people can’t even afford, the prediction is that by 2022 the price of garri will be to high to the extent that those that planted Cassava now, will make millions then.
Starting this business will really give you enough cash.
You can be going inside villages to purchase the garri at cheap price and come to city to sell it as high price.
This business is another hot cake business in Nigeria that you can earn a lot of money from, but it required that you learn the skill before you get started.
You can start the business with at least 100k in Nigeria, if you wish to earn extra cash from this business then Start selling some tailoring materials.
18. Poultry farming business
Poultry farming is among top business you can start with 50k and you will be sure of earning time two of the money invested.
In this business you can be training and selling; Chicken, eggs including the chicken feeds. all you need to start the business have been covered already in my previous article: Poultry Farming Business Plan.
19. Selling cold drinks
This business is mostly good to start during dry season, people like drinking cold drinks during that period.
starting this business with 50k or 100k will really change your financial status if done well.
20. Scrap Business
Wait, are you surprise to see scrap business among the list of business to start with 50k or 100k in Nigeria? Do not be surprise.
What is scrap business? scrap business is a business that involves buying and selling of old or waste item that people are no more using, Like; old car, metals/irons, rubbers etc.
This business can turn you into a millionaire if you focus on it very well.
21. Open a frozen food shop
Most people do not usually have chance to cook again at home, they will prefer to buy food outside and eat. This is mostly due to the nature of work they do.
The major thing you will need to begin this business in Nigeria is micro wave oven and freezer.
once you have finished preparing the food you will just put it into freezer and when any customer come, you will bring it out and microwave it and give to the person.
if you are still looking for business to start with 50k this year, I will recommend you to start this business.
22. Cosmetics store
This is one of the lucrative business ideas for ladies in Nigeria, that you can start with as low as N50,000 and be sure of making enough profit in return.
You may be selling; lipsticks, soap, body cream, lotions, perfume, hair dye, shampoo etc. Those thing you know that people can rob on their body to look good.
This will be one of the best investment you will ever made because it will keep on giving you high yield daily, as almost everybody most especially ladies want a perfect body.
23. Selling Vegetable
I know this is funny to you, trust me you can become a millionaire just by starting this business with 50k in Nigeria. Any body can do it, both guys or ladies the major thing here is your creativity.
How? To start this business all you need is a good cutter and chopper, ziplock bags and buy the vegetables.
Infact, you do not need a shop before you can start this business, you can just look for a good place in a busy market close to you.
You can pay daily for a little space and put your table and chair there, in some market it’s #500 daily for a little space in a busy market to put your table and chair.
To get more customers view stay close to those selling chicken, turkey, fish, foodstuffs and spices, if I see this in the local market that I normally buy foodstuffs from weekly I know I will always buy it, because I usually find it difficult to cut vegetables.
For fried rice and salad can be very tining and most people love their vegetables perfectly cut. and these vegetables are now needed for so many food preparation especially now that so many people are going natural when it comes to food.
Make sure you keep it fresh and clean and presentable, vegetables are already colourful so once you display them, they will attract people to your shade, when you come out for the day also look neat and smart, clean your surrounding environment by yourself, arrange your goods in a very organized and presentable manner, package them in sizes like N200, N500 etc so everyone will go for their level.
It is better to sell in round figures so you don’t have to be running around looking for change all the time, have the content of the things inside each bag on your head because some people will see it and still ask you “what are you selling” still reply them with smile on your face.
most times they are just trying to get familiar with you, with time you can bring it online also, look for big supermarkets that sell foodstuffs to supply daily too, enter some eateries and offer to supply to them also.
There are so many online food vendors now, you can connect with them to supply them, they will also need this to save them stress and time also, it’s another form of division of labour.
You will make enough profits mostly during the weekend, because market us always full then and during festival period like; New year new yam festival, December.
Let me gist you; people so much look down on this kind of business, without looking deep into the kind of high profit in it, and this is your chance because you will have nobody competing with you.
The fact is; this is one of the best untapped business to start with 50k in Nigeria with high yield.
These business listed above are not the only business to start with 50k or less in Nigeria.
But, I just noticed that these are some of the businesses in which when you start it with at least N50,000 you will be able to make a lot of gain at the end.
Summary: These are businesses with low capital and high profits.
I believed that I have been able to answer your question “what business can I start with 50k” see you at the top.
Let me know how you feel about this post using the comment box below.