In this article, you will see the best business to start with 500k in Nigeria that is very profitable and easy to start in 2022.
Are you ready to start a business or you plan to start a business soon, but you are undecided and sceptical of which lucrative business to start with 500,000 Naira.
A lot of us have been at this stage before, that stage of life that serves as the peak and beginning of starting a business.
Without any iota of doubt, no one would want to start a business that ends up crashing, in business, smart people look into the risks and downside, this is where proper planning comes into the picture.
Starting a business that will not pay you, in the long run, is an absolute risk that no one would want to try especially in a country such as Nigeria where the economy is tough.
This is why I decided to take my time to put this post, I am confident that it will help a lot of folks from falling into the business risk that made many of us ended up becoming a victim of failure.
You need to take your time and evaluate the expert advice you will get from me today, take it from me, this will be one of the most interesting articles you will be reading.
I will ensure that I cover all you need to know, and yes, I will save your time by giving you the most important information.
I will also make sure that you learn something new that you might have not known from each section of this post.
Are you ready to learn? Let go…
NB: The business ideas I will be sharing are those that are booming right now, and with no risk, you are sure to make a lot of money.
15 Best business to start with 500k in Nigeria:
Before I give you a full idea of how you can start this business step by step, let’s talk about how this business works.
1. Mini Importation business
Think about those popular online shops you know today in Nigeria like Jumia, Konga and others. These are businesses that involve importing goods to Nigeria.
That is to say, It means you will buy and order these goods online from where they are sold cheap, then you ship these goods to Nigeria and sell them at a very fair price.
This is a fast-moving business to start with 500k in Nigeria, as long as you know what you are doing, you can start up your mini importation business with N500,000.
You can buy and sell;
- Fashion wears
- Home gadgets and equipment.
With 500k you can choose to set up a physical or online store and buy ship items in bulk to your store.
This business has proven to be a hot cake business because people have needs and if you can sell those needs to them you can start making a lot of profit.
2. Printing and publishing Business
Printing and publishing business is also a risk-free, and profit-making business to start with 500k in Nigeria.
Think of an area where you know the printing business moves fast and a typical example is student areas, students print often.
The business however does not have to strictly be based on printing, as commonly called a café business, you can do other services such as browsing, printing and checking results for students.
This business can also go as wide as publishing of large materials and books, you can make a lot of money and start this business with just 500k or 200k, 300k.
In a later part of this post, I will teach you how you can set up each of these businesses.
4. Salon Business
Another business to start with 500k in Nigeria is Salon Business. This is one of the fastest moving business in Nigeria, people make hair and cut hair.
By choosing a very good location and getting a space for your salon business, you can start making a lot of money.
All you need is to have the skills, but you also hire people that are good to handle your saloon business. It’s a profitable business idea and we will talk about how to set up your Saloon and start making money in 2022.
4. Car Washing Business
This is another profitable business to start with 500k in Nigeria. Car washing business moves fast in so many states across Nigeria.
It also does not take so much to start, all you need is a few equipment and space and you can start your car washing business.
A lot of youths do this today and make money, it depends on which of these business interest you that is why we have selected the 15 most profitable business to start so you can decide which of them works best for you and would be easier for you to run.
5. Sports betting Business
Sport is a very popular niche and anything that has to do with sport sells fast. With 500k you are already close to your millions, all you need is few things and the idea of running a sports betting centre.
So many youths today do this because it is so profitable in Nigeria, I am sure you see how crowded most betting shops get, yes that is because a lot of people do this betting and if you start a sport Betting business you will certainly make a lot of money.
Sports betting business should be my number one business to start with 500k in Nigeria which I will give to anyone because I have seen and have a lot of people who are currently into this business in Nigeria and they are making a lot of money.
The risk involved in starting this business is not knowing how to set up and start your business, such as choosing a good location and other factors, but not to worry, we will talk about how to start your sports betting business in this article.
6. POS Business
POS business is also a profitable business to start with 500k in Nigeria. How this can bring you a lot of money is not farther from what you already know.
There are remote areas in Lagos and other parts of the country where banks are not easier to get. Those are places where it is most profitable to start a POS business.
Another side of this is that there are Banks where the queue always end up frustrating and so many people who have less time to spend waiting in a queue will prefer to use a POS.
People do financial transactions every day, and POS business does not need any special skills.
I will share a few tips that will help you start a POS business in Nigeria.
7. Football Viewing centre/Game Center
A lot of people watch football both old and young, and a lot of youths play games. Starting a Football Viewing centre or game centre is also a profitable busines to start with 500k in Nigeria.
You only have to worry about few things such as choosing a good location and as you continue reading this post I will show you how to successfully start your football viewing centre in Nigeria.
8. Rental Business for Event Equipment
As long people will always have events, there would always be needs for renting equipment needed, apart from hall or spaces for hosting of events, with 500k you can start a successful rental business and that entails buying pieces of equipment such as Canopy, chairs, drums where drinks are stored, coolers and other equipment that are usually needed in events.
This business aspect is not so populated, and you still succeed today if you start a rental business.
9. DJ Business
This business is for those that have DJ skills, if you are good at DJ services, you can start your own business by becoming a DJ.
There are always event and parties where you will be paid to offer your service. It is a very profitable business to start with 500k in Nigeria. You do not need so much apart from getting the necessary equipment.
10. Real Estate Business
Real Estate business is no one of the biggest trending and fast movie business to start in Nigeria or anywhere in the world. A lot of people became a millionaire from Real Estate business.
There is still space for you in the real Estate Business, and yes you can start a real estate business with 500k.
All you have to do is buy cheap properties and lands and sell them for a higher price. Properties and lands are considered assets which is why there is almost no risk in investing in a real estate business.
So take it from me, real estate business is a big hit. I will show you how to start a Real Estate business in this post shortly.
11. Block moulding Business
Block moulding business is another profitable business idea to start in 2022. all you need is a few pieces of equipment and space.
You don’t need to have expensive block moulding machines, you can use manual blocking moulding techniques to mould and sell blocks.
The most important thing is to know how this business works.
12. Agriculture business
Agriculture business is a profitable business to start with 500k in Nigeria, A lot of people go into agriculture today because it is a fast-moving business in Nigeria.
You do not need to be a farmer before you can invest into farming, their are a lot of legit agricultural investment platforms in Nigeria that can help you to invest into any type of farming of your choice.
13. Frozen Food business
If you wonder how well this will yield a lot of profit, then hear it from me, selling frozen food like fish, chicken turkey and so on still works and is a profitable business for both the men and women and you can make a lot from this business.
14. Laundry Service
Starting a dry cleaning service is also a good business to start. You might need an office and a Washing Machine, then knowledge of operating the business.
Laundry service is also on my top list of business to start with 500k in Nigeria.
15. Uber Business
The last business to start with 500k in Nigeria in this article is uber business, this one works so well and is very profitable depending on how well you can manage it.
You do need to buy a car or a bike, it is a business you can start with 500k and Uber business pays well in Nigeria especially in busy areas. We will talk about the steps to start a Uber business in this post also.
Why it’s very possible to start a business with 500k in Nigeria and succeed in it:
No money, no problem! Why funding plays a big role in successfully starting any business in Nigeria, it is not always about how big your capital is, but how big your idea is, here are few things to keep in mind.
- You do not need a big office to get started
- There are a lot of things you can do on your own, without any need to employ so many people at the start of your business
- Starting small can help you avoid bigger risk, learning the mistakes and becoming perfect before expanding your business.
The above are the three very important things to bear in mind while starting any profitable business in Nigeria, it explains just why starting with 500k can do so much for the good of your business and what makes it possible.
The business you start with 500k can always grow into becoming a venture that earns billions of dollars. I will show you just how possible it is, keep reading and enjoying the information I have for you.
#1 Point: You do not need a big office to get started;
If you start imagining or planning on starting your business by opening a large office space, then it will become more difficult to start your business with 500k.
Take this from me, most big businesses start from nothing.
- Facebook started small
- Usulorinform started small
- Google, Apple, HP, and Amazon all started in a garage, and Craig Newmark of Craigslist worked out of his living room for the first five years.
Having a fancy office may look necessary, but having space to work is the most crucial part, you need as much capital as you can get for the marketing part of your business.
There are most business ideas that you can not start in your living room, I mean those where you may have to be dealing with people physically, and if that happens to be the case you can always start small, save as much as you can, without doubts you will grow and fill those spaces.
No matter what service you wish to provide or business idea you plan to start or whatever product you plan to sell, if you don’t have excess funds, you can start with something like a single room.
Some of the big company names you hear of today started in unconventional places.
#2 Point: There are a lot of things you can do on your own, without any need to employ so many people at the start of your business;
The only thing that will happen if you got capital was it will just give you more money to lose since you don’t know what you’re doing yet.
The more beginner the entrepreneur, the more they think they need capital to start a business.
You aren’t Silicon Valley, and you aren’t building the next Tesla. You need more money to grow but not to start.
So many times, I see so many starting business strive because of this very notion and philosophy of business.
Without any Iota of doubts, your workforce will determine what you will be able to produce and the services you can provide.
But when starting your business do not go employing so many people then you need just for a start.
Catering for so many staffs at the beginning of your business will make you require so much capital to start your business, this is why to so many people starting a good business idea with 500k does not look feasible.
You can start your business with 500k in Nigeria or even less and still make it big if you know how what matters the most. Employ people only when there is genuinely a need, for areas where you know you can not do.
You will always need to do most things by yourself when starting your business, and you can do this by learning as much as you can, get just one or two people to support you and you will be good.
#3 Point; Starting small can help you avoid bigger risk, learning the mistakes and becoming perfect before expanding your business;
The third thing that makes starting a business with 500k impossible is thinking you need to start big.
The reality is that starting big can help you scale your business, making the mistakes and learning what works and what does not work before putting a large capital/Investment for your business to become bigger and better.
You can do a lot with 500k and save a lot of revenue when you start small and then invest whatever profit you make into making the business idea better.
With these 3 points above, it should come out clear to you that you can start a successful business in Nigeria with 500k.
Step by Step process to pull off your business idea:
In this section, I want to share with you a few steps to start any of the 15 Business ideas we have discussed in this post in other to invest your 500k properly.
#1. MINI IMPORTATION BUSINESS
- Plan if you would want to start with physical retail or online selling; If you want to start a mini-importation you need to first calculate if you would sell your goods online or open a shop. These days, people sell online, this way you do not have to start looking for shops, and you can easily get customers to order for your goods which you deliver.
- Import fast selling products from China or companies that sell them very cheap. A good recommendation for the kind of goods that sells well in Nigeria are electronics, mobile phone and Laptop, accessories, hair wigs and cosmetics, clothing products and underwear. Order these items in bulk and have them shipped to your location. You can offer to put these items in your apartment for a start if you have enough space or rent a room that you can use as a warehouse to store the products you would be selling.
- Examples of online suppliers to consider buying from are AliExpress, Everbuying, Amazon and DHgate.
- Once your goods have been shipped to your location, if you would be selling online list out your goods and set fair prices, promote your business name and start enjoying your new business.
#2. PRINTING AND PUBLISHING BUSINESS
- Find an area where printing business is booming and rent a shop.
- Buy the necessary printing equipment
- Remember that you need to know how to do the printing business, but you can also hire someone to take charge of the printing business.
#3. SALOON BUSINESS
- Find a busy area to set up your Saloon shop, and rent a good shop.
- Buy Saloon equipment, this will however depend on if you wish to start a Unisex saloon or a single-sex Saloon.
- You can also buy Items like hair creams, hair wigs and other products to sell to your customers.
- Saloon business grows fast if you are in a busy area and you know how to make or cut hair very well, do not hesitate to hire one or two persons to help you if you do not have the skills.
#4. CAR WASHING BUSINESS
- Find a good space that is not so hidden, this is where Vehicle owners can bring their vehicles to be washed.
- Buy some equipment that you will need for your car washing business.
- You can put a small bar in your car washing park to make that place boom and that will attract people to come to your park and you can make a lot of money.
#5. SPORTS BETTING BUSINESS
- Rent a space, consider choosing busy areas
- Buy some computers and Tv. You can also consider buying Uk used Computers to cut down your cost as long as they are functioning well.
- Put a very big sports banner on the front of your shop to inform people of your new betting shop.
- You can also allow people to watch a football match for free at your betting centre, this will make so many people aware of your sports betting business.
- Make sure you understand and learn from people in the business before.
#6. POS BUSINESS
- Buy a POS machine, POS are sold around 50k to 100k in Nigeria, most banks give it free to customers
- Choose a good location and set up a small shop for your POS Business
- Make sure you have cash at hand and at Bank which you will use to start your business.
#7. FOOTBALL VIEWING OR GAME CENTER
- Rent a space for your football viewing centre.
- Buy TV, a cable and make sure to subscribe, then don’t forget the latest Play Station, people now prefer PS 2 and PS 3, then put this in your shop
- Start informing people about your shop and your business has started.
#8. RENTAL BUSINESS
- Set up an office in a good location of your choice
- Buy a few pieces of equipment that are most often used in event centres such as Canopies, chairs, generator, drums, coolers and so on.
- Promote your business online and offline and start getting customers.
#9. DJ BUSINESS
- Buy a DJ Mixer and other important equipment
- Set up a social media handle for your DJ business, use it to promote your DJ service
- Introduce yourself to many people and you should start getting invitations to different events
#10. REAL ESTATE BUSINESS
- Do proper research on how real estate business works in Nigeria
- Register your Real Estate Business to be legally known, this will cover you in the long run.
- Rent an office space and hire professionals
- Have an online presence by creating a real estate website.
- Buy properties and Lands or go into consulting.
- Advertise your real estate business
#11. BLOCK MOLDING BUSINESS
- Acquire land for your Block making business in Nigeria
- Make sure you have the means to get enough water for your block making business
- Get the equipment you need such as moulder, wood carriers, concreate mixer if possible, shovel, head pan, wheelbarrow etc.
- Get Sand and Cement
- Start making your blocks.
#12. AGRICULTURE BUSINESS
- You choose from what you wish to farm, but first, you need land to farm on or rear animals.
- For poultry, you can build poultry on your farm, for fishery you can make a pond or use a Tank, just set up your farm and start farming your animals.
#13. FROZEN FOOD BUSINESS
- Find a busy area or shop to sell your Frozen foods.
- Buy fish, chicken or whatever you choose to sell, buy a fridge, if you do not have a steady power supply buy a generator.
- Start freezing your foods and start selling either in wholesale or retail
#14. LAUNDRY SERVICE
- Set up an office for your dry cleaning business
- Buy a Washing Machine, Iron and other things you need
- Advertise your brand online and start your business.
#15. UBER BUSINESS
- Build a very good Uber App for drivers and customers
- Choose a very busy Area
- Advertise your uber business, how you market it will determine how you grow
- Get people who have cars or bikes to register as a driver in your App and promote it so your customers can use your app to request rides.
I believe that we have been able to answer your questions related to what business can I start with 500k in Nigeria? These ideas can help you build a multi-million dollars business in Nigeria.