15 Most Profitable Business to Start With 500k in Nigeria
In Nigeria, there are a lot of business ideas and investment opportunities. and his is very possible because of. And with the large population in Nigeria coupled with the enabling environment, finding a business to start with 500k in Nigeria shouldn’t be very hard.
But the problem is which business can you start with 500k that would be successful. Most businens owners and investors would agree that a successful business should mean profit. So a profitable business is a profitable one.
This is why we created this list of 15 profitable business to start with 500k in Nigeria.
You should note that sometimes, if a business isn’t profitable it might be how you manage it and not the nature of the business itself. Having good managerial skills is key to starting a business.
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Now let’s continue….
Business to start with 500k in Nigeria
1. Offer POS services
You do transact using POS and even if you haven’t used such services before, you must have seem a POS stand before. It is quite popular in Nigeria but not very saturated.
If you can get a good location with a high number of people especially higher institution students then you would certainly make more money.
2. Football Viewing Center
Football viewing centers make a good amount of profits especially during popular football seasons like europa and champions league.
To start a football viewing center, you need to get a flat screen TV, 42 or 64 inches should be okay. Them buy a DSTV decoder alongside it dish. Rent a space and get some chairs for viewers to sit on during football games. Next is to buy a generator, you need constant power supply for this type of business.
500k is capable of starting and operating a football viewing center, when starting don’t go for costly setup.
3. Start a betting center
A sport betting shop help customers stake their bet on different games with betting companies. To start your own betting shop you would need to be an agent with one or multiple betting companies. Some of the most popular betting companies are Bet9ja, Betking, Betway, etc.
You can check out the requirements of being an agent with each of them and register. You would also get a shop and some TVs alongside laptops.
500k would be able to cater for the finances of starting a sport betting shop. Profits are made when people stake through your shop.
4. Start a laundry business
Another business to start with 500k in Nigeria is laundry services. The basic needs of a laundry business are:
- A washing machine.
- A generator for constant power supply.
- An electric iron or two.
- A board to iron clothes on.
- A shop to operate from.
- A banner or signboard to tell people of your services.
You would also want to have some money left for the operating cost like buying petroleum and so on.
5. Car washing business
Staring a car wash would give you a good reward for your 500k. Here is a quick rundown on how to start.
Get an open space with clean water connected. The money for that would take the most out of your capital.
A car wash thrives on excellent services, so always try to satisfy your customers so they would come back for more.
If you don’t have time, it isn’t compulsory that you be the one washing the cars, you can simply employees someone to do so why you pay the wages.
6. Hire purchase
Another business to start with 500k in Nigeria is hire purchase, motorcycle hire purchase to be specific. You can get a Bajaj motorcycle which is the most popular among commercial bike men.
Find someone interested in but doesn’t have the funds to get one. Then hire the services of a lawyer and ask the interested person to bring about two guarantors, one factor that would mostly determine the success of your hire purchase business is trust.
You would give the someone and he would pay in installments, you guys can agree with the lawyer and guarantors present that you would receive the installments weekly or monthly for a period of say 6 months.
If you buy the motorcycle for 400k you can fix the price to pay as 500k or more, that is over 20% of your capital which is way higher that most returns on investment in 6 months.
7. Computer services center
A computer service center carries out operations like photocopying, typewriting, formatting and printing of documents, etc.
The startup cost for a computer service center is quite minimal and a 500k capital is enough to start this business. You need to rent a shop and get a number of computers. Also some chairs and desks are needed for customers to sit on and the computers alongside it components balanced on.
A generator is also needed for power supply to be constant. Offering computer services is more profitable around places with higher concentration of students.
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8. Poultry farming
Now let’s go into agriculture. Generally, agriculture is very profitable and is considered a good investment provided that it is done and managed correctly. Poultry farming is one of the very profitable agriculture business you can start with 500k in Nigeria.
The most popular poultry birds in Nigeria are chicken and turkey, and they are considered the most profitable.
To start a poultry farm you need a suitable location with housing for the whichever bird you choose, whether chicken or turkey, feeding is also essential, medication and the young chicks and turkeys to rear.
Usually, in 6 months at most the poultry birds are ready to be sold to the market.
9. Offer Rental Services
You can start renting out tables, chairs, canopies, event decorations materials and party cooking utensils for a fee. With 500k you can buy these things and start a profitable rental business.
It is not compulsory to get a shop as you can keep the rental materials in your house, though a shop is more suitable.
Rental services marketing is usually through word of mouth, so endeavor to inform both your neighbors and friends that you are now into rental services, also try to get customers whenever there is an event in your area.
10. Catfish Farming
Another business to start with 500k in Nigeria is catfish farming, another agriculture investment.
In the market, catfish goes for about ₦2,000 for one, and they are very sought after by restaurants, bars, hotels etc.
You would be needing land for your catfish farm then the ponds to house them. A stable clean source of water is also needed and then the fingerlings. Feeding alongside medication may account for a large percent of your capital.
Remember to start small with your 500k and expand as the farm grows.
11. Recharge Card Printing Business
You can earn a good amount through this and you can also start with 500,000 naira.
The setup cost is minimal as all you would be needing a laptop and be a registered and authorized agent by the network you intend to work with. You can also print more than a network recharge card as long as you are authorized and have the funds.
You can research more on this to understand how it works.
12. Mini Importation Business
If you have ever thought of importing goods into Nigeria, mini importation is a way to start. With 500k, you can buy laptops, clothing wears, gadgets online and it would be shipped to Nigeria.
Usually, these things are sold at cheaper prices in China or the UK and when you ship them to Nigeria you can sell at the normal price and still be in profit.
To start, you should know how to order from websites like Ebay, Alibaba, DHgate, then get a shipping company to deliver your orders and a shop to house your orders.
It is advisable that you research more on mini importation before starting so as not to fall victim of fake goods and scam merchants.
13. Open a Barbing Salon
A barbie salon business is thriving business that would give you steady income daily. You offer hair cut services alongside hair treatment, dying of hair etc. It also includes home services to your business, can look at salons around you to get a cue of what you would need start, the cost wouldn’t exceed 500k, don’t need to have the skill, though you learn, but you can also employ someone who does.
14. Mobile phone and Accessories Store
Another very lucrative to start in Nigeria is mobile phone with phone accessories. With 500k you can start and a good location would give you more profit.
You can also run this using the mini importation business mentioned earlier to source for goods to sell.
15. Soap Making Business
Making your own soap commercially is a profitable venture that if carried out well would give good returns.
You can choose to make either liquid soap or bar soap, detergent.
Basically depending on the quantity, the cost of making liquid soap ranges from 20,000 – 100,000. It might cost higher to make detergent and the likes.
Conclusion
We hope this article has given you the ideas of business to start with 500k in Nigeria.
If you don’t have the time or needed skill to start any of the business listed here, you can employ someone to work for you while you finance the business.
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