Unfortunately, there aren’t many profitable business ideas to start with 500k in Nigeria, because 500k isn’t what it used to be, as the Nigerian currency continues to decline. While some businesses require little to no money, every successful business requires some capital at some point. If you are looking for a business to start with 500k in Nigeria, you’re in the right place. This article will show you what business you can start with 500k in Nigeria and how to go about it. Let’s get into it.
Can I Start a Successful Business With 500k in Nigeria?
You certainly can. It is not always about the size of your capital, but about the size of your idea; here are a few things to bear in mind:
- You do not need a big office to get started
- There are many things you can perform on your own without having to hire a large number of people at the start of your business.
- Starting small can help you avoid larger risks, learn from your mistakes, and develop your business before expanding.
The three most key things to remember when establishing any profitable business in Nigeria are as follows: it explains why starting with 500k may do so much for the good of your business and what makes it possible. The 500k business you start can easily turn into a venture worth billions of naira.
Best Businesses You Can Start with 500k in Nigeria 2023
The following are the best 500k business ideas to start in Nigeria; these firms are fast-moving and profitable in 2023:
#1. Mini importation business
Consider the major online stores available in Nigeria today, such as Jumia, Konga, and others. These are businesses that import items into Nigeria.
That is, you will buy and order these things online from places where they are cheaply supplied, then ship them to Nigeria and sell them at a very reasonable price. You can start your mini importation business with 500k if you know what you’re doing in this fast-paced industry.
You can purchase and sell accessories, clothing, home appliances, and equipment. With 500k, you can open a physical or online store and buy and send things in bulk to your location. This has shown to be a profitable cake business because people have needs, and if you can meet those needs, you can start making a lot of money.
#2. Printing and publishing business
Another fast-growing business idea in Nigeria is the printing and publishing industry. This is a risk-free and profitable business to start with 500k in Nigeria.
Consider a place where you know the printing business moves quickly, such as student areas, where students print frequently. However, the business does not have to be solely dependent on printing, as is widely known as a café business; you can also provide other services such as browsing, printing, and checking results for students.
This business can also be as broad as publishing massive materials and novels; you can make a lot of money and start this business with as little as 500k.
#3. Salon Business
The salon business is another 500k business to start in Nigeria. People make and cut hair, which is one of Nigeria’s fastest-growing businesses. You can start making a lot of money by picking a nice location and renting a space for your salon business.
All you need are the skills, but you also need to hire good individuals to manage your salon business. It’s a profitable business idea, and we’ll go over how to get your Saloon up and running so you can start making money in 2023.
#4. Car washing business
This is yet another profitable business to start with 500k in Nigeria. In several Nigerian states, the car washing business is booming.
It is also not difficult to get started; all you need is a few pieces of equipment and some space to begin your vehicle washing business.
A lot of young people do this nowadays and make money; it all depends on which of these businesses interests you, which is why we’ve chosen the most profitable businesses to start so you can pick which one works best for you and is the easiest to operate.
#5. POS Agent Business
The POS business in Nigeria is becoming highly popular in the country. This business is ideal if you already have a shop where you sell things. You can start this business even if you don’t have a place to sell your products.
Because of the stress of visiting banking halls and ATMs, there is now a possibility for people to become POS (point of sale) agents and provide financial services in their local community. In Nigeria, the POS business is one of the simplest to start with 500k.
#6. Selling Fashion Items
Selling fashion things is a tremendously profitable business, as seen by the fashion industry. In Nigeria, there is a market for both used and new things.
If you have an exceptional fashion sense, this is one of the 500k businesses to start in Nigeria. You can own a real business where you sell as well as an online store. The most profitable method is to do both.
If you want to get into this business, make sure you stay up to date on fashion trends and constantly sell high-quality items at reasonable pricing.
#7. Logistics & Courier Business
Because of the huge demand, Logistics & Courier Business is another business that many people are venturing into. With the internet and social media, more and more individuals are purchasing online, creating a demand for these things to be delivered. This is where a logistics and courier business may help.
#8. Real Estate
Real estate is the slowly developing but currently flourishing business that most Nigerian entrepreneurs enter. With 500K, you may become a property owner and rent out your units for a substantial profit.
This business strategy is quite simple because all you have to do is find a property/apartment that is already for sale or rent, buy it, and then rent it out or sold it for a profit.
In regions such as Lekki in Lagos, you may purchase an apartment for 500K and rent it out for 600K to 750K, earning a profit of up to 250K per unit. You may make millions if you perform many of these deals in a month.
#9. Car Dealership
A car dealership or trading business is another simple business to start with 500K in Nigeria. This is a tremendously profitable business because you may make up to 300,000 for every sale.
To start this business, you’ll need to obtain a reasonably priced used car because your budget will not allow you to purchase a new one or Tokunbo. Generally, reasonably priced used cars in Nigeria are sold straight from the owners. Once you acquire the cars, you can modify them and resell them for a profit.
#10. Sales of Phones
Selling new and secondhand phones in London is another profitable business that anyone with a capital of 500K can start.
The goal is to locate a phone supplier, bargain and obtain trendy phones at low/wholesale pricing, and then resale for a large profit at retail prices.
This is an extremely profitable business since you may earn up to N10,000 profit from every sale. It should be noted that this business is best suited for persons who are already familiar with phones.
#11. Sales of Cooking Gas
With practically every home now using cooking gas to cook, the demand for cooking gas has surged across the country.
You can start selling cooking gas from the front of your house and make significant money with it. With 500K, all you need to start this business is a gas tank, a scale, a hose pipe, and a dispenser.
Fill your petrol tank, make a banner, and start your business. If done correctly, this business is extremely profitable and simple to scale.
#12. Sales of Electronics
Electronics sales are one of the oldest and most popular companies in Nigeria that demand N500,000 start-up capital. This business sells items such as televisions, fans, DVDs, speakers, microphones, and so on. It is popular among Igbo business owners and is quite profitable.
To start this business, you’ll need a shop. To prosper, your shop should be positioned in or near a market, a parking lot, or a student area.
#13. Mini Bakery
Bread is one of the most commonly consumed foods in Nigeria, as well as one of the simplest and fastest-selling items in the country.
You can start a little bakery where you can make bread on a small scale and sell it at wholesale costs. With N500,000, you’ll need to rent a bakery, recruit bakers, and start baking bread.
Aside from bread, you can also bake cakes for weddings and birthday celebrations, as cakes are a popular event item.
#14. Open a Betting Shop
Sports betting, such as virtual sports betting and preach betting, is one of the most common ways for people to make money in Nigeria.
There are numerous bookies seeking agents who can meet the needs of their consumers by opening a betting store in a small community or on a street.
You’ll need a medium-sized shop, many computer sets, and a generator to get started with this business. Simply go to a bookmaker’s website and apply to be an agent.
#15. Sales of Building Materials
Another profitable business to start with 500K in Nigeria is the sale of building materials such as cement, ceiling, and roofing materials.
To start this business, you’ll need a large shop, then you’ll need to discover and negotiate with suppliers of various building materials, stock your shop with the products, and begin selling.
This business is ideal for persons who live in new and emerging locations (sites) where construction projects are ongoing.
#16. Become a Uber Driver
Are you a skilled driver, or do you desire a side business that generates daily money and requires only 500K to get started? Then you can become an Uber driver.
If you can fund 500,000, use it to buy a nice-looking, reasonably priced used automobile, download the Uber app, register as a driver, and start taking orders and making money.
This business idea is incredibly simple because all you have to do is transport passengers from one location to another while earning a lot of money. One wonderful aspect of this business is that you only work when you want to. So, if you’re searching for a side hustle in Nigeria to start with 500K, try Uber driving.
What Business Can You Start with 500k in Nigeria?
The following are some of the best businesses you may start with 500k in Nigeria in 2023:
- POS Agent Business.
- Beauty Salon Business
- Barbing Salon Business
- Selling Fashion Items
- Logistics & Courier Business
- Block Moulding Business
- Food Business
- Printing Business.
Which Business Can I Start with 100K?
In Nigeria, you can start the following businesses with N100,000:
- POS/E-PAYMENT
- Phones and other gadgets charging
- Mobile food vendor and delivery business
- Copywriting.
- Graphic design.
- Selling of clothes.
- Laundry business.
- Shawarma selling business.
What Business Can Start with 1 Million Naira in Nigeria 2023?
One million naira can be used to rent a shop and start a business purchasing and selling things of one’s choice. Clothing, accessories, gadgets, convenience stores, furniture, agricultural produce, and building materials are all examples. The list goes on and on.
What is the Fastest-growing Business in Nigeria?
Skin Care is one of the most profitable companies to start in Nigeria. It is also one of the most rapidly rising industries. You can start your product line with N100,000 or less.
Is POS Business Profitable in Nigeria?
The answer to the question “Is there money in the POS business” is a resounding yes!POS businesses make money by charging a fee for the services they provide. The average transaction costs between N100 and N500, depending on the amount of money involved and the type of transaction.
Can 200k Start a Business?
Many people may consider 200k to be a reasonable amount of money to start a business in Nigeria in 2022. And that is completely correct because you can start a lot of enterprises in Nigeria now with that kind of money.
Conclusion
The most challenging stage in beginning a business is determining and selecting the appropriate business kind that is both suitable for you and profitable. With this post covering some of the most profitable business ideas to start with 500K, I feel your mind is now overflowing with the greatest business ideas for you.
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- BEST BUSINESS TO START WITH 10K in Nigeria 2023: The Top 20 (+free guide)
- List Of Top 20+ Most Lucrative Business In Nigeria
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