With the country’s current economic uncertainty, creating your own business may be the best method to gain money. One big issue that those wishing to start their own businesses have is raising funds to fund their business ideas. Fortunately, you won’t have to blow your savings or borrow just to start a lucrative business. Yes. It’s fully possible to start a business with 5k in Nigeria.
In reality, there are several businesses that you may start for free. If you have some money saved up to start a business, this article will provide you with some possibilities to consider.
Overview
Nigeria is a large country with poor leaders that have entirely ended youth financial empowerment while there is no well-paying employment supported by the government, resulting in a 20% increase in poverty in the country. Due to a lack of jobs and youth empowerment, we have discovered that around 70% of Nigerians aspire to start their own business. We have compiled a list of small business ideas to start in Nigeria with 5k.
Obtaining a loan is not a simple process if you do not have a business or something that may serve as collateral for you. As a result, it is nearly difficult for aspiring entrepreneurs to obtain a loan of sufficient size to build a normal business at the outset.
Remember that having something to do is far preferable to begging, regardless of how little your business is.
Business Ideas You Can Start with 5k in Nigeria
Some of these enterprises can make you a millionaire, while others will enable you to live comfortably. Without further ado, here are the best 5 business ideas in Nigeria you can start with 5k.
#1. Selling Books Online
Selling books online is one of the simplest methods to generate money in Nigeria. The nice part about this business is that you won’t have to spend any money to get started. If you need beautiful book covers, N5,000 will get you a skilled graphic designer. When it comes to selling books online, you can create and sell your own online courses and ebooks, or you can become a full-fledged author on KDP, where you can sell books on virtually any topic.
There are various popular niches to pick from when it comes to authoring books and selling them online. Simply choose a topic in which you are knowledgeable that will help your target clients solve an issue.
#2. Private Tutor
If you excel in Mathematics, Physics, Biology, and Chemistry, you could start an academic business. You won’t really need N5,000 to begin started, but if you want to make a lot of money from this business, you’ll need to print fliers and place them anywhere you can.
Rather than taking on all work on your own, you might form a corporation with several other excellent educators.
#3. Painting Services
Being a painter is a wonderful place to start if you don’t have a lot of money to start a big business. You won’t need much to get started as a painter, especially if you stick to simple designs.
Keep in mind that once you have your tools, you will need to print flyers to spread the information and encourage others to purchase your business. While painting does not pay well at first, you will earn more as your client base grows and you start executing more sophisticated designs.
#4. Artist
To be an artist, you must have more talent than skill. If you’ve been drawing human faces since you were a child, you should find this business highly profitable.
Having skill, however, is merely the beginning of the road. You must understand how to market your work. This is where social media enters the picture. You can publicize your artwork on social media sites such as Twitter, Facebook, and Instagram.
#5. Cleaning Service Agent
If you have access to a high-brow neighborhood, this would be a fantastic business. Rich neighborhoods would demand cleaners, and they are willing to pay a premium for the value they receive. However, if you wish to advance in this position, you will need to hire additional help.
You would also need to register your business in order to appear more professional and acquire the trust of a high-paying clientele. Before you get into the more serious stuff, N5,000 should get you started.
#6. Data Reselling
If you want to start making real money quickly, data resale is a terrific place to start. You would require less than N5,000 to get started and more as you begin to profit.
To thrive, data reselling requires the correct market, and there is no better market than a Federal University or Polytechnic. You will not only find thousands of consumers, but they will be recurring, ensuring that you profit every month.
#7. Drinks and Pure Water Selling Business
Drinks and Pure Water selling business is the finest business to start with 5k in Nigeria. All you need is a crowded environment and a catchy song for your business. Everyone requires water to relieve their thirst, and you can sell more to folks caught in traffic. A roadside business may be the best option for you.
#8. Reselling Farm Produce Business
Reselling farm food is a business that you may start with 5k in Nigeria and alter your financial situation in a short period of time.
With 5k, you can go to farmers’ markets and buy fresh farm products at a lower cost, then resell them for a profit. All you have to do is figure out what type of farm produce is most in demand in your area and start selling.
#9. Cake and Cupcake Bakery
Before you start a cake and cupcake bakery, you should learn how to bake cakes. With everything out of the way, you can get started on this fantastic business idea even if you have a limited budget. Baking cakes for modest birthdays is an excellent way to gain trust and generate some money before moving on to larger events such as weddings, wedding anniversaries, and baking for special occasions.
#10. Farming
Farming is one of the most successful business opportunities to start with little money, especially if you already own some land. You can start in your backyard and progress to more fertile terrain as you mature.
Vegetable growing is a good place to start for a small farmer. Choose vegetables like waterleaf.
#11. Selling of Honey
Selling honey is a difficult business to start with 5k in Nigeria. You only need to conduct a study to determine where you may obtain authentic and high-quality honey. Transport it to your destination, then package it and label it. You can buy 3 liters of honey for 5k and resale it in parts.
#12. Egg Retailing Business
The egg retailing business is one of the simplest to start with 5k in Nigeria. All you need is a distributor or a poultry farm to buy your eggs.
You can buy some egg crates for 5k and sell them in an existing shop, or you can start from home.
#13. Okrika Clothes Selling
Okrika clothing sales is another profitable business to start with 5k in Nigeria. The majority of Nigerians choose to wear cheap secondhand clothing. People who cannot afford new garments will favor Okrika. With 5k, you can buy a variety of secondhand clothes and shoes in London.
#14. Bean Cake (Àkàrà) Selling Business
In Nigeria, you can start a bean cake (kàrà) selling business with 5k. All you have to do is buy beans, soak them in water, then fry them. After they’ve been fried, you can start selling them to those who enjoy eating them.
#15. Liquid Soap Production
Another profitable business to start with 5k in Nigeria is liquid soap manufacturing. The cost of a new car is a major factor in the decision to buy a used one. All you need to do is get the chemicals and mix them together, but you must first understand how to do it. You may learn how to produce liquid soap by watching various YouTube tutorials.
With 5k, you go to a chemical store and buy the chemicals you need for the manufacture.
#16. Popcorn-Making Production
Popcorn production is a very profitable business to start with 5k in Nigeria. You can start by making popcorn with a frying pan and then upgrade to a popcorn machine as your business grows. All you need to start your business is maize seed, sugar, and milk (optional).
#17. Costumes and Makeup kits
Selling beauty kits might help you make money. This is often a female business, but there is no harm in men doing it as well. In a huge market, you may buy costumes and cosmetics kits for as little as #5000 and sell them to ladies, particularly students, for a higher price. This business has a high-profit margin.
#18. Point of Sale Business (POS)
In Nigeria, POS is a very profitable business; you may get POS machines like Palmpay, Opay, Dotpay, and so on from their office and pay on an installment basis with a down payment of at least #5000.
Depending on your area, you can charge individuals #100-#200 per #5000 cash withdrawal. You can see how profitable POS is by looking at what happened lately on the New Naira Note.
#19. Perfume business
This is a typical business idea that many students have. Every day, students like smelling beautiful. The only need for starting a business in the United States is to have a working knowledge of the subject. If you buy perfume oil in quantity and resale it for at least 500# or 700# each bottle, you can obtain it for #300 per bottle.
#20. Necklace and earrings business
People are usually drawn to elegance and excellent looks. In Nigeria, you can start a necklace and earrings business with as little as #5000.
Find a reliable distributor of necklaces and earrings and buy from them with your 5K; if you know how to cut an onion effectively, you can resale it with a nice profit margin. It all comes down to branding and packaging.
#21. Small-Scale Snail Rearing
Snail raising is also a very profitable business to start with 5k in Nigeria. You only need to find a container or tire to house the snails. A snail’s price varies according to its weight, age, gender, and health status. You can start with four or five snails and gradually build your business.
#22. Iced Block Sales
You can start an iced block business in Nigeria if you are seeking for a business to start with 5k. Nigeria has low electricity and there is a lot of heat in the country. Cold drinks are in high demand. You may generate money by selling ice cubes. All you have to do is acquire bulk ice blocks and sell them to restaurants, bars, shops, and businesses that sell pure water and soft beverages.
#23. Groundnut Selling
When made properly and packaged appropriately, roasted groundnuts can be a profitable business. You can start with capital ranging from N2,000 to N5,000. They are available for sale at roadside stalls, street markets, supermarkets, and mobile sellers. A bottle of groundnut costs between 700 and 1500 dollars, depending on where you live.
What Business Can a Student Start with 5k?
There are numerous enterprises in Nigeria that can be started with 5k as a student. You can look into some of the above-mentioned firms. You can make a living by running one of those enterprises.
What Business Can I Start with Little or No Capital in Nigeria?
Dropshipping is the most profitable business in Nigeria that requires little or no capital. It entails selling a variety of things online. You don’t need to have a store to start dropshipping. You earn commissions by selling other people’s stuff.
What is the Cheapest Business to Start in Nigeria?
Digital enterprises are the cheapest to start in Nigeria because they require little money. Most of them are simple to get started with if you have access to the internet and a smartphone. Blogging, Vlogging, dropshipping, skit-making, and other internet companies are examples.
What Business Can Bring Daily Income in Nigeria?
In Nigeria, there are numerous enterprises that might provide you with daily money. The majority of enterprises that include purchasing and selling generate daily income.
What is a Profitable Business to Start with 10K in Nigeria?
An excellent business that you may start with N10,000 in Nigeria is a branding firm. In Nigeria, the branding industry entails finding clients who want to print and brand their items and then assisting them with the process. Many firms frequently brand products such as mugs, notebooks, fez caps, t-shirts, and so on.
Conclusion
Starting a business in Nigeria needs endurance, patience, determination, and hard work. However, if you build the business, you will not be sorry for having started it.
You can make a living by working in both online and offline enterprises. We hope you would choose one or two of the recommended businesses to start with 5k in Nigeria and start making money.
Related Articles
- 15+ Small Business Startup Ideas in Nigeria in 2023
- BEST BUSINESS TO START WITH 10K in Nigeria 2022: The Top 20 (+free guide)
- BEST BUSINESS TO START WITH 10K: The Top 20 (+ free guide)
- How To Register A Business Name In Nigeria
References
