One issue that many new entrepreneurs confront is obtaining funding to carry out their business ideas. You can’t do much to start a business unless you have funds to back up your ideas. When you wish to start a business, money is a significant determinant because you’ll need it to acquire resources for your work, wares if you’re a vendor, or even rent a shop where you’ll operate.
But what if you don’t have enough money to fuel your passion? Here are some business ideas you can start in Nigeria with 50K or less.
What Business Can I Start in Nigeria With 50K?
Starting a business may be financially exhausting, which is why most entrepreneurs look for possibilities that require little capital to get started.
Don’t give up if you’ve put your entrepreneurship on hold due to a lack of cash. Here are some simple business ideas that you can implement in Nigeria with as low as 50K:
#1. POS business
Less than N100,000 is required to start a POS business. To begin, you must obtain a terminal from any bank of your choice.
You can get a small kiosk or run this business from home once you have a terminal. In this situation, all you need is a banner advertising your services.
Start your business after registering. Also, make sure your bank verifies you, that you register your name with the CAC, and that you open a bank account for this business.
#2. Blogging
With a start-up cost of 50K or less, blogging is a highly recommended business that many business owners have already tried and proven.
You can become a blogger without investing any money and using only your existing resources.
Simply start a blog in whatever field you want and then publish themes to educate your viewers. On platforms such as WordPress or Blogger.com, you can establish a blog for free or for a nominal price. You can acquire a bespoke server for as little as N15,000 if you pay for a subscription.
Fill the blog with relevant content and encourage others to read it so that you may develop traffic and a loyal readership.
You can make money online if your blog receives enough traffic by monetizing it using Google AdSense, display advertising, or affiliate marketing.
#3. Food Industry
The food industry is a great business that can be started with $50,000 or less.
The food business is vital, and if you have good culinary talents, you may make a lot of money cooking for people.
Create a distinct menu, a market specialty, and a market segment. Choose a market that offers a high return on investment.
Customers could include oil and gas companies, worldwide corporations, business executives, and corporations.
Find a nice place to sell, make simple items like rice, spaghetti, and noodles for your first sales, and then start catering for parties and gatherings.
#4. Real Estate Business
The real estate business is currently regarded as one of the most profitable and rapidly expanding in Nigeria. While it is not for the faint of heart, if you decide to pursue it, you may make a lot of money as a real estate agent. having no money. Zero, yes!
As a real estate agent, you will assist homeowners, businesses, and investors in purchasing, selling, or renting property, such as a building, a home, or land. You could also work in loan servicing, and residential and commercial real estate.
The great thing about the real estate business is that you may start making money right away from the agent or inspection fee a customer pays for examining a home, whether they buy or not.
In areas like Abuja and Lagos, some agents charge between N5,000 and N10,000 for inspection fees.
When a client purchases a property via you, you typically get a commission of 10% of the entire transaction price.
#5. Cleaning Service
For busy, middle-to-high-income families living in Nigeria’s major cities who have recently moved and need their new home cleaned, the cleaning business provides a house cleaning service. You could also clean offices on a regular basis.
This is an excellent side business to start with at least $30k or $50k to obtain the necessary cleaning materials.
Ensure that your organization follows basic business procedures that will keep your clients coming back and referring others to you.
#6. Making Liquid Soap
Making liquid soap is one of the cheapest businesses you can start with $50,000 or less. With a budget of $20,000 or less, you can buy all of the ingredients you need to produce liquid soap from the comfort of your own home.
It is a necessary item in every home, and the demand for it is increasing. This industry is so large that businesses are unable to keep up with orders.
You can produce soap and sell it in plain plastic bottles. You can also register your business to make it more legitimate, and you can package your product attractively.
Supermarkets, other stores, restaurants, bakeries, caterers, offices, and housekeepers are all potential customers.
#7. Barbecued Fish and Shawarma Business
Because these items are frequently consumed, you can generate money from the barbecued fish and Shawarma businesses on a daily basis.
Shawarma and barbecued fish can be made at home and delivered to offices, cafes, or restaurants. Alternatively, set up shop in front of a bar or club and sell to patrons.
#8. Bakery Business
Baking and snack making is a hot business in Nigeria right now that you can start with $50,000, and not just because Nigerians love to eat, but also because of the great return this business provides.
Baking is comparable to snack making, and you can combine the two provided you have the necessary equipment.
This is a lucrative business; you will create and transport ceremonial cakes for events such as birthdays, weddings, traditional marriages, graduations, and conferences. Regular cakes and bread can also be made and sold in supermarkets and restaurants.
#9. Making Juice/Zobo/Smoothies
You will provide healthier alternatives to caffeinated soft drinks if you are in the Juice, Zobo, and Smoothie business.
Furthermore, this is a profitable, diverse, and in-demand business that you can start with $50,000 in Nigeria. You may start by producing these drinks fresh and selling them to customers in plastic bottles, then gradually expand your business.
Another advantage is that the clientele you’ll acquire will always require your items. Gyms, hospitals, restaurants, dieticians, supermarkets, small shops, and individuals on a weight loss journey are examples of this.
With a decent formula for these three drinks, you may enter the market with a distinct flavor, generate massive sales, and eventually become a household name in the minds of your clients.
#10. Tutoring
Tutoring is a lucrative business, and if you have sufficient knowledge of numerous areas, you can make money teaching others what you know.
You may start by offering private home tutoring for children and adults in a variety of areas, or you could join platforms like Superprof or Udemy where you can sell courses online.
Similarly, for a modest price, you can use WhatsApp or Facebook to organize exclusive masterclasses for dedicated students.
#11. Mini Importation
You will buy things from overseas websites such as Alibaba, Aliexpress, Zara, and Shein and sell them on Konga, Jiji, or Jumia as a tiny importer.
Before you start this business, learn how it works so that you can profit from it.
Shoes, clothes, hair, wristwatches, auto trackers, phones, phone accessories, car trackers, and housing wares are examples of items that are simple to import, clear, and sell.
#12. Dropshipping
In the dropshipping business, you purchase a huge quantity of items or products from producers and assist them in selling them online through websites, Facebook, etc.
#13. Car Washing Business
The car washing business is popular in Nigeria since it is greatly needed by car owners who do not have time to wash their vehicles.
You can start washing people’s cars if you have a good water supply and the necessary car-cleaning equipment.
You can extend to a larger location with a mini-restaurant where guests can wait. Alternatively, you can sell drinks, snacks, or football streaming services here.
#14. Thrift Shopping
Thrift shoppers acquire cheap clothes from the market, repackage them, and resell them to individuals for greater rates on other platforms.
Buy decent used garments, dry clean them to remove filth, repackage them, and sell them online to start this business. To be a thrift shopper, you must not own a physical store.
What Business Can I Start With 50K As A Student?
#1. Pastry and Baking Business
Another profitable business that is currently thriving in Nigeria is the production of small chops like puff puff, chin chin, plantain chips, and so on, as well as the making of cakes for birthday and wedding parties.
Getting revenue for this type of business is simple, but creating the products may take some time. This is due to the fact that you will need to understand how to create those things before getting started.
Once you’ve learned how to create them, all you need to do is start selling them to neighbors and display them in a display case to attract passersby.
#2. Bead Jewelry Making
In Nigeria, what kind of business can a student start with 50K? If you’re looking for answers, bead jewelry creation is by far one of the simplest 50k business ideas for students in Nigeria.
To start this business, all you need to do is watch some bead-making lessons online, then get all of the necessary materials and begin manufacturing bead jewelry such as necklaces, bangles, earrings, and so on.
Once you’ve finished your jewelry, simply advertise it to your friends, classmates, campus/lodgemates, and so on.
#3. Home Service Hairstylist/Barber
A home service hairstylist business, which involves a clipper as a barber and a comp as a hairdresser, is another simple business to start with $50,000 in Nigeria. You can quickly start delivering home services in Nigeria by using social media as a marketing tool.
While it may appear that this is a simple business, you will need to learn and obtain barbering or hairdressing expertise, then buy your goods and start your business from friends and neighbors.
Barbing and hairdressing are also good businesses for students in Nigeria to start with 50,000 Naira. During the holidays, you may just enroll in a barbering or hairdressing tutorial, and you should be able to do some basic haircuts/hairstyles within a few weeks.
Starting with friends at school, those basic styles should be able to generate some money. From there, you can scale by offering home barbering or hairdressing services.
If you already have any of those abilities and are strong at them, you may hire Influencers online to market your business in order to attract high-profile clients who will pay more for your services.
#4. Popcorn Making
Popcorn production, like the pastry and baking businesses, is a 50k business opportunity for students, graduates, and everyone in Nigeria.
All you need to get started with this business is a popcorn machine, corn, sugar, and other necessary components, none of which should cost more than 50k.
Simply learn how to manufacture popcorn, and once it’s ready, you may display it in a show glass and sell it to friends at school if you’re a student.
#5. Selling Wristwatches
Similar to bead jewelry creation, selling wristwatches is a simple business to start with 50k as a student in Nigeria.
To start, simply locate wristwatch suppliers, bargain with them, and acquire as many wristwatches as your budget allows, then market them to friends and other people you may connect with.
You may also use social media to market your items by publishing them on your WhatsApp status, Facebook pages, and groups.
What Online Business Can I Start With 50K In Nigeria?
#1. Blogging
Blogging is one of, if not the, simplest online businesses to start with $50,000 in Nigeria for students, graduates, and anyone who can read and write.
The concept of this business is straightforward. Starting a blog to make money entails just sharing thoughts and information with people who need it online while earning money.
All you need to do to get started is choose a niche, purchase a domain name, build your website, and begin publishing content such as how-tos, simple tutorials, news, and so on.
Simply apply for ad networks such as Ezoic and Adsense to start making money from your blog, and once authorized and your site begins showing advertising, you’ll begin earning money. Affiliate marketing is another wonderful way to monetize your blog (read on to find out how).
#2. Create a YouTube Channel
You may be asking if YouTube is free, but keep in mind that you will need a camera and marketing if you want to get started as soon as possible.
With just 50K, you can start a YouTube channel by purchasing a nice camera, ring light, and software that will help your channel develop quickly.
Once you’ve met the YouTube monetization standards, you may apply to become a partner and start earning money. This is also a wonderful internet business for students in Nigeria to start with $50,000, as I have student friends who make six figures in Nigerian money every month from YouTube.
#3. E-Commerce
Although e-commerce is more challenging in Nigeria, it is definitely one you should consider if you are wondering what online business you can start with 50k in Nigeria.
To start this business, you’ll need a Shopify-powered website, as well as low-cost products like phone covers, shoes, headphones, and other accessories to list on your website.
Selling handcrafted and locally manufactured things that are unusual and difficult to locate is the simplest way to making your E-commerce business succeed in Nigeria.
Now that your E-commerce website is complete, all you need to do is run Facebook advertising or pay Influencers like celebrities to post your products on their pages based on your budget.
#4. On-Demand Printing
This is another business strategy for people looking to start an online business with 50k in Nigeria.
Print-on-demand is basically a business strategy in which you place designs on shirts online through websites such as Redbubble, Tee-Spring, Zazzle, and others.
Most of these sites already have clients who are ready to buy, which is the greatest way to promote your shirts if you know how to maximize your merchandise.
In most circumstances, it is preferable to utilize your N50,000 budget to run advertisements on POD sites or third-party platforms such as Facebook and Instagram.
Remember that you are unlikely to generate a transaction in Nigeria, therefore while running your adverts, make sure you target top American and European countries.
#5. Freelancing
Freelancing is an internet business in which you monetise your skills by offering them for a fee.
There are a lot of people who need logo designers, video editors, copywriters, and other services and are willing to pay a lot of money for them.
If you have any of those skills, you may create an account on Fiverr, Freelancer, Upwork, or PeoplePerHour and offer your services to those folks.
If your listings are well-optimized, you can obtain customers for free. However, if you want to make quick sales, you can use your $50,000 to invest in web marketing that will assist in attracting easy visitors to your gigs.
#6. Affiliate Marketing
Affiliate marketing is another online business that may be started with 50k in Nigeria.
The idea is to advertise other people’s items using a unique referral code, and if a conversion occurs through your affiliate link, you’ll receive a commission at no extra cost to the customer.
In Nigeria, there are numerous affiliate goods that pay well. You can make tens to hundreds of thousands of dollars for each person you suggest.
All you need to do to get started is select and join an affiliate program, receive your unique affiliate link, and market your link by running N50,000 in advertising.
Affiliate marketing is also completely free, and you can promote affiliate products on your blog or website.
#7. Digital Marketing
Are you addicted to social media? That may appear to many people to be a terrible habit, but you can change it into a good one for yourself by learning about digital marketing and leveraging social media to create money online.
Simply put, digital marketing is internet marketing. This can be accomplished in two ways: organic and PPC marketing.
You can make a lot of money online with digital marketing simply by looking for small businesses to help develop and grow social media accounts for and getting rewarded.
You can get started for free to get a sense of the possibilities of this business. Because digital marketing is not widely practiced in Nigeria, acquiring Nigerian clients is simple.
#8. Forex Trading
Looking for a type of business in Nigeria that you can start with 50k and become financially secure in a matter of months? Then experiment with forex trading.
Forex trading is basically the buying and selling of currencies for profit. Experts and specialists in the currency market can change N50,000 into N100,000 in just 24 hours.
All you need to start this business is to learn how to trade forex, sign up for a reputable forex broker such as ICmarkets, Exness, and/or Exness, deposit N50,000, and begin trading.
Keep in mind that over 90% of forex traders lose money, so if you don’t know how to trade, you could lose all of your N50,000 in just 12 hours.
As a result, it is recommended that you learn for months, if not years, before getting started.
Another easy-to-start online business idea in Nigeria is to flip social media accounts.
This business concept is based on social media, and all you have to do is discover pages and/or groups with a large number of followers, contact the admin/owner, and ask if they are prepared to sell the page/group for your price.
Once you’ve found a good seller at a great price, simply buy the page (make sure you’re logged in before paying), then find buyers in the Facebook blogger group to resell the page/group.
Conclusion
With the current state of the Nigerian economy, starting a business is a fantastic idea. Unfortunately, the cash required to start most enterprises in Nigeria is somewhat significant. Fortunately, we have identified some businesses in Nigeria that you can start with 50k or less. Please conduct your own independent investigation to ensure that these businesses are lucrative in your neighborhood.
- Top 15+ Service Business Ideas in Nigeria
- Product Marketing In Nigeria: Meaning, Types, And Advantages
- Proven 7+ Causes of Business Failure in Nigeria
- Forex Trading In Nigeria: A Guide For Beginners
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