Everyone needs money but the irony of life is that you need money to make money. The sure way to multiply the money on you now is not saving it up, it is investing it in business.
Fifty thousand Naira, just a few cents shy of one hundred and twenty-two united states dollars, might not seem like much to start a business. “Enough” is a subjective term, but for an average Nigerian, 50k is sufficient to start up a business.
Are you bored of the rat race or you just want a business to generate a passive income for you? The good news is that you can start a business with just 50k. Yes, with just fifty thousand Naira you can start a business that would both be profitable and sustainable.
Enough waffling, let me take you through thirty businesses you can start with just 50k.
1. Mini importation business:
You don’t need millions of Naira to start importing and selling goods. With just 50k, you are good to go. I have met a few people that started this same business with less than 50k -one of which started with just 20k and is now worth a little shy of a quarter of a million. you can import wares such as electronics, watches, pieces of jewelry, and other products that are not readily available locally. You can source these wares directly from overseas manufacturers or online marketplaces such as Alibaba, AliExpress, BangGood, Amazon, eBay, and other online markets. you can buy in bulk too to get the prices down to earth. Selling in Nigeria is way easier now because you can list your wares on various Nigerian online markets like Jumia, Konga, Jiji, or Olx. You can also use your social media to promote your wares and make sales.
If you do not want to do directly into mini importation, you can go into dropshipping. You do not need any capital to start this business. You do not need to stock or have any wares at all. All you need to do is partner with a supplier to list their product. It’s simply making sales without having to buy first.
3. Web designing:
With less than 50k, you can start a web designing business. if you have the knowledge and a computer, you are already set to
4. Graphics designer:
Passion is all you need to start this business. whatever you are using to read this right now is sufficient to start(though you will need more as you grow). Once you can gather the knowledge, you can become a graphics artist with your phone or computer. There are mobile apps both on IOS, Android OS, and even KaiOS you can use to design. A step further, there are free Windows, Linux, and macOS design software that are easy to learn.
5. Become a blogger:
Blogging is a profitable business that is rapidly gaining ground in Nigeria. It might not seem like it at first but once you start, you would see the opportunities in it. your blog can have content such as product reviews, training, transcription of talks and shows, interviews, and news updates. As you build credibility, you would attract brands that would post ads on your blog.
6. Mobile phone repairer:
One of the ways you can set out as an electronics engineer is through mobile phone repair. It is a business easy to learn and run. You can always stay up to date with repairs of products in the market by making research online. The tools you need are readily available and are not expensive. for a business with a 50k budget, you are good to go.
7. Phone accessories vendor:
You might not be able to do much with 50k if you want to sell a phone. But with phone accessories, you can do a lot. You might not be able to stock Airpods or some other fancy accessories but 50 k will go a long way to stock phone cases, earphones, chargers, and USB cables.
8. Point of sales vendor:
This business is gaining ground in Nigeria especially in the cities. People tend to prefer the ease and speed of service of POS vendors to waiting for long in banks. Just for a token, they prefer to perform transactions with these mini bank agents. Most POS goes for an average of about 30k (some are cheaper) and a working fund of 20k, you are good to go. You do not necessarily need to rent a space since you can be a mobile POS vendor.
9. Recharge card vendor:
This is similar to POS agents and these two businesses go hand in hand. a large percentage of Nigerian uses mobile phone and recharges their phone using recharge cards. You can buy the recharge card in bulk as a wholesaler to sell to retailers or in units to individuals. You can also get the recharge codes from the telecommunications organization and print them yourself. Some of these telecom companies can also print customized(with your business name) recharge cards for you.
10. Cable TV and data vendor:
This is often paired with POS but it can also stand alone. You can become a Mobile data vendor with just your phone and less than 50k. you can manage the whole business using social media and your bank account. You do not need a physical location. Cable tv such as GoTV, DStv, StarTimes all need a subscription to get the most out of them. with just 50k you can become a vendor where people come to renew their cable tv subscription.
11. Drinks vendor:
You do not need to sell Moet or Hennessy to make money from drinks. You can start by selling water and soft drinks as a retailer. A more lucrative way to sell drinks is to be a distributor. With just 50k you can supply sachet water or bottled waters to schools, eateries, or organizations. You can also add soft drinks as your market grows.
12. Open a mini-mart:
A convenience store doesn’t require much to start. Starting from your home, you can stock foodstuff and other mini mart items which you can sell right there from your home to customers. you can take it up a notch by taking your wares to high influx areas, like your junction, school, or churches. You can also visit periodic markets such as evening markets or weekly markets.
13. Food vendor:
This is a very lucrative business that most people overlook. All you just need is the technical know-how to cook delicious food and customers to eat it, then you are good to go. You need not rent a space to open a restaurant, you can be mobile or offer a food delivery service. Another form of food vending doesn’t even involve you cooking. Al you have to do is take orders from customers and source the food from restaurants.
14. Home product sales:
Home product such as toiletries are hot cake which is sustainable sales all year round. You can make some of these products and of course, you can just buy in bulk and sell to homes. You can also supply cleaning materials and toilet supplies to cleaning businesses or directly to homes and organizations.
15. Perfume vendor:
It will amaze you that this is a business that is yet to be fully exploited. People do not want to go to the fancy supermarket before they could get the perfume they need. You can bridge the gap by making it readily available to them. you can source online for a cheap price and resell for a reasonable profit
If baking and frying are not an issue for you, can start a pastry business with just 50k. if you have the time, you can produce the pastries yourself but if time is a constraint, you can source made pastries that you can now sell to your customers.
17. Popcorn vendor:
Popcorn business was and will continue to be profitable in Nigeria. As far as you can position yourself to get customers either by selling in bulk to retailers or directly to customers. you can get the popcorn machine for less than forty thousand Naira. With that, you are ready to go and you can recoup your starting capital in no time at all.
18. Grilled meat/fish:
With 50k, you can start a barbecue business. Once you acquire the knowledge you need and you can secure a suitable location, you are set. It could be goat meat, chicken, suya, or fish assorted or sauced depending on customers’ preference.
19. Candle production:
With the state of the nation, many people still rely on candles for light. Aside from this, a lot of churches and a few restaurants still uses candle for beautification. With about 15k, you can acquire a candle mold and with another 30k, you can get more than enough material to start making candles.
20. Soap production:
You can start producing soap with less than 50k. you do not need a big space nor fancy tools to start. It is possible you already have all the tools you needed to start already in your home. All you just need is the knowledge and the materials. You can make bar soap, liquid soap, or detergents which you can supply to supermarkets, offices, homes, and cleaning agencies.
21. General cleaning:
General cleaning involves cleaning offices and homes. It is used not only when people move from their house or offices but also periodically. It is common for the middle and high-income class to employ a professional to periodically clean their homes. This business also covers fumigations and it is very lucrative and easy to start.
22. Dry cleaning services:
This is a very lucrative job that is not capital intensive. You are most likely to have what it takes to start the business. you can grow the business by buying a washing machine, better iron and pressing table. 50k is sufficient to start the business.
23. Car wash:
For less than 50k, you can set up a carwash. Many filling stations are looking for an individual to make use of their carwash. You don’t have to pay for this space which sometimes comes with necessary tools and machines peculiar to a car wash. All you have to do is to remit a certain percentage you both agree on. Some car markets also offer this same deals to hardworking individual
24. Sales of poultry products:
If you are not a farming person but you still want a business closely related to farming, you can go into sales of poultry products. You can buy and sell chicks, chicken, and/or eggs. With just 50k, you can become a supplier of poultry products to restaurants, schools, and organizations that business poultry products.
25. Snail farming:
If you are interested in farming, especially the rearing of animals, may I submit to you the easiest way to start? Snail farming. Snail farming is a very easy and lucrative business. Snails don’t require a very large space or very expensive feeds. Snail rearing is highly lucrative with little risk. Returns are also high as snails are mostly bought by the high and medium classes.
26. Fish farming:
Yes, you can start a fish farm with 50k. you can start with a plastic pond or about one hundred liters. You can venture into a hatchery whereby you only sell fingerlings. Fish farming is not hard as it doesn’t take much of your time. The fish market is readily available.
27. Rabbit rearing:
Rabbit meat is one of the priced and healthy eat to eat. It is expensive not only because it is healthy meat but also because it is short in supply. You can exploit this by going into the rabbit rearing business. rearing rabbits is not hard, their food is readily available and it does not require so much space. For a budget of 50k, you are set to start your rabbit rearing business.
28. Vegetable planting and sales:
Farming holds a lot of unexploited business opportunities. The vegetable is a daily commodity and it can be planted all year round. Depending on how big you want your vegetable to be, you start with 10k and the sky is your limit. You can opt for the Fadama program to aid in your farming. River beds(or swampy area) is good for cheap and natural all-year-round irrigation. If you can’t find this suitable place, you can opt for artificial irrigation.
29. Frozen foods:
This is a business that you can start micro and then go mega in few years. With just 50k and a freezer, you can start your frozen food business. even if you do not have a freezer yet, you can still buy and supply frozen foods such as fish, turkey, or chicken. Once you have an order from a customer, all you need to do is source the same from cold rooms.
30. Ice block production:
One of the cool businesses you can do with a budget of 50k is ice block production. You can get an ice-block-making machine for less than 50k or if you already have a freezer, you are good to go.
There you go! 30 profitable businesses you can start with 50k or less. You have no excuse now to start your business. So, what are you waiting for? Let that entrepreneurial spirit drive you! Remember, little drops of water make an ocean.
See you at the top.