57 Profitable Businesses You Can Start With 50K or Less
Yes, this is the best time to search for a business you can start with 50k or less than that amount.
You and I know today’s Nigeria isn’t what it used to be back in the ’60s and 70’s when jobs were readily available for graduates and anyone willing to work.
Nowadays, the rate of unemployment is so high that even graduates and able-bodied people have slim chances of getting employed. But, do not fret – A popular proverb says, “There is more than one way to skin a cat”.
With the benefits of social media for business, starting a small-medium enterprise has never been easier. In most cases, these businesses end up being more lucrative than having a 9 to 5 white-collar job. And, the best part is, you do not need a huge capital to start some of these businesses.
With as low as fifty thousand naira, you could start a business and start building a source of income for yourself. Fifty thousand Naira might not seem like much to start a business. However, “enough” is a subjective term and, for an average Nigerian, 50k is sufficient to start up a business.
Are you bored of the rat race or do you just want a business that can generate a passive income for you? The good news is that you can start a business that would both be profitable and sustainable with just 50k.
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 just saving it up, but also investing it in business. Would you like to know some of these businesses? Below, I have over 50 businesses; you can start with as low as fifty thousand naira.
Enough waffling, let me take you through some businesses you can start with just 50k.</span>
1. FREELANCE WRITING BUSINESS
Freelance writing is the kind of creative writing you do to get paid. Writers do the required writing for clients and publishing companies through blog content, sales letter, copywriting, product reviews and descriptions, articles, etc.
You don’t even need capital to start. All you need is a laptop or smartphone and your innate writing skills. Just download the WPS app on your android phone, look for writing gigs online and start writing to earn.
You can start the freelancing business right from your home and begin to make your cool cash. If you already have some writing skills, you can join this writing team and begin to earn ASAP.
2. 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 50k will go a long way to stock phone cases, earphones, chargers, and USB cables.
4. Point of sales (POS) 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 you will need a working fund of about 20k.
You do not necessarily need to rent a space since you can be a mobile POS vendor.
5. 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 jewellery, and other products that are not readily available locally. These wares can be gotten 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.
As long as you know the secrets of mini-importation, selling in Nigeria is way easier now. List your wares on various Nigerian online markets like Jumia, Konga, Jiji, or Olx and use your social media to promote them to make sales.
6. Dropshipping
If you do not want to go 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 is to partner with a supplier to list their product. It’s simply making sales without having to buy first.
7. Web designing
With less than 50k, you can start a web designing business. if you have the basic computer knowledge and a personal laptop or desktop, you are already set to kick start your business.
Having a website also allows you to earn through advertising and affiliate marketing. You could also render writing services or any other service you are passionate about on your blog.
You just have to ensure you don’t make some web design mistakes while designing websites for businesses.
8. 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 so expensive. For a business with a 50k budget, you are good to go.
9. 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 want to pay you for placing their ads on your blog.
You can start by getting your domain and hosting from Qservers and begin to publish contents that increase your visibility over time. As long as you are consistent, the sky is not your limit. If you cannot write the content yourself, you could hire professional content creators to help you do that.
10. Recharge card vendor
This is similar to POS agents and these two businesses go hand in hand. A large percentage of Nigerians uses mobile phone and recharge 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.
11. 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. Manage the whole business using social media and your bank account. You may even use Tiktok to promote your business.
You do not need a physical location. Cable TV such as GoTV, DStv, StarTimes all needs 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.
12. 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 water to schools, eateries, or organizations. You can also add soft drinks as your market grows.
13. 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.
14. 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 ready 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, as long as you are able to make your customer feel special.
All you have to do is take orders from customers and source the food from restaurants. It is that simple.
15. Home product sales
Home products such as toiletries are hot cakes 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.
16. Perfume vendor
It will amaze you that this is a business that is yet to be fully explored. 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
17. Pastries
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.
18. Popcorn vendor
The 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.
19. Cryptocurrency
Bitcoin (BTC) and Ethereum (ETH) are the two biggest players in the world of cryptocurrency and these two assets are the most traded coins, with the largest market capitalization worth billions of US dollars on a daily basis.
You can get an expert who has been in the business and get the crypto experience too.
20. Grilled meat/fish business
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.
21. 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 mould and with another 30k, you can get more than enough material to start making candles.
22. 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.
23. General cleaning
General cleaning involves cleaning offices and homes. It is used not only required when you move your business, home or offices to another location 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 fumigation and it is very lucrative and easy to start.
24. 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 a pressing table. 50k is sufficient to start the business.
25. Car wash business
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 the same deals to hardworking individuals.
26. Sales of poultry products
If you are interested in starting a farming business, 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 need poultry products.
27. 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.
28. Fish farming
Yes, you can start a fish farm with 50k. You can start with a plastic pond or about one hundred litres.
All you need is to venture into a hatchery where you only sell fingerlings. Fish farming is not hard as it doesn’t take much of your time. Besides, the fish market is readily available.
29. Rabbit rearing
Rabbit meat is one of the priced and healthy meat to eat. It is expensive, not only because it is healthy meat but also because it is short in supply.
You can explore this path 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.
30. Vegetable planting and sales
Farming holds a lot of unexploited business opportunities. The vegetable is a daily commodity and can be planted all year round.
Depending on how big you want your vegetable farm to be, you could 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. However, if you can’t find a suitable place, you can opt for artificial irrigation.
31. Frozen foods business
This is a business that you can start as micro and then go mega in a 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 by using a deep-chested drum that is internally wrapped and filled with ice.
If you want to make it an online business and you have an order from a customer, all you need to do is source the same from cold rooms.
32. 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.
33. Graphics design
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).
It is important to gain knowledge first. Once you have gathered the knowledge, you start your graphics design profession even 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 design.
34. Laundry Business
This business, like every other business, requires some marketing strategies. With time, it will grow through referrals. All you need to do is get clothes from people, wash and iron them, and, neatly package them, while charging a reasonable price for your services.
According to the professionals at Commercial Laundries, Inc., you can also use custom solutions. It will allow you to meet the community’s specific needs, both economically and environmentally.
It is an ideal business because you can work remotely. A fairly used small and portable washing machine cost as low as 20,000 naira, cost of hangers per dozen is between 1500-2000 naira.
Install an iron rod and washing line to dry the clothes which will cost you between 7500-8000 naira. A brand new iron can be purchased between 4000-6000 naira. Packaging nylons for the clothes cost between 1200-1500 naira.
35. CATERING BUSINESS
If you love cooking, this is the business for you. All you need to do is market your catering business through fliers, posters, etc. to offices, schools, etc.
You could also cook at home, and, deliver the food. Quality stoves cost between N7500 – N9000. With 20,000, you can purchase the cooking utensils which include pots, plastic bowls, cutleries etc.
36. DOOR TO DOOR HAIRDRESSING/BARBING
This is very convenient for your clients because you will save them the stress of walking or driving down to the hair salon while having to wait their turn.
There are hair set kits for men and women which have all the necessary tools in them ranging from N10,000 to N15,000.
For the ladies, more accessories may be needed as the situation dictates.
37. HOME/OFFICE CLEANING SERVICE
Everyone wants a clean environment, but, not everyone has the time to do it. This is where you step in for a reasonable price.
You can start cleaning multiple homes and offices. Cleaning equipment like vacuum cleaners, mops, brooms, dustbins, parkers, rug cleaners, etc. cost between 15,000 – 40,000 naira depending on how sophisticated your cleaning tools are.
38. BOOKS/NEWSPAPER/MAGAZINE VENDOR
Many Nigerians love to read. People gathered under the bridge, reading and buying newspapers, books and magazines is a very popular occurrence in crowded cities.
So, selling these materials in a popular and crowded area is sure to attract customers and boost sales. Costs of the magazines you want to sell vary, depending on the type of magazines your customers demand more.
39. SELLING FRUITS
Many Nigerians are becoming health conscious, so they consume a lot of fruits.
Choosing a good location like bus tops or other crowded areas is a good place to set up a small kiosk to sell fruits like mangoes, oranges, bananas etc.
Fruits like watermelon can be purchased from farmers for as low as 400-500 naira and resold for twice the price in a populated area.
40. SELLING HONEY
This will require a little bit of research on your part because you need to get it cheap and you want original quality.
So, looking for a farm that breeds bees and cultivates or harvests honey is important.
Then you can simply package it neatly and sell it to your customers for a profit. A litre of honey purchased directly from the farmer sells around 300 naira.
41. HOME TUTORIALS
All you need to do is to get some children in your neighbourhood and a space to teach those subjects you are very good at e.g. math, English, social studies etc.
You can use your home to start. As time goes on, you may get referrals if you are a very good teacher, and I’ve seen some people start a school from tutorials.
42. MAKING BEADS
If you have a passion for handcrafts, making beads may just be the business for you.
Purchase different shapes, colours and sizes of beads from the market, string them up and sell them for a profit.
Beads in the market can be purchased at wholesale prices for as low as five naira per bead.
43. COSMETICS
Selling cosmetics is a very lucrative business. Many Nigerian females love applying cosmetics on their bodies and face like powder and lipsticks to look more attractive.
This is a lucrative market you can take advantage of. Cosmetics like powder, lipsticks vary from brand to brand.
44. MAKEUP ARTIST
Many Nigerian females prefer a professional makeup artist to apply their makeup for them. So, if you are good at applying makeup or you can learn the skill, you can do this for them.
It is also good for a business because you do not necessarily need a shop, you can offer home services.
A standard makeup kit can be purchased for as low as 15,000 naira and easily carried from place to place. Prices vary depending on the brand.
45. TYING GELE
“Gele” is a popular head tie Nigerian women wear to events.
It is really stressful to tie, so, most women prefer paying someone who is good at tying to tie it for them. This person could be you.
All you need to do is to learn how to tie the gele into different styles and start tying for others.
46. SOAP-MAKING Business
Every household uses soap for washing, bathing etc. Learning how to make these soaps is very lucrative.
All you need is a few marketing ideas to make people aware that you have the product. Materials for soap making are quite cheap and easily sourced in the markets. Although prices might vary depending on the quality of soap you intend to make.
47. DRAWING/PAINTING
A lot of people love hanging portraits of themselves or artworks in their homes, offices etc.
If you have the talent for drawing and painting, this could be a lucrative source of income for you.
Drawing kits cost around 13000-15000 naira in the market.
48. POPCORN BUSINESS
Popcorn is a popular snack among Nigerians. Making popcorn is fairly easy for you to learn.
Even if you don’t have a popcorn making machine, you could use a frying pan as a substitute. The materials needed are also cheap to purchase.
A fairly used popcorn machine in good condition costs around N25,000-N30,000. Other materials you would need include corn, butter, and sugar.
49. REAL ESTATE AGENT BUSINESS
At every point in time, people look for properties to acquire, for rent, lease etc. There are factors you need to consider when investing in real estate.
To get into this business, you will need to mingle, with already established real estate agents in your vicinity.
From your relationship with them, you will know which properties are available for sale, rent or lease.
It is a form of affiliate marketing because you are simply connecting people looking for properties to agents who have these properties while getting a percentage for making the deal happen.
50. SMOOTHIES BUSINESS
Many Nigerians now like their fruits blended and served chilled. Instead of the popular fruit drinks that have a lot of added chemicals, added sugar and preservatives, they prefer to go for the all-natural blended fruits.
You could take advantage of this and deliver this service to them. All you need are fruits, a blender and proper packaging or bottling for the blended fruits to be delivered.
To purchase a blender will cost around 15000-20000 naira, plastic cups cost around 1000 naira per dozen, the cost of the fruits depend on what fruits you are using.
51. PLANTAIN CHIPS BUSINESS
Plantain chips are a very popular snack among Nigerians. It is cheap and easy to prepare.
All you need are ripe or unripe plantains, some frying oil and proper packaging. Plantain bought directly from the farmers cost around 2500 naira per dozen.
Frying pan and spoon cost around 4000 naira, while white or palm oil prices may vary depending on your area.
52. BAKING
Do you like baking cakes? If yes, this might just be the business for you.
A lot of people love to have cakes at their birthday parties, as well other events, so, this is a good opportunity to put your skills to use.
It’s a good business because you can work remotely, baking in your kitchen and delivering to your clients. Baking powder and flour, baking pans are easily sourced cheaply in the market.
A fairly used oven is around 30,000-50,000 naira.
53. PURE WATER BUSINESS
Nigeria’s weather is very hot during the dry season. So, many people are always looking for where they can easily access cold drinking water.
Selling sachet water, popularly known as pure water, is very profitable; especially if you can always make sure it’s cold.
A bag of pure water is 140 naira; a fairly used freezer costs around 25000 naira. Keep the water chilled and you sell each with a little profit.
54. SMALL SCALE FARMING
Small scale farming is a very profitable business. If you have space in your compound, you could start planting vegetables, greens, bitter leaves, etc.
Nigerians eat a lot of vegetables, using them to prepare many local delicacies. Make sure your vegetables are neat and presentable. You can also add animal farming to your farm.
Animals like snails are easy to rear because they don’t require high maintenance and do not make a noise like other animals like chickens.
So, if you are living in a compound you share with other tenants they won’t disturb, and there is also a high demand for snails in the food restaurant business.
55. PERFUMERY
Almost everyone loves to smell good. You could take advantage of this by selling perfumes and perfume oils. You can buy wholesale perfume oil for as low as 300 naira and sell between 700-1000 naira.
56. BEDSHEETS, BEDDING PRODUCTION
If you have a good eye for beautiful bed sheets, this could be the business for you. Buy bed sheets cheap in the market and sell for a profit to your clients for a profit. Bed sheets can be purchased for as cheap as 1500-2000 naira
57. SALES OF CLOTHES, SHOES AND UNDERWEAR
Are you a trendy fellow? Do you have a knack for fashion design? Then you just might find you have a thing for selling clothes.
When you go to the market to buy the clothes you want in wholesale, you sell for a profit to your customers. A bale of used clothes cost as low as 30,000 to 50,000 naira.
Conclusion
There you go! 58 profitable businesses you can start with 50k or less. You have no excuse to not start your business right away.
It is very important to know, that most of these businesses will require very effective marketing on your part. You may need to print flyers and posters to hand out.
As the popular Nigerian saying goes “you go waka small”. It requires a lot of networking, so you can’t be shy if you’re willing to take on any of these businesses.
With time, referrals from your clients who have enjoyed your products and services will also help boost your sales.
It’s important you always make a good impression on your customers. Luckily, with the help of social media apps like Twitter, Facebook, LinkedIn, etc. marketing and advertising your products and services, have never been easier, so make sure, you utilize them to the fullest.
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.
Thank you and God bless you
You’re welcome, Ife. Amen.