- Oct 17, 2018
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10 Profitable Businesses You Can Start With N50,000 in Nigeria.
Nigeria is a land full of opportunities for both the indigenes and foreigners. Due to the large size of population in the country, business opportunities abound. It is left for you to identify your interest in respect to the needs of your community while considering your pocket size.
So today, we will look into 10 businesses you can start with 50k or less in Nigeria. These businesses were compiled after careful research and analysis in terms of market survey. The list is in no particular order taking into consideration the profit/returns, and also the convenience, flexibility and risk of the businesses.
10 Businesses You Can Start With N50k or Less
#1 DRY CLEANING: Dry cleaning is a notable profit making avenue which can be done from your house. All you need is an assured source of water, a Washing machine (can get a small one for 15k), and a 3kva generator which will cost you 30-35k. You can do the ironing yourself or you might decide to hire boys to iron clothes for you while you pay them from working capital. The business assures you of convenience, minimum risk, and profit maximization. It is a viable business but the only challenge you might face is getting customers to patronize you regularly.
#2 CATFISH FARMING: This business is lucrative and poses less stress for you. It is important to understand the underlays of the business and how to care for the catfishes. Starting on a small scale with 50 thousands naira, all you need to get are 2 big drums and access to water. Then you need to buy fingerlings (@2 naira each) and feeds (aprox 25k for 200 fish). Then watch you fingerlings grow into big fleshy catfishes. When fully matured, you can sell one for as high as 1k or even more depending on the location. So you see, the business will bring in amazing profits for you.
#3 RECHARGE CARDS VENDOR: Almost everyone in Nigeria use a cell phone and we know that airtime is like the life of a phone. If started in a busy area, you are assured of high sales. For this business, you need an umbrella, two plastic chairs and a table all of which can be gotten with 15k or less. Then you need to buy recharge cards from reliable wholesalers; with 15-20k you can get a chunk size of recharge cards and you good to go.
However, these business has a lot of challenges first of which is high competition as many are into the business. Also, the location matters a lot as a busy location attracts high sales with high risk. Most importantly, you need to be around always or employ a trustworthy person.
#4 POPCORN PRODUCTION: Making and selling popcorn is another profitable business you can venture into. You can get the machine for about 40000 - 45000 naira; then you get the ingredients which are corn, butter and sugar. Your location matters a lot in this business; so we advise you stay in a busy area such as a popular bus stop or close to a large school.
#5 SALES OF DRINKS AND WATER: You can start this business for as low as 30k. All you need is a nice cooler and packs of different types of drinks. Don’t too much turn out if you choose to sell inside the street.
#6 SHARWAMA/BARBECUE: People living in urban areas like Lagos love both sharwama and barbecue and buy the day in day out. This means that the business is viable and profitable if you set it up in an urban area. For this business, you need to buy to know how to make sharwama and/or barbecue or maybe employ an expert to make it. Then you need to buy a grilling machine and get the shawarma ingredients, and find a lucrative location like huge profit potential.
#7 FAST FOOD: All you need for this business is a kiosk, a stove/gas cylinder, and your cooking materials (oil, kerosene, spoon,etc). You need to decide the type of fast food you want to sell; you can consider cooking noodles & eggs, making teas alongside with breads etc. you can be assured of a huge turn out on a daily basis provided the location is good. You should consider the practices of that location you want to set up your business. It is a profitable business, however, it needs to be closely monitored and it usually needs the presence of the owner. In addition, you must be hygienic in the preparation of the fast food as this will keep your customers.
#8 POULTRY: You can start poultry farming at the back of your house, so you need not bother about the location. For this business, you need to get 100 day old chickens (costing like 200 naira each) for approximately 20,00 naira. Then you need to build a nice wooden big cage which will cost about 15,000 naira. You can then buy their feeds for 15,000 naira. The convenience is good with minimal risk.
#9 SALES OF PHONES: You can make money from the sales of cheap phones. You need to buy cheap phones for about N2,500 each and also need to get a show glass, find a good location and that’s all! This business is a very profitable business which does not need close monitoring as long as you can account for the number of the phones. Location is the name of the game of this business. get a good location, get trusted supplier.
#10 SALES OF MOVIE DVDs: You can buy American movies, Korean movies, Indian seasonal movies and many more for as low as 80 naira each and sell it almost double (150 naira or more). That’s almost a 100% profit, with this kind of business you can always be sure to take something home, but then again, it comes with a high risk as you have to be in a busy location before you can make sales, you also have to closely monitor your business or else you will end up working for your employees. You also need to understand the needs of your customers and the trending movies.
There you have it!!! Study the listed businesses and identify your interest today so you can start making money as soon as possible.