Don’t know what business to start with 500k? Then I urge that you carefully read through this blog post. I will provide a list of lucrative 10 businesses that you can start with 500k in Nigeria.
With the rate of unemployment, one has to find other means to make a living. With just enough seed money to start your business all that is left is the next big business idea that will generate an income for you and also maximize your profit, and this is what this guide is all about.
Furthermore, 500k is enough to start your own business in Nigeria, and in no time you will be able to generate a steady income for yourself and also be employing others. All you need is passion, hard work, and dedication. The next segment will provide at least 10 lucrative business ideas that you can start with 500k in Nigeria.
Businesses to Start With 500k in Nigeria
With a capital of 500k, you can start a lucrative business in Nigeria. If you don’t have any business ideas, you can check out the list below:
1. Web Design Agencies
Lately, lots of businesses are putting their mark on the internet, and there is one thing that they need, which is a website for their business. This is where you can come in handy.
As a web developer, you will create a website for businesses and also promote your agency through blogging, SME, and social media platforms such as LinkedIn and others. As a web designer, you will help lots of small businesses set up blogs, on Blogger or WordPress.
2. Real Estate
Several real estate companies in Nigeria focus on either commercial or residential real estate, and this creates a lot of opportunities in the industry.
Real estate is one of the businesses you can start with 500k in Nigeria. The real estate business in Nigeria is done through offline sales. However, you can be different and set up an online platform and list multiple properties for sale.
You can also act as a real estate agent and get a commission on the sale that you make for the real estate company.
3. Sale of Phones
Phone selling is one of the fastest-growing businesses in Nigeria and also has a maximum profit. This business can also be started with less than 500k and all you need to do is get a phone supplier, buy lots of phones in bulk, negotiate the price, and then resell them at retail prices.
4. Open a Supermarket
This business requires a big shop, and then you stock it with all types of products. You can earn a lot when you open a supermarket. This way, people can shop for items, and then you will earn a lot in return.
5. POS Business
This is a very easy business that you can start with 500k in business capital. You will get paid a fee to make withdrawals, deposits, and other financial transactions. Many people prefer to use POS rather than wait in the long line at the ATM or at any bank branch.
You can start this business anywhere, and all you need to get started is to get a POS machine and find a place to start your business.
6. Car Dealership
This is a hassle-free and profitable business to start with 500k in the country. In this business, you can make a profit of 300K per sale. To get started, all you need to do is find an overseas used car or fairly used car and negotiate with the seller. If there is any fault with the car, you can make amendments and then resell it for a profit.
7. Sales of Building Materials
If you are searching for profitable businesses in Nigeria that you can start with 500K, then selling building materials is one business idea for you. This business covers an array of building material products, such as roofing sheets, cement, ceiling tiles, and other building materials.
8. Dry Cleaning Business
This business is very lucrative in the city. Several workers in the city are too busy to do their laundry. Even companies and organizations make use of dry-cleaning services more often, and this business is just ideal for 500K. If you find yourself in a good location, you will be able to get the right customers.
9. Dropshipping Business
This is also one of the 10 lucrative businesses you can start with 500k in Nigeria, and you don’t need to have your warehouse. You can run your shop online and then copy inventory from suppliers and place it in your online shop. If you receive an order, the supplier will ship it, and you will receive your money. You can start your online shop with Shopify.
10. Fashion Business
This is also one of the 10 most lucrative businesses that you can start with 500k in Nigeria. There are lots of occasions in Nigeria, and the fashion business is in demand. People will always wear clothes, and you can make and design clothes. You can also open your boutique and sell imported clothes.
These are some of the businesses that you can start in Nigeria with just 500K. If you are dedicated, you will be able to make maximum profit from the business and also employ people.