What Business Can I Start With N500,000 in Nigeria
Starting up a business in Nigeria requires serious courage, dedication and hard work.
This as a result of Nigeria business environment which leaves every needed business amenities in the shoulder of entrepreneurs.
Starting up a business with capital of 500,000 naira in Nigeria where the level of poverty is high can be considered a huge step in the right direction.
However, the big question is what businesses can one start with N500,000 capital in Nigeria.
The Nigeria state is battling recession, unemployment and economic downturn, this leaves the country with options of investing heavily in Small and Medium Enterprises (SME) and 500,000 naira can be used to start this kind of businesses.
The biggest task in starting or setting up business with 500k in Nigeria is ability to conceive business idea that is feasible and profit yielding with capital of N500,000 in Nigeria.
This is a gap, this article is out to close. This is the best time to start up business in Nigeria and having and investing in a good business idea is very important towards making a successful entrepreneur.
Businesses 500,000 Naira Can Start in Nigeria
Below are some lucrative businesses in Nigeria that can be started with 500k
Fish Farming is one of the most lucrative businesses that 500k can start in Nigeria.
Fish consumption in Nigeria is growing daily with many people, especially the elderly person dropping consumption of beef, fresh fish business is really on the rise currently.
With 500k, location and pond can be put in place. Also, the N500,000 capital can still cater for Procurement of fingerings and their feeds.
Most Importantly, it has less risk compare to Poultry.
Provision & Grocery Stores
Investing 500k in provision/grocery stores is a good idea.
However, the entrepreneur will need to do a good feasibility study and put certain factors into cognizance.
To set up a provision stores with 500k, it will be more viable if the entrepreneur targets new residential layouts.
This is so as to avoid competing with one stop shop giants in heart of many cities.
Provision and Grocery stores is among some good business ideas that 500,000 naira can start in Nigeria.
Event Rental Equipments
This is one of the fast and stable businesses in Nigeria.
It is also a very low risk business in Nigeria. Acquiring and renting of events equipments is one of the businesses that capital of 500,000 naira can kick start in Nigeria.
Interested entrepreneurs in this field can as well decide to invest in rentals of VIP tents for events.
It is a very lucrative business idea and with cash of around 500k, a VIP tent and some chairs / tables can be procured.
Also, you can outsource or given out your events equipments to event planning and management companies while in return you get paid.
This is another cool business that 500k can start in Nigeria.
Setting Up Car Wash
Starting up a car wash is also a business that 500,000 naira can start in Nigeria.
With 500k,reservoir tank, pumping machine and nozzle can be procured for this business.
This business thrives in cities with high numbers of cars in the road.
Cities like Lagos, Port Harcourt, Enugu, Kano are good options for this business.
Business / Computer Training Centers
Setting up a business center where basic office tasks can be carried out is very good business option for 500k.
This also brings in more profit when it is paired with computer training classes.
Currently, 500k can go a long way in procurement of desktop computers, Photocopying, laminators, Scanning machines etc.
Putting 500,000 naira into poultry business is a right step in right direction.
The market for poultry product is ever viable in Nigeria.
Be it for eggs production or meat production, poultry is a business that moves very well in Nigeria.
It has a lots of risks and so, should be done with upmost concentration and carefully.
There is always customers waiting to buy poultry products be in egg or meat.
Sports Viewing Center
Starting sport viewing centers is still paying well in Nigeria.
Sports like soccer has massive fan base in Nigeria.
Not so many people can afford to acquire and pay for digital television services.
So these teeming numbers of football fans resort to going to viewing centers to enjoy the beautiful game of football.
It is one of many lucrative businesses that 500k can fund in Nigeria.
Phone Accessories business can be kicked off with a budget of N500,000 in Nigeria.
The business idea though can be kicked off in larger scale and that will require larger amounts, however, 500k can go a long way in setting the ball rolling in starting phone accessories business.
Laundry & Dry Cleaning Services
This business idea can be kicked off in different levels depending on the cash available to the entrepreneur.
That well said, N500,000 is a good amount for starting dry cleaning business in Nigeria.
Alcohol Cafe / Bar
This is also another high profit yielding business that 500k can start up in Nigeria.
It is important to note that setting up alcohol cafe business in Nigeria, it is important that regional features are considered.
The business is likely to thrive more in southern Nigeria than the North for obvious reasons.
Opening an alcohol bar is a good business that 500k can star up in Nigeria.