Are you itching to dive into the world of entrepreneurship but have only 50,000 Naira in your pocket? Fear not! article, we’ll explore creative business ideas that won’t break the bank. With a sprinkle of personal anecdotes and plenty of enthusiasm, let’s embark on this exciting journey.
What Business You Can Start with 50K: Things to Consider Before Starting?
When you ask yourself, “What business can I start with $50k?” the next thing to think about is what you should do before you start the business. Before you start a business, you have to do a lot of work behind the scenes.
If you do these things, your business will do well. First, you should do some study to make sure that the businesses you want to start are profitable in your area. Next, you need to learn everything you can about your possible customers and the market. Lastly, look at your top competitors and see how they add value to their businesses.
Here are some businesses you can start in Nigeria with less than 50k:
- Noodle Stand
In Nigeria, people like and make money from running noodle stands. All you need to start this business is a kerosene or gas stove and chairs for your customers to sit and eat. But you should know that the location of this business is very important to its success. If your noodle stand is near a lot of people, it will do better.
2. Soap Production
You can also start a good business in Nigeria with 50k or less by making soap. The best thing about this business is that you can start it right from your own home.
3. Popcorn Production Business
You can start a business making popcorn in Nigeria and make a lot of cool cash. Basically, all you need in this business to make money is a good place to sell. A pop maker, a sealer for packaging, and the corn you want to pop are some of the things you will need.
4. Mini-Importation Business
Do you know about dropshipping? Yes, mini importation is a type of dropshipping that is done in Nigeria.
This is a good business to start in Nigeria with 50K because all you need to do is buy cheap products from China through websites like Alibaba and AliExpress and have them shipped to Nigeria.
Shipping is the hardest part of this business, but it’s easy to understand. You’ll need to choose products that aren’t too heavy so that you don’t have to pay a lot for shipping and clearing.
On Alibaba or Aliexpress, shoes can be bought for N800 and sold in Nigeria for up to N5,000, so this business idea is very profitable.
When the products you ordered arrive, all you have to do is post them on social media and add them to your WhatsApp status to start getting buyers.
You can also list your products on Jiji, Konga, and Jumia to sell them quickly.
5. Perfume Oil Sales
Selling perfume oil is another profitable business you can start in Nigeria with 50k or less. In general, this business is easy to start because you don’t need a lot of equipment to get started. You just need to find a reliable perfume oil supplier that sells scents that your customers like.
6. Cook-On-Demand Business
Another great business you can start is a cook-on-demand service. For a certain fee, you cook for people whenever they need it as part of this business. But you need to be a good cook and have great networking skills to start this business. You can give out free business cards and talk to people about the services you offer.
7. POS Business
POS services are becoming more and more popular, and almost every home now has a POS agent, but that doesn’t mean it’s not a good business to start.
With a capital of 50k, POS is a good business to try because you can make a lot of money quickly, without having to wait weeks or days.
You can apply for a POS machine from top companies like MoniPoint, Opay, PalmPay, or banks like Firstmonie POS to start this business.
Depending on the company and how the machine is bought, a POS machine usually costs between N15,000 and N100,000.
If you can buy a point-of-sale machine for N20,000 and put N30,000 in it, then charge N100 for transactions under N10,000 and more for transactions over N10,000, you can make at least N1,000 a day.
8. Open A Provision Kiosk
If you live near a lot of students, a small grocery store is a good business you can start in Nigeria with 50K.
You probably already know that all you need is a small kiosk where people can buy things like drinks, snacks, soaps, pure water, soft drinks, and so on.
Even though, at the prices of these goods in Nigeria right now, 50,000 Naira might not be enough to buy all of them, this business can make between N10,000 and N30,000 per month in profit.
9. Open a Cosmetics Shop
In Nigeria, you can start a profitable business with 50,000 Naira by opening a cosmetics shop where you sell skin care products like body creams, lipsticks, eyebrow pencils, bar soap, tubes for spots and acne, etc. These products are mostly for women.
To get started, all you need is a small shop that costs between N1,000 and N3,000 per month. Then, find a wholesaler of cosmetics, talk to them, and buy some items that you know will sell quickly and make you a lot of money.
You can start selling these items by telling your friends and neighbors about them. Even if they don’t have a storefront, students can also start this business. All you have to do is buy the products, bring them to school, and tell your friends, classmates, and anyone else in your dorm or on campus about them.
10. Mobile Phone Accessories Business
If you live in a student area and want to know what business you can start with 50K in Nigeria, try buying phone accessories at wholesale prices and selling them at retail prices to see how this business could work for you.
When you buy mobile accessories from a good wholesaler, like chargers, batteries, earphones, memory cards, phone cases, car chargers, headphones, MP3 players, etc., you can sell them for a good profit.
Once you have all of those things, you can find a kiosk and put your products on display. And if you’re in a busy area with a lot of people, you can show off your products by having as many as you can to attract buyers.
11. Pastry and Baking Business
Making small chops like puff puff, chin chin, plantain chips, etc., and baking cakes for birthday and wedding parties is another profitable business that is booming in Nigeria right now.
It’s easy to make sales in this kind of business, but it may take time to make the products. This is because you have to learn how to make those things before you can start.
Once you know how to make them, all you have to do is sell them to your neighbors and put them in a show glass to attract people walking by.
If you are a student in Nigeria and want to know what business you can start with 50K, cake baking is a good one. This is because students are more likely to celebrate their birthdays at school than workers are.
If your product looks good and tastes good, people will tell their friends, classmates, and campus/lodge mates about it. This will help you get more orders.
12. Bead Jewelry Making Business
What kind of business could a student in Nigeria start with 50k? If you’re looking for answers to this question, making jewelry out of beads is by far one of the easiest ways for students in Nigeria to make 50k.
To start this business, all you have to do is watch some online tutorials on how to make beads. Then, get all the supplies you need and start making jewelry out of beads, like necklaces, bracelets, earrings, and so on.
Once the jewelry is ready, you can just tell your friends, classmates, campus / lodge-mates, and other people about it.
13. Home Service Hairstylist/Barber
A home service hairstylist business is also easy to start in Nigeria with 50K. As a barber, you’ll need a clipper, and as a hairdresser. In Nigeria, it’s easy to start offering home services if you use social media to spread the word.
Even though this business sounds easy, you’ll need to learn how to do barbering or hairdressing, get your supplies from friends and neighbors, and then start your business.
Students in Nigeria could also start a barbershop or hair salon with 50,000 Naira. During the summer break, you can sign up for a barbering or hairdressing class. After a few weeks, you should be able to do some basic haircuts and hairstyles.
You should be able to make some money by doing these basic styles for your friends at school. From there, you can move up to doing barbering or hairdressing at home.
But if you already have one of these skills and are good at it, you can pay Influencers online to promote your business and get high-profile people who will pay more for your service.
Conclusion
With the way the Nigerian economy is right now, it is best to start your own business and give yourself more money. If you often ask yourself, “What business can I start with 50k?” you can find answers by reading the guide above. But before you start a business, you should do some research to make sure it will make money in the place you choose.
