What do you do when the unemployment rate in your country is so high? Become a statistic of the unemployed or launch your own business? Of course, start your own business!
Due to the tough economic realities in Nigeria, one of the difficulties faced by aspiring business owners or those trying to launch their own businesses is access to capital. Because of this, a frequently asked question is: “What business can I start with low capital?”
So, if you have ever sat and asked yourself; what business can I start with N50, 000 or less in Nigeria, then this article is for you.
In this article, we will share with you 35 businesses you can start with 50K or less.
This business also makes a ton of money. People will always need to be clothed. You do not need to open a tailoring shop. All you need to do is learn how to take measurements and then collaborate with a good tailor. Then create designs for the tailor to produce.
To spread the word about yourself and your designs, promote your services and designs on social media. With N50,000, all these can be achieved.
Perfume and cosmetics sales
Everyday people use cosmetics, particularly women’s cosmetics. Perfumes and cosmetics sales are a lucrative business that may be set up with as little as N50,000.
Plantain chips production
Plantain chips can be made from ripe or unripe plantains and can be crunchy when fried. It is a profitable business that needs only a little amount of capital — at least N50,000 —to purchase items like a slicer, plantains, groundnut oil, a burner and frying pan or pot, a sealer, and attractive packaging. You can advertise it by giving it to retailers, shops, and schools, among other places.
Fish/ fingerlings production
Producing fingerlings or young fish and selling them to others who have the money to own and operate a fish pond is another certain way for you to generate money.
With N50,000, you can start this business in your backyard. All you need are materials to contain the fingerlings and their feeds. From there, you can sell them to fish pond operators.
The point of sale (POS) business, often known as an agency banking, provides services such as money transfers and withdrawals, airtime sales, and bill payments for things like GOTV, DSTV, Startimes, and other utility bills.
In locations with few ATMs and no banks, it is more profitable. You can start this with at least N50,000, but you must first have a solid plan in place. Additionally, the location of your business will have an impact on how well it does.
Another business that you can launch with N50,000 or less is soap manufacturing. Making liquid soaps or bar soap for washing or bathing, branding them, and distributing them to different supermarkets for immediate payment are all options. The liquid soap business is so large that established companies are unable to keep up with demand. It is a product that every home needs, and as the population grows, so will the demand. You are not restricted to making liquid or bar soap; you may start making detergent as well.
You can advertise your soap on Whatsapp, Facebook or Instagram before distributing it to your potential clients. On a small scale, one can start this business with as little as N50, 000.
Sale of mobile Phone accessories
Many smartphone users will wish to buy a smartphone accessory to help and improve their smartphone usefulness. With N50, 000, you can get started on a small scale in this lucrative business.
Smoked Fish Business
This is yet another highly profitable business endeavor. You can produce and sell smoked fish in a variety of Nigerian markets or even consider exporting smoked fish to nations like the United Kingdom to earn money. This business can be launched with as little as N50,000.
Mini importation is a business that involves purchasing and importing low-cost goods from other nations, typically from the manufacturer or wholesaler. The buyer then sells for a profit at the price they would like.
In this type of business, you don’t need to go to the nation you are purchasing from. Leveraging on technology, you can place your order while relaxing in your room. Depending on the amount of funds you have available, you can start a minor importation business with as little as N50,000.
China is a producing nation with a large number of items and competitive pricing, so majority of people import their goods from there. You can purchase cheap products from China via websites such as Alibaba, and Aliexpress, then have them shipped to Nigeria.
You can start producing and selling cosmetics including facial creams, liquid soaps, and soap bars. The necessary substances are freely accessible on the market. All of these things may be produced with less than 50,000 Naira.
A lot of individuals and families work too hard to have time to cook their own food. You can fill this gap. You can prepare soups and stew at home and deliver to clients in offices or homes using courier service.
Phone Charging Business
With electricity being one of the major problems of many communities in Nigeria, phone-charging business is a good investment opportunity with N50,000.
Most cities and even rural areas charge N100 for phone charging. This means if you start with N50,000, you would definitely break even within 45 to 60 days.
Starting this business can be started from home or by renting a space in an established shop.
A used generator that costs between N25,000 and N30,000 can be purchased. With the remaining money, a few outlets and chargers can be purchased.
Raw Food Delivery (Market Runs)
A lot of people are too busy with their daily activities that they rarely have time to go to the market to buy groceries.
You can start a business of helping these busy people to buy groceries and deliver to them at their homes or offices.
With an initial capital of N50, 000 or less, you can buy these groceries, deliver them and get paid for the goods and service.
Pastry and Cake Business
Another lucrative business that is currently booming in Nigeria is the production of small chops such meat-pie, egg roll, puff puff, chin chin, etc. and the making of cakes. All these can be produced right in your kitchen. You can supply shops, restaurants, schhols and offices and get paid for it.
Printing recharge cards
In Nigeria, millions of people utilize mobile phone airtime recharge cards with various denominations. The profit per unit of the voucher may appear little, but given the volume (or rate) of use, the small profit will quickly add up to create a significant profit. This business can be launched with as little as N50,000.
Noodle stand business
A noodle stand may be a very successful business in many parts of Nigeria. All you need to start your business is a gas or kerosene burner, some locations for customers to sit and eat, and most importantly, a busy area. Most noodle shops charge around 500 Naira for a bowl of noodles and eggs.
On the noodle platter, two packs of noodles and one egg are frequently present. A modest pack of noodles costs roughly 120 Naira while an egg costs 80/100 Naira. When you take into consideration additional costs like the cost of gas or kerosene, you may make a sizable profit of 100 naira or more on just one serving of noodles.
Many Nigerians, particularly those with busy schedules, use a dry cleaner since they are too busy to conduct the cleaning themselves.
You can start with manual services, before purchase a washing machine that washes, rinses, and spins the clothing. The dry cleaning service also needs a pressing iron. This is another business you can launch from your home.
You can start a popcorn business with N50, 000. However, it is important to pick a nice location. Examine the area where you want to open your popcorn shop, and pick a wise location. In order to establish a popcorn business, you will need a popcorn maker, maize, butter sweetener, nylon for packaging, and, if necessary, a sealer.
With the current economic realities, starting a popcorn business with N50,000 will require you to find alternatives for some needed materials. The popcorn maker is the most expensive item on the list of materials. Therefore, if your budget is quite limited, you can use a pot or frying pan to pop the corn rather than purchasing a popcorn maker.
Cakes are extremely popular in Nigeria. Every occasion, from weddings to birthdays to graduations, calls for cakes or small chops.
You could start this cake-making business in your own kitchen. You may start by making and selling mini cupcakes to make money. Then, you can advertise your products on social media to raise awareness, encourage people to place orders, and begin making a sizable profit.
People are generally conscious of how they look. This is one of the reasons why they frequently patronize barbershops to get a great hairstyle or haircut.
The cost of renting a shop for saloon varies with respect to location. However, you can start by using a space in your compound. You could also rent a space in an existing hair-dressing saloon. Alternatively, you can start by offering home services.
You can start this food business by cooking at home and finding a spot at a busy location or where you can come out and serve. You can sell just in the mornings and do other things the rest of the day.
The car wash business has long been one of the most popular small businesses in Nigeria. This is due to the fact that there will always be a significant need for cars to be washed. Anyone—regardless of age—can establish a car wash business.
With as little as N50, 000, you could establish a car wash that serves upwardly mobile people. First, you can rent a space and set up a sitting area where your customers can sit while you wash their cars. If you have the space, you might turn it into a multiple-income stream enterprise by using the seating area to sell drinks, shawarma, and other products. The most important components for a successful car wash business are a water source, and other washing materials.
Cooking Gas Business
Despite frequent price increases for cooking gas, it is still a lucrative business that you can start with N50,000 in Nigeria.
There won’t be much of your N50,000 capital left after purchasing scales, hose pipes, dispensers, and other necessary items due to your limited budget. To maximize this amount, you can acquire these items from the fairly-used market.
The little amount that is left can be used to rent a small gas cylinder or tank (25 kg), fill it with gas, then search for a suitable location in your neighborhood to launch your business.
In Nigeria, snail business is particularly profitable since there is a large demand for huge African snails compared to the available supply. Snails are also exported to other countries.
All you need to start this business is a small area with some cover for cool temperatures, followed by the purchase of small snails, their food, and other supplies.
Due to the fact that it might take up to a year for snails to mature into marketable specimens, patience is essential in this line of work. If you can’t raise the snails yourself, another option is to find snail farmers. Snail farming is heavily practiced in some states of Nigeria. Find a supplier there and make plans for how they will be delivering the snails to you.
This is yet another profitable enterprise. To save some cost, you may learn how to make bags online by viewing videos on YouTube. This will save you the cost of learning bag making physically. The profit is mouthwatering, and the material is inexpensive. This is a business you can start with N50,000.
The footwear business is another N50K business idea for anyone looking to launch a simple business in Nigeria.
You can start with simple footwear like sandals, flip-flops, and slippers, all of which can be found in major commercial markets for discounts. Friends, neighbors, and classmates are ideal starting points for your marketing campaign. You can also promote such shoes through social media platforms like Facebook, WhatsApp, and Instagram.
Bead making and wire works
This is a profitable business that you can simply start with N50,000 and make a living out of it. You only need the necessary skills. You can start manufacturing beads and wireworks in your room, and you can make your items using a variety of techniques to generate adequate sales. Social media is a very effective method for promoting your works.
This entails purchasing and exchanging foreign currency. This industry is highly risky and quite volatile. To avoid losing money, you must be well equipped with trading skills and market knowledge. You may always profit from the Forex market with a minimum investment of N50,000. Again, it is imperative that you educate yourself beforehand so that you do not later regret starting.
With N50,000, you can launch a jewelry business. To start, you can buy jewelries at a discount from a wholesaler and resell it for a profit. You do not need to have a physical store; instead, you can sell online and to friends and neighbours.
You can start with drop shipping and increase your investment to grow your business. The N50, 000 should be able to cover the cost for packaging and branding when drop shipping.
However, this business is risky due to possibility of theft and other problems. So ensure to provide adequate safety measure for yourself and your jewelries.
Egg Supply and Distribution
Eggs are a high-protein food that are consumed all over the world. Eggs are used in many different applications, such as the production of a wide range of goods, including confections, cosmetics, soaps, shampoo, hair conditioners, glue, and face masks, among others. Eggs have so many uses that there is a shortage due to demand outstripping supply. The egg supply industry is one that can start out small and grow into a significant corporation.
The first step in getting into this business, if you so choose, is to locate respectable poultry farms that produce eggs and/or significant egg wholesalers. These farmers or wholesalers will sell their products to you, and you can then distribute them to retail shops, supermarkets, fast-food outlets, bakeries, and even individual residences.
Dresses such as T-shirts, Jeans, and gowns are some of Nigeria’s best selling clothing products. To start this business, connect with big clothes dealer, so you can get the clothing items at a cheap price.
Marketing this business is very easy, as all you need to do after getting those dresses is advertise them to friends, and neighbours on social media. You can venture into buying and selling those dresses with a starting capital of N50,000.
Nigerians frequently experience problems with the availability of power, thus many turn to alternatives to meet their various needs for electricity. The usage of candles for lighting is a prime example. As a result, there is a large demand for candles, making them is a wise decision. With a capital of N50,000, you can begin producing candles.
Reselling Used Items
Selling used or second-hand goods such as bikes, phones, laptops, generators, refrigerators, washing machines, electric fans, pressing irons, etc. is another fantastic business to start with 50K in Nigeria.
This business is quite simple to start up since all you need to do is take your initial investment of 50,000 Naira, look for used products, haggle with vendors, and then buy and resell them for profit. Ask your neighbors or friends if they have any used products they would like to sell, and then buy them from them. Another excellent technique to locate used goods for sale at discount prices is to get in touch with those item repairers.
If done correctly, you may earn good money each week, which would allow you to purchase more used items.
Selling wristwatches is another simple business that anyone in Nigeria can launch with just N50,000.
Find watch wholesalers, haggle with them, and buy as many watches as your budget will allow you to, then promote them to friends and other individuals you know.
Additionally, you can use social media to promote your goods by publishing pictures of the timepieces on your Facebook pages, groups, and WhatsApp statuses.
Become a Real Estate Agent
Even if you don’t have any money, you can still profit from the real estate business.
Simply connect those who are looking for a nice place to live or buy with those who are the owners of those homes, and vice versa.
When the contract is completed, you will be paid a commission that is known in Nigeria as an agent’s fee. Depending on the area and property, this charge often ranges from N5,000 to millions of Naira.
Adverts are what you require the N50,000 money for. You can make a website, use Google Maps, pay influencers in a relevant field, run online advertisements, print pamphlets, and other promotional materials.
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