Starting a business could be very daunting. The thoughts of where to get the capital to kickstart, and the running cost could leave you overwhelmed.
But on the flip side, when you think of the gains of having a business, you just want to start immediately.
Aside from providing yourself with a regular source of income, providing jobs to others, and supporting the community, becoming a business owner gives you access to international opportunities and you can finally secure your financial future.
So, if you’ve got financial support from friends or family, you’re already putting money together to finance the business, or there’s a local opportunity that you want to apply for, in this post, you’ll find the 5 business ideas that you can start with 500k.
Let’s see them.
5 Businesses You Can Start With 500K Naira.
There are several lucrative businesses that you can venture into, but you need to first understand that you must choose a business that fascinates you.
Else, it will be difficult for you to make someone else fall in love with your vision if you don’t love the vision yourself.
1. Egg Supply Business
These days, egg supply businesses are a big deal in Nigeria. The business is so lucrative that with proper planning and your people skills, you can break even very fast. This business is highly profitable because eggs are consumed daily.
To kick-off, you need to identify some poultry farms in your locality, look for egg buyers, find a good means of transporting the eggs, make some orders and sell to wholesalers or retailers.
Bakeries, restaurants, and hotels are all good places to consider when it comes to wholesale.
Your marketing skills determine your success in this kind of business. Of course, the number of people you reach out to determines your profit.
Thus, get a shop, warehouse, or storage facility as you grow.
2. POS Business
Another popular and profitable business idea to invest in Nigeria is the POS Business. Many Nigerians are gradually becoming claustrophobic. They neither don’t want to queue at the ATM nor beat the crowd to access their cash.
The POS Business renders services like funds transfer and withdrawal, sales of airtime, bill payments among others. For those that live a distance from the nearest bank or ATM post, the POS is an alternative.
This business booms more in rural areas or semi-urban locations.
With 500k or less, you can start this business. All you need is some cash, the POS device, a good location, permanent or temporary shos, and resources to charge your devices.
That said, you must start with a business plan or feasibility study to increase your possibilities of success and ensure that you factor in security.
3. Cooking Gas Business
Almost 85% of Nigerians in the urban areas now use domestic cooking gas in their homes. In Nigeria alone, the annual consumption of cooking gas is put at 300 million kg?
This has created promising business opportunities for desiring entrepreneurs who can now trade on cooking gas and cooking gas equipment to make a good income.
500K is a reasonable amount to kick-start. As a startup, I’d advise you to go for an industrial gas cylinder for a refill since an LPG tank is expensive.
Also, note that business is prone to risk. Though, every business has its menace. Ensure you take precautionary measures to avoid fire outbreaks.
To do well, make sure your business is close to residential areas.
Truly, it’s quite easy to start. First, get your startup capital, then training, rent a shop, and do your marketing.
4. Dry Cleaning Business
Do you enjoy washing and getting things tidy? Are you the type that likes looking radiant? Then this business might interest you.
A dry cleaning service is a lucrative business you can start with a 500k or lesser amount of money. It requires little or no skills.
For the smooth running of this business, you’ll need a space (shop or house). Also, you can hire someone to help with the washing, drying, and ironing.
In a week, be sure of making close to 20k, depending on your locality, packaging, and your people relation skills.
What’s important in this business, is your credibility and trust. It’s a good way to excel.
5. Mini Importation Business
Are you usually on the edge when it comes to the importation business?
Don’t! It’s quite easy and very profitable.
All you need is a capital- that might not be even up to 500k and a trusted agent.
You don’t need to travel. It’s not rocket science!
It’s possible. All you need is an agent who helps you to buy and ship to you here in Nigeria.
And, don’t let the foreign exchange rate scare you? Irrespective of it, the business is still worth it and it’s profitable.
Look around and discover highly demanded products like clothes, fashion accessories, tech, and electronic gadgets, and household materials. You can also consider the needs of people around you.
Every business idea has its challenges. No business is easy to run. But when you’re determined that the business will succeed and you put in the hard work, you’ll be surprised by the profits that will follow.
But if you’ve started a business but it seems that your business isn’t going as planned, there’s no option of giving up. We can cushion up your business with one of CashDrive’s products.
Our products include:
• Business loans – available to existing businesses.
• Car owner loans – available to registered car owners.
• Car finance – available to car buyers.
Our products are offered to customers who are residents in Lagos and Abuja.