What business(es) can I begin with N500,000 in Nigeria?
What are the most profitable businesses one can go into Nigeria?
If these questions are yours, then you are in the right place. N500000 is great seed capital and you who have thought to invest such an amount should also be ready to put in the hard work needed to get whatever business you endeavour into flourish. This article is not a get rich quick scheme but one that details businesses you can start with N500000 and will yield better returns on investments.
Here it goes:
1.Poultry farming
This has to do with breeding birds and their products for sales and consumption
Nigeria is a country big on celebrations. Not only that, restaurants, fast food joints, Corporate Organizations and hotels need poultry meat and egg for their businesses. The more these businesses keep being on the increase, the greater opportunities abound for poultry farmers.
You can engage in poultry farming via
- Cockerel poultry farming: this involves growing the bird for meat consumption
- Broilers poultry farming: this involves growing the bird for meat consumption
- Layers poultry farming: this involves growing the bird for egg production
Poultry farming comes with its own risk just like any other business, but you can be sure to make your money starting from 4-5 months as testimonies of others read. Make sure to also make your research on how best to keep the birds healthy and other basic information you need to make your business successfully.
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Fish farming
Catfish has a very high consumption rate in Nigeria. Just looking at the data around us, in some fast food restaurants, catfish costs about N1500
What is more, Catfish farming has a lower risk factor than poultry farming. What you will mostly need is good managerial skills, capital, experience and information. You can start making money from this business in about four months. Basic amenities you will need are a fish pond, access to good water and a healthy breed of fish.
According to reports, the demand for fish is higher than the supply, the federal government has to import to augment the demand. This simply shows that the market for fish farming is available to you.
Make sure to know the nitty-gritty of the business before you venture into it.
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Grocery store
The good thing about the grocery business is its potentials to thrive irrespective of the location. Households and individuals make use of items daily and urgently and your business caters to their needs. These items include toiletries, drinks, foodstuff, drinks etc.
With consistency, good customer service, making sure to have what is needed whenever your customers ask, the grocery business pays well. You can create a makeshift grocery store which can be moved from one place to another or a permanent one. The money you make from the grocery business could act as a residual income.
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Event Rental Equipment
The event rental business is another lucrative one in Nigeria. All you have to is buy the equipment which is what your capital is needed for. You can then outsource this equipment: canopies, chairs, table etc. Most times, those who own the equipment are not the rental companies themselves but make their money this way. You can also own the equipment and the rental company.
Now the owner of that equipment may not necessarily be in the business, but renting the equipment to those who are into the business and make your money from it. The good thing about this business is that the equipment lasts a long time. Take, for example, the canopies used, they are made of metal. The only thing that might need to be changed after a while is the shades themselves. There is also room for expansion and you can grow and recover your invested income over time.
5. Bookshop
This has to do with selling books and other related items such as stationeries. This business functions better when you meet the target market. For example, if you find yourself in an area where most students reside, you can focus on supplying academic books, Videos, CDs, writing notes etc. You will need to have trustworthy suppliers so your business will thrive.
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Dry cleaning services
This business works even better in cities. Here, many run busy jibs and rarely have the time to personally take care of their laundries. To keep this burden off their back, they pay for these services. Dry cleaning; you can start this business even from your house and then expand into a bigger office space. What are your success tools for this business? Cleanliness: You cannot joke with this. No one will ever entrust their items of clothing to a dirty dry cleaner
Accountability: They should be able to trust you to keep their clothing safe
Standard equipment: Thye more professional you are, the better for you.
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Building material rentals
This is another form of rental service that profits much. Several materials are used for building. This includes mixer, pan and block making machine etc.
Most of the materials are durable because they are made of metal. The charges for the rent of this equipment are made on a daily basis.
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Football viewing centre
Football has become the passion of many, both adults and youths alike. In fact, many prefer going to viewing centres rather than watching the football match at their houses. To start the business, all you will need is a space, satellite dish, standby generators, television and seats. You will also need to have good managerial skills. Make sure your charges cover all expenses incurred such as the satellite subscription, utility bill and generator servicing)
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Car wash
Just like with the dry cleaning services, many need to pay for services which they have little time to spare for. We have even more cars on our roads today than there was some time ago. The car wash business is a viable one in Nigeria. Some start small and then later go on to set up a standard car wash in a good location where car owners will visit regularly.
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Mental scrap business
A quite unpopular business in Nigeria, mental scrap is the refined production of other solid metal. It is a very lucrative business but is considered dirty to some. However, many are starting to see it is not dirty at all. There are many countries in Nigeria looking for metal scrap. You are not the one gathering the metals yourself; all you will need to do is make some calls or visit the dumps. You will then buy the materials and supply to the company on the same day. It is reported that the business can fetch you up to 500000 at one supply. If you reside in Lagos, you should look into this business.