Top 10 Businesses You Can Start With ₦500k in Nigeria (2023)

There are many business opportunities one can venture into in Nigeria, but it’s important to put into consideration ideas that will thrive well and meet one’s intention of making a reasonable profit.

In this article, we will look into 10 businesses you can start with ₦500,000 in Nigeria.

Going into a business is a good idea, but adequate capital and the right location are of extreme importance to a thriving business and achieving set profit goals.

As always, our objectives are to bring you useful tips and ideas to save you all possible stress.

Below is a list of 10 businesses you can start with ₦500,000 in Nigeria, and with proper plans and professionalism, you won’t regret venturing into any of them.

Businesses You Can Start With ₦500,000

1. Building Block Industry 

Building-Block-Industry

Blocks are essential commodities that are needed at all times as the construction of buildings is always ongoing from time to time. This business requires a capital of ₦500,000 or even below as capital.

And with new inventions such as interlock and other block designs out today, this business can thrive both in rural and urban areas.

All you need is a space that can be rented, the service of a professional block maker, a block-making machine, cement, sand, and a stand-by source of water.

It is important to study one’s location to get an idea of the highly needed designs and also to maintain the quality of blocks to be produced.

This business is highly profitable and easily expandable as time goes on.

2. Computer Business Centres 

Computer-Business-Centres

This is another business that thrives well in Nigeria with a capital of ₦500,000 or less. 

It is important to consider the location of this business, Computer Business Centers, such as an educational area near office districts or campuses such as universities, polytechnics, or colleges of education where their services are always required.

The services rendered by this business include photocopying, scanning, printing, laminating, typing, spiral band, online registrations, and digital passports.

The above services are expected to be done at computer business centers, however, some are optional and can be added as time goes on and business expands.

A laptop computer, printer, photocopy machine, generator, tables, and chairs are what is needed for a start.

3. Printing and Publishing 

One of the most profitable businesses one can go with a capital budget of ₦500,000 is the printing and publishing business.

After selecting a suitable environment for the business, it is also important to get registered. 

Another important factor is selecting a niche as the business has a wide service range and a target market.

 With the service of a professional in this feed, the right start-up equipment such as cutting equipment, binding equipment, printer, computer and graphic design software, and generator.

4. Mini Importation 

Arik Air

One of the highly lucrative businesses that have been discovered recently and people keep entering into is the mini importation business.

The capital involved isn’t intensive at all except for those who want to invest more or higher to increase their profit margin and the success of the business.

With the right knowledge about this business, the right and trusted suppliers, and your capital and importation of quality and needed products you can also benefit from this profitable business.

5. Eatery 

Eatery
Amala

Another profitable business you should consider starting is an eatery. Food is essential and a basic man surviving necessity.

Having a good knowledge of cooking, the right location, and a good furnishing and setting of the eatery are important.

And yes with ₦500,000, you can begin an eatery business in Nigeria. You will need a space, cooking utensils, the services of good cooks, a planned menu, and a delivery service and you are good to go.

6. Barbing Salon Business 

Barbing-Salon-Business

The service of a barber is often needed countless times a year. It’s a good business and even with its viable and lucrative nature, with ₦500,000 or less one can begin this business.

This daily needed business can be started with ₦500,000 capital to keep the optimal performance and services rendered to your customers to build their trust and give maximum satisfaction which in turn helps retain customers and increase your sales and profit margin.

You will need the service of a professional barber, a space, a generator, bathing instruments, and other services rendered by barbing salons such as dyeing hair too.

7. Logistic Services 

Logistic Services

The need for service logistics is in high demand daily, this is because of the importance of their service in the movement and storage of goods, materials, and services from the point of production to the point of consumption.

You have to build the trust of consumers by providing a legit office address, registering of business, and getting all necessary licenses.

Equipment for the safe transportation of goods and services, as well as the services of a rider or driver, are required.

8. Importation and Sales of Used Materials/Items 

All fingers not being equal is one of the reasons sales of used materials and items thrive in Nigeria.

However, when venturing into this business, choosing a niche that is in demand in your intended locations is quite important as there are various materials that can be imported and sold 

Items range from clothes, shoes, kitchen utensils, and electronics, amongst others, all of which are in high demand.

With 500k, you can go for the one that best suits your location of choice, keeping in mind to always give your consumers the best quality products they can ever get.

9. Real Estate 

The real estate business is a good choice because it is one of the most lucrative businesses in Nigeria today.

You can be a real estate agent or even an investor, either way, it’s always a profitable investment.

Although there are many competitors in the market that shouldn’t discourage you, focus on building a unique brand that stands out and gives your consumers enough value to build your trust in them

You need to have enough knowledge about the business and get registered before commencement.

10. Farming

Businesses You Can Start With ₦500k in Nigeria

One cannot regret investing in agriculture if the right and proper procedures are followed as we all depend on the products of this agriculture for survival.

Farming is a good business to start because there are many sectors where one can start with 500k and make reasonable profits.

This includes crop farming, poultry farming, snail farming, rice farming, maize farming, catfish rearing, and honey bee farming, among others.

One can start on a piece of rented land and expand along the line.

It’s important to be well-versed in the field of farming one chooses to go into. The daily requirements of farming produce in order to make it a long-lasting and highly profitable business.

Compare Other Business Ideas in Nigeria

Wrap Up

Having a business of your own is crucial in this era of ours. The need to be financially up to standard is also important.

One of those ways we can achieve this goal is by investing in viable and profitable businesses, and that’s the reason we have brought to you 10 businesses you can start in Nigeria with 500k.

We have done thorough research, and every business listed is worth it.

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