Though the economy today may seem very discouraging, money seems not to have any value again. But in this, I would still tell you that 500k is never too small to start a profitable business in Nigeria. There are still many business to start with 500k in Nigeria, and make the best out of it.
Raising capital for business is always a big problem faced by many entrepreneurs, but sometimes when the capital comes, the next problem would be the right business to put in the capital. That is when you start hearing people ask questions like: what business can I start with 500k, can I start a profitable business with 500k in Nigeria, and many similar questions.
These questions are usually because these people can’t afford to mismanage their capital in a wrong business, seeing how hard it was to raise the capital.
Most people had got a reasonable business capital even more than 500k, but lost everything and can’t boost of any business today because they were not very careful to invest in the right business.
So if you have been able to raise up to 500k capital and really looking for a business to start with 500k in Nigeria, I would advise you to be keen in choosing the right business so that your 500k would go well for you.
All the business ideas we are going to give you in this post are genuine, legit, trusted and profitable business you can start with 500k and achieve success. Just take a bit of your time to read through the post, as there are useful information that may be hidden in-between lines.
List Of Business To Start With 500k In Nigeria
If you are one of our readers that have been asking, what business can I start with 500k, here comes the best search result for you:
1. Computer Center
Computer business center is one of the lucrative businesses in Nigeria that you can think of. In this center, you may be running many services like: photocopy, typing, spiral binding, online registrations, and so on. This becomes a more profitable business if you also run computer training service in your centre.
How To Set up a Computer Center
- All you need is just to learn the computer skills. You can even employ one that has the skills in case you don’t have.
- Rent a comfortable shop
- Buy some good sets of computer systems (both desktops and laptops)
2. POS business
POS business is another lucrative business to start with 500k in Nigeria and make out the best from it. With N500,000, you can set up a POS shop to any standard of your choice.
How To Get Started
Starting a POS shop in Nigeria is very easy and doesn’t require much stress and protocols.
- Get a nice location: it would be important to know that location is the greatest determining factor of how lucrative POS business would be, this is why you should try to get the best location where there is high demand for POS service.
- Get your POS machine: the profitability of POS business also depends on the company you are affiliated. If your POS provider/company charges you very high, then it would be hard to make high profit as you want. There are many POS companies in Nigeria that have very low charge rate; like Opay and so on.
You can check how to get POS for Opay HERE
3. Poultry Farming
500k is really big enough to set up a standard poultry farm that would be bringing high tons of daily income for you.
How To Get Started
- Construct your poultry house
- Buy feeds
- Buy other necessary materials
- Buy the small birds and start your business
4. Laundry Business
Seeing that many people don’t always have the time to wash and iron their clothes, it makes the business always an evergreen business.
Starting a laundry shop is very easy, all you need is just the shop, your pressing iron, a big generator and a washing machine if you wish.
5. Snail Farming
Though Snail farming is highly lucrative, but only few people are harnessing this potential. This is possibly because many people don’t know how to go about it.
I have prepared a very comprehensive article that would guide you on how to start snail farming in Nigeria and be making over 100k monthly. Check it out HERE
6. Bakery
Starting a bread bakery might be quite expensive, but if you have just 500k to Start, you might just start by producing things like meat pies, burger, and the likes. With these, you might not need much equipment to get started.
7. Sales Of Mobile Phones & Phone Accessories
This business is one of the most lucrative business in Nigeria, and usually require much capital to set it up to a good standard. But with your 500k, you can actually start this business in a good standard and make out the best from it.
8. Sales Of Computer & Computer Accessories
Sales of computer and accessories is almost in the same line with sales of mobile phone accessories. The profitability of the two businesses cannot be over emphasized, seeing the number of people that use computers and mobile phones today.
9. Motorcycle Spare Parts
If you check the number of motorcycles around you, you would understand how lucrative this business would be. It is a highly profitable business to start with 500k in Nigeria and make out the best from it.
Most times, location may affect the profitablity of this business, in this it is advisable to situate this business close to a mechanic site.
10. Grocery Store
Grocery/provision store would never be left aside in our discussion. With 500k, you can set easily up a standard provision store that would keep booming for you.
11. Sales Of Cement
Though after renting your space, your 500k may not be enough to buy a full trailer of cement; but you can still buy the quantity of cement that your balance can afford.
Or you can even liaise/register with the cement company so that when you deposit the little money in your hand, they would supply up to a full trailer load of cement for you, and you pay the balance when you sell all the goods.
I know someone that started this business with even less than 500k, he registered with Dangote cement, and he was always being supplied with full trailer load of cement on credit, until he was able to start buying up to that quantity.
12. Boutique
One interesting thing about boutique business is that it doesn’t have fixed price, the price you sell your materials to customers depends on your marketing ability.
13. Sales of shoes
Any business relating to fashion is always Lucrative in Nigeria today. So if you have 500k with you, you can dive into selling of different kinds of quality shoes and see how you would thrive in that field.
14. Cosmetics Business
It is never arguable that our girls today can spend anything to make sure they have the beauty they want. Their high priority is always to have a nice looking skin, and always look adorable.
This is why cosmetics industry has remained one of the best thriving companies in Nigeria today. So if you have been searching for business to start with 500k in Nigeria, I would really recommend cosmetics business for you.
15. Restaurant & Bar
People are always ready to spend little out of their earnings, on drinks, foods, and other related things. Of course Body no be fire wood nah!🤷 from time to time, there is need you appreciate yourself, even if you don’t have anybody to take you out, you can take yourself out to any bar/cool joint and cool off your nerves.
This business is really lucrative especially if you have a good location.
16. Rental Business
If you have ever organized any event, then you would understand how costly it is to rent some materials like: chairs, tables, canopies, and so on. Your 500k can really set up this business for you with the most required equipment for rent. One interesting thing about this business is that it runs itself; this means that it doesn’t require your presence al the time for it to bring you money.
17. Salon
Salon business is a highly profitable business in Nigeria, but most people don’t know, and would always neglect it.
To make this business more profitable, you may decide to combine both the male and the female salon in the same place. That is, you would be rendering the services of barbing and hairdressing in the same place.
18. Nursery/Daycare School
Your 500k can really go a long way in setting up a Nursery School for you. The standard would really determine if you can add a primary school or not.
19. Football Viewing Center
I used to ask why people should always go outside their homes to watch football even knowing that they can comfortably watch the football at home. But I later discovered that the joy people get while watching football outside, in a crowd, is never to be compared while watching at home.
This really suggests that this business would continue to boom as long as there is considerable population in your location.
Of course I would say that according to my analysis, that in a street in Nigeria, over 80% of the inhabitants are always lovers of sports especially football. So if you have been searching for business to start with 500k in Nigeria, while not go into this stress free business?
20. Football/sports Betting
Betting business is one of best 500k business in Nigeria that can really give you what you want in business. Starting this business is really very easy, as the only things you need are just: a shop, sets of computers, a generator, and other relevant stuff which may be optional.
21. Fish Farming
A fish farm started with 500k is no doubt a very standard one, that can give out the best outputs.
Fish is really in high demand today; people now prefer eating more of fish than other fatty meats. That is why fish is now a hot cake in restaurants, bars, events and so on.
Despite this high demand, there still seems to be less competition in the business because people don’t know much about the business, and cannot easily rush into it without the required knowledge.
22. Metal Scrap Business
This business involves buying of used/old or condemned metal irons, and selling them to companies for recycling.
Due to the lucrative nature of this business, I usually call it a blood money business, because of the kind of profit it can bring within a short period of time.
With your 500k, you may not even be the one buying the metals, you can even employ other people to be buying from the streets and bringing them at your bunk for you to buy from them.
23. Transport Business
Since you have your 500k already, you may decide to get either motorcycle, tricycle (Keke) or even bus for your transport Business.
Due to the economy today, it may be quite unfortunate that 500k would get only motorcycles for you, in fact it may not be able to get anything more than motorcycles.
500k may not be able to get you a tricycle or a bus for your transport business, but since you have your 500k at hand, it is very easy to deposit that money for either Keke or a bus, and pay up the remaining balance later.
So in case you don’t want to be using motorcycle for transport business, then you may liaise with the seller or anyone that has the money to collect the deposit of 500k from you, to pay them up later as you do your business.
Note that this is somehow similar to hire purchase Busines, hence they may sell it to you at a higher price than normal since you don’t have the complete cash, but it’s still Ok.
In case you don’t want any of the options I gave above, you may decide to just use your 500k and buy about 2 motorcycles and give out to people to ride for you in hire purchase.
In this, if you are able to get motorcycle of 250k each, you may decide to give it out to people on hire purchase at the rate of 500k each. This means you would be generating up to a profit of additional 500k from your 500k capital.
24. Cooking Gas Busines
The world is going more modern, and people don’t need much stress in their lives anymore. Almost every family today is making use of gas for cooking, no more firewood or kerosene.
For this business to be lucrative the way you would want it, you have to locate it close to residential places, where there is enough population to patronize you.
25. Sale Of Weavons & Attachments
Girls don’t really joke with these accessories, and you would really thrive in the business if your location is good.
26. Mini Importation Business
With your 500k, you are already qualified to start making money importing different goods or any goods of your choice.
This could be electronics, wears or any kind of items that are on high demand in Nigeria. You know Nigerians don’t joke with fairly used items, they always believe that second-hand items are better and stronger than brand new ones.
So, if you would be able to import high quality items in Nigeria, you may not really be the one to look for buyers, as buyers would be the ones to pursue after you.
27. Pig Farming
Pig Farming has remained one of the most lucrative business today, and with your 500k, you can easily set up a large scale pig farm that would change your financial status.
28. Palm Oil Business
Palm Oil Business would really be another great option for you if you have been searching for a lucrative business to start with 500k in Nigeria.
You know there are some parts of Nigeria that has more than enough palm oil, while there are some parts that don’t have palm tree or palm oil at all, especially some parts of the northern Nigeria.
By developing a good business strategy in Palm oil, you would be surprised at how far your 500k would take you.
I have written a comprehensive guide on how to start a successful palm oil business in Nigeria, and make the best out of it. You may check the article HERE.
29. Agro Store
Since animal farming is a very lucrative business in Nigeria, then selling their stuff would also be lucrative. these could be Agro products like: animal feeds, medicines, and other necessary stuff needed in animal farming.
30. Goat Farming
I could remember our previous post about untapped business in Nigeria, goat farming was no doubt one of the best in the list.
Many people today still don’t know that one can farm goat as a business, they still think that it’s only cattle or pigs that can be farmed; without knowing that there is hidden potential in goat farming.
31. Rice Farming
Rice farming is one of the most lucrative business in Nigeria which may not even require much capital to start. Starting a rice farm with 500k means that you are really out for the business, and your return may not really be compared to many big businesses.
32. Cassava Farming
According to a recent research, Nigeria is known to be the highest Cassava-producing Country in the World, producing about 60 million tonnes annually.
Meanwhile, the Nigerian population is estimated to be around 200 million; and according to analysis, 7 in every 10 Nigerians consume, at least, a product of cassava once in a day.
This is to show you that despite a large production of cassava in Nigeria, consumption is still higher than production. This is why a paint container of Garri is sold for up N2,000 and above in many parts of the country of the time of writing this article. This is the same quantity of Garri that was selling at a fixed price of N200 in few years ago.
Despite the high increase in the price of garri, do you think people would stop buying it? The answer is No! people don’t have option than to continue buying garri no matter the price, this is because garri forms up to 70% of the major foods in Nigeria.
So going into this business would really be a nice move, and with your 500k, your success in the business will really be awesome.
33. Sales of Electronics
Electronics is no doubt one of the most lucrative business in Nigeria today, possibly because they are always on high demand, and people can never do without it in this modern world.
34. Foodstuffs Business
This business involves selling all sorts of foot items or food materials like beans, rice, garri, cooking oil, and so on.
It has remained one of the most profitable business in Nigeria because people can never do without food. No matter how the economy may be, people must always eat at least 2 times in a day.
35. Real Estate
Due to the rapid development of our society today, a real estate property you buy today may stand to change your life in just few years to come or even in a year time.
One may think that it is very expensive to own a real estate property today, that 500k may not be enough to own a real estate property; but it really depends on what property and where you want to buy it. you can actually start investing in real estate with little capital in your hand.
Since you have just 500k with you, you may not really need to start looking for real estate properties in some top places like Lagos island and the likes; all you need to do is to lookout for the place that your 500k can afford properties that have the potential to appreciate in few years.
36. Sales of building materials
If you have tried building any house or structure, then you would understand that building materials are a hot cake.
Building materials are really quite expensive and hence may require huge amount of capital to set it up in a large scale, but with your 500k, you can still start from somewhere and scale up your business.
37. Lesson Centre
If you like education and would love to explore the potential in that field, then why not set up a lesson center? Your 500k would really be enough to set up a very standard lesson center, and stand out among the best.
This business is quite different from opening a school: like primary or Secondary School. It is just a lesson center where students come to register for lessons especially during the holidays.
This may be lesson for any level, either nursery, primary, Secondary or both.
If your lesson is targeted at secondary School level, you may benefit more from your business if you should offer WAEC, NECO, JAMB, and other related lessons.
38. Photo & Video Studio
In our society today, it is very hard for a whole week to pass by without one or more events taking place; either wedding, burials, birthdays, and so on.
It may be clear to you that almost every event would always need the service of photographer or videographer. This is to tell you how lucrative this business would be.
Some people are doing this business today and succeeding in it without having a studio, then imagine if you should have a studio while you do this business.
With your 500k, you can set up the best standard of photo and video studio and start making out the best from the field.
39. Recharge Card Printing
Recharge Card Printing business is another 500k business idea in Nigeria that is highly lucrative today.
According to a research, out of over 212 million population of Nigeria, about 170 million people use mobile phones.
Of course you know no one uses the mobile phone without loading recharge card in it. This is to tell you that recharge card printing business is one of most lucrative business in Nigeria, and with your 500k, you can easily start this business and thrive in it. You can start printing all the popular networks like MTN, Glo, Airtel, and so on, and start distributing to retailers.
40. Timber Business
This business involves selling of all kinds of Timber products like woods, planks, and so on, that are used for buildings and constructions.
41. Cocoa Business
Cocoa Business remains one of the untapped business in Nigeria which is highly lucrative. It is really making millions for people while many don’t know about it.
Cocoa is used for making many products like: nestle, bournvita and some other chocolate stuff we consume daily.
There are really many companies that are always in high demand for Cocoa. Recently, most of these companies were buying a kilo of cocoa seed at N500; this means that if you have up to 5 tones of cocoa seeds, you would make a whopping sum of N2.5 million.
Cocoa farming is very common in Edo state, in fact they are well known for Cocoa farming. So if you are not from Edo state, and you really want to go into this business, you can easily get a friend from there and start your Cocoa farming business.
42. Wine Business
You would understand that any kind of official visit or occasion would always require wines. Even the big men don’t joke with wine, that is why any time you visit a big man’s house, you must aways see wines in his fridge.
I could remember when I was working with a commissioner in my State, almost on daily basis, we would always visit a wine shop to buy wines.
So, don’t bother if wine business is lucrative, there are many people out there that will patronize you if you are providing quality wines.
43. Honey Business
If you have ever tried buying honey for yourself, then you would understand that getting honey to buy in many parts of Nigeria is not easy.
So with your 500k, you can really set up a very standard honey shop where you sell highly quality honey and become an authority in the field.
44. Supply Of Drinks
If you have 500k already but don’t really know any 500k business in Nigeria to go into, I would suggest you start a Depot where you will be supplying different kinds of drinks: either, soft drinks, alcohols, or any kind of drinks that people demand.
45. Bookshop
Bookshop is another nice business you can kickoff with your 500k; where you would be selling different kinds of books.
Just choose your niche: you might decide to be selling motivational books, educational books, religious books and so on.
46. Gift Shop
This business involves selling of different kinds of gift items: love gifts, wedding gifts, birthday gifts, and so on, and with your 500k, you can set the the best standard of gift shop in Nigeria.
47. Sale of Jewelries
With your 500k, you can start selling things like: wrist watch, necklaces, and so on, and be making cool money from the business.
48. DJ (Disc jockey)
All you need to start this business is just some sets of speaker, a generator and your laptop.
One interesting thing about this business is that it may not stop you from doing other businesses, because you will go for your DJ work only when you are called for it.
49. Frozen Foods
Frozen foods business involves the sale of different kinds of frozen food items, including meat, chicken, fish, vegetable, etc. N500k will go a long way in starting off this business, and it will do very well in residential or school environment.
50. Blogging
Blogging is one of the easiest and lucrative business you can start with 500k or even less.
It may be shocking to you, hearing that some people earn over $5,000 monthly from blogging. You can imagine such a huge sum of money!
To Start blogging, all you have to do is get your domain name, and a good hosting; then you are good to go, as long as you are publishing rich contents.
Conclusion
This is why you need to put your mind and your head together before investing your 500k in any business so that you don’t waste your time and money.
So, the business ideas discussed in this post, are all nice and probable business you can start with 500k and would never regret it.
Just lookout for the one that goes well with your mind.
You are welcome!
Thanks for this