Nigeria has a population of 200 million people. As a result, it has a market where you can sell anything. As long as it’s valuable, you’ll find customers with the right exposure.
When it comes to starting up a business, most people are held back by not having enough money. But money is relative. You don’t need to have enough money to start making some investments.
If you’ve got at least N500,000, here are some of the best businesses you can invest in:
1. POS
The POS business is one of the hottest in Nigeria right now. It’s replacing ATMs because of its convenience. A POS business or mobile money agent provides cash through a POS terminal for a fee. Starting a POS business in Nigeria requires cash for withdrawals. N150,000 to N250,000 should be enough for a start. The other cost will be the money for the POS device. Some Nigerian banks and fintech companies sell new POS machines for N85,000 to N100,000. Others provide free POS machines but have requirements that agents must meet.
2. Poultry Farming
Many Nigerians become millionaires by raising chickens, research shows. Before going into the business, however, you must determine how much capital you need to start a poultry business. A poultry farm requires several things, but the chickens are the raw material. Without them, all is wasted. Day-old chicks cost N260-N400. Point-of-lay birds cost N1,500-N2,000. With N500,000, you can start up something and improve in the long run as more money comes in.
3. Laundry
Starting a small laundry business doesn’t require much. As always, you can start small and grow with time. The best thing about laundry is that you can start the business anywhere, even in your house. The only skill needed is that you can wash and iron clothes. In Nigeria, you can start a washing business for N50,000–N100,000.If you go micro-small, you’ll spend less.
4. Restaurant
The cost of starting a food restaurant depends on the amount of money you have available. Likewise, how much it will cost to get your business off the ground depends in part on how big it is. N250,000 is enough to get a small restaurant up and running. That being the case, if you need to buy a lot of big-ticket items and start a large-scale business, you’ll need roughly N500,000 to N700,000 to start the restaurant.
5. Event Management and Planning
You would require only a small amount of capital to operate an event planning and management business. Even if you’re just getting started, you can run your event services out of your own house. This will save you money on additional rent and other expenses. If you properly negotiate with them, you can pay your staff and important service providers the same as your client. There are many ways in which you can convince your clients to pay a portion of the bill before you begin the work. When the customer completes the payment, you’ll receive your share.
6. Car Wash
The cost of beginning a car wash business in Nigeria varies. First, where you want to establish a car wash business matters. Second, it depends on whether you start an automatic or manual car wash. Third, it relies on your startup costs. To start a small-scale car wash business in Nigeria, you’ll need N200,000 to N300,000. This is comfortably below the N500,000 mark. You can even start a car wash business with N100,000 if you already have land and a water source.
7. Online Shop
Many business owners have been put off starting an internet business because of the hefty costs of launching and maintaining an online store. However, you can do it now for a lot less. It currently costs roughly N200,000 to develop a high-quality e-commerce website in Nigeria. Even as a startup, you shouldn’t find the amount too much. And, going by the N500,000 capital cap, there’s a lot of change to spare.
8. Logistics
Small businesses in Nigeria nowadays rely on the logistics industry for survival. That’s because every day, commodities and things are sold, necessitating the need for transportation. Depending on your location, you may require about N300,000 to begin a logistics business in Nigeria. This is primarily to purchase equipment depending on the level you intend to operate at. Renting an office, getting a phone, buying a bike, or using a bus are just some of the expenses.
9. Barbing salon
N300,000 to a million naira is enough to start a VIP barbing salon business. In Nigeria, a typical VIP barbershop must feature cutting-edge barbering equipment, a welcoming salon atmosphere, and a high level of security. As an alternative, starting a small or medium-sized barbershop in Nigeria will cost between N50,000 and N200,000.In this situation, a beginner barber shop will be fine with moderate equipment, barbing instruments, services, and a barbershop environment.
10. Fashion Designing
At least N100,000 a week is possible in the fashion design business, making it one of the most lucrative. So, if you have a natural flair for fashion design, you can pursue it. There is so much room for growth in the fashion sector right now.
You should be able to start a fashion design business with an investment of N500,000 and build it into a larger company. Rent, employee salaries, and initial equipment purchases should all be covered by this sum.