Have you ever sat and asked yourself; what business can I start with 50K or less in Nigeria? If your answer to that question is yes, then you are on the right post.
In this post, I am going to show you 10 businesses you can start with 50k or less in Nigeria. If you delve into any of these businesses, you might be on your way to running your own small business.
See Also: Top 5 Business Grant Providers for Aspiring Nigerian Entrepreneurs
Startups and small businesses are the bedrock of economies. That is because small businesses provide employment for people when the government and big private companies cannot. Additionally, small businesses help solve problems in society. More importantly, small businesses help entrepreneurs to become self-reliant and become economically viable citizens.
It is due to the positives that many Nigerians have become more interested in entrepreneurship and running their businesses. However, due to the harsh realities of the economy in Nigeria and many other African nations, individuals looking to start small businesses need more capital to venture into entrepreneurship.
Consequently, many Africans and indeed Nigerians are on the lookout for business opportunities that they can start with small capital.
In this post, we are going to cover ten businesses that you can start with less than 50K (50,000 Naira) in Nigeria. We have already covered the businesses that you can start with 100k in this post, but with the positive feedback we received, we want to break it down further and show you businesses you can start with a smaller capital.
What Business Can I Start With 50K In Nigeria?
Noodle Stand
Starting a noodle stand is a business that is quite profitable in many parts of Nigeria. All you need to start this business is a gas cooker or kerosene stove, seats for customers to sit and eat and most importantly, a busy location.
Most noodle stands sell a plate of noodles and eggs for approximately 1100 Naira. The plate of noodles usually consists of two packs of noodles and one egg. A pack of small-sized noodles costs 150 to 200 Naira, and an egg costs 100 Naira. So, with a cost price of 500 Naira, you can make an excellent profit of 400 Naira on just one plate of noodles when you factor in other costs like the cost of kerosene or gas. Here’s an approximate breakdown of how much it takes to start a noodle stand business.
Cost Breakdown
Gas Cooker: 15,000 Naira to buy the cooker and fill it with cooking gas
Utensils: 7,000 to buy plastic plates, forks and spoons.
1 Cartons of Noodles: 8000 Naira
One crate of eggs: 3000 Naira
chairs and tables: 8000 (4000 for 2 benches, 4000 for plastic table)
Location rent: You can rent an open location in many areas in Lagos for as little as 2,500 per month
Total Cost: Approximately 43,500 Naira or less.
Soap Production
Soap production is another amazing business idea that you can start with 50k or less in Nigeria. And the amazing aspect is that you can start your soap production business from the comfort of your home. So, what do you need to start your soap production business?
- A moulding machine
- A cutting machine
- A trimming machine
- Necessary chemicals and substances
Cost Breakdown
- Equipment Cost: N15,000
- Soap Recipes Cost: Between N15,000 to N20,000.
- Branding Cost: N20,000.
Perfume Oil Sales
Another example of a profitable business that you can start with 50k or less in Nigeria is to become a perfume oil seller. Starting this business is especially easy because you don’t need too much equipment to start. All you need to start this amazing business idea is to get in touch with a reliable perfume oil supplier that sells the fragrances that your customers like.
After that, procure perfume bottles (typically 1ML) with which to sell your products. Thereafter, you can start marketing your perfume oils and make an unbelievable profit.
You can buy 10ML of a fragrance at 1,800 Naira and resell it to your customers at 1,000 Naira per 1ML bottle. When you subtract the cost of the 1ML containers you will be using, you can make as much as 500-700 Naira profit per 1ML.
Cost Breakdown
Perfume Oil(wholesale): 15,000
1ML bottles: 2500 for 50 pieces
Total Cost: 17, 500
Thrift Shop
Starting a thrift store is another fantastic example of a business that you can start with 50k or less in Nigeria. In fact, you can start this business with as few as 20,000 Naira in Nigeria. Here’s how you can go about it:
Visit a second-hand clothes market like Yaba or Supa Market in Abule-Egba, Lagos.
Liaise with the second-hand clothes merchants in the market and select some of their best items.
Package the clothes when you get home and start marketing to your target audience.
There are many good clothes that you can buy at those markets for 1p00 Naira and resell for 2,000 Naira or 2,500 Naira. It is a great business to consider.
Cost Breakdown
Capital: Between 10,000-50,000
See Also: 7 Steps on How to Start Your Own Smoothie and Juice Bar Business
Mini-Importation Business
Mini-importation is another business idea that you can start with 50k or less in Nigeria. The trick with mini-importation is to understand the business so that you can make a good profit. The aim is to go for something lightweight so you only pay a little when clearing.
When you buy these items off websites like Alibaba and Aliexpress, one sure place to quickly sell those things is on e-commerce websites like Jumia, Konga, and Jiji. Some items you can import and sell very quickly in Nigeria include the following:
- Selfie sticks
- Car trackers
- Headphones
- Wrists watches
- Phone cases
You can buy some of these items for as low as 800 Naira each, clear and package them and then sell them at 5,000 Naira, giving you about 3,000-5,000 Naira profit.
Cost Breakdown
Capital: 30,000-50,000
See Also: How To Apply For N50,000 Federal Govt Grants, Loans For Nano Business
Become A Used-Car Seller
If you are searching for a business to start with 50k or less in Nigeria, becoming a used-car seller is a good place to start. This is an amazing business opportunity in Nigeria that will cost you absolutely nothing if you already own a smartphone.
All you need is a means of transportation, either private or commercial, so that you can move around easily. You can move around and find cars that have already been labelled for sale.
Thereafter, you can call the car owner and ask about the cost of the vehicle. With that information, you can take pictures of the car, upload them to e-commerce websites with the information, and add your commission. With that, you are on your way to becoming an entrepreneur.
Cost Breakdown
Zero. All you need is a smartphone and a means of transportation.
See Also: Is Shoe Making a Lucrative Business
Start A Printing/Branding Business
Another fantastic business idea you can execute with little or no startup cost is the printing and branding business. To start this business, you need to connect with customers and professional printers. In Lagos State, printers are mainly found in Mushin, Shomolu, and Ogba. Find where printers are based in your area. After that, get their contacts and start marketing your printing business to prospective customers.
When you get an inquiry, just call your printing contacts to get a quote for the job. After that, add your commission to the quote and send it to the customer. If they decide to patronize you, you will start making money from your printing business without spending a dime.
Cost Breakdown
Zero. You can start your printing business without spending much.
See Also: What You Must Know to Start a Small Business
Small-Scale Farming
If you live in a community where good farmlands are abundant, then consider going into small-scale farming.
Look for good farmland to lease, decide on the kind of crops to cultivate, and engage labourers to clear and till the farm. After planting, monitor the farm to know when to weed the farm and when your crops are ripe for harvesting.
Cost Breakdown
Land Lease: 20,000 Naira per annum or less (in a remote community)
Labourers Fees: 5,000-15,000 Naira depending on farm size
Cost of Raw Crops: 10,000-15,000 Naira
Total Cost: 50,000 Naira
See Also: Crafting a Winning Business Plan: A Comprehensive Step-by-Step Guide
Cook-On-Demand Business
A fantastic business that you can start with 50k or less in Nigeria is a cook-on-demand business. A cook-on-demand business is one where clients contact you to help them make food anytime they need it for a fee. To start this business, you need to have fantastic networking skills and good cooking skills.
The problematic aspect of this business is getting people to know about your services. But once more people know about you, you will be getting business through word-of-mouth referrals.
When starting this business, make sure to print complimentary cards and network. Another thing to put in perspective really quickly is your pricing. Decide on your prices and be consistent with that. So, what do you need to start a cook-on-demand business?
Cost Breakdown
Cooking Utensils: 20,000 Naira (pots and spoons)
Complimentary Cards: 5,000 Naira
Total Cost: 25,000 Naira
Final Thoughts
With the situation of the Nigerian economy, it is a great idea to go into business. Unfortunately, the capital needed to start most businesses in Nigeria is a bit on the high side. Thankfully, we have identified 10 businesses that you can start with 50k or less in Nigeria. Please do your independent research to confirm that these businesses are profitable in your community.
Did we miss any business ideas? Please share them in the comments. We would like to hear from you.
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