25 Profitable Businesses You Can Start With ₦500k In Nigeria

If you have been searching for a profitable business to start with five hundred thousand Naira (₦500k) in Nigeria, that you can invest your hard earn money and you are wondering what profitable business you could possibly start up with it? 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.

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.

One important thing to note when starting a business is the fact that you would not make millions overnight as you do read online. You cannot just start and get 1,000 and above customers immediately. You should have the intention that every business is just like a baby, it takes time to grow and you have to invest your time and effort in others to get results.

Remember, many things can hinder your success in any business, and most times, it’s not the business you choose but the way you run the business and package your business and be consistent with attending to your customers constantly. Every business has its principles that you must follow, and it’s essential to learn that principle before you kick start your business.

Below here are 25 profitable businesses you can start with ₦500k in Nigeria

1. POS Business

POS business is lucrative business to start with ₦500k in Nigeria and make out the best from it. With ₦500,000, 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 POS company you are affiliated and 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 Palmpay and so on.

2. Restaurant Business

Are you a great cook? I mean, do people actually praise your cooking? Then a business to start with ₦500k in Nigeria is a restaurant business. You can open a restaurant with less than ₦500k in Nigeria and make great profits. A restaurant that caters to the average Nigerian, at least those of the middle class, needs some basic items which include, rent (if you do not have a place of your own), table and chairs, a form of entertainment for your customers, preferably a TV and cable, cooking items, fan, and of course foodstuffs. And of course, since everyone at some point would have to eat, especially during lunch breaks from work, the restaurant business is a great business idea to start with ₦500k in Nigeria.

3. Poultry Business

Another great business to start with ₦500k is a poultry business. You could go into the poultry business by focusing on the sale of eggs, frozen chicken, or the sale of the birds themselves.

A poultry business needs a location in which your backyard could do a cage for rearing your birds and feed.

As long as you got good breeds for whichever aspect you decide to focus on, you are bound to get good returns on your 500k investment in your poultry business.

How To Get Started

1. Construct your poultry house
2. Buy feeds
3. Buy other necessary materials
4. Buy the small birds and start your business

4. Laundry Business

Laundry is another profitable business you can start with ₦500k in Nigeria. 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. Car Wash Business

With ₦500k, you can start a car wash business anyway in Nigeria. You just need to walk up to any filling station or a bar (that has a lot of external space) within your vicinity, meet with the management so as to discuss your intention of starting a car wash business if there is a reached agreement, and then you can go behind closed doors and strategize.

6. Phone Accessories Business

Another great business to start with ₦500k in Nigeria is the phone accessories business. With millions of phone users in Nigeria, you are sure to make a good amount of profit margin in this business. You can start the sales of phone accessories such as charger, earphones, power bank, cover, memory card, screen guard, etc.

7. Blogging

I know you must have heard how some online entrepreneurs are making money from their blogs. Yes, it is true. Truth be told, you can make passive income from blogging but it wouldn’t happen overnight, you need to have the prerequisite knowledge, and capital before you venture into it. You can start blogging with ₦500k in Nigeria.

8. 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.  Read 👉 How To Start Profitable Palm Oil Business In Nigeria and Earn ₦1m Monthly

9. Fish Farming

If you really need a profitable ₦500k business in Nigeria, then why not harness the potential in 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.

10. Pig Farming

Pig Farming has remained one of the most lucrative business in Nigeria today, and with your ₦500k, you can easily set up a large scale pig farm that would change your financial status.

11. Foodstuffs Business

Foodstuffs business is another profitable business you can start with ₦500k. It 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.

12. Sale 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.

13. Salon Business

If you have been asking, what business can I start with ₦500k, then having a salon would really be great.
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.

14. Sale Of Weavons and Attachments Business

Weavons and attachments business is another lucrative business to start with ₦500k in Nigeria. Girls don’t really joke with these accessories, and you would really thrive in the business if your location is good.

15. Lesson Centre

If you like love education and would love to explore the potential in that field, then there may be no need again asking for business to start with ₦500k. Your ₦500k would really be enough to set up a very standard lesson centre, 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 centre 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.

16. Furniture Business

If you can master the art of making mouth-watering furniture such as chairs, tables, bed-frames, cabinets, etc. The furniture business is a lucrative business to start with 500k in Nigeria.

17. Retail Cooking Gas Sales

Ever since the emerge of cooking gas, most Nigerian homes have adopted its use due to how economical and fast it is. Starting a retail cooking sales in Nigeria with ₦500k is very much possible, you don’t need to have a gas station before you go into this business but you can start out as a retailer and sell your cooking gas products in your locality, to augment your income, consider gas refilling as well. This business is very in terms of fire outbreaks, so you should ensure that you have preventive measures being put in place.

18. Event Planning

Event planning is another great business to start with ₦500k in Nigeria. As an event planner, you get to decorate and plan events for people. Since most people hate to be burdened with the stress of planning parties but love throwing them, you could get to make good returns on your ₦500k investment in your event planning business in Nigeria.

19. 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.

20. Fashion Designing Business

Another business to start with ₦500k is the fashion designing business. There is always a high demand for tailors in Nigeria, and if you have got the skills required, then this is just the right business idea you could start with ₦500k in Nigeria.

21. 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.

22. Sale Of Shoes

Any business relating to fashion is always Lucrative in Nigeria today. So if you have ₦500k with you, there is no need asking, what business can i start with ₦500k. Dive into selling of different kinds of quality shoes and see how you would thrive in that field.

23. Sale Of Cement

Cement business is another ₦500k business which you can easily start here in Nigeria, and be making cool profit. 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.

24. Computer Business Centre

If you have been asking for business to start with ₦500k in Nigeria, then opening a standard computer centre would be a nice option. Computer business centre is one of the lucrative business in Nigeria that you can think of.In this centre, 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.

25. Metal Scrap Business

This is another lucrative business idea for you, if you are really searching for business to start with ₦500k in Nigeria. The 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.

Conclusion

Raising capital for business is really very hard, but sometimes when the capital is there, finding a nice business to put in the capital would be another challenge. Though the economy might seem very discouraging, but ₦500k is still not too small to start a profitable business in Nigeria. Many people have lost their hard earned capital because they were unable to make the right decision in investing in the right business. 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, those business ideas discussed on this post, are all nice and profitable business you can start with ₦500k and would never regret it. Just lookout for the one that goes well with your mind.

Written by:

Onyeka David Ugorji, AIPMA,
Founder of NaijaCareers