Information in Nigeria is very important. It is often said that if you are not you are deformed. Sometimes, the timely arrival of the right and accurate information can a person’s life forever. Many people spend 4-6 years in school studying courses that may not give them their dream wealth in life.
Many graduate and earn up spending years in search of a possible vacancy for employment. It does not have to be so.
You don’t need to wait for them to employ you before actualizing your dreams. There are many business ideas available which can help you earn more than the monthly salary you will be waiting to receive.
This article will inform you about 20 businesses in Nigeria that can help you build your financial life and confidence rock solid.
These list encompasses ideas which could require an acquired skill or training, agricultural experience or inherent skills. All the business ideas listed below are those that can be implemented with N50000.
20 Businesses You Can Start With N50,000 In Nigeria
1. Sales of fairly used clothes, shoes or bags (Okrika clothes)
2. Noodles cooking business
3. Shampoo production and sale
4. Yoghurt business
5. Popcorn business
6. Chin chin business
7. Fast food business
8. Paint production business
9. Phone accessories business
10. Electronics repair business
11. Soap making business
12. Laundry dry-cleaning
13. Cake making
14. Car wash business
15. Shoe making/selling
16. Decoration business
17. Sales of used books
18. Snail rearing
19. Website designing
20. Snacks baking business.
1. Sales of Fairly Used Clothes, Shoes or Bags (Okrika Clothes)
A lot of average Nigerians prefer to buy fairly used items to the newly made ones. This decision can be influenced primarily by their financial status and also by the need for durability. This fact makes the Tokunbo or fairly used market very large in Nigeria.
With N50000, you can purchase a bale of fairly used clothes and start your own Okrika business. The profitability is guaranteed and this kind of business is not affected by seasons since people wear clothes whether in rainy or sunny season.
The cost of importing these items are also cheap but if you can’t go about the import, you can obtain them from other importers with an added fee.
2. Shampoo Production and Sales
Shampoo production is a fast selling business and N50, 000 is enough to start a small scale shampoo production business.
Shampoo is just as indispensable to hairdressers as a hair clipper is to a barber. There are enormous number of hairdressing salons at various locations in the country.
These salons require the service of a shampoo in order to deliver the job paid for by their clients.
The materials for shampoo are readily available, you don’t need any machinery or costly and sophisticated equipment for small scale production. All it requires is the manual mixing of the ingredients with hands or any other aid.
Shampoo can be supplied to local salons and shops or even supermarkets. The profitability is high and it is not a seasonal item or gender specific though is highly patronized by the females.
3. Noodles Fast food Business
Noodles cooking business is a very lucrative, easy and cheap fast food business. It lacks specificity in that noodles can be sold to children, teenagers and adults of any gender.
Most university students especially those staying in the hostel depend on fast foods for breakfast, lunch and dinner too since cooking is not allowed in most hostels as is the case with university of Uyo, Akwa Ibom state.
Travelers and workers who can’t afford high class eatery also prefer fast food too. Setting up a stand close to a school, university, hospital or high populated area would be advantageous in this case. To start a noodles cooking business, you need a stove or any cooker, a suitable location, table and chairs etc.
4. Yoghurt Business
Yoghurt business has subsets of other ventures inside it. It’s like a faculty with different but related departments inside it.
You can choose to be a yoghurt supplier, seller, producer or best still, a jack of all trades by taking on the three at once.
Of all the three options, yoghurt production seems to be the most profitable one. If you are considering going into yoghurt production, N50,000 can only afford a small scale production which can be expanded with time and accumulated profit.
Yoghurt will require refrigeration or freezing. All you need do is procure the ingredients, mix them according to your recipe, freeze, package them and voila! Up you go.
Read Also: How To Start Bottle Water Production Business In Nigeria
5. Chin Chin Business
This is another lucrative and high profitable business with no seasonal variation in sales nor age/gender specificity. Chin chin is made by frying and frying requires oil.
The materials for chin chin production are cheap, easily affordable and readily available. The ingredients can be found in the market, supermarket or local stores.
The produced chin chin can be packaged with or without a printed label. It can also be contained in a bottle and supplied to school canteens, supermarkets, and shops or sold personally.
6. Popcorn Business
In order to see for oneself how profitable this business could be, one should pay a cinema a visit. You will be amazed by how much patronage this snack could get.
Popcorn is a well sort after snack. Popcorn production is not difficult or that costly either. If you are going into small scale production and sales, you will need a popcorn machine.
If you don’t have the capital to get a brand new machine, you can make do with a fairly used one. You can search for a fairly used popcorn machine on jiji.ng or on olx.com.ng. For a new popcorn machine, you can check jumia, konga or any offline stores too.
Marketing is way too easy for popcorn. You can supply them to a supermarket, canteens, amusement parks, school canteens, retail shops etc.
7. Snail Rearing
Snail farming is a business which is overlooked by many Nigerians. At least I have been opportuned to witness a snail farmer selling his snails and the price for a bucket of those snails were no joke.
Going into snail farming is a lucrative business. Snails are readily available, easy to rear and the competition level is low
8. Fast Food Business
For those who can’t afford a huge hall which would serve as a restaurant nor build one with split unit air conditioners positioned at all ankles of the eatery, fast food business is the alternative option.
N50,000 Naira is enough to start a fast food business. All you need is a suitable location or stand. Food preparation can be done at home and then transported to the point of sale.
Travelers often stop by to eat, those who can’t afford the luxury of patronizing a classy eatery will stop by at your place. Also, the people around that area will also patronize you too. One feature that must be maintained above every others is cleanliness.
Your place must be clean and flies-free as possible.
9. Paint Production
Small scale paint production involves mixing the compositions of a paint together in a bucket with the aid of a stick and packaging it in an existing bucket for sale.
The ingredients for paints are obtainable from chemical shops. You don’t have to produce your own container, you just have to mix and pour into another paint’s container and up you go.
10. Snacks Baking Business
Snacks such as chin chin, fish roll, buns, meat pie etc. can earn you a lot of money if you take it serious and market them strategically. If you do it well, you might end up working for companies or other bakeries as a part-timer while you continue running your own private venture.
11. Electronics Repair Business
This business requires ability and skills. If you are good in repairing electronics like television, radios, refrigerators etc. all you need is get the tools and location and up you go.
One essential thing you will need in order to progress in this business aside from skills and ability is good reputation. You have to watch out and protect your reputation.
If can’t repair the spoilt device, tell your client it’s beyond your ability rather than keeping it or telling them it can never be repaired again.
Once you say it can’t be repaired again and they end up getting it repaired somewhere else, that’s a big blow to your reputation.
Read Also: 6 Tips To Be Successful In Chin-Chin Business in Nigeria
12. Phone Accessories Business
These kind of business is common among young guys but anybody can do it. Almost all Nigerians have mobile phones and the need for repairs and replacement of phone parts is unavoidable. Phone accessories business involves the sale of accessories like chargers, earpiece, memory cards, phone casings and others.
It is a very lucrative business and the goods are readily available too.
13. Soap Making
It is near to impossible for a day to go by without the use of soaps whether during bathing, plate washing, car washing or dry-cleaning.
Both solid and liquid soaps are easy to make and sell. The ingredients are easily available and after soap production, they can be sold to restaurants for cleaning jobs, markets and shops etc.
14. Cake Making Business
N50, 000 is enough to get you into the cake making business. This kind of business is skill oriented. You need to acquire the skills on how to prepare cakes both for small and large scale. Cake business can be operated based on demand or as a finished product for sale at any time.
15. Shoe Making/Selling
Shoe making can be very lucrative if you have the skills. Every sensible Nigerian wears shoes, it could be to work, school, church or at home so the need for shoes is a given. Shoe making business can be started with N50, 000 Naira only
16. Dry-Cleaning Business
You can make money by washing and ironing for the busy people. Dry-cleaning job has high profitability and is not seasonal.
17. Decoration Business
People seek for hall decoration during wedding, birthday party or conference and other social or business gathering. Delving into this business will be a good choice.
18. Car Wash Business
This is another cheap business venture which have earn thousands of Naira for people involved in it. It involves the washing of cars for a fee. You will need the appropriate soaps, water, brush and location for this business.
19. Sales of Used Books
This is similar to sales of okrika clothes, shoes and bags. People opt for fairly used books when the brand new one is too costly for them to afford. Selling used books is a lucrative business idea to consider, they are cheap to afford.
Read Also: How To Start Event Decoration Business In Nigeria
20. Website Designing
With your laptop, you can make up to 300k with just website creation and designs. This requires little or no capital at all. All you need is the knowledge and skills and maybe your laptop.