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Starting a business is one of the important choices you can make in Nigeria because they are a lot of business potential here in Nigeria that is being overlooked. Thinking about what type of business to start with 500k in Nigeria can be challenging. You want to invest in a company that’s profitable and scalable right?
So right in this article, I will reveal some of the best of Nigeria’s most profitable business ideas you can start with just 500k or less. If you approach this right, you can start making some cool cash out of your investment.
Before starting a business, you need to consider your skills, financial prudence, and management skills. Do you have the right skills or experience to start a business and deliver, don’t forget that a business is simply solving people’s challenges and getting paid for it. Let’s dive right in:
1. Laundry services:
Laundry service, also known as dry cleaning, is the process of washing and dry cleaning other people’s clothes. It could be a company, a private individual or workers. This business is easily scalable for a start-up with low risk on investment; with proper planning and marketing, you can start earning some thousand of naira monthly.
The busy schedules of workers would not give them the time to wash their clothes themself. Helping them wash their clothes would greatly help them, especially those who work Saturdays and attend church on Sundays.
Maximizing this business potential can be great because immediately you have everything set up, you can start getting a few clients and start with the people around you. If you are ashamed of doing a laundry business, you don’t have to be the one washing the clothes. You can hire 2 or 3 employees to wash while you do the management.
What is the equipment you need to start a laundry business?
You can’t run a laundry business with your bare hands. It would be helpful if you had the equipment and tools to start. The type of equipment you want to buy depends on the amount and scale you are willing to pull off right from the start; if you don’t have the funds to purchase washing mashing or a Generator, you can start washing with your hand then buy soup, you can use your home iron to start:
- Washing soap: Make sure you don’t get any soap. Get the type of detergent that dry cleaners use.
- Washing machines: There are several grades; choose the best one you can afford.
- Pressing Iron: A high-quality iron with excellent material that can work with both PHCN and Generator.
- Ironing table: A table where you can iron your clothes.
- Garment Conveyor: You have to hire a carpenter to build a place where you can hang your customer’s clothes
- Water: You’ll need a water supply. You can purchase a tank and store water if no water is available.
2. Tailoring Business:
The Nigerian fashion industry has experienced tremendous growth compared to previous years; more people now love fashion. The Yorubas, Hausa, and Igbo are well known for their male and female attire. Being an expert in sewing this cloths can be super profitable, mainly during the time of events and parties. Everyone what to look good, so hiring a professional tailor is always a good idea.
If you decide you don’t want to sew a native attire, you can choose to start sewing suits. Male suits are becoming popular, and people are now changing. Instead of going to the market or online to buy suits that don’t fit them, they prefer to hire a tailor to take their measurements and come up with a great suit that is body-fitted.
Get the necessary training:
Starting a tailoring business requires some training, mainly if you don’t have any experience in it. Get the essential training on adequately managing a sewing company in your chosen area. It would help if you grasped the ins and outs of the business. A business specialist could only learn specific procedures, whether business training or sewing instruction.
Choose a niche that you would want to serve.
A niche is a comfy position in which you have chosen to dominate and cater. In tailoring, it might be your determination to serve a specific market or set of people. You may, for example, opt to cater to newborn girls, plus-size ladies, and so on.
Fortunately, Nigerians like wearing their local materials.
Creating a niche offers several benefits, the most important of which is the ability to build a brand and a following based on your selected speciality.
3. Small Chops Packaging
Packaging small chops is a business you can start with little money and make a lot of money from. You might create small chops, carefully package them, and sell them in workplaces and stores. You can even post them online so that people can easily order.
You may even create supplies for events if people tell you where and when they need them. This is another fast-growing business in Nigeria to invest in or establish.
Small Chops Equipment
Small chops business is another business you can start from your kitchen. Here is just some essential equipment you must have:
- Cooker with Gas
- blender or a food processor
- pots and pans, as well as sharp knives
4. Computer Repairs
The computer repair business is one of Nigeria’s most lucrative businesses you can start right here in Nigeria. The need for everyone to have a computer is increasing every day, and a computer has become an absolute need in today’s digital society. You will use it for a school project or personal reasons if not for business.
As a result, everyone becomes a prospective client for laptop and computer repairs. As a computer repairer, you must be well-versed in a computer’s hardware and software components.
You can complete some easy software tasks within minutes, such as formatting system, windows installation, security set-up, mobile device management software installation, downloading movies, subscribing to Netflix, and more.
What you need to start a computer repair business in Nigeria
Repair service professionals sometimes need college degrees in computer science from their technicians. Still, anybody who wants to fix computers from home may start a company with knowledge and expertise in servicing, repairing, or changing hardware and software. Here are the preliminary stages.
To successfully begin your computer repair business, you’ll need several things, including:
- Power supply testers
- Crimper pliers
- Thermal paste
- Thermal camera
5. Start a Food Business
The food business idea might not be new, but we all know that people make a lot of money. Not everyone but people who approach it rightly start getting their desired results.
A lot of planning goes into a food-selling business to succeed because the risk is relatively high in daily production.
What do you need to consider before starting a food business in Nigeria?
Define your target market: Defining your target market is the number one step of starting a food business that can be scaled. Are you planning to sell food for students, workers, and business owners, male or female? Once you have decided who your target audience is, understand what food they purchase, why they buy it, the time they buy food, and what would keep them coming.
Select your food type/menu offering: What type of food are you planning to sell? Consider the menu you want to provide – and do it in the process. Discover the most recent menu trends (primarily for your target demographic) and adjust your offering to them.
What time of the day will you be selling: Knowing the time of day you want to sell food is very important. This can even change the food you sell, whether it is breakfast, lunch, or dinner.
Choose your location: Having your business in a populated area can quickly boost your business opportunities. Unless you rely on food delivery, you don’t have to be in the trendiest new area.
Now you know what type of business you can start in Nigeria with 500k. Having a business idea is the starting point. Your next step is planning and strategizing your chosen business idea. It would be best if you understood that it takes time to scale a business and earn some money from it. They are people applying this business idea and are making millions from it. If you do it right and deliver than expected, you will see the funds start coming in. Be sure to meet your lawyer for legal advice before making any financial decisions.
As a result, some market research is required. It is also critical to pursue something you are passionate about, has a high demand, and has a high-profit margin.
What type of business do you want to start today? Share your idea within the comment section, and we would love to see you grow that business. We could even pick a business idea from the comment section and give an in-depth article explaining how to start the business, what you need, how much you can make from it and if the business idea is worth it in 2022 and beyond.