Success takes sacrifice, and the Journey of a Thousand Miles begins with a step, is no new news. However, in the history of financial stability, money-making, money multiplication, money management is quite essential. Its also no news that raising capital for business startups is not easy. So if you can manage to save up fifty thousand naira (50K), we wanna show you businesses you can start with 50k or less.
Money Multiplication is important, and money begets money; different capital with different results, and different business with different levels of risk. Every individual thinking in money Multiplication, either to increase the stream of income or to enhance financial stability must usually be a risk-taker; Highlighted below are some lists of businesses that you can start with 50k or less.
You might want to also check out businesses you can start with one million Naira
Businesses you can start with 50K or less
1. Food Business:
Without controversy, food is one of the basic human needs for survival, amongst others, like Shelter, Clothes. Man cannot do without food. Everyday food is consumed everywhere in the world. Though there is a preference, some workers go to work on an empty stomach not because they don’t have money to get raw foods to cook, but because they have little or time to cook. So to manage time or have time for other important things, many people prefer to get ready-made food because it saves them the stress and time they might use in cooking. You can leverage this to start a food business. Therefore, the food business is a business you can start with 50k or less.
You can start this food business by cooking at home and finding a spot around your street where you can come out and serve. You can sell just in the mornings and do other things the rest of the day.
For example, there’s a woman who comes only in the morning at my street to sell rice and stew every morning. She stays just at one corner of the junction with her seats and people troop to come buy her food cause its convenient and sweet.
Alternatively, you could cook at home and deliver to clients in offices or homes using courier service. A lot of families work too hard to have time to cook their own food. This is a gap you can fill.
N.B: as an extra source of income, you can sell both raw foodstuffs and cooked food. Doing this will make you serve more people from different categories while you make your money.
2. Plantain chips business:
Plantain chips are fried crunchy and it is made from ripe or unripe plantains. It is a lucrative business that requires little or minimum capital of 50k to get a slicer (which is an asset), plantain, groundnut oil, stove & frying pan or pot, sealer & nice packaging. You can market it by supplying to schools, shops, stores, etc.
3. Popcorn business:
This is also a good business you can start for as low as 50k naira or less depending on the capital you have available. When starting with a popcorn business, you must choose a good location for your business. Survey the area you want to start your popcorn business, and choose a strategic spot. Major materials you need to start a popcorn business includes, popcorn making machine, the maze, butter sweetener, package nylon, and a sealer as the case may be. If you have enough capital, you can more than a spot, which means you will get someone to run other spots for you.
N.B: Starting a Popcorn business with 50k means you will have to get alternatives for some of the needed materials. The most expensive in the list of materials is the popcorn making machine. So instead of buying a popcorn making machine, you can use a pot or frying pan or buy a corn popper pot.
Looking for franchise opportunities? Here is a idea: Top Donuts Franchises: how to get into the donuts Franchise business
4. Candle production:
Nigerians are always faced with challenges of power supply, so many go for alternatives to satisfy their different use of electricity. A good example is the use of candles for lighting. Therefore, a candle is in high demand, and going into the production of candle is a good idea. To start the production of candles, you can start with a capital of 50k.
5. Sales of mobile accessories:
this is also a lucrative business and very profitable. Many mobile phone users will want to acquire a mobile phone accessory to aid and enhance their usability of the mobile phone.You can start on a small scale with 50k.
6. Bead making and wire works:
this is also a lucrative business you can start with 50k easily and earn a living. All you need is the skills. You can start bead making and wireworks from your room and your products using different marking methods to make enough sales. You can start this business with as little as 50k
7. Sales of perfume and other cosmetics:
cosmetics are what is consumed daily, especially ladies’ cosmetics. Sales of cosmetics are a profitable business and can be started with as little as 50k.
8. Hair/Barbing saloon:
everybody cares about their look and will always visit the saloon to have a nice hairdo or haircut. Owning a Hair/Barbing saloon is a lucrative business. All you need to start is the necessary skills. You can start this business with as little as 50k depending on your location. The cost of renting a shop for saloon varies with respect to location.
9. Fish fingerlings production:
if you don’t have the capital to own a fish pond, another sure way for you to make money in the Fishery business is by producing fingerlings and selling them to people that have the capital to own and run a fish pond.
You can start this business in your backyard with 50k for other materials to house and the fingerlings and their feed before you sell them out.
10. Mini importation:
Mini importation is a business that involves buying goods from other countries, usually from the manufacturer or wholesaler, and it comes at low prices. The goods are bought and imported into the buyers country. The buyer then sells at his/her desired price to make a profit. When doing a mini importation business, you don’t have to travel to the country you are buying from. Thanks to technological advancements through which this has been made possible. You can make your order from the comfort of your room.
You can start a mini importation business as low as 50k — 50,000 Naira or as high as 1,000,000 Naira depending on the capital you have available.
Most people import their products from China because China is a producing country with lots of products and good prices to make profits. To succeed fast in this business, you need to carry out a market demand survey to identify goods that are in high demand.
Things you need to start a mini importation business are:
- Smartphone or a personal computer
- Good internet connection
- Valid delivery address (home or office address)
- Email address
- Phone number
11. POS business:
Point of sale (POS) business is also referred to as agent banking business and offers services like funds transfer and withdrawal, sales of airtime, bill payments like GOTV, DSTV, Startimes, IBEDC, and other utility bills. It is more profitable in areas with no Banks and limited ATM. With 50k or more you can start this up, all you need to do is have a good plan before starting, choose a good location, as this will determine how well the business thrives.
Summarized steps to starting a POS business in Nigeria.
- Go to your bank register with them for POS or get from other available sources.
- Locate a market/busy Environment,
- Get your shop and banner for the advert of your new store, and you are good to go.
POS is also used in shops, markets, etc. The agent conducts the financial transaction and allows clients to deposit, withdraw, transfer funds, pay bills, recharge airtime, inquire about customer account balance, and other related services.
12. Soap Production:
Soap production is another business you can start with 50k or less. You can make liquid soaps, or bar soap, for bathing or washing, brand them, and distribute them to various supermarkets for instant payment. You are not limited to liquid and bar soap, you can also start detergent production.
You could also decide to promote your soap on social media like Instagram or Facebook and ultimately deliver it to your interested customers. You can start this business with 50k,100k,200k, or more.
13. Jewelry business:
With 50k & more you can start up a jewelry business, though it quite risky due to theft and related issues, but you can get jewelry from a wholesaler and sell at a retail price to make your profits. Starting with 50k might mean you may not have a physical shop; you sell online and to people around you. You can invest more to start bigger and you can start by doing drop shipping. With drop shipping, you can start with as low as 50k for packaging and branding.
14. Forex trading:
This involves the buying and trading of foreign currencies. This business is quite Volatile and involves high risk. You must be well equipped with the trading skills and knowledge about the market to prevent loss. With a minimum of 50k, you can always make money from the Forex market; but learning is very important here, so you won’t be regretting starting it out in the first place.
15. Smoked Fish Business:
This is another very lucrative business venture. You can make and sell smoked fish across various markets in Nigeria or even go-ahead to export smoked fish to countries like the UK and earn income. You can start this business with as low as 50k and more depending on the capital.
16. Home and Beauty Products:
You can start making beauty products like facial creams; liquid or bar soaps and put them for sale. The chemicals needed are easily available at the market. You can start making all of such products with less than 50,000 Naira.
17. Tailoring/Fashion Designing:
This is another super profitable business. People will always have to wear clothes. You can start a tailoring business. All you need to get is a standard sewing machine and some other materials and you are good to go. You can advertise yourself around your neighborhood or on social media to get yourself out there. You can start with 50k, 100k, or more.
18. Bag-making business:
This is another thriving business. You can pay up to ₦15,000 (fifteen thousand Naira) to learn how to make bags, but if you want to save cost, you can learn how to make bags online by watching videos on YouTube. The material for this is cheap, and the profit is mouth-watering. you can start with 50k, 100k, or more.
19. Dry-cleaning Services:
A lot of people in Nigeria, especially people with busy schedules, require the services of a dry cleaner as they are too busy to do the cleaning themselves. They outsource that part of their lives to a dry cleaner. The dry-cleaning industry is growing every day, and with 50k, 100k, and more you can start a dry cleaning business. To get started you can buy a washing machine that washes, rinses and spins the clothes. Also, a pressing iron is required in the dry cleaning business. The fantastic part about this is the fact that you can start this business in your house.
20. Recharge Card printing business:
millions of people use recharge cards of different denominations in Nigeria. The profit per unit voucher might seem small but considering the rate at which people use it, (i.e. the volume), the small profit will easily accumulate and become a great profit. You can start this business with as low as 50k, 100k, or as much as 500k.
Agriculture is very wide and you can choose the area you have an interest in. The major thing you should put into consideration in whichever area you choose in agriculture is that you must give proper attention and maintenance to have maximum yield.
Agriculture is very profitable and interesting but you can sustain loss if care is not taken and if it is not done properly. it is a business you can easily start with 50k.
Areas you could choose to start a business in agriculture include:
- Crop Farming: this involves the process of planting and raising crops. Crops also vary, from annual, bi-annual, perennial crops and crops with a short life span. They include vegetable farming, maize, fruits, rice, beans cassava, yam, etc.
- Livestock farming: this involves the raising of livestock animals such as Broilers production, cockerel, Hen, Turkey, rabbits, Ram, goats, snail, fish, pig, etc.
You can start some of this with as little as 50, 000 Naira and as much as 1,000,000 Naira.
Other areas you can start a business in agriculture include:
- Sales of farm implements: this involves the selling of farms such as cutlass, hoes, water, etc, and can be started with as little as 50k, to 1M. however, when it comes to bigger implements such as machinery, and their spare parts, it will definitely require capital but can still be started with 1M.
- Sales of farm chemicals and other inputs such as herbicides, fertilizers, pesticides, etc.