25 Amazing Businesses You Can Start With 50K and grow Into Millions

The best businesses you can start with 50K are Perfume Oil Business, Underwear Business, Zobo Business, Smoked Fish Business, and Online Data Vending. 

50k na small money, but we must try

Godfrey, AtlanticRide.com

Starting a business with 50,000 Naira might seem like trying to cross the Sahara with a single bottle of water, daunting right? But hold up, don’t toss that idea aside just yet.

Imagine turning that 50K into millions. Sounds like a daydream? Well, it’s not just a pipe dream; it’s a reality for some hustlers out there. Especially those who are not shy to actually work for their money.

Starting a business is not always about having a large capital to start with, its about putting shame aside, doing the work that’s needed and remaining consistent. So, if you’re looking at that 50K in your hand and thinking, “What can this really do for me?” you’re in for a treat.

And let’s be honest, with the current exchange rate, 50,000 Naira might not seem like much. It’s actually just about $35.But, as we say, “Naija no dey carry last!”

Whether you’re in Lagos, Abuja, or the smallest village in Kastina State, there’s a gold mine of opportunities waiting to be tapped with that 50K. From local ventures that touch to digital hustles that reach beyond our borders, we’re diving into 24 amazing business ideas that promise to kick-start your journey to financial success. Let’s explore how you can transform your 50K from a whisper in your wallet to a roar in the market. Let’s dive in!

By the way, I started AtlanticRide.com, this website you are reading now with less than 20k and we are making enough money to pay over 10 people in our team monthly.

The 24 Best Businesses You Can Start With 50K

This is a list of the best businesses you can start with 50K, details on how they work, and other important details for your future ventures.

1.   Perfume Oil Business

The perfume oil business is a sweet spot in the Nigerian market, especially given the high demand for affordable luxury and the fact that many Nigerians sweat heavily and need to mask their scent. No shades intended.

This is the first on the list and is easily one of the best businesses you can start with 50K. With 50K, you can start small buying wholesale oils, attractive packaging, and maybe even custom labels.

Target markets? Think university students, office workers, and social media platforms, for starters. Profit margins can be juicy since oils can be sourced for as little as 500 to 1,000 Naira per bottle and sold for 2,000 to 5,000 Naira, depending on the scent and packaging. The main thing is getting a thriving customer base, and you will make lots of profit.

How to grow it into substantial revenue

Let me give you a bit of a digital hack on how to grow this business into making substantial revenue?

For every customer you sell to, collect their WhatsApp number and set a date on you calendar for 3 weeks. That’s the estimated time the perfume you sold to them is expected to finish. So after 3 weeks, send a quick WhatsApp message to your customer asking how the perfume was and if he or she would love to get another one. 3 out of 4 times, they would want to repurchase. This way, all your customers become returning customers.

Before you know it, you’ll have more returning customers than new ones, and this is how to grow a business.

Let me know in the comment section if this has ever worked for you or not. By the way, don’t be shy about posting your business on your Insta, Facebook, TikTok, and your WhatsApp status. Do not be shy of your hustle.

2.   Selling Underwear

Underwear never goes out of style; everyone needs it, making it a solid choice. With 50,000 Naira, you can tap into wholesale deals from big retailers or those who sell by the bale. Selling points could be markets, online platforms like Whatsapp status, Facebook and Instagram.

The main thing is marketing, which can be done with the help of social media and promotional video content. Make videos of your product. In fact, go to websites like pixels and other free stock photos and download free stock fine videos of your products and publish. This will attract customers.

A friend of mine back in the day did this business and she was able to consistently pay her house rent with this business idea alone.

Profit margins are decent, and you can expect to double your investment with the right pricing and marketing strategies in a few months. Remember, variety is vital, stock different sizes, colors, and types to cater to a wide range of customers.

3.   Zobo Business

Zobo drink, made from dried hibiscus leaves, is a favorite in many Nigerian homes and a favorite for people since a bottle of Coke is almost 500 naira now. Its also healthier I think, so people actually buy these.

Nigerians are leaning towards cheaper sources of liquid refreshment, and I am sure you know why. Also, Zobo is very nutritious, so you can capture that when selling.

 Starting this business involves purchasing the leaves, sweeteners (sugar, honey), flavors (pineapple, ginger), and packaging materials. Production is straightforward, and with 50K, you can make a bulk batch to kick-start sales.

Selling in high-traffic areas or through deliveries can turn a good profit, with potential margins of 50-100% depending on production costs and selling price; if you are a student, selling in the university community (I am a student and the urge to buy drinks is strong for students).

Before I moved to my current location, I was staying in a student hostel of 60 rooms. The woman downstairs made zobo and she was the sole zobo plug for the entire lodge. She was selling 70 plus cans a day, including Sundays.

Given the fact that the cost of production is only about 20% of the sales price or 100 naira then, she was making decent money. All we did was to call her on the phone and she delivered to our rooms. You too can replicate this business model.

4.   Smoked Fish Business

With Nigeria’s love for fish in our dishes, smoked fish has a ready market since we have left meat for the rich kids. Your 50K will go towards buying fresh fish, a smoking drum (or renting one), and packaging materials.

The key here is sourcing good-quality fish and mastering the smoking process for that perfect taste. Direct sales to households, market stalls, or small restaurants can yield 50-100% profits, depending on your sales strategy.

This is a very straight-forward small business idea you can start with as little as 50k. Do not forget to use your social media to market. I cannot hammer this enough. Do not be shy of your hustle. A lot of people are these days.

5.   Online Data Vendor

Data is like air nowadays—everyone with a smartphone needs it, and Nigerians almost get depressed when they are not online. It’s definitely one of the best businesses you can start with 50K.

You know the saying “In this country, just try get data, you go laugh tire”. Everybody needs data. Both for fun and for business.

Starting as an online data vendor involves negotiating with network providers for bulk purchase deals or buying from data vendor apps like ClubKonnect. With 50,000 Naira, you can set up and start selling data bundles at competitive rates. The profit margins might be slim per sale, but volume is your friend.

Market aggressively on social media and among friends to grow your customer base. I know a nurse who does this and she’s making decent money to support her nursing salary.

All you need to do this business is your mobile phone.

6.   Fruit Juice Business

Jump on the healthy living bandwagon with a fruit juice business. Your startup costs will cover a good blender, fresh fruits, packaging bottles, and branding. A good blender on Jumia should cost you about 25k. Make sure not to be penny wise pound foolish and buy and 7k blender that wouldn’t be able to do the work.

Source fruits locally for freshness and cost-effectiveness. Sell your juices at gyms in your area, offices, or through deliveries even. With careful planning, the profit margin can be as much as 70-100%, especially if you hit a niche market that’s willing to pay a premium for health, making it one of the best businesses you can start with 50K.

Again, social media is your friend. Spend 3k to hire a graphic designer on Facebook or use Canva to design a very good flier that you’ll use disturb people on WhatsApp. Remember, don’t be shy of posting your hustle.

7.   Popcorn Production

Honestly, I and my friend tried this while we were in school back in 2013, and it was an epic fail. But with hindsight and a better business acumen, i can tell you for sure how to make it work.

Your 50,000 Naira will get you started with a popcorn machine, corn kernels, oil, and flavorings. With low production costs, you can enjoy a profit margin of 100% or more, making it an attractive option for entrepreneurs looking for quick and easy returns.

The secret is getting a good machine. The electrical one is a no no. Get the manual one operated with gas because you cannot rely on NEPA for anything in Nigeria. The second this is to find a good stand. Bus stands inside or around school areas are best. But also, you can make good sales selling inside estates that are desnly populated. People who want netflix and chill in estates will always need popcorn.

8.   Selling Pure Water Bags

Water is life, and in Nigeria, selling pure water bags is a vital business. With 50,000 Naira, invest in bulk purchasing water bags from water trucks and space for storage, which can be your room.

I didnt say you should go and hawk pure water on the streets okay. Buy in bags.

If you are a student, keep it in your room and sell it to your lodge mates and friends. The profit margin per bag may be small, but the sales volume in a big lodge can lead to substantial earnings.

9.   Plantain Chips Business

Starting a plantain chips business in Nigeria is another fantastic way to turn a small investment into a thriving enterprise. With 50,000 Naira, you can buy raw plantains, packaging materials, a cutter and a small fryer. The key to success lies in the uniqueness of your flavor, packaging, and marketing strategy.

Selling through local shops, supermarkets, and secondary school canteens can provide a broad market. Engaging in social media marketing can also boost your visibility. The profit margin in the plantain chips business can be pretty attractive, especially when you produce in bulk and manage your costs effectively.

I gave a young lady this advice about 6 months ago and right now, she is doing pretty well combining it with school. Be careful, though; the hazard of being burned by hot oil is real.

10. Freelancing

With the digital age, freelancing has become more accessible. Writing, graphic design, web development, or digital marketing skills can be monetized on platforms such as Upwork or Fiverr.

But you can also monetize it on Facebook and on jiji.ng. Let me explain; search for writing or blogging groups on Facebook because these people are the ones that need a lot of writing and graphic designs done and we are always on Facebook. Pitch to them your ideas.

Alternatively, share your digital works online. Platforms like Whatsapp, Facebooka dn Instagram can give you a lot of exposure and people who need your services will contact you.

What i have noticed is that peopke get lazy and tired too quickly. You’ll post your skill on Whatsapp today and think that that very same day, you’ll get a buyer. But thats not how it works. You have to be consistent and do it for weeks.

What i can promise you is that once the clients start coming, they never stop.

Your initial investment should be in acquiring the skills needed to be above your peers. You can learn great things on Udemy for as little as 20k. It used to be as little as 5k, but the naira and dollar exchange rate has become something else.

Other investments may be as little as purchasing internet data if you already have a smart phone or laptop. The profit potential depends on your skill level, the demand for your services, and your ability to market yourself effectively. Networking and consistently delivering high-quality work will help you grow, but as long as you know what you are doing, it’s one of the best businesses you can start with 50K.

11. Tutorial Business

Starting a tutorial business, especially for high-demand subjects or exams, can be quite profitable. With 50,000 Naira, you can invest in marketing materials and maybe rent a small space if you don’t want to start from home or offer online classes.

The prerequisite for this, though, is knowing the subject or thing you want to teach.

Tutors can charge per hour or session, or per month depending on what you are teaching. And with a good number of students, you can quickly recoup your initial investment and start making profits. Utilizing social media for advertising and word-of-mouth recommendations can significantly increase your reach.

12.  Bead Making

Bead making is another creative and profitable business venture you can start with a small capital in Nigeria. To me, it is one of the best businesses you can start with 50K.

You can purchase bead-making materials and tools with an initial investment of 50,000 Naira. The business offers a wide market, catering to fashion enthusiasts and individuals interested in custom jewelry. Profits can be maximized by offering unique designs and leveraging online platforms and local fashion shows to showcase your products.

13.               Blogging and Content Creation

Blogging or content creation in a niche you are passionate about can be started with less than 50,000 Naira, primarily covering hosting and domain registration costs.

The key to success in blogging is creating engaging, original content and using SEO strategies to increase visibility. Monetization can come from advertisements, affiliate marketing, sponsored posts, and selling digital products or services. While it may take time to generate significant income, the long-term potential is substantial and will pay you millions in the long term.

14. Cryptocurrency Investment

Investing in cryptocurrency is an option to consider, but it’s crucial to note this isn’t a traditional business startup and comes with its risks. With 50,000 Naira, you can purchase cryptocurrencies and hold them as investments. However, the crypto market is volatile, and it’s essential to do thorough research or consult with a financial advisor. It’s vital to stress that this should not be considered financial advice, and one should invest wisely

15.               Snacks Business

The snacks business is a vibrant sector in Nigeria, where street snacks like puff-puff, meat pies, and sausage rolls are beloved.

I love snacks, and I spend more than I should on them, which indicates the viability of the business. The snacks business is easily one of the best businesses you can start with 50K.

With 50,000 Naira, you can buy basic equipment (like a deep fryer, mixing bowls, and baking sheets), ingredients, and packaging materials. Selling these snacks in busy areas, schools, or through deliveries can yield a good profit. The profit margin might vary, but you can expect to double your investment with effective cost management, especially if you find a niche market with less competition.

16.  Akara Business

Akara (bean cakes) is a popular Nigerian breakfast staple and street food, making it a promising business venture. With an investment of 50,000 Naira, you can purchase a grinding machine, cooking oil, beans, and other ingredients.

Selling in a busy area, especially in the morning, can attract a steady stream of customers, especially if you pair the app with pap( a food match made in heaven).

 Profits depend on location and sales volume, but a high margin is expected due to the low cost of ingredients.

17.   Crochet Business

The crochet business taps into the fashion and home decor industries, offering custom-made clothing, accessories, and decorations. With 50,000 Naira, you can buy yarns, crochet hooks, and pattern books. Social media platforms can serve as your primary marketing channel. The profit margin can be significant since the materials are relatively inexpensive, and finished products can be sold at a premium based on design complexity and time invested.

It’s an industry where you decide how much a wear costs, so to me, it deserves to be on the list of the best businesses you can start with 50K.

18. Affiliate Marketing

Affiliate marketing involves promoting other companies’ products and earning a commission for every sale made through your referral. Starting doesn’t require a physical product, making it ideal for a 50,000 Naira investment, primarily spent on creating a blog or website and marketing. Profits can be significant but vary widely based on the products you choose to promote your marketing skills, and the commission structure.

19. Small Scale Vegetable Farming

With 50,000 Naira, you can lease a small plot of land, buy seeds, and cover initial labor costs for a vegetable garden. The demand for fresh vegetables in Nigerian markets provides a steady market. Profits will depend on the types of vegetables grown, their market prices, and your farm’s yield. Strategic planning regarding planting and harvest times can maximize income.

This business is very lucrative, especially if you have spare land behind your backyard, which saves you so much on land. My mom makes a whole lot from vegetable sales, so I know for a fact that it’s one of the best businesses you can start with 50K.

20. Content Writing and Copywriting

If you have a knack for writing, content writing and copywriting can be lucrative. Your investment mainly goes into marketing yourself—setting up a professional website or portfolio and possibly courses to improve your skills. Freelance platforms offer a starting point, and as you build a client base, you can set higher rates based on your experience and portfolio. The earning potential is high and grows with your reputation.

21. Ghostwriting

Ghostwriting allows you to anonymously write books, articles, or content for clients. With 50,000 Naira, you can establish a professional presence online and invest in writing tools or software. Building a client base may start slowly, but you can command higher fees as you gain trust and deliver quality work. Earnings vary based on projects and your negotiation skills.

22. Mobile Phone Accessories Business

Starting a mobile phone accessories business can be quite lucrative in Nigeria, given the high number of mobile phone users. With 50,000 Naira, you could focus on items with high turnover and broad appeal, such as phone cases, screen protectors, earphones, and chargers. Purchasing these items in bulk from reputable wholesalers will help you save costs significantly.

Identify suppliers offering competitive prices without compromising on quality. Marketplaces like Computer Village in Ikeja, Lagos, or St Michael in Aba could be a good starting point for research and price comparison.

 While margins can vary, aiming for a 30-50% markup on each item can keep prices competitive while ensuring a healthy profit. For example, purchasing screen protectors at 500 Naira each and selling them at 750 to 1,000 Naira can offer a solid return, especially with high-demand items.

23.  E-book Publishing

If you’re knowledgeable about a specific subject or passionate about fiction, e-book publishing can be a cost-effective business. Your investment would primarily go into any necessary research materials, professional editing, and cover design, which can be sourced affordably through freelancing platforms if you cannot do these tasks yourself.

Amazon’s Kindle Direct Publishing (KDP) is a popular platform that allows you to publish e-books at no upfront cost, making it an ideal choice. Focus on niches with a dedicated reader base to increase your chances of sales. Effective marketing through social media and reader forums like Nairaland can also boost visibility.

: E-books priced between $2.99 and $9.99 on Amazon KDP earn 70% in royalties, minus any applicable taxes. A well-marketed e-book can sell dozens to hundreds of copies in its first few months, potentially generating thousands of Naira in revenue.

24. Handmade Crafts and Accessories

This business is perfect for those with a creative streak. For 50,000 Naira, you can buy materials like beads, fabrics, threads, and tools needed to create unique crafts. Platforms like Etsy or local craft fairs offer venues to sell, but in Nigeria, it is best to leverage Instagram and WhatsApp for marketing and sales.

Understanding your target market is crucial. Handmade crafts can appeal to customers looking for personalized or unique items. Invest time in high-quality photos and engaging social media content to attract attention. Collaboration with influencers or attending local events can also increase your reach.

 Profits can vary widely depending on the product’s complexity and materials cost. However, doubling or even tripling your material costs is expected. For example, a piece of jewelry that costs 1,000 Naira to make could be sold for 2,000 to 5,000 Naira making it one of the best businesses you can start with 50K.

Conclusion

As we come to the end of the article, we hope you enjoyed reading about the 24 best businesses you can start with 50K that can make you a millionaire.

If you are interested in anyone here, you can do more research on it and, eventually, make it your thing.

Remember that businesses are not certain to succeed immediately, but with the right steps, they can give you financial freedom.

Thanks for reading once again. If you want to read more like this, we have more articles like this on our website.