Have you ever sat and asked yourself; what business can I start with 50K or less in Nigeria? If your answer to that question is yes, then you are on the right post.
In this post, I am going to show you 10 businesses that you can start with 50k or less in Nigeria. If you are delve into any of these businesses, you might be on your way to running your own small business.
Startups and small businesses are the bedrock of economies. That is because small businesses provide employment for people when the government and big private companies cannot. Additionally, small businesses help solve problems in society. More importantly, small businesses help entrepreneurs to become self-reliant and become economically viable citizens.
It is due to the positives that many Nigerians have become more interested in entrepreneurship and running their own businesses. However, due to the harsh realities of the economy in Nigeria and many other African nations, individuals looking to start small businesses do not have enough capital to venture into entrepreneurship.
Consequently, many Africans and indeed Nigerians are on the lookout for business opportunities that they can start with small capital.
In this post, we are going to cover 10 businesses that you can start with less than 50K (50,000 Naira) in Nigeria. We have already covered the businesses that you can start with 100k in this post, but with the positive feedback we received, we want to break it down even further and show you businesses you can start with a smaller capital.
Starting a noodle stand is a business that is quite profitable in many parts of Nigeria. All you need to start this business is a gas cooker or kerosene stove, seats for customers to sit and eat, and most importantly, a busy location.
Most noodle stands sell a plate of noodles and eggs for approximately 350 Naira. The plate of noodle usually contains two packs of noodles and one egg to make. A pack of small-sized noodle costs 60-70 Naira and an egg costs 50 Naira. So with a cost price of 190 Naira, you can make a cool profit of 150 Naira on just one plate of noodles. Here’s an approximate breakdown of how much it takes to start a noodle stand business.
Gas Cooker: 10,000 Naira to buy the cooker and fill it with cooking gas
Utensils: 7,000 to buy plastic plates, forks and spoons.
2 Cartons of Noodles: 5200 Naira (at 2,600 Naira each)
1 crate of eggs: 1,300 Naira
Plastic chairs and tables: 10500 (8500 for 5 plastic chairs, 3000 for plastic table)
Location rent: You can rent an open location in many areas in Lagos for as little as 2,500 per month
Total Cost: Approximately 36,500 Naira or less.
Soap production is another amazing business idea that you can start with 50k or less in Nigeria. And the amazing aspect is that you can start your soap production business from the comfort of your home. So what do you need to start your soap production business?
- A moulding machine
- A cutting machine
- A trimming machine
- Necessary chemicals and substances
- Equipment Cost:N10,000
- Soap Recipes Cost: Between N15,000 to N20,000.
- Branding Cost: N20,000.
Perfume Oil Sales
Another example of a profitable business that you can start with 50k or less in Nigeria is to become a perfume oil seller. Starting this business is especially easy because you don’t need too many equipment to start. All you need to start this amazing business idea is to get in touch with a reliable perfume oil supplier that sells the fragrances that your customers like. After that, you need to procure perfume bottles (typically 1ML) with which you want to sell your products. Thereafter, you can start marketing your perfume oils and make an unbelievable profit.
You can buy 10ML of a fragrance at 1,800 Naira then resell at 1,000 Naira per 1ML bottle to your customers. When you remove the cost of the 1ML containers you will be using, you can make as much as 500-700 Naira profit per 1ML.
Perfume Oil(wholesale): 15,000
1ML bottles: 2500 for 50 pieces
Total Cost: 17, 500
Starting a thrift store is another amzing example of a business that you can start with 50k or less in Nigeria. In fact, you can start this business with as low as 20,000 Naira in Nigeria. Here’s how you can go about it:
Visit a second-hand clothes market like Yaba or Supa Market in Abule-Egba, Lagos
Liase with the second-hand clothes merchants in the market and select some of their best items
Package the clothes when you get home and start marketing to your target audience.
There are a lot of good clothes that you can buy at those markets at 500 Naira and resell at 1,000 Naira or 1,500 Naira. It is a great business to consider to go into.
Capital: Between 10,000-50,000
Popcorn Production Business
You can start a popcorn production business in Nigeria with a very small capital and make a good profit. What you really need to make a good profit in the popcorn production business in Nigeria is a good location. With a good location, you will be able to sell enough popcorn to break even and make profits.
What you need to start a profitable popcorn business in Nigeria is a popcorn marker, a nylon sealer, and the corn itself. Let’s take a look at how much it costs to start a popcorn business in Nigeria.
Nylon Sealer: 1,900
Popcorn Maker: 29,000
Maize: 13,500 (50kg)
Ingredients: 3,000 Naira
Total Cost: 46,500
Mini-importation is another business idea that you can start with 50k or less in Nigeria. The trick with mini-importation is to understand the business so that you can make good profit. The aim is to go for something light weight so you don’t pay much when clearing. When you buy these items off websites like Alibaba and Aliexpress, one sure place to quickly sell those things off is on ecommerce websites like Jumia, Konga, and Jiji. Some items you can import and sell very easily in Nigeria include the following:
- Selfie sticks
- Car trackers
- Wrists watches
- Phone cases
You can buy some of these items for as low as 800 Naira, clear and package them for as small as 500 Naira and then sell them at 5,000 Naira, giving you about 3,000-5,000 Naira profit.
Become A Used-Car Seller
If you are searching for a business to start with 50k or less in Nigeria, becoming a used-car seller. This is an amazing business opportunity in Nigeria that will cost you absolutely nothing if you already own a smartphone.
All you need to is have a means of transportation either private or commercial so that you can move around easily. So, what you need to do is to move around, and find cars that have already been labelled for sale. Thereafter, you can place a call to the car owner and ask them the cost of the vehicle. With that information, take pictures of the car, and upload it to ecommerce websites with the information and also add your commission. With that, you are on your way to becoming a car sales entrepreneur.
Zero. All you need is a smartphone and a means of moving around.
Start A Printing/Branding Business
Another fantastic business idea you can execute with little or no startup cost is printing and branding business. To start this business, you need to connect with customers and professional printers. In Lagos State, printers are mainly found in Mushin, Shomolu and Ogba- find where printers are based in your area. After that, get their contacts, and start marketing your printing business to prospective customers.
When you get an inquiry, just call your printing contacts to get a quote for the job. Thereafter, add your commission price in the quote and send it to the customer. If they decide to patronise you, you will start making money from your printing business without spending a dime.
Zero. You can start your printing business without spending much.
If you live in a community where there is an abundance of good farm lands, then you should consider going into small-scale farming.
Just look for a good farm land to lease, decide on the kind of crops to cultivate, and engage labourers to clear and till the farm. After planting, make sure that you monitor the farm to know when to weed the farm, and when your crops are ripe for harvesting.
Land Lease: 20,000 Naira per annum or less
Labourers Fees: 5,000-15,000 Naira depending on farm size
Cost of Raw Crops: 3,000-5,000 Naira
Total Cost: 38,000 Naira
A fantastic business that you can start with 50k or less in Nigeria is a cook-on-demand business. A cook-on-demand business is one where clients contact you to help them make food anytime that they need it for a fee. To start this business, you need to have amazing networking skills as well as good cooking skills. The difficult aspect of this business is getting enough people to know about your services. But once enough people know about you, you will be getting business through word-of-mouth referrals.
When starting this business, make sure that you print complimentary cards and network rigourously. Another thing to put in perspective really quickly is your pricing. Decide on your prices and be consistent with that. So what do you need to start a cook-on-demand business?
Cooking Utensils: 10,000 Naira (pots and spoons)
Complimentary Cards: 5,000 Naira
Total Cost: 15,000 Naira
With the situation of the Nigerian economy, it is a great idea to want to go into business. Unfortunately, the capital needed to start most businesses in Nigeria is a bit on the high side. Thankfully, we have been able to identify 10 businesses that you can start with 50k or less in Nigeria. Please do your own independent research to confirm that these businesses are profitable in your community.