What kind of business can you start with N500k in Nigeria?

Are you a budding businessperson or entrepreneur looking to launch a business in Nigeria with N500k? Some of the high ROI businesses that you can start with as little as N500k have been outlined in this article.

       i.            Mini Importation

The core of the mini importation business is "buying and selling." It entails buying products from abroad at a lower rate and selling them at a profitable rate to your customers in Nigeria. The majority of purchases are made in bulk which will yield a better increase.

Mini importation business is well-known for its capacity to be established with virtually any amount of capital. With an N500k investment in the business, a person can earn up to N1 million in profit.  

It is important to keep in mind the key tools and gadgets you will require to manage your business.

·        Computer or laptop, along with a phone

·        Strong Internet connection

·        A MasterCard or VISA card

·        Sufficient capital

·        Email address

·        A physical location or address where goods can be delivered

     ii.            Event Planning

Event planning and management is a great option if you want a business that consistently makes money—almost every single week. Planning an event entails more than just organizing and scheduling events. It covers music, food, interactions, guest planning, and decoration.

Events such as product launches, weddings, and corporate retreats all require the services of an event planner. You can continue to make money since businesses will continue to develop new products and people will still need to organize weddings even amid economic hardships. Services for planning and organizing events are always in demand and rarely go out of style.

The ability to start with a small amount of money is the most intriguing aspect. Determination, networking, and innovation are also required.

  iii.            Photography Business

The photography industry has been in high demand over the years. Several skilled photographers consider turning their hobby into a lucrative business thanks to the profitable potential of the business. However, the photography market is highly competitive, filled with all kinds of photographers wanting to make a living for themselves.

Establishing a photography business might be a terrific way to earn some additional money on the side if you enjoy taking pictures. In the world of professional photography, there is much more to it than just having a decent camera and equipment. Since there is a lot of competition for photographers nowadays, specializing in one particular area of photography is one of the best bet for any aspiring photographer. On average, a good photographer can make anything between N25,000 - N150,000 per photoshoot.

  iv.            Block Molding Industry

One of the industries that is currently doing well in Nigeria is the block industry. However, very few business owners and investors consider that investment option. The block industry is becoming more and more viable and profitable, especially with modern innovations like interlocking and popular block designs. It is a business that does well both in urban and rural locations.

These days, there are now more buildings being constructed, thus the block industry will never go out of demand. With a minimum capital of N500k, you can kick-start a block molding business and gradually grow from the ground to the top.

     v.            POS Business

Point of sales, or POS, has developed into a popular and successful industry in Nigeria. And like any new business initiative, everyone wants to be a part of it. A POS service provider, such as a bank or financial technology firm, employs POS agents. These agents serve as intermediaries between customers and financial institutions and are charged with the responsibility of performing simple financial transactions for bank customers while earning some profits from the service provider. 

POS enterprises have the potential to generate daily returns of up to 20,000 NGN (or even more). But the business's location is a key consideration in this regard. The fee that POS agents charge for each transaction that a consumer makes, from withdrawals to the purchase of airtime, is how they make their money. The POS service provider will occasionally pay the agents a commission as well.

  vi.            Poultry Business

Due to rising urbanization and population, the demand for livestock products, notably poultry, is rapidly increasing in Nigeria and throughout Africa. One of the agricultural industry's fastest-growing sectors in Nigeria is poultry farming.

If you are planning to go into this line of business you must think through every aspect of the business before starting it. You must proceed carefully at every step, from putting together the necessary equipment to rearing the birds and selling your business to potential customers. There are various types of poultry farming, including rearing ducks, chickens, quails, turkeys, emus, broilers, etc. But the basic techniques and concepts remain the same.

vii.            Fish Farming

If you are committed and able to employ the appropriate business strategies, you can succeed in Nigeria's rich fish farming industry. Fish farming is a branch of agriculture that involves the rearing of fish. Another name for it is aquaculture.  It is among the most prevalent kinds of livestock farming.

Fish farming is a good way to get started in the agriculture sector and make some good money. Even though fish farming can be quite profitable, a lack of accurate information about the industry might result in significant losses.

It is common knowledge that fish sells more quickly because it is less expensive than the majority of animal products. Given that it is still the most affordable option for customers, it is a desirable business.

viii.            Sports Betting

Many proprietors and entrepreneurs have become increasingly interested in the sports betting business over the years. The fastest-growing and one of the most promising industries in the world is the sports betting industry. Sports betting makes it possible for both business owners and bettors to increase their returns on investment. Bets are placed on the results of a variety of sports, including football, basketball, rugby, baseball, track cycling, and many others. Additionally, bettors have the option of placing wagers on the teams or tournaments. It is legal to run sports betting business in Nigeria as long as it is licensed by the National Lottery Commission. Returns on this type of investment may range between N300k to N500k daily or weekly depending on the performance.