Best 14 Business to Start With 500k in Nigeria

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Are you one of those people looking for a profitable business to start with 500k in Nigeria? One of the most important things about the rich that keeps them rich is that they keep on investing. I want to refer to this as “the rich mindset.”

Meanwhile, an ordinary man who gets a million or below will think of how to spend it. An individual with a rich mindset will think of how to multiply the money.

What’s the best way to multiply your money? to invest with it. In this article, I will be listing some of the hot business ideas in nigeria that you can start with 500k in Nigeria.

The key important thing to recognize in any business is “Patients.” Business success isn’t automatic. You can’t start a small or large business today and expect to make a profit immediately.

Another thing you must recognize is risks, and you must not attempt to run from it as long as it is a calculated risk. Risk and Patient are what separates a successful business and an unsuccessful business.

14 business to start with 500k in Nigeria

You can choose from these top 14 lucrative business ideas you can start in Nigeria with 500k.

1. Printing and Publishing

Various people print out materials every day, including banners, magazines, books, newspapers, and many others, so this makes it one of those businesses to start with 500k in Nigeria.

You can invest your money in getting  printing machines, acquire the workspace, and get someone equipped with the machines’ technical know-how. With these, you’re ready to go.

The good thing about this printing business is that you don’t have to spend much money running it. All required is to pay for the ink, the paper of the materials for print, with the power supply. And also for maintenance once in a while.

All of which were not paid attention to compared to the money you’ll be paid for work. My advice is to get a machine that does all printing and banner printing. With a minimum of 500k, this small scale business ideas in nigeria can come to actuality, earning you a high flow of income.

Read more: Reliable loan apps in Nigeria.

 2. The Building Block Business

This is another business idea to invest in with 500k in Nigeria. Because there are many construction sites nearby, the building and real estate industries also entail money. This is a very good way to keep the money coming in.

All that’s needed in this lucrative business is; land, machines for molding the blocks, and a person equipped with technical know-how for the business (which is easy to find).

The machines are always a bit difficult to operate; hence, the cost of labor is not too high. You can rent land in an area that you prefer with many construction sites.

With all these, you’re ready to go. All that’s required to keep the business running is to buy sand and cement for the operation.

You can also engage in interlocking tiles, which is quite profitable and has a similar method of running the block molding.

Read more: How to start a successful building block industry business in Nigeria 2022.

3. Blogging and digital marketing

Blogging is a big business that pays in dollars. Yes, you will work and earn in US dollars; as a blogger, I can tell you that I make my money in dollars, not in naira.

Although you can start blogging for free, however, you will need to invest in Web Hosting, domain name, pay writers, and pay for digital marketing tools. That’s if you want to take it to the next level.

In blogging, paying for SEO services that can help optimize your website and help it stand out is enough to exhaust your 500K, but you may not have to look for SEO services since you can learn the basics. The fact is that you can start your blogging career with little or no capital. The secret behind blogging is hardworking and consistent.

Read more: how to start blogging business.

4. Renting Service for Building Materials

Building construction equipment for rent is another way to key into the construction industry. Most construction sites rent machines that they use while they are building.

That’s where you come in for the simple items like the headpan, shovels, & wheelbarrows. And the more complex ones like cement mixers and compacting machines, among others. These materials can be purchased and still rent them out.

My advice is to go for the more expensive one, which will not be difficult to find among your competitors and is more expensive to rent.

5. Computer Service Center

Computer Service Center is a business idea in Nigeria. With 100k, this business idea becomes a reality. But it’s advisable to use at least 500k to get all the modern computers and printers needed for this profitable business.

This business, back some time ago, was one of the best, if not the best, small business ideas to start in Nigeria before the emergence of personal computers.

This business can still stand out as one of the fast-growing businesses if it’s located in the right place. A computer service center that deals with computer-related services such as typing, internet services, computer repairs, accessories, and more is easy to open.

Many people go out to get these services, especially in areas with a high number of people with computer access—such areas as offices, businesses, schools, and government buildings. Those are the areas you should target

 6. Farming

This is another business to start with 500k in Nigeria. You have to go to where farming is prevalent, particularly local areas where good soil is in places, such as Ondo, Edo, and Benue state.

Land can be rented, then asks people to prepare the land for you and do the planting for you. And also, watch over the land for you and the crops through the period before harvesting.

After harvesting, you will transport the crops to the cities for selling, where they will be more expensive. It would be best to rent a truck that will carry the crops.

All this, ranging from getting land, planting,g and transporting the crops, will amount to 500k. Some of the good cash crops you can invest in include cassava, plantain, yam, and banana, among others.

If you are interested in the husbandry business, you can also read the below articles.

7. Food Processing

Nigeria’s biggest food problem isn’t production; it is processing and marketing. If only Nigeria could process more of the food it produces, then Nigerian would reduce food wastage, the food supply would be more stable and less seasonal, and food prices would be less costly to afford.

Nigeria, for example, is one of the leading producers of tomatoes in Africa. However, the country spends millions of dollars every year importing processed tomato paste from China.

The same situation pertains to other imported processed food products whose raw materials are abundantly produced in Nigeria. If you have 500k or below, then you are good to engage in this multi-billion naira industry.

8. Sports Betting

Sporty betting in Nigeria Sports is making a windfall in Nigeria, especially as it doesn’t have laws on betting.

The widespread use of mobile phones and increased access to the internet have reduced the barriers to entering this 315 million strong African market with a thriving appetite for sports betting.

With as low as 500,000 nairas, you are good to engage in this million naira industry. 

Read more: Steps To Start A Sports Betting Business In Nigeria 2022.

9. Exportation

There are many things that you can export from this country, ranging from palm oil, garri, melon, cocoa, cashew, Etc.

There are a lot of Nigerians in countries outside Africa Who prefer to eat Nigerian food but find it difficult to see any. This is why the cost of Nigerian food outside Africa, mostly in the USA, is very high.

The incredible thing about this export business is that you can either export for industrial use or personal consumption. Both or either way will earn you good cash. With less than 500k, you are ready to enjoy this profitable business.

Read more: how to start export business in Nigeria 2022.

10. Selling Fashion Items

Selling fashion items is a very profitable business in Nigeria. Regardless of whether it is a used or a new item, there is a market for it in Nigeria.

If you have a taste for great fashion, this is one of the businesses that you can set up with 500k in Nigeria. You can be the owner of a physical shop where you sell and own an online store. However, doing both is a very profitable strategy.

If you’re planning to engage in this business, you must follow fashion trends, and you always sell quality at very good prices.

11. Car Wash Business

With the rate of how people are buying cars in Nigeria despite the economic decline, there is always an opportunity for a new car wash business in a very populated location.

Many rich people don’t have the time to clean their cars themselves and do a great job of it; hence a car wash is a solution.

Once there is a good space, a closeby water source,e, and equipment needed for car cleaning. You can begin this business and start making money every day.

 12. A dry cleaning service

Dry cleaning is another profitable business you can set up in Nigeria with #500k and requires no specific expertise.

All needed is an opening and some dry cleaning equipment to begin this business. However, If you don’t want to be bothered about it, you may employ someone to look after your clients’ clothing, washing, drying, and ironing.

Depending on your location, you can earn more than #100,000 in a single week. Additionally, you’ll need to learn certain marketing strategies to connect with prospective customers. You can start this great business with as little as 500k.

There is a need to develop a character and earn the trust of your peers in this business so that your prospective clients will have complete faith in your ability to keep their fabric protected and clean in this manner.

13. Keke napep

Meanwhile, this is an amazing business idea that you can start with 500k. You can start a Keke Napep business that is lucrative and even more profitable if you desire to operate the machine by yourself, the result will motivate you to do more.

You can make 5k to 10k daily, depending on the turnout of passengers in your area. If you do not want to operate it yourself, you can give it to someone you trust, and the person can return proceeds made from the business in a day to you.

The maintenance is cheap, the parts are available at the N1,000 – N1,500, and the fuel could take you for the whole day if your carburetor is good.

14. POS business

Pos businesses can produce much money as most people don’t have the time to stand in queues at ATMs, making POS businesses a fast-rising business in Nigeria.

Luckily, you do not need a huge sum of money to start this business; you don’t even need any technical knowledge or millions to start this business.

To start a POS business, you will need a shop and a good location, just like any other business. You also need a POS device and some outstanding funds to pay your customers.

To procure a POS device, shop, and outstanding funds to pay your customer will cost you up to 500k, and with enough awareness, you will be able to make over N50,000 every week or monthly.

Conclusion of business to start with 500k in nigeria

So now you have 14 most Lucrative Businesses to Start with 500k in Nigeria.” There should be no more excuses; take a pick from the list above and try it.

If you have any questions or contributions that you would like to make, drop them in the comment section

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