10 Profitable Business Ideas You Can Start With 50,000 Naira Or Less
Starting a business in Nigeria can be expensive to execute. This is largely due to the fact that too many types of businesses require a lot of money to start up, and so, scare many people away from even trying to start, run, or grow a successful business of their own.
But what if there were profitable businesses in Nigeria that you could start for 50,000 Naira or less?
This is a question many aspiring entrepreneurs ask but rarely get reasonable answers to. To answer that, we’ve listed 10 profitable business ideas in Nigeria that you can start with 50,000 Naira or less:
1). Commodity Brokerage:
Commodity brokerage is one of the most profitable businesses you could start for less than 50,000 Naira. It involves you finding a buyer for a particular commodity for a seller of the same commodity, and then brokering the transaction to earn a commission on every successful sale.
For instance, if you broker a transaction worth 5 million Naira between a buyer and a seller for a 5% commission on the transaction, you’d earn 250,000 Naira.
What’s more important is that you don’t need to spend a lot of money sourcing buyers, except on internet connection and transportation.
Some commodities you could broker include houses, oil & gas products, solid minerals, and much more.
2). Web Design & Development:
This is one business that requires little to no investment to start up unless by purchasing a computer, which the second-hand value of a basic one could be bought at around 40,000 Naia, before being upgraded.
Web design and development is skill-based, meaning that the person offering the service uses their intellectuals to execute and deliver on the job. Here the client is usually expected to pay a certain percentage upfront before the programmer starts building the web platform.
You could learn web design through eBooks or at a computer training institute and leverage on its resource-free incentive to generate a lot of revenues from businesses seeking to build websites for themselves and more.
3). Professional Writing:
The professional writing business is getting increasingly more popular and lucrative than ever before with more entrepreneurs, students, and people seeking to get business plans, business proposals, thesis, dissertations, undergraduate projects, speeches, letters, blog posts, and much more written for them.
These group of individuals go to the internet to search out professional writers they could use for their writing requests. Writers also go on to find prospects at schools, entrepreneurship programs, online, and much more.
If you have great writing skills, you could set up an SEO-ready website and market your service to a bulk of people who would be searching for businesses like yours.
4). Social Media Management & Promotions:
This is a business for people who are constantly active on social media. They may or may not have a large number of followers, but they understand what it takes to get a brand in front of an audience that demands only to be engaged.
If you have elite social media management skills, you could market your services to large companies or small businesses to manage their social media accounts for a monthly fee. If you have a large number of followers, on the other hand, you could help brands promote their products for a fee per post.
5). Tutoring Business:
Tutoring is a service-based business that can be carried out by educated individuals who advertise their services through different means. Usually, school teachers are the ones who have the widest exposure to parents looking to get their kids private home tutors, but with the rise of many online tutoring platforms like PrepClass, you could easily sign up from your home and get paired with a parent.
Asides just private home tutoring, you could set up an online course where you tutor people on a particular subject, then have it uploaded on websites like Udemy and get paid every time someone signs up to attend your course.
6). Plantain Chips Production Business:
Plantain chips are literally the second most popular snacks after beef rolls that are sold on the traffic in Nigeria. People stuck in traffic, especially Lagos, constantly reach out to street traders to buy plantain chips and a drink.
You could take advantage of this low-cost business opportunity to make plantain chips and sell them through people who market the snack in traffic or kiosks around public environments like bus stations, schools, and more.
7). Soap Production:
Soap production is another business that can be started for less than 50,000 Naira in Nigeria. Here, the soap that’s widely made and sold are liquid soaps, and they could either be made for washing clothes, plates, or even bathing, afterwhich they’re sold through a chain of supermarkets whom usually pay within a week of getting a supply.
You could venture into soap production, brand your product, and start distributing to supermarkets in various local governments.
8). Small-Scale Farming:
Several small-scale farming business ideas and opportunities like grasscutter farming, snail farming, poultry farming, and more could be started with under 50,000 Naira if you’re starting from your backyard with minimal resources.
9). Makeup Artistry:
There are so many popular makeup artists today, causing the lucrative nature of the venture to drive a lot of females to want to become one. With weddings, occassions, and events happening every weekend, some makeup artists make as much as 150,000 Naira from some clients by simply just applying their art. Some have makeup studios where people could visit for an emergency facial retouch, while others run creative makeup artistry that are used in movies to create different looks in a person.
You could tap into the lucrative nature of the makeup artistry business if you have a wide network, charge a modest fee depending on the client and nature of the job and gradually grow from there.
10). Professional Printer:
A lot of people engage in the business of helping people print their complimentary cards, invitation cards, billboard ads, letter headed papers, and much more. They do this by establishing contact with several printers in popular low-cost printing areas like Shomolu in Lagos and help clients carry out their professional printing services for them after receiving a deposit.
You could venture into this business by first establishing contacts with a wide range of low-cost printing businesses at popular printing locations and partnering with graphic designers whom could refer their clients to you. You could also hang around the popular printing locations and market your service to people looking to print something.
What are your thoughts on these 10 profitable business ideas in Nigeria that you can start with 50,000 Naira or less? Let me know by leaving a comment below.