10 profitable business ideas you can start with N50,000.00 or less

April 16th, 2018 | by Doye Alaba
10 profitable business ideas you can start with N50,000.00 or less
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While there are many factors that could affect entrepreneurial decisions, the issue of access to capital remains one that tends to prevent most would-be entrepreneurs from reaching for their dream of becoming business owners.

The question, ‘where will I get the capital to start my business?’, has the power to cripple a person from starting out because a lot of people think that starting a business requires a huge amount of initial capital. But you know what? That’s all a myth. You don’t need access to millions of naira to start a business, there are many businesses out there one can start with a relatively small outlay of initial capital, as little as N50,000.00.

And like all business, capital is only one part of the equation. A determination to succeed is indispensable as is having the right attitude. Top-notch discipline? You can’t overemphasise that – you can’t afford to spend your capital on frivolous things outside the business. Also, you would need to make sure friends and family take your business serious. They should pay for whatever service rendered and goods bought. Your creditors don’t don’t care about goodwill giveaways. It’s tough especially when you don’t want to damage your relationship with people you care about but then, a business is a business. Friends and family should understand and play by the rule.

So, we snooped around the world wide web for businesses ideas that require small capital outlay. However, before embarking on any of these business ideas, be sure it is something you have a passion for because frankly speaking, without that, chances of you succeeding is skewed against you. So do your homework and ask yourself if you would be happy doing that business for free. If you can honestly answer yes to that question, then what are you waiting for? Go ahead and take the plunge because if you don’t,  you would never know.

So here is a list 10 profitable business ideas that you can start in Nigeria with N50,000.00 or less:

1.Baking and distributing roadside snacks

Roadside snacks like fried plantain chips, doughnuts, fried potatoes and yam, small chops and a whole lot more are very common in many parts of Nigeria. The good thing about this business is that people on the road are often times always hungry so there is a ready market for your products.

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You could take advantage by making snacks you could distribute to other people to sell on the road on your behalf, or have a kiosk in a conspicuous place.

The most important factor in this type of business and every other type is the packaging. Also since you would be selling edibles it is important to work in a dirt free environment.

By starting with basic roadside snacks targeting a small neighbourhood, you could silently build a brand that could go on to live in the minds of people over a long period of time.

Another great place they could be sold at is at schools so you could meet with school cafeterias and negotiate with them about supplying them with tasty snacks. Students always have a knack for buying snacks and could build a craving for your product in a short time.

2. Tutoring Business

Tutoring is a service-based business. 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 private home tutoring, you could set up an online course where you can 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.

One major plus of this business is that you need almost no capital to start, maybe just your monthly subscription fee and internet connection fee. It is however, assumed that you already have access to a functioning computer.

3. Freelance Writing

Again, this business assumes you have access to a functioning computer and internet service subscription. Freelance writing is among great business ideas that require minimal initial capita but it requires great writing and good research skills. You also need to be savvy with surfing the internet for gigs.

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You could offer your services on freelancing websites such as Upwork and Fiverr. Some freelance writers reportedly get paid as high as $100 to $1000 per article, while some others could make as high as $35,000 from ghostwriting books.

There are also many blogs that cover freelance writing. They’ll show you everything you need to know how to start, run, and grow a successful freelance writing career on the internet. Give it a go and you could be getting rich.

4. Soap Production

Soap production is another business that can be started with less than N50,000.00 in Nigeria. Here, the soap that’s widely made and sold are liquid soaps, black soaps and bar soaps and they could either be made for washing clothes, plates or even bathing.

You could venture into soap production, brand your product, and start distributing to supermarkets in various local governments. You could start with inexpensive branding and later build up as you grow.

5. E-Payments and POS Business

If you live in an area where there is almost no bank you can handle e-payments for people and make your small change. All you need to do is to get a POS machine from your bank and activate online banking. But obviously, people need to be able to trust you so integrity and honest is a must have to succeed in this business. If you have a criminal reputation or have been involved in shady business in the past, I think it’s best you by-pass this business idea.

 

6. Bedsheet/Beddings Production

Everybody has a bed, and who doesn’t love fancy but affordable beddings? This is another good business many people do not know about.

Just pay a visit to Lagos Island, or Oshodi where they sell bulk materials, pick good and unique materials. Get tailors to sew them for you at cheap rates, It’s a bonus if you are a tailor.

You don’t necessarily have to buy so much, just make diligent use of the capital.You can start with 50k and diligently grow your money.

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7. Catering

This is a win-win business, you could almost not go wrong in this business provided you can cook well and you are far from disappointing people.

Since most of your clients will pay you before the start of the business – half of the money if not the whole- all you have to do is make use of the money paid to you.

You don’t necessarily have to pump a lot of money into the business at first. You could borrow equipment using your first payment. You can then buy yours as your business grows.

With the right friends and Owambe, you will soon start to make cool cash

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 N50,000.00 if you’re starting from your own backyard.

9. Private fitness trainer

If you are a fitness enthusiast and you are looking for a way to make money, you could pick this up.

Part of being a personal trainer is being creative with what you have in the location you’re training your client(s). Make use of any steps they may have at their house, small obstacles, elevated objects they can perform push-ups on, split squats, etc. You could also get basic exercise kits and locally made equipment.

Make sure your body is a summary of what your clients are looking out for because obviously if you’re preaching fitness, then you need to be fit yourself.

 

10. Aso-Oke Selling, Beading and Stoning

With Owambe parties almost every day of the week, you could become a millionaire. In a business like this, you only need the basics of beadmaking and let your creativity kick in.

Go to old women in rural areas to source for aso-oke. You could also give them designs you want them to make for you. you buy it from them at cheap prices, you stone or bead them, package it well, then sell it.

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