50 Businesses to Start With 500k In Nigeria PLUS 1 Insanely Profitable Business

businesses to start with 500k in nigeria

You are about to discover the 50 best businesses to start with 500k in Nigeria.

As a matter of fact, this article will show you not just the specific businesses to start with 500k in Nigeria. It will also show you point by point how to go about starting the businesses too.

So…

If you are among those looking for businesses to start with very little to no capital, this post is NOT for you.

In this Article

What Business to Start with 500k in Nigeria

businesses to start with 500k in nigeria

Perhaps you are thinking to yourself right now:

If I can make just 200k every month, I will be Ok.

Without a doubt, there are so many businesses to start with 500k in Nigeria and you will be making 200k or even more every single month. As a matter of fact, there is no scarcity of business ideas in Nigeria that you can do to make plenty of money.

But, you will come across 2 major hurdles / challenges as follows:

Hurdle / Challenge #1: Only a handful of these businesses are profitable and worth your time and investment as many of them are a complete waste of time.

Hurdle / Challenge #2: The gestation period for many of these businesses are between 3 to 5 years.

So, they are not businesses that you will begin today and start making money immediately.

Therefore, deciding what type of business to start in Nigeria can be very challenging. That is why many people ask the following question: what business can I start with 500K?

I am certain that you have also wondered about the same question and need an objective and truthful answer to it. Otherwise, you will not be on this website reading this article.

Quite frankly, 500 thousand naira is a lot of money. But, be informed that even though 500k is a lot of money, it is not enough capital for you to start many businesses in Nigeria.

As a matter of fact, 500 thousand naira is not even enough to buy JUST ONE of the equipment for some of these businesses.

That is why it is pertinent for us to begin this discussion by first knowing the businesses that you cannot start with 500k before going on to examine the ones you can start with that amount of money.

Businesses You Cannot Start With 500k In Nigeria

The following is a list of some businesses you cannot start with 500k in Nigeria:

1. Pharmacy Business: A pharmacy is one of the businesses you cannot start with 500k. This is because drugs, just like provisions, are very expensive.

As such, you can even spend 1 million naira to buy drugs and you will be looking for the drugs that you bought in your store. So, if you do not have at least 3 million naira, forget about the pharmacy business, especially if you are a complete novice to the business.

businesses to start with 500k in nigeria

2. Real Estate Prospecting: Real estate prospecting is a business that is largely location-based. In other words, if you live in Lagos, Port Harcourt or Abuja, 500k is not enough to buy even a 20ft by 20ft or even a 40ft by 40ft plot in some areas.

So, real estate prospecting in those places is not kiddies stuff and will require at least 5 to 20 million naira to start. 

real estate

Therefore, you need to understand that though you can make a lot of money from real estate superfast, it also require a lot of capital too.

3. Provisions Store / Mini Supermarket: This is another business you cannot start with 500k in Nigeria, irrespective of your location. With the huge price of fuel and cost of transportation nowadays, the prices of foodstuffs and provisions have skyrocketed greatly.

provisions supermarket

For instance, the price of one carton of indomie noodles that used to be 2,000 naira a few years back is now over 7,000 naira. So, if you stock just 5 of them, that is at least 35,000 naira on that single product alone.

At the end of the day, you will discover that you would have invested over 1 million naira in your store, excluding the rent, and you will be looking for the products you used the money to buy.

Therefore, if you do not have at least 5 million naira, forget about provisions store / mini supermarket.

4. Car Dealership / Sales of Belgium and Nigerian Used Vehicles: Some people will have 500k in their bank account and they will begin to think that they can start a car dealership business in Nigeria.

car dealer

For your information, some tokunbor / Belgium cars will cost you over 500k to purchase. Honestly, it is only Nigerian-used cars that you can get for 300k or even 200k.

And most times, you will need plenty of money to get them repaired to standard for you to display them for sale.

What about the cost of renting the place where you will be displaying the cars for sale?

Engaging in the sales of other vehicles like tricycles and motorcycles, Belgium or Nigerian-used vehicles is another highly profitable business that you can add to your car dealership business.

But, you need more than 500k to start this business.

Therefore, if you do not have at least 10 to 20 million naira in your bank account, forget about starting a car dealership business, unless, of course, you have a contact abroad who is ready to send the cars to you to help sell on his or her behalf.

5. Cooking Gas Business: Cooking gas is something people use every day. At least 70% of Nigerians use cooking gas to cook their meals every single day.

cooking gas

So, dealing in the sales of cooking gas is a very profitable business that you can start in Nigeria to make plenty of money.

And the beauty of it is that you will begin to make money from the very first day of starting the business without even having to spend money to erect a signpost or print a banner to advertise your products. Passersby seeing your cylinders will always stop by to check out your store.

But, you will need at least one million naira to purchase your equipment which include a gas tank, a scale, hose pipe, and a dispenser, as well as to purchase your gas products and rent the store to stock your products.

6. Block Industry: Forget about this business if you do not have at least 2 million to 3 million naira.

block industry

You will need to rent a space to display your blocks, a mixer and cement, and employ one or two laborers to mold your blocks before you can start selling them to the public.

And when you start getting customers, you will need to think about how to deliver your blocks to them too. So, you will need to buy a Dyna vehicle or open pick-up vehicle for delivery purposes.

7. Selling Electronics: Among the many businesses that you cannot start with 500k is the electronics business, even if it is used electronics.

electronics

Only the money to rent a store, which is usually in a suburb or very prominent place will take at least almost half that amount, if not more.

And stocking your store with electronics like TVs, fans, DVDs, speakers, microphones and so on, even if they are fairly used, will require far more than 500k. So, you will need to have at least 5 million naira to start this business comfortably.

8. Sales of Laptops / Computer Accessories: This is another business that will require more than 500k to start.

laptop sales

Frankly speaking, you will need at least 2 million naira to rent a shop and stock your laptops and computer accessories like printers, scanners, mouse, keyboards, chargers, laptop batteries and others, as well computer software disks.

You can combine the business with the sales of mobile phone accessories too.

2 million naira will go far if you specialize in the sales of fairly used / tokunbor / Belgium laptops and computers. Otherwise, you will require far more than that amount to do the business comfortably if you only specialize in the sales of new products.

9. Rental Business / Event Management: The beauty of this business is that you will only need to deliver the demanded items to the venue of the ceremony and go back to pick them up when your customers are through with their ceremony.

event management

So, your physical presence is not needed at ceremonies or your store for the business to thrive. You only need to employ one sales person to take customer’s orders. But, if you do not have at least 2 million naira, stay away from this business.

You will regret it if you start it with 500k and that is all the money you have. This is because people will book for canopies, chairs, tables, pots, coolers and so on for their events and you will not be able to meet their demand due to having multiple events in your area on the same day.

Therefore, you will be losing cool money that could have come quietly into your bank account if you began the business with a bigger amount.

10. Bakery: The bread business is a highly profitable business in Nigeria and that is because bread has become like one of the staple foods in the country. There is no doubt whatsoever about that.

bakery

Similarly, cakes for wedding and birthday parties are also high in demand too.

However, though it is one of the most profitable businesses in the country, it requires a lot of money to start.

So, if you do not have at least 3 million naira, forget about starting a bakery business in Nigeria – even if it is a mini bakery that you have in mind.

11. Printing Business: This is another business that you cannot use 500k to start.

printing

We are well aware that the printing business which entail the printing of banners, flyers, T-shirts, book covers, and so on is a very profitable business in Nigeria.

But, over 70% of the money generated in this business comes from big projects like customizing sportswear for schools, companies and other organizations like NGOs. And it is also becoming highly competitive.

So, offering a bargain price is crucial to getting patronage from the existing schools and others in your area.

But, a major challenge in this business is that it requires a standby generator for you to be able to operate it comfortably. And the generator that can carry a printing service costs at least 300k to 500k to purchase.

Even if you decide to go with Solar-powered electricity, you will still need more than 500k to acquire the solar equipment that will power your printing business.

What about office space rent?

What about the equipment you will need for your business like printer and its accessories, as well as furniture and others?

So, if you do not have at least 3 to 5 million naira, stay away from the printing business. As a matter of principle, stay away from any business that requires a standby generator to start, unless, of course, you have the money and the patience that goes along with it.

12. Building Materials: Building materials are very expensive these days.

building materials

The cost of building materials like cement, ceiling, alumaco windows, roofing sheets and other materials have skyrocketed and tripled over the last 3 years.

Nevertheless, people still build houses on a weekly, if not daily business.

But, then, they spend more money before they can complete their building. So, too, for you wanting to set up the business, you also need a lot of money to use as capital to start the building materials business.

Therefore, if you do not have at least 3 to 5 million naira, do not even think about starting a building materials business in Nigeria.

13. Transport Business: You need at least 1 million naira to start this business in Nigeria.

transport

But, even at that, you cannot get any tokunbor or Belgium car for less than 1.2 million naira.

What about other costs that go into it, like registration, plate numbers and others?

And even if you decide to go with a Nigerian used vehicle, the condition of the vehicle may be so bad that you would need to spend extra money to change the engine or make some repairs on the car to put it in good condition for the business.

So, if you do not have at least 1.5 to 2 million naira, stay away from this business.

By the way, if you do not have the time to drive the car yourself, RUN, no FLEE from this business. Otherwise, you will regret it, if you insist on continuing with it.

14. Become an Uber Driver: Like the transport business above, becoming an Uber driver requires more than 500k to start.

uber

In the first place, you need a highly presentable, fairly used car to begin the business. And there is no fairly used car that you can get for less than 1.2 million naira unless it is Nigerian used and, even at that, you will still need to spend money to put it in good working condition.

So, if you have 1.5 to 2 million naira, you can get a fairly used car, download the uber app, register as a driver, and then start getting orders and begin making money on a daily basis.

15. Sales of Motorcycle Spare Parts: This is another business that is capital intensive. But, with one million naira, you can successfully start one and operate it very well.

motorcycle parts

16. Sales of Plastic Products: Another business that you cannot start with 500k is the sales of plastics.

plastics

The plastics business which involve sales of bowls, plates, coolers, waste bins, baskets, balls, etc, though highly profitable, is a highly capital intensive business to start in Nigeria. But with 1 million naira, you can successfully start the business and operate it effectively.

17. Cyber Cafe/Computer Center Business: This is another business that require far more than 500k to operate successfully in Nigeria.

computer center cyber cafe

You will need at least 10 fairly used laptop computers each costing at least 80k to start this business. That is a total of 800k.

You will also need other computer accessories like a printer, papers and other items to successfully start your business. With an additional 300k, you are good to go.

But, what about rent for an office space?

So, you see? You cannot start the cyber café / computer center business if you do not have at least 1.5 million naira at hand.

So, those are some of the businesses that you cannot start with 500k in Nigeria.

Now, let us look at the businesses that you can start with 500k in Nigeria.

Also See: Which Business Can I Start With 2 Million Naira In Nigeria

Top Businesses You Can Start with 500k in Nigeria 2023

Business to start with 500k

Looking to increase your income super fast within a very short time?

If so, here are the top profitable businesses to start with 500k in Nigeria that you should begin right away to increase your income as quickly as possible:

1. Food / Restaurant Business

500k business in Nigeria

Did you eat yesterday? And the day before yesterday? Of course you did and you will also eat today if you have not eaten.

People eat every day.

So, what does that tell you?

It simply mean the food / restaurant business is a highly lucrative business to start in Nigeria.

And you do not need a huge capital to start. You can easily start the food / restaurant business in Nigeria with 500K or even less.

Additionally, you can also offer catering services to your cooking business too.

All you need for instant success is a good location that is close to a major road and good hygiene culture.

The beauty about this business is that you do not even need to spend money to advertise it. If you are a very good cook, your first-time customers will repeat their visits over and over again.

But, more importantly, they will also help you in advertising your business through word of mouth.

This business is ideal for both men and women, especially those who have the time, have a passion for cooking and are a good cook.

Also See: Business To Start With 3 Million Naira In Nigeria

2. Salon (Make-Up / Hair Care / General Beauty) Business

beauty salon hair dressing make up

The beauty care business is next to food and health care in terms of profitability.

In other words, the salon business is one of the top businesses to start with 500k in Nigeria, most especially if you are a woman looking for a business to do. This is because women spend a lot of money on their face and hair to look good all the time.

And that is why the beauty salon business is a very profitable business to start in Nigeria with 500k.

So, if you cannot start a food or health care business (that is pharmacy), then by all means start a beauty care business. It should be the third on your list of prospective businesses to start in Nigeria with 500k

One good thing about this business is that you are already used to the services involved as a woman, which include the making of hair, fixing of nails, applying makeup. So, you can learn it and be very good at everything concerning the business within a very short time.

This business is ideal for women in general looking for a profitable business to start either to make ends meet or support your husband in taking care of the bills at home.

Aside from your startup capital of 500k, all you need to have a very thriving and successful salon business is a good location, highly skilled assistants and top notch customer service.

3. Barbing Salon Business

barbing salon

Closely following the beauty salon business is its counterpart, the barbing salon business.

Quite frankly, the barbing salon business is one of the top businesses to start with 500k in Nigeria as people get their hair cut and treated every single day.

While the beauty salon is for women, the barbing salon is mainly for men and some women who desire to get a haircut.

The business which used to be the exclusive preserve of men is experiencing a huge influx of women too, perhaps due to the high rate of unemployment and lack of jobs in the country.

This business is ideal for men who need a steady stream of income on a daily basis. You can combine it with the POS business too.

And if you have a woman who can handle the beauty salon section, you can also include it too to expand your stream of income and save cost on rent and other expenses.

All you need to succeed with this business is to be very good at giving haircuts and you will have repeat customers and they too will help you advertise your business through word of mouth.

See: Business To Start With 10 million Naira In Nigeria

4. Open a Boutique

bend down boutique

500k is not enough to start a quality boutique business which involve the sale of fashion items such as clothes, shoes and other materials in Nigeria. But, it can sure start a bend down boutique business.

Bend down boutique is the term that is used for the sales of used clothes and shoes in Nigeria.

Honestly, the sales of used clothes and shoes is a very profitable business that you can start in Nigeria with 500k. This is because the economic situation in the country has made the price of new ones to be exorbitant and unaffordable to many people. 

However, you need a good location close to the market, school areas or on a busy street for you to succeed with this business.

You also need to keep abreast with fashion trends so that you do not display outdated fashion styles. Otherwise, you would not make rapid sales of your wares like t-shirts, jeans and shoes.

This business is ideal for those who have a good sense of fashion. If you fall into this category, this is one of the businesses to start with 500k in Nigeria.

5. POS Agent Business

how to start pos business in Nigeria

The POS business is another very profitable and one of the best businesses to start with 500k in Nigeria.

At one time, the POS business became very saturated that getting customers and making a steady profit daily became extremely difficult that many of the POS agents who had no other source of income folded up.

However, the business became very popular again during the cash crunch in February to April 2023. The situation became very bad that many POS operators began charging 3,000 naira to withdraw 10,000 naira.

It became brisk business for them.

I remembered one time when I had no choice but to pay 6,000 naira for the 26,000 naira which I withdrew from my account.

However, POS is not a business to do alone. Otherwise, you may end up folding up like many did some months ago.

That is why you must include it with any other business you already do to be able to cut cost on the rent and other expenses you pay for your store.

This business is ideal for those who already have an existing business like a beauty salon, barbing salon or even a provisions store or supermarket.

Therefore, if you already operate a store where you sell any kind of items, then this is the ideal business to add to your existing business.

You can apply to become a POS agent in Nigeria using GTB POS, Moniepoint POS, Opay POS, Baxi POS, Kudi POS and Palmpay POS.

6. Car Wash Business

car wash business

The car wash business is another very lucrative business to start with 500k in Nigeria. This is because people buy cars every day. And many of them, especially those who engage in the transportation business, do not have the time to wash their cars.

Therefore, this is a business that can never become saturated with suppliers of the service. All you need to succeed with the business is to have a good location, a sunk borehole, a water hose and other equipment for car cleaning.

You can start with manual car washing at the beginning. But, as your business grows, you can go on to upgrade your business to mechanized ways of washing cars to attract high class customers.

This business is ideal for young school leavers who cannot find employment and who wish to become their own boss and grow with time. The good thing about this business is that it is not dependent on electricity supply to operate.

7. Mini Importation / Sales of Wrist Watches and Phone Accessories

mini importation

The mini importation business is another very profitable online business you can start with 500k in Nigeria, and make millions every single month.

You may find it difficult to believe, but a mini importer imported a funny looking tooth cleaning paste and made millions from it. As a matter of fact, he made over 7.2million naira from the sale of just that tooth cleaning paste within a period of 8 weeks.

Another mini importer, a student of mine, imported wrist watches with as low as 2,000 naira per piece and sold them for 15,000 naira to 20,000 naira per piece.

He ended making millions from the importation and sales of wrist watches alone – without a store, spending any money on advertising or incurring any expenses on powering a generator.

And he did not even go into the importation of used phones and their accessories like batteries, chargers, cases, earpiece, headphones, power banks, selfie sticks and so on.

If he had gone into the importation of those additional items, he would have tripled the money he made from his mini importation business.

Some of the places where you can order products online from China include Aliexpress, Alibaba, 1688, and others. Thereafter, you will get your items shipped to your delivery address in Nigeria where you can then sell them at windfall profit.

Those are the places where importers get the phone accessories which they sell locally at Alaba market and Computer village in Lagos, NITA market in Abuja and Central market at Onitsha in Anambra state.

This business is ideal for everyone who is looking for a steady source of income on a weekly and even daily basis.

The beauty about this business is that it does not interfere with your normal business or paid employment. You can do it full time or part time.

But if you have a paid employment, you may not be able to import phones and their accessories, unless you are able to get someone to operate your shop for you in your absence.

However, in order for you to succeed quickly and super fast with the mini importation business, you need to do ONE THING…

And that thing is this:

You need proper guidance in order for you to succeed faster as a mini importer in Nigeria. It was the guidance that my student had from me that made him succeed when he started his mini importation business.

But, without proper guidance…

  • you will make mistakes and the learning curve will great.
  • you could end up getting scammed by fraudulent suppliers on the internet.

That is why the need to have someone with the requisite experience and knowledge to guide you through the whole process is very important.

ecommerce mini importationOne of the very few persons I can recommend in the country as far as the mini importation business is concerned is a successful importation expert by name Fatai Ayegbajeje.

Fatai Ayegbajeje started mini importation in January 2020 and he ended that month with 16 successful sales and a profit of N104,000 selling a mini sewing machine even when he was a complete novice.

Though he stumbled a number of times but he regained his balance and went on to generate over thirty eight million naira in sales, with 35% as profit from between September 2021 – December 2022, a little over one year period.

How exactly did he achieve that feat?

Good question.

Fatai Ayegbajeje is the only person who is qualified to answer that question.

That is why he has created a short video which he titled: “The Easy Peasy Straightforward Simple 5 Steps Formula That Allows You Pocket an Extra 10k – 20k Daily Profit Selling Physical Products To Rich Customers in Nigeria”.

The most amazing thing apart this powerful course is that you can engage in the mini importation business with just your smartphone using the simple 5 step process that is taught by Fatai Ayegbajeje in his video.

Take a look at the description below.

mini importation with smartphone

Click HERE to WATCH THIS VIDEO by Fatai Ayegbejeje right away before it expires

 

Read Also: Best Business To Start With 1 Million Naira In Nigeria


8. Launch a Digital Publication

500k business in Nigeria

Perhaps you have heard of digital publication and just do not know how you can make money from it. For your information, a digital publication is another name for electronic or online publishing.

Electronic or online publishing has to do with the process through which documents like newspapers, magazines, journals and Books are distributed via various online formats.

Through this means, any publisher of physical documents who desire for people to view, download, manipulate, print and even share his information online can do so by transferring such information into digital formats for people to access on the internet.

By making those materials available for people online through various digital formats, everyone interested in having access to them can do so anywhere they may be in any part of the world on different devices. Some of these devices are as follows:

Computers
e-Readers
Tablets and
Smartphones

Other forms of content that a publisher can share through digital publishing include videos, podcasts, infographics, and digital animations.

Frankly speaking, digital publication is one of the best businesses to start with 500k in Nigeria.

One of the notable persons who is making plenty of money from digital publication in Nigeria is Linda Ikeji. It took her just a few years of painstaking dedication and commitment to her blog before she started seeing results.

Now, advertisers pay her millions of naira to advertise on her blog.

Advertising is just one of the many ways that you can make money from a blog or vlog. You can also write a book and sell it on your blog too.

Similarly, you can join affiliate marketing companies as well as network marketing companies and promote their products and services on your blog for an affiliate commission or bonus.

Starting a blog and vlog costs little to nothing. All you need to succeed is to create great content in a niche that is in demand with lots of people.

But, you may complain….

“I cannot write!!!”

I Know.

What if I tell you that there are places online where you can hire people to write a great article for you for a few naira notes, would that help?

Therefore, you can invest some of your 500k capital to hire people that can create the content (that is posts and videos) for your blog or vlog. So, you do not need to know how to write before you can start a digital publication in Nigeria and make money from it.

To show you just how profitable digital publishing is, a young man named Eniola Samuel Oluwadare Made Over ₦8,150,000 ($10,000) in Just 16 Days Living in Nigeria without spending a dime on advertisements!

Eniola Samuel Oluwadare has created a short 8mins video where he explains point by point how he did it.

Better still, Eniola Samuel Oluwadare has also created a powerful course which he titled “Affiliate Millionaire Fastlane”. This mind-blowing course has been carefully packaged to help you learn step by step how to make 6 to 7 figure income from the affiliate marketing business through digital publishing within a short time.

If you would love to see how Eniola Samuel Oluwadare made made over ₦8,150,000 ($10,000) in just 16 days with affiliate marketing from his home in Nigeria without spending a dime on advertisements, then watch this short 8mins video right away.

Click HERE to WATCH THE SHORT 8MINS VIDEO by Eniola Samuel Oluwadare NOW.

9. Forex Trading

forex trading

Searching for an online business to start with 500K and make millions within a short time?

If so, forex trading might just be the right business for you.

By the way, forex means foreign exchange. So, trading forex involves buying and selling foreign currencies to make a huge profit.

With N500,000, you can register with a reliable broker platforms such as OctaFX, ZM, and ICmarkets, trade with them and start making money online.

With the dollar exchanging between 795 naira and 797 naira, any business opportunity which allows you to earn in dollars is a business that is worth taking seriously.

So…

Would you love to learn more about forex trading business?

cryptocurrency

Click HERE to LEARN MORE about this simple way of earning dollars in Nigeria without travelling abroad and with very little capital. 

 

10. Start an Online Store

online store

Starting an online store is one of the easiest ways to start making money from the comfort of your home. 

As a matter of fact, an online store is one of the businesses to start with 500k in Nigeria.

The beauty about this business is you can do it from anywhere in the world. That is why it is the perfect business that you can do if you have a paid employment or have a business that you already do offline.

If you are not tech-savvy, you can hire an expert to create a great e-commerce website for you at around 200k.

Your tech support can help you integrate Paystack and Flutterwave in your online store for the purpose of collecting payments on your behalf. Or you can even use Instagram and WhatsApp if you just want to sell strictly using social media.

This business is ideal for people who already have an offline business who desire to migrate the business online for wider reach and visibility. Take note that you can sell anything you already sell in your offline store online, from new and used fashion items to books, or anything you think people are looking for to buy on the internet.

On the other hand, you can also use well-established e-commerce websites like Jumia and Konga to create your own online store instead of creating your own standalone e-commerce website. The advantage of using their platforms is that you can plug into their popular online marketplaces that already have plenty of wallet-in-hand, ready-to-buy customers every single day.

Also See: Business To Start With 700k In Nigeria

 

Other Businesses You Can Start With 500k

Other businesses you can start with 500k in Nigeria are as follows:

1. Sales of Engine Oil
2. Cosmetics Shop
3. Jewelry Store
4. Betting Business
5. Sales of Clothing Materials
6. Sales of Shoes

7. Production and sales of Ice Blocks
8. Football Viewing Center
9. Gaming Shop
10. Raw Food Stuff Shop
11. Production and Sales of Oven Dried Fish
12. Poultry Business
13. Snail Farming 
14. Fish Farming 
15. Goat Farming
16. Pig Farming 
17. Vegetable Farming
18. Farming of Cassava
19. Groundnut Farming
20. Corn Farming
21. Laundry Business
22. Recharge Card Distributor
23. Small Bookshop
24. Bar / Sales of Drinks
25. Sales of Livestock Feed
26. Sales of Kitchen Utensils
27. Sales of Palm Oil
28. Honey Business
29. Cocoa Business
30. Become a Dispatch Rider
31. Create A YouTube Channel
32. Sales of Hair Extensions
33. Open a Mother Care Store
34. Become a Dispatch Rider
35. Become a DJ
36. Affiliate Marketing
37. Become a Blogger.

38. Digital Marketing
39. Own A Mobile App
40. Open a Barbeque & Open a Barbeque & Shawarma Joint

Conclusion: What Business To Start With 500k In Nigeria

So, there you have it.

Those are the 50 best most profitable businesses to start with 500k in Nigeria.

In conclusion, some profitable businesses to start with 500k in Nigeria include the following:

  • Food / Restaurant Business
  • Salon (Make-Up / Hair Care / General Beauty) Business
  • Barbing Salon Business
  • Open a Boutique
  • POS Agent Business
  • Car Wash Business
  • Mini Importation / Sales of Wrist Watches and Phone Accessories
  • Launch a Digital Publication
  • Forex Trading
  • Start an Online Store

But, no matter how profitable an offline business is, it is beset with challenges. Some of the challenges you will face with these businesses are as follows:

  1. You must be there in person for you to operate the business
  2. You need a physical shop for you to operate the business
  3. The number of hours you can open your shop for business is restricted
  4. If for any reason you are unable to open your shop, you will not make any money
  5. The number of patronage you will get is limited to those who are within that particular area
  6. You cannot combine some of the businesses with other businesses, thereby limiting the income you can make to just that line of business
  7. You need a standby generator to operate some of the businesses

So, what is the way out?

If you have the time to engage in any of those businesses, no problem. You can choose the one that you feel you can do conveniently because some of those businesses are very stressful and time-consuming. The restaurant business, though very profitable, is stressful and time-consuming.

But, if you do not have the time to invest in any of those businesses because you are already engaged in a paid employment somewhere, then you can start an online business.

The advantages of having an online business are just too numerous.  

In the first place, you are not constrained by time or location and you are free to go about any other businesses you may be operating.

As a matter of fact, all the challenges enumerated above with regard to having an offline business are non-existent with an online business. Check out some of the reasons why an online business surpasses any physical business you may have or desire to operate below.

  • An online business can reach anyone with internet access anywhere in the world
  • You do not need a physical shop to operate an online business
  • You do not need a sales assistant for an online business
  • You do not need a generator for an online business
  • You can combine your online business with several other businesses
  • Your business is open 24 hours, 365/366 days of the year

Due to the numerous advantages of online business, that is why Bill Gates, the 4th richest man in the world investopedia.com, stated in the 90s: “If your business is not on the internet, then your business will be out of business.”

Business to start with 500k

Therefore, it is strongly recommended that you must, as a matter of necessity, start an online business TODAY.

Some of the online businesses you can start include ecommerce/dropshipping, digital publishing, affiliate marketing and forex trading.

Whichever of them you decide to go with, it is strongly recommended that you have a blog too. The advantages of having a blog are just too numerous.

Among them is using your blog as a means of advertising your products and services, including your affiliate marketing business, to the entire world.

So, go ahead and start an online business today.

But, do not start an online business without proper guidance. Otherwise, you will face some fresh challenges as a complete novice to the business.

That is why it is strongly recommended that you have proper guidance before starting your online business.

And ONE powerful course that I strongly recommend that you get right away to ensure the instant success of your online business which can help you make a lot of money from affiliate marketing is that by Eniola Samuel Oluwadare.

On one occasion, Eniola Samuel Oluwadare Made Over ₦8,150,000 ($10,000) in Just 16 Days Living in Nigeria without spending a dime on advertisements!

Eniola Samuel Oluwadare has made a lot of money from blogging and affiliate marketing and he can help you do the same too. 

Click HERE to ORDER this POWERFUL COURSE by Eniola Samuel Oluwadare RIGHT NOW.

 

 

 

 

 

About Motunrayo Omonoteje

Motunrayo Omonoteje is a writer and publisher. He has written at least 2 major books that have been published on the international marketplace at Amazon. More are on the way. This is just one of the several ways which he makes money from his home in Nigeria. With fuel at over 600 naira per liter... and the exchange rate at over 800 naira to the dollar... Having a side hustle that pays you in dollars 💰💰💰 is no longer an exception. But, a reality. So, would you love to discover how you too can generate a steady stream of juicy income... from your side hustle on a monthly basis? If so, you can check out his latest post on "15 Top Ways To Get Paid In Dollars In Nigeria". Also, make sure you to his monthly newsletter so as not to miss his regular updates on the latest money making opportunities in Nigeria. Check the link below to subscribe now.

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