15 Good Business To Start With 500k In Nigeria 2024

What business can I start with 500,000 naira in Anambra state, Abuja, Lagos, Port Harcourt or any state? Here are business to start with 500k in Nigeria.

There’s still a way for you to blow with your hard earned money, could be 500k or let’s say you have around that.

The truth is that, the amount may seem small, but it can go a long way if you invest it wisely and strategically, most obviously by starting a good business with it.

There are many profitable businessess that you can start with 500k in Nigeria, depending on your skills, interests, and location.

In this article, we will explore some of the best businesses to start with 500k in Nigeria. It may seem a bit impossible to start a good business with 500k but don’t be surprised when i tell you it’s.

Your half a million can become tens and hundreds of millions.

The business ideas we are going to cover in this post will give you a very good start and definately a good use of your money, we will talk about legit, trusted and profitable business you can start with 500k in Nigeria and achieve success.

Ensure you read this post from start to finish, take a bit of your time to read through, so you can gather a lot of knowledge before starting your business.

 

15 Profitable Business to start with 500k in Nigeria:

If you are among those asking what business can I start with 500k in Nigeria?, below are business you can easily start in Nigeria with N500,000 naira;

1. Coaching center:

Starting a coaching center in Nigeria can be a profitable business venture. This could involve starting a JAMB, WAEC, or exam tutorial center.

Coaching centers are in high demand in Nigeria, as many students seek additional help to prepare for exams.

It is best to start this type of business in an area with a high population of students, such as near schools or universities.

With the right marketing and quality services, a coaching center can be a successful and profitable business.

For a start you can be a tutor in your coaching center to reduce your expenses, if you have a good knowledge of a subject or an exam, you can start a coaching center to help students prepare for it.

You can offer classes for JAMB, WAEC, NECO, or other exams, or teach subjects like English, math, science, etc.

You will need a suitable space, chairs, tables, boards, books, and other materials. You can charge a fee per student which is usally monthly, depending on the demand and time of the year.

A coaching center can be profitable if you have a good reputation and attract many students. You can also advertise your services online or offline to reach more customers, and yes you can start this business with 500k.

 

2. Photo studio:

Photo studio is another business that you can start with 500k in Nigeria, yeah, mostly likely your start up expenses might invole purchasing a high quality camera and renting a space for your studio.

However, this business might involve you being a good photographer, photo studio provides photography services to individuals and businesses.

This could include portrait photography, event photography, product photography, and more.

To start a photo studio, like i said before you will need to invest in equipment such as cameras, lighting, and backdrops.

With the right marketing and quality services, a photo studio can be a successful business. If you have a passion for photography and a creative eye.

 

3. POS agent business:

This is one of the most popular business to start with 500k in Nigeria currently.

As a POS agent, your business involves providing financial services to customers through a POS machine.

This type of business is becoming increasingly popular everyday in Nigeria, as it provides convenient access to financial services for customers in remote or underbanked areas.

To start a POS agent business, you will need to acquire a POS machine and register with a service provider such as a bank or fintech company like Opay.

A POS agent business can be profitable, as you earn commissions on transactions processed through your POS machine.

If you have access to a reliable internet connection and a mobile device, you can start a POS agent business to provide financial services such as cash withdrawal, deposit, transfer, bill payment, airtime recharge, etc.

You will also need some cash to operate the machine and pay customers. You can earn commissions from each transaction and also charge convenience fees to customers.

A POS agent business can be profitable if you have a strategic location and high traffic.

 

4. Salon business:

Starting a salon business is another option for those with a budget of 500k. A salon provides hair and beauty services to customers.

This could include haircuts, coloring, styling, manicures, pedicures, and more.

To start a salon business, you will need to find a suitable location and invest in equipment and supplies such as chairs, mirrors, hairdryers, and styling products.

Of course, you need to have some experience before starting this type of business, if you have skills in hairdressing, barbering, manicure, pedicure, or makeup, you can start a salon business to offer beauty services to customers.

You can charge a fee per service or per package, depending on the type and quality of your work. A salon business can be profitable if you have a good reputation and attract many customers.

You can also offer home service or mobile service to reach more customers.

 

5. Cooking business:

You have heard of mama put, Iya Amala, Mummy chi-chi, well those that ring an idea into your head. Good, food business is a great business to start with 500k in Nigeria, oh yes, it’s profitable depending on your interest.

If you have a passion for cooking and enjoy making meals for others, starting a cooking or restuarant business could be the perfect venture for you.

A cooking business could involve preparing and selling home-cooked meals or providing catering services for events.

To start a cooking business, you will need to invest in kitchen equipment and supplies such as pots, pans, utensils, and ingredients.

You can also offer catering services for events, parties, meetings, etc. You can charge a fee per plate or per contract, depending on the menu and quantity of your food.

A cooking business can be profitable if you have a good taste and satisfy your customers’ needs. You can also create a website or social media page to showcase your work and get more orders.

 

6. Small supermarket:

Starting a small supermarket is another business that you can start with 500k. A supermarket sells a variety of products such as groceries, household items, and personal care products.

To start a small supermarket, you will need to find a suitable location, maybe in your area if it’s busy enough.

Then invest in equipment such as shelves, refrigerators, and of course get all the products that you are sure will sell in the location you choose, maybe some research and investigation will help before starting.

Remember to stock your supermarket with the right products to sell not just any products to ensure you make good profit out of it.

With the right marketing and competitive prices, a small supermarket can be a successful business.

You can earn profits from the mark-up on each product and also offer discounts to attract more customers.

A small supermarket can be profitable if you have high sales volume and low expenses costs.

 

7. Sell phone accessories:

Omo! phone business is a booming business in Nigeria, you can ask the Igbo people. But the Igbos are not the only one who can run a phone business. Selling phone accessories is another business to start with 500k in Nigeria.

Phone accessories such as cases, chargers, and screen protectors are in high demand, as people seek to protect and personalize their phones.

This is better than actually selling phones due to the capital you have. To start a phone accessory business, you will need to source products from suppliers and find a suitable location to sell your products.

This could be a physical store or an online store. With the right marketing and quality products, a phone accessory business can be successful.

If you have access to a busy area and a small space, you can start selling phone accessories.

You will need to source your products from wholesalers or importers at low prices. You can earn profits from the mark-up on each product and also offer after-sales service or warranty to attract more customers.

Selling phone accessories can be profitable if you have high demand and low competition in the area you set up your business with.

 

8. Block moulding business:

A block moulding business involves manufacturing concrete blocks for use in construction. To start a block moulding business, you will need to invest in equipment such as a block moulding machine and raw materials such as cement and sand.

You will also need to find a suitable location for your business. For this kind of business, you do need to be skilled i must tell you.

If you have access to land and water supply, you can start a block moulding business to produce concrete blocks for construction purposes. You will need machines, moulds, cement, sand, water, and workers.

You can charge a fee per block or per truckload, depending on the size and quality of your blocks.

A block moulding business can be profitable if you have high supply and low production costs and it is a good business to start with 500k in Nigeria.

 

9. Cyber Cafe business:

In school areas, this is a very great business to start with 500k in Nigeria, you are sure to make a lot of profits. This business involes printing, photocopying, scanning and even providing internet access to your customers.

The good thing is you can also position this business anywhere within the city, assuming you do not have access or a space to start your cafe business in a school area.

The business is profitable, you will need to buy a generator, as you already know there’s no constant light in Nigeria, you would also need other equipments like printers and papers.

With the right skills and determination you can succeed in this business.

 

10. Car wash business:

Car wash business is another option for those with a budget of 500k. A car wash provides car washing services to customers. This could include exterior washing, interior cleaning, waxing, and detailing.

To start a car wash business in Abuja, Port Harcourt, Lagos or Anambra, you will need to find a suitable location and invest in equipment such as pressure washers, vacuums, and cleaning supplies.

A car wash business like many of the businesses we have mentioned can also generate a lot of profits if positioned in a very good area.

If you have access to a busy road and a large space, you can start a car wash business to car owners. You will also need little things like need hoses, buckets, sponges, brushes, soaps, and other tools.

All these will fit into your budget even in today’s Nigeria economy, and it’s a good business to start with 500k in Nigeria and be sure of making profit daily.

 

11. Online business:

Online business like blogging,  freelancing and more are among the best business to start with 500k in Nigeria even as a student.

Though, 500k is not not too big to start an online business because you may add some boost by investing on paid ads to promote the type of business you choose to start.

An online business could involve selling products or services through a website or social media.

To start an online business, you will need to create a website or social media presence and source products or services to sell.

There’s also the option of becoming a blogger, or offering freelance services on various freelance platforms.

 

12. Poultry business:

A poultry business involves raising chickens for meat or eggs. Will 500k be enough for this kind of  business? Yes if you start with a good knowledge of this type of business.

To start a poultry business, you will need to invest in equipment such as coops, feeders, and waterers. You will also need to purchase chicks and feed.

With the right management and marketing, a poultry business can be successful.

 

13. Sport Bet center:

I am sure you have heard of BetNaija, Nairabet, 1xbet and so on. Starting a sport bet center is another option for those with a budget of 500k.

A sport bet center provides customers with the opportunity to place bets on sporting events.

To start a sport bet center, you will need to register with a betting company and acquire equipment such as computers and televisions.

This can generate a lot of daily incomes if you have a good understanding of how to run sport bet centers in Nigeria.

 

14. Become a DJ:

Another business you can venture into is DJ. A DJ provides music and entertainment at events such as parties, weddings, and clubs.

To become a DJ, you will need to invest in equipment such as turntables, speakers, and headphones, then maybe a PC. You will also need to develop your skills and build a music library.

With the right knowledge and quality services, becoming a DJ can be a successful career in Nigeria and yes DJ are well paid, they are invited for shows and .

 

15. Laundry business:

The last business on our list of profitable business to start with 500k in Nigeria is laundry business.

A laundry business is another option for those with a budget of 500k. A laundry business provides laundry and dry cleaning services to customers.

To start a laundry business, you will need to invest in equipment such as washing machines, dryers, and ironing boards.

You will also need to find a suitable location for your business. With the right marketing and quality services, a laundry business can be successful.

 

Conclusion:

These are just some of the many businesses that you can start with N500,000 naira. With careful planning and hard work, any of these businesses has the potential to grow into a successful enterprise.

However, I have been able to show you best business to start with 500k in Nigeria that have the potential of generating 50 to 100k monthly income for you.

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