There are a lot of untapped Business models you can start in Nigeria with N500,000 that has the capacity to generate daily income for you over a long period of time if you put in maximum effort in them.
The most interesting part of these businesses is that you can also start them with N200,000, N300,000 but for maximum return N500,000 is the ideal capital in any part of Nigeria.
You don’t necessarily need to be resident in Abuja, Lagos or any of the top cities in Nigeria to make money from these underlisted Business models.
These top Businesses you can start with N500,000 in Nigeria are:
- COOKING GAS BUSINESS
- POS BUSINESS
- POULTRY FARMING
- DRY CLEANING SERVICE (LAUNDRY)
- SNAIL FARMING
- MINI IMPORTATION
- FISH FARMING
- ICE BLOCK BUSINESS
COOKING GAS BUSINESS
This is fast becoming a lucrative business in Nigeria because of the daily income generating nature.
Cooking with kerosene is gradually going into extinction probably because of the time consuming nature of it while using it to prepare a meal and the staining of pot that comes with it. People therefore resort to using gas as a substitute of kerosene so as to cook faster and have a stain free pot.
Starting this business is pretty easy, all you just need are:
- To buy different cylinders that you would use to buy the gas at wholesale from gas plants
- Get a good location close to residential areas
- Register your business name with the Cooperate Affairs Commission (CAC)
Gas is highly inflammable, so extreme precaution needs to be taken to avoid explosion.
More so you can add other cooking accessories like gas cylinder, Lighters, etc.
People are always in a hurry and have no time to stand the long queue at ATM galleries.
So there prefer going to the nearest POS stand to make withdrawals and other transactions.
This thereby increases your chances of making cool money from this business.
The good part of this business is that the requirement to start it up is not much.
All you need are:
- A POS machine
- A good location
- A good location
- A reasonable amount of fund for your customers, at least 200k.
Poultry products; egg and meat are used by hotels, restaurant, and on occasions daily thereby making these poultry products highly demanded. Not also forgetting the poultry dungs which are used as fertilizers in farms and is also used to feed fishes. These uses thereby increases the profitability of the business and keeps the farmers in business all year round.
With N500,000 or less, you would comfortably start up a standard poultry business depending on the scale you want.
Poultry birds are grown for different purposes this:
- Broilers for meat purposes only
- Layers for egg production only
You need patience for at least 4-6 months in this business before you start making consistent profit from this business if you manage your risk well.
DRY CLEANING BUSINESS
A lot of persons are too engaged with work and they rarely have time for laundry.
They therefore resort to seeking for the services of dry cleaners. You don’t need a degree to start this business, all you need are;
- Get a good location(You can also start from home if you don’t have money for shop)
- Get a good sizeable washing machine and a good pressing iron
- Maintenance of good hygiene is Paramount
- Optimum care: Ensure you don’t misplace people’s clothes.
This is one of the most untapped Business opportunities you can start wit N500,000 in Nigeria and make consistent income from it.
Before starting this business, ensure you first acquire the skill. The skill can be acquired from YouTube, Physical seminars etc. and then proceeded to get the necessary materials.
This seems to be easiest amongst all these business models.
You don’t need to have a Physical product of your own to, all you need is to look for a supplier that would supply you goods in quantity and you then proceed to source for customers of that product and sell to them adding your own profit.
The dropshipper serves as a middle man between the wholesaler and customer
Fish farming is a profitable business you can start with N500,000 or less and make consistent returns from the first 6 months upwards with adequate managerial skill.
The basic things needed to start up a fish farm are:
- a) A well constructed reservoir
- b) A good and Clean water source
- c) Fingerlings or Fish (es)
- d) Feed e.g. Poultry dungs
- e) Adequate managerial and Medical care
This is business model requires little or no capital to start it up.
All You need is to research for Products that are in high demand and thereafter source for a Supplier who would supply you with those products in quantity and regularly.
You then proceed to look for customers for the products and sell to them adding your own profit to it. The good thing about this business is that you can start it with almost zero capital and still make serious money out of it.
Affiliate marketing is not only limited to physical products, you can also be an affiliate of a digital product like E-books, Online courses, etc. and gain a commission for each of the product sold by you.
There are some platforms that specialize in providing digital products where people are free to register and market those products for them and earn a commission for each of the products sold through them.
An example of these platforms that provide digital products for affiliate marketing is Expertnaire which is a Nigerian based affiliate platform.
ICE BLOCK BUSINESS
Ice block Business is a high daily income generating business that is yet to be fully harnessed. Ice blocks are used on daily basis on occasions like wedding, marriages, Birthdays, burial, etc. to chill drinks and other food items and it is always demanded in large quantity. More so, other people like street hawkers also use it to chill their drinks thereby providing large market for you.
The good thing about this business is that you don’t need so much capital to start it up, the basic requirements are:
- a) A deep freezer
- b) A steady power supply
- c) Tick waterproof which would house the ice.
MINI IMPORTATION BUSINESS
This is a cash cow in the digital marketing space.
You can buy a product for 5 hundred naira each and resell at as high as N10,000 each or more depending on how good you are in the act of selling.
That is a cool N9,000 profit after removing other miscellaneous expenses like logistics. Now imagine importing say 50 pieces of that product…..do the calculation.
You don’t just import any product you like. Before you import a product, you must have tested it and found out that people would be willing to buy the product.
Also Included in these Business models are:
- FASHION DESIGNING
- EVENT PLANNING
- RECHARGE CARD PRINTING BUSINESS only to mention but a few.
Business models that you can start with N500,000 in Nigeria is one of the most discussed online forums like Nairaland, Facebook groups, WhatsApp groups, etc. and that is why we carefully put out this well researched and untapped high daily income generating Businesses above.