Ever ask yourself, what business can I start with 50k? or even less in Nigeria?
You need capital to start a business. But how do you get money when you have little or no capital? You can start a business with as little as 50,000 Naira. However, it will be a small business.
If you don’t mind working your way up to having more capital later on, here are some businesses that require a minimum investment and have the potential to generate good returns.
These are small businesses that can be operated out of your home as a part-time venture. One of the best things about these businesses is that they are doubtful of failure, which gives them high safety as an investment.
It’s hard to go wrong with any of these businesses as long as you put in the effort and follow through.
Also, Inviting partners or strategic investors to join your business can be a better option if you don’t have the funds to start a business. It’s a good idea to partner with someone who has complementary skills and experience to your own. This will help you to share the workload and reduce risk.
However, when choosing which business idea to pursue, there are many things you’ll have to consider, including:
- Are there any competitors in your market already?
- Is your product something that people will want and need?
- Do you know enough about the industry in which you’re planning to operate?
- What are the licensing requirements for your business so that you can stay within legal boundaries?
- How much startup capital do you have available for startup costs?
- How much time can you invest in your business on a day-to-day basis?
These are the basic questions you can ask yourself before venturing into any business at all.
Ensure it is something you really want to do, something that suits your personality. It is vital that you choose a business idea wisely. You do not want to put your money and time into something and then regret it later.
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Now Let’s dive In On what business Can I Start With 50k.
There are various businesses in the market that you can choose from, but most importantly, it should be something that you are interested in and something that you can see yourself doing.
It is essential to choose a business idea that you are interested in because if you don’t like it, then it will be challenging for you to put in the effort needed to become successful.
There are many businesses you can start with less than #50,000, and many of these don’t require a significant upfront investment. With the proper knowledge and research, you can find a business idea that suits your interests and skills, and that won’t break the bank.
Now Let’s dive in
Food is a necessity. If people don’t eat, they starve and die. If people don’t eat well, they don’t live as long and productive a life. Food businesses are great for small-scale entrepreneurs.
These include restaurants, food trucks, and food vending or local restaurants ( Iya Buka and co lol). If you want to open a restaurant, you’ll need a lot of capital.
But, you can start a food business for as little as N50,000. If you want to create a food truck, you’ll need a few thousand nairas for a good used truck, regular maintenance, and supplies.
You can buy food and drinks wholesale and sell them at a marked-up price to people in your community.
Food vending can be done anywhere. You can set up a table and sell your food or drinks at a popular place in your community, and this is what makes it stand out as a business. You can start with #50,000 in Nigeria.
You don’t need a license to do this, and the only other thing you might need is a permit if you are selling something that might cause a mess.
This is a great way to start a business because you don’t need a lot of money to get started, and you can sell almost anything people might want to buy.
You can also set up coffee or tea stands and sell coffee, tea, and other hot drinks. This one is great for teens because coffee is something that most people drink every day, so you are likely to have customers who come back to buy more coffee or other drinks.
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Mobile Repairing Business
Mobile phones and their parts are a dime a dozen. What you can do is learn how to repair them and start your own business. It doesn’t take much to start a mobile phone repairing industry.
All you need is a good location where you can set up a shop and a few essential tools like screwdrivers and pliers, and other phone repairing instruments.
When choosing your location, pick a place that’s near a lot of people, like a busy market or a school or university campus. You can also go door-to-door with your repair services.
Like that, you can pick and choose who you work with and where to go. You can also start a mobile repair shop in a marketplace. That way, you can also reach more audience and have fewer barriers to entry and start-up costs.
Computer Repairs and Services Business
People need computers. That’s a fact. Even if they don’t need a new computer, they will need computer repairs at some point in their life.
You can start a business that fixes computers and does other computer-related services like website designing and software installation.
You can also be an IT expert who helps businesses improve and maintain their computer systems. If you want to go the IT way, you’ll have to become certified in one or multiple disciplines.
Computer repair doesn’t require certification. You can start a computer repair business with as little as N50,000, and you should add this to your list if you are asking what business I can start with 50k.
What business can I start with 50k? Become a virtual assistant. You won’t regret it.
People are busy. They don’t have time to do every administrative task that they need to do. You can be someone’s virtual assistant and help them with tasks like writing, editing, typing, scheduling, organizing, emailing, social media management, and so on.
You can start your virtual assistance business at home with very little capital. You can also specialize in one or multiple fields and charge more money for those services.
You can also start a virtual assistance website and reach a wider audience. You can get started with as little as N 50,000.
You don’t need to be a tech professional to start a virtual assistance business. There are lots of online courses where you can learn how to set up and run your own virtual assistance company.
Lots of software programs out there that you can use to run your business. Businesses that are set up online are much easier to run than traditional brick-and-mortar businesses.
Another excellent option for anyone asking what business can i start with 50k
Freelancing is a cool way to make some money on the side. People can hire you to do just about any task that they need to be done.
Some things you can do are website designing, writing, data entry, graphic design, programming, and other managerial or professional skills.
You can start a freelancing business with just a computer and an internet connection.
Freelancing is a great way to make some side income, try out a new career, or launch a full-time business. Some of the most popular freelance jobs are
- software development
- content marketing
- graphic design
- web development
- and copywriting.
Everyone wants beautiful, healthy-looking nails. You can open your own nail salon with very little capital. Depending on the type of nail salon you want to open, you can start with as little as N 50,000.
There are several different types of nail salons, so you can choose the one that best fits your interests and experience.
Some salons offer pedicures and manicures only, while others provide a combination of both. You can open your own nail salon in a shopping mall, in a beauty parlor, or even from your own home if you have enough space.
Opening a nail salon is an excellent idea if you have a creative streak and enjoy meeting different people each day.
Nail salons are in high demand, especially in big cities like Lagos, Abuja, Ibadan, and other big cities in Nigeria, so your business has the potential to proliferate.
Events management business
People love to go out and have fun. They also love to host parties and events. You can start an events management business where you host different types of events and manage them from start to finish.
You can also be hired to manage events that are hosted by other people. Some types of events you can manage are:
- Business conferences
- Concerts and performances
- Exhibitions and trade shows
- Weddings and parties Seminars
- Gatherings and networking events
You can start an events management business with as little as N50,000. For example, if you want to host a conference for small businesses, all you need is a venue and a date. Then you can start marketing the event and collecting the ticket sales.
Another example of an accessible events business is hosting a holiday party or convention at your company. Get the date and venue, and you can start selling tickets.
Convenience stores are all over the place. You can open one of your own and sell things like food and drinks, household items, small health and beauty items, and maybe even cigarettes.
Conclusion On what business can I start with 50k
The businesses listed above require little capital. In fact, you can start many of these business ideas with just N 50,000.
Depending on the business you choose, you can earn enough money to sustain yourself and even have extra money left over. However, keep in mind that these businesses won’t make you rich overnight.