How to Start a Small Scale Business in Nigeria With Small Capital
Are you looking for business ideas in Nigeria and ready to invest 50K? Then we have some great offers for you! Search no more as you now in the right place. Nowadays a lot of people are willing to start a small scale business in Nigeria. And fortunately, with an investment of N50,000 you can open a business and get some profit in no time. Continue reading to learn more.
Business to start with 50k in Nigeria
There are a lot of different business options in Nigeria. It all depends on the amount of time that you have and money that you are willing to invest. There are some ideas that you can start a business with only N10 000 in your pocket. However, they are risky, because that amount of money doesn’t pay off very often or soon. With N10,000 you can start a very small scale business and it will take a lot of time to grow and make it a successful business
On the other hand, you can try a more reliable option. You can find an interesting idea and invest N50, 000! It may sound wrong, but small scale businesses with big investment are more profitable than those that have had less than 50k of investment. The idea with big investments is that it covers a large variety of product and clients. More clients means more money – it is that simple.
So, are you looking for some business opportunities in Nigeria. Before doing any business, you need to remember one essential thing – you need to act fast. There are a lot of people out there that are willing to start their small scale business in Nigeria. You will have a lot of competitors. It’s better to start implementing your idea as soon as possible.
The ideal scenario is to start your business this year or in the year to come. Don’t waste time!
What do you need in order to start your small scale business with 50k in Nigeria?
There are several things that you will need:
- N50, 000 of investment ;
- Necessary skills for certain ideas ;
- Business acumen.
Do you have what it takes to start a small scale business in Nigeria? Great! Now it is time to give consideration to the location of your future business. You need to think about whether your business will thrive well in area where you want to start it. In our case, the location is Nigeria and Africa in general. Let’s analyze.
Africa is one of the most populated continents in the world. Around 38% of its population is urban, while in India its only 30% and in China, 45%. A large number of urbanized population will give you greater opportunities to make your business more advanced. Another great thing about Africa – there are 52 cities with a population of more than one million people. More people – more potential clients!
There are a lot of business opportunities in Nigeria. It is the largest country in Africa when it comes to population. The Lagos state, for example, has around 17.5 million people! Businesses in areas with high population are bound to be successful.
What business can you start with 50k in Nigeria?
You are ready to start your business and have decided on Nigeria as the location. Now you can do some research on the ideas for your future business. We’ve done the hard work for you and have some good ideas for a business to start with 50k in Nigeria. Below you can find various ideas that can easily answer your question perhaps you may also like to read our article on “How to make money online in Nigeria?” or else continue reading and find out what businesses you can start with 50k.
1. Fresh fruit juice production
Production companies are one of the highest paid small scale businesses. They will require a lot of investment, but they will pay in the long run. The great thing about production companies is that you can control the prices for your product. They will not depend on the market forces of demand or supply. Usually, you will need more than 50k for your production business. But fortunately, fresh fruit juice production does not require more than N50,000.
This small scale business is usually in high demand in cities with a large population. For example Abuja, Kano, Aba, Port Harcourt and Lagos. Your main clients will be bars, restaurants, hotels, supermarkets and shops. However, try to take only big orders. Thus your product won’t rot and you will get profit. Also consider some special offers for regular customers.
2. Small-scale fish fingerling
Small-scale fish fingerling is a type of business that is quite easy to start. However, you will need a lot of water supply. It also requires a lot of monitoring, so it will take a lot of time and effort. Usually, this type of small case business will pay you off by almost 100%.
3. Selling of mobile phone accessories
Today, the mobile phone accessories business is rapidly growing. You will definitely have a lot of clients. The only thing you need to worry about is finding the right supplier. At the start, you can buy accessories in China. They are not the best quality, but they are known to be cheap. However, don’t think that your business will last for a long time if you rely only on the cheap accessories.
When you make profit, think about buying (and selling) more expensive accessories. You need to have a good reputation among your buyers, so that they will encourage other people to buy accessories from you. It will pay off eventually and your customers will be satisfied!
4. Computer repair
In today’s world, computer repair business can be very profitable. The only thing you need is a high level of skills in computer hardware repair and troubleshooting. Don’t worry if you don’t have them, just find a professional to teach you. Make sure that your skills are high enough before starting your business. You don’t want to have bad reviews, right?
5. Mini Importation business
You don’t need a lot of money to start a mini importation business. You can make a profit from every sale, and thus increase your revenue. The big plus of this idea is that you can control everything from the comfort of your room. You will only need a laptop or a computer and fast internet connection.
6. Restaurant business
This type of business is prevalent among future businessmen. It may give you a lot of customers and therefore profit, but you need to take into consideration location, prices on the market and competitors! The best way to start it is to begin in a highly populated city and with trusted staff. Think about concentrating on one cuisine – people love when the restaurant is “Chinese” or “Continental”.
7. Perfume and liquid soap production
READ ALSO: How to start a blog in Nigeria?
Perfume and liquid soap production require skills in chemistry. You can produce soap or perfumes on your own or find a start-up and collaborate with them. It will be easy to find new clients – your target markets for soap are beer parlors, hotels, restaurants and catering centers. You can sell perfume to service professionals, lecturers, bankers, etc.
8. Snail farming
Snail farming is easy to start and will give you a lot of profit if you find the right clients. Snails are quite expensive and are sold at restaurants and hotels. You can start your farm with 50,000 Naira and then begin selling your snails. Because of the high investment, you will soon get your pay off. However, like small-scale fish fingerling, snail farming require monitoring, effort and time.
9. Mini business center
The mini business center is a type of business that can give you an easy pay-off. You will need a place within a university, college, a set of computers, tables, chairs, a scanning, photocopying and printing machine, some snacks and soft drinks and you are ready to go! Your small business won’t be quite as profitable in the beginning, but it’s the type of business that will pay off in the long run.
Other business opportunities in Nigeria
Besides this listed nine business ideas in Nigeria, there are other popular options:
If you are interested in agricultural business, you can also try rice milling, palm oil processing and garlic processing, boiler poultry farming, and dog breeding. With the right skills and effort, your small scale business in Nigeria will grow into a big company.
For those who want to dedicate their effort to selling products, there are attractive options. You can try selling baby wear, jewelry, watches, handbags, phones, etc. Basically, everything that comes to mind. Try and start with something small, like handbags or baby wear.
This type of business is quite popular today. With 50k you can start your small scale business in Nigeria online. An excellent answer to your question on “how to make money in Nigeria?”. Here are some business ideas for you: blogging business, internet course training, website development and Consultation, internet marketing business. You will need some skills to use these business opportunities in Nigeria.
As you can see, it is easy to find a business to start with 50k in Nigeria. They require time, skills, money and effort. However, it is an excellent way to make a profit. Now you know the answer to your question “What business can you start with 50k in Nigeria”. Good luck, future businessmen