Are you an aspiring entrepreneur in Nigeria and you’re searching for lucrative business ideas in Nigeria that you can invest your hard earn money in? Have you got ₦500,000 and you are wondering what business you could possibly start up with it? One important thing to note when starting a business is the fact that you would not make millions overnight like you do read online. You cannot just start and get 10,000 customers immediately. You should have the intention that every business is just like a baby, it takes time to grow and you have to invest your time and effort in other to get results. With that in mind, here are 10 great business ideas to start with ₦500,000 in Nigeria…
Are you a great cook? I mean, do people actually praise your cooking? Then a great business idea to start with ₦500,000 in Nigeria is a restaurant business. You can open a restaurant with less than ₦500,000 in Nigeria and make great profits.
A restaurant that caters to the average Nigerian, at least those of the middle class, needs some basic items which include, rent (if you do not have a place of your own), table and chairs, a form of entertainment for your customers, preferably a TV and cable, cooking items, fan, and of course food stuffs.
And of course since everyone at some point would have to eat, especially during lunch breaks from work, restaurant business is a great business idea to start with ₦500,000 in Nigeria.
Another great business idea to start with ₦500,000 is a poultry business. You could go into poultry business by focusing on sale of eggs, frozen chicken, or sale of the birds itself. A poultry business needs a location of which your backyard could do, a cage for rearing your birds and feed.
As long as you got good breeds for whichever aspect you decide to focus on, you are bound to get good returns on your ₦500,000 investment on your poultry business.
Everyone is becoming more and more interested in the fashion industry. Most people want to learn how to make their own clothes and design their own wears. This is why a great business idea to start with ₦500,000 in Nigeria is a tailoring school. A tailoring school trains those willing to learn how to sew clothes for a period of time.
To open a tailoring school, you would need some sewing tools and of course a location to set it up. Since the students would be paying for whatever they would use, you do not have to spend much setting it up.
4.Fashion Designing Business
Another great business idea to start with ₦500,000 is fashion designing business. There is always a high demand for tailors in Nigeria, and if you have got the skills required, then this is just the right business idea you could start with 500,000 in Nigeria.
One thing Nigerians love is football. We could watch it every single day and sharing the experience with fellow Nigerians who love it as well is just amazing. This is why a viewing centre is a great business idea to start with.
You would need a hall, sitting arrangement, and of course a television and cable. Viewing centers usually charge ₦100 to ₦300 for each match and it is a great way to make money that requires less that ₦500,000 to set up.
A fish pond is another great business idea any aspiring entrepreneur can launch. You get to grow fishes and sell to retailers and make huge profit from it. With the ever growing demand for fish in Nigeria and not enough supply, this is definitely a great business idea to start with your ₦500,000 in Nigeria.
A daycare is a place that takes care of babies daily. Things required to set up a daycare is a room where the babies would be taken care of, toys and emergency supplies for babies.
Another great business idea you could start with ₦500,000 in Nigeria is a tutoring centre. A tutoring centre is a place that tutors people who want to write external examinations. You offer lectures to those preparing for WAEC, NECO, GCE, JAMB and other external examinations. All you need is a location and some good teachers who would teach other subjects.
Event planning is another great business idea to start with ₦500,000 in Nigeria. As an event planner, you get to decorate and plan events for people. Since most people hate to be burdened with the stress of planning parties but love throwing them, you could get to make good returns on your ₦500,000 investment in your event planning business in Nigeria.
Yet another great business idea to start with ₦500,000 in Nigeria is a photo studio. Are you good at taking good pictures? Do you love photography? Then a photo studio is just right for you to open as an entrepreneur. With the different marriages and other occasions conducted each year, people love their memories to be captured by good photographers and then developed it good photo studios.