Starting a business in Nigeria can be so difficult. This because one cannot tell if a business would succeed or yield loss by mere looking. This demand careful research and evaluation. There are many people that have money yet fail to get yield in their business. This is because of many factors liks location, low or no advertising and so on. Thankfully, in this article we would be looking at top lucrative business you can start with Five Hundred Thousand Naira and below
Lucrative Business You Can Start With Five Hundred Thousand Naira
Here are a few lucrative business you can start with Five Hundred Thousand Naira in Nigeria:
Poultry Farming
Poultry farming is a highly profitable business in Nigeria due to the high demand for chicken and eggs. It requires a moderate investment and offers quick returns. All you need do is to secure a small piece of land or use your backyard. You can get a little piece of land for N20,000 in Nigeria. The next step would involve building a poultry house, ensuring proper ventilation and security.
To begin, purchase day-old chicks from a reliable source.Maks sure the chicks are healthy. Do well to know the type of chicks that would survive in your environment. Make sure to invest in quality feed to ensure the healthy growth of your birds. After that, regular vaccination and good hygiene practices are crucial. Chicks when they are moved to a new surroundings they often get sick.
In 4 to 5 months, your chicks would grow up healthy. When they do so, you can begin to sell them. Do well to sell them to people that gives the right price. You can also opt to sell the eggs too.
Mini Importation Business
Mini importation involves buying products from foreign markets at low prices and selling them locally at a profit. This business is particularly viable due to the high demand for unique and affordable products. The first step to do is to engage in research. Do well to find out the trending product in the market
After that, use platform like AliExpress to source for the products. When you find, pay the required amount and ship it to Nigeria. When the goods arrive, do not fail to advertise it. Do massive promotion. You can use social media to advertise your products.
Within few months of your marketing, you would start receiving returns. This returns may come in form of referral or instant sale. Do well to repeat this routine whenever you want to sell.
READ THIS: How To Negotiate Business as an Entrepreneur
Event Planning and Decoration
Event planning and decoration is a thriving business in Nigeria. As you know, Nigeria is a country that values celebrations. Therefore, the need for professional planners and decorators is ever-growing.
All you need to start this business is training. You need to get skills that would enable you start decorating. You can learn this skill using some online tools like Udemy. Better still, you can opt for apprenticeship. It would not cost that much to learn this.
After learning, the next thing is to get supplies. The next way you can do this is to purchase essential decoration materials. You can get this tool from your boss. Better still, you can purchase them. Do well to tell your friends that you are into decorations. Make sure you connect with your friends and family. Tell them you are capable of handling their decorations.
The return on this product are high and very lucrative. However, your profit lies in your ability to network with friends and family.
Hair Salon Business
The beauty industry in Nigeria is booming, and starting a hair salon can be a profitable venture. If you have a steady clientele, you can expect consistent income. All you need do is to find a good location. This may take sometime but it is worth it. When you have found one, make sure you buy equipments Then, you can progress to get a skilled person to handle the shop if you are not so strong on the skill.
If you are into barbering, then you can learn trending cuts. You can learn dreadlocks and braiding. Be proficient in this skill. A well managed hair salon can generate funds within days of opening.
Laundry Services
Laundry services are in high demand, especially in urban areas where busy professionals live. It would be very convenient for them knowing there is a laundry man around. All you need this business is a good location. This location should be found in a urban area. If you live in Lagos State, you can stay in the Victoria Island axis.
Then, you can opt to get staff that are very skilled. Also, you can use rapid marketing to get clients. Do well to create fkiers and social media post to attract customers. If you have a good service satisfaction, you can earn a lot of money.
Conclusion
There are other businesses that you can start with N500,000. You can start a POS Business, Stationery Store amongst others. You can do well to research on many of them online. However, do well to note that careful research is key to unlocking returns in any business. Thank you for reading.