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In this economy, it is hard to think of a business that can be commenced with N500,000. Many think that no business can succeed with such an amount. Others, on the other hand, prefer starting with higher amounts. Regardless of the case, this article is centred on getting you informed of the lucrative business you can start with N500,000. Also, this article will discuss some of the ways you can cut costs when starting at first.
Businesses You Can Start With N500,000
Here are businesses you can start with N500,000 in Nigeria
POS Agent
The rise of POS business has risen to be helpful to many businesses and individuals. The hassles of queuing in ATMs worldwide has reduced. This is because there has been an increase in POS vendors nationwide. When it comes to business operations, the POS business is quite lucrative. Additionally, it has a low set-up cost. You do not need too much capital to start this business. The following provides a guide on the process of starting this journey:
Guide to Start A POS Business
This section provides a step-by-step guide to starting a POS business:
Step 1: Select the Right Location
The location of your store matters a lot in getting customers. Do well to choose a place that offers great visibility. It also helps you gain accessibility to your services.
Step 2: Partner with a Mobile Money Company
Do well to collaborate with a Mobile money company. This would help you make a commission for every transaction you make. Select a mobile money agent that gives you services like Umbrella, POS and other services.
Step 3: Obtain a POS Device
Do well to ask for a POS device that allows you to carry out transactions. This tool will enable you to carry out your business in an orderly manner. This device would enable you to make withdrawals and payments easily.
Step 4: Cash on Hand
It is advisable to possess cash in hand for proper transactions. Clients would request you to have needed cash in your reserve. This would enable them to request withdrawals and payments when necessary.
Real Estate
The real estate sector is a growing sector in the economy. It presents you with an opportunity to earn a very good amount of money. With an investment of N500,000, you can thrive in this sector. This business does not need much academic expertise.
It is built around one tenet: identify properties, purchase them and resell them for a good price. If you live in Lagos State, you can purchase properties in the Lekki, Ajah region. You can obtain them for at least N300,000. After some time, you can sell them for N700,000.
Boutique Business
The Boutique Business is quite a rewarding venture to get in. With a capital of N500,000, you can start a top-grossing business in clothing. You can set up this business in a University environment. You can customize sign-out shirts for freshers and final-year students. Additionally, you can sell jeans and footwear too.
This business enjoys high turnover and an impressive profit margin. For example, a shirt bought at N10,000 can be sold for N30,000. Therefore, you gain a profit margin of N20,000. All you need to start this business is a location, customer service and an attendant. When you do all this, you will find good profit in this business.
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Bakery
Bakery is a surging business in Nigeria. Children like baked products like bread and confectioneries. So, take advantage of this. Make sure you get good capital to start this business. With N500,000, you can set up a bakery and start baking confectioneries at low prices. Low prices attract the attention of new customers.
Also, make sure you increase the quality of the product. Advertise yourself to your friends and family. Get a nearby school or event and supply them with your products at low prices. Slow and steadily increase the prices of your products.
Printing Business
Another business you can start with N500,000 is a printing business. You can offer a wide range of products like flyers and t-shirt branding. You can even invest in creating book covers. To start this business, make sure to purchase various printing machines to compete with the needs of your customers. Do well target schools. Tell them you can make customized socks and sportswear. Improve the quality of your service, so business can continue their patronage.
Supermarket
This is another business on the list that you can start with N500,000. This business requires little or no academic knowledge. Do well to fill your store with different items. These items range beverages, skin care products, fragrances and breads. To start this, paint your store with an attractive design. Make sure to create a good relationship with your supplier. This would improve the sales of your products in the long run.
Conclusion
In conclusion, there are many businesses in Nigeria you can start with as little as N500,000. This business will thrive if you set it up in a good environment. It is not advisable to begin business with a high price too. That would be all for today!
