Today, individuals seeking to start small businesses need more funds to venture into the world of entrepreneurs due to the tough economic realities in Nigeria and many other African countries. As a result, many Africans, particularly in Nigeria, are searching for business opportunities they can launch with little funding.
Globalization and digitalization are taking place digitally, creating limitless commercial opportunities. Nigeria is included. Even though there appears to be a financial and inflation crisis. Experts say an economic or financial crisis is the ideal time to start a business so that one can go into business with a clear sense of purpose, originality, and problem-solving orientation.
Here are five profitable businesses you can do in Nigeria with less than 50,000 Naira.
1. Popcorn business
You may establish a popcorn business with very little investment in Nigeria and turn a healthy return. A decent location is what you need to run a successful popcorn-making business in Nigeria. You can sell enough popcorn in a favorable location to cover costs and turn a profit.
An effective popcorn business in Nigeria can be started with corn, a nylon sealer, and a popcorn maker. Let’s look at the startup costs for a popcorn company in Nigeria. Here is a breakdown,
- A sealing machine (N2,000 or less)
- Popcorn machine (30,000)
- Maize: 14,000 (50kg)
- 4,000 Naira worth of ingredients
- Cost in total: #50,000. (prices may vary depending on time and location)
2. Mini importation business
Understanding the business so that you can benefit is the key formula. To avoid paying too much when clearing, the goal is to choose something lightweight like selfie sticks, ring lights, Phone cases, Car trackers, Wristwatches, Headphones, etc.
Some of these products can be purchased for as little as N800 each, cleaned, packaged, and sold for twice or thrice the price, giving you a good profit margin. When you purchase these commodities from online retailers, resell them online without needing a warehouse.
You can list on e-commerce platforms like Jumia, Konga, and Jiji. You can build your product catalog on WhatsApp business, sell on Instagram and Facebook, and explore several other free options.
3. Perfume business
You can create a great business by making people smell nice. Since you don’t need a lot of equipment to get started, it is fairly simple and cheap.
You only have to find a trustworthy distributor who can provide you with the quality and quantity of perfumes you think your customers would enjoy. Do your research and know what scents and fragrances customers are more interested in.
You can confidently start this business with N15,000 or more and start a customer base out of your immediate network, family, and friends.
Depending on your location and time of purchase, you can 10 ml oil perfumes for N2500 and resell them to your customers in small 1 ml containers at your chosen price.
This business can give you huge profits, especially if you can get a genuine vendor with undiluted scents. Even if you have N50,000, start with half the money and watch out for what your customers want. With good packaging and delivery, you can give your products a unique look and feel.
4. Thrift business
Another incredible example of a business that you can launch in Nigeria with 50k or less is a thrift store. You may start this business in Nigeria with as little as 20,000 Naira. Here’s how to approach it:
Visit a thrift clothing market in areas like Abule-Egba, Lagos, Yaba, or Supa Market.
Select some unique and beautiful clothes for your target demography. It helps if you have someone already in the business take you to their customer so that you get genuine products at good prices.
There are stories of newbies who fell into the wrong hands. But if you are a street-smart person, you can find your way around. Avoid intermediaries who might want to take a huge cut, thus increasing your costs.
After returning home, please package the clothes and begin marketing to your intended demographic.
There are many high-quality clothes available at those markets that you may purchase for 500 Naira and resell for double the price or more. It is a fantastic venture to think about starting. Capital to start? Between N10,000- N50,000.
5. Plantain chips business
This is a very profitable industry. In Nigeria, plantain chips are the favorite snack food. Making them, branding them, and supplying them to various stores or supermarkets will allow you to generate money every day.
From purchasing plantains in bulk (ripe or unripe, depending on your preference), which is less expensive, to purchasing groundnut oil, gas, sugar, nylon, etc. You should be able to spend N50,000 wisely in this direction. Your home will serve as your business office and your factory for production.