Thursday, February 29, 2024
Home BUSINESS IDEAS 5 Lucrative Businesses to Start with N50k in Nigeria

5 Lucrative Businesses to Start with N50k in Nigeria

If you are looking for lucrative businesses to start with N50k in Nigeria, you are on the right page. 

When people want to go into business, one of the questions they ask themselves is would my capital be enough to start? Yes, this is a good one. 

An aspiring entrepreneur needs to know how much s/he is investing to begin a business. 

You also need to ditch the thought that you need huge capital to start all business. Not true. In fact, there are so many businesses you can start in Nigeria with little capital. 

Really, there are some businesses that you can start with N50k in Nigeria today. All of them are not small businesses but can be started with N50k on a small scale. 

While the returns you get from some of them are determined by how much you invest in the stocking of goods or inventory. 

Undoubtedly, starting a business with small capital in Nigeria has never been easy. You just have to summon the courage and begin your entrepreneurial journey. The time to start is now. 

I will be revealing five businesses to you now. Let’s go.

1. Phone accessories business

The phone accessories business does not need much introduction, but if you are just coming out from a cave, you may not have any idea about the business.

The phone accessories business involves buying accessories like chargers, earphones, and power banks from companies or distributors or importers or wholesalers and selling them to retailers and final consumers. 

You buy phone accessories in bulk and sell them to retailers and people in the quantity they want. Simple. 

Surely, the phone accessories business is not a small one. It requires huge capital to start as a wholesaler and big-time retailer. 

However, you can start with as little as 50k on a small scale. 

You just buy essential accessories like chargers, cables, earphones, screen guards, and adaptors, get a small show glass to display in a shop or a space or sell online. 

The profit return on each item is mostly 100%, even more. This is a good profit margin. 

There are two big markets where you can buy phone accessories in Nigeria: Alaba International Market and Computer Village Ikeja.

 If you are living far away from Lagos, you can buy at any wholesale shop close to you. 

More so, I have reliable people who are in the business in Lagos, Nigeria. If you are starting with a little budget like this, I can assist you to get good products and get them delivered to your location

If you are looking for a lucrative business to start with 50k in Nigeria, you should consider the phone accessories business. 

SEE ALSO  5 Lucrative Business Ideas for Ladies in Nigeria

If you would like to know the nitty-gritty of the phone accessories business in Nigeria, I have a good ebook for it. You can read more about the book here. 

2. Data and airtime vending 

Data and airtime vending involve using smartphones to dispense airtime and Internet data bundles to people. It is a virtual top-up kind of business that can be done and you can have your customers anywhere.

If you have a smartphone, you can start this business with 50k, even less in Nigeria. This is another business you can start with 50k in Nigeria. 

There are online platforms that sell data bundles and airtime to resellers at low rates.

 When you sign up on any of those platforms, verify your account, and fill your wallet in minutes, you are ready for the business. 

Some of these platforms have other services like cable tv subscriptions, electricity unit vending, exam pins sales, etc. 

You will wonder why airtime vending in this age when people have abandoned the paper recharge card and load airtime directly from their bank accounts. 

Let me explain this to you: the way you will go about your airtime vending will be different, and if it is done correctly, you will be making decent profits nonstop.

If you look at the profit percentage on the online platform you are using for data vending, it is not up to 5%, except for Glo airtime only. If you do this only, you can’t make anything at all. 

This is the way: have you heard of airtime conversion before? I assume you may have, but I will explain the business part of it to you. 

Airtime works this way: you will be buying airtime from people who mistakenly over-recharged their line from their bank account. 

It happens to people a lot, and it’s a painful problem to solve by buying from them. 

They will simply transfer the loaded airtime on their line to yours. You will buy from them at 80% or less–it depends on how desperate they appear. What do I mean? 

Assuming they are transferring N1, 000 worth of airtime to you, you will buy it for N800 only. That’s 80%. 

You can make use of the formula to quicken the calculations: 0.8 X (the airtime value). When you buy airtime at this rate, you sell to people at 90%. They will be happy to buy from you because you are helping them to save money. 

Need information about the platforms to use? Click here to chat me up. 

3. Affiliate marketing business

Affiliate marketing is another business you can start with 50k in Nigeria. What is affiliate marketing? You may ask. 

Affiliate marketing involves marketing and recommending products and services to people in order to earn commissions. 

SEE ALSO  HOW TO START A LUCRATIVE UK/US USED PHONE BUSINESS IN NIGERIA

Affiliate marketers earn a certain percentage of the price of product/services per sale, per lead, and per click generated as income. 

Most affiliate programs pay per sale generated. For example: If an affiliate program pays 25% per sale generated, and the price of the product is N5, 000, this means the affiliate marketer will earn N1, 250. 

You would say this is small, but it’s a different kind of earning method, unlike physical products.

 The earning method here is completely passive–no exchange of your time with money. I’ll explain this further. 

It’s an online kind of business you can run from anywhere you are. No need for the office. You don’t have to be at a particular place at a particular time before you can run. 

The 50k will go into acquiring knowledge and setting up the necessary tools and systems you need for the business to make it profitable. 

If you are a total newbie, and you know nothing about the business, the first thing is to acquire sound knowledge to build solid foundations. 

Below are well-recommended courses you can take to begin the journey now. Click on the images below to view the courses. 

If executed properly, affiliate marketing can be a pathway for your financial freedom. It fetches you income for life, and you don’t have to be working on it every time. 

Need assistance? Reach out to me 

4. Product distribution business

If you know of good consumable products like–foods, snacks, and cosmetics–made by a company or an individual, you can partner with the company to distribute the products to retailers or consumers. 

You can start this business with as little as 50k. This is a goldmine. You might have not heard it before. 

You only need to market the product to retailers once. The rest is supply. 

Once they finish selling the stocks, they will contact you for supply. But you don’t have to wait to hear from them. You can simply call to ask if they want to be supplied. Simple. 

You can be reinvesting the profit back into the business to grow your capital base. Before you know it, you are a big-time distributor with companies. You have staff working for you. 

SEE ALSO  HOW TO START A LUCRATIVE UK/US USED PHONE BUSINESS IN NIGERIA

Looking for a lucrative business to start in Nigeria with 50k, try this business out. 

5. Egg supply and distribution business 

If you know the number of crates of eggs we consume daily in Nigeria, you will be flabbergasted. 

The egg supply business is a quiet business few people know about in Nigeria. You can start with 50k on a small scale. 

SEE ALSO  How to Start a Lucrative Bread Bakery Business in Nigeria 

The business involves buying crates of eggs from farms or distributors in bulk and reselling them to consumers. 

The business is very lucrative and the demand is more than the supply. The egg is among the most nutritious foods on this planet. And the people who know its value do not joke with it. 

 There was this co-tenant of a friend of mine. He was a marketer at a commercial bank in Nigeria. He started the business as a side hustle on a small scale. 

He carried out the delivery business on weekends only–Saturdays and Sundays–because this is the time most of his customers buy in the estate. 

One month, he didn’t meet up with the target. He was sacked. He didn’t worry much because he already has a side hustle that can cover his basic daily needs expenses.

He invested more in the business with the little savings he had and the soft loans from his friends. He already knows about marketing. He used the knowledge to gather a high volume of customers quickly. 

A few years later, he became a big-time egg distributor. Later owned poultry. The poultry fueled his ambition to relocate to the United States with his family. 

You can achieve the same or better than this if you are willing to and give what it takes. 50k can change your life if you give it a chance. 

Wrapping things up

Now you have the five lucrative businesses you can start with N50k in Nigeria. I just revealed five of the most lucrative and easy-to-start businesses in Nigeria today. 

However,  I understand that there are other lucrative businesses you can start with N50k, but I have restricted this list to only those ones that I know very well, and I know you can start them easily. 

Do you have questions or suggestions or contributions or contrary opinions to make? Leave them in the comment tab below. 

I can’t wait to hear from you. If you need any assistance about how to start any business anywhere in Nigeria and Africa, I’m just a click away. Reach out to me by sending an email. Very urgent? Chat me on WhatsApp.

Please, share this post with people by clicking on the icons below. Subscribe to our Telegram channel, like our Facebook page, and follow us on Twitter to never miss any updates.

Start now!

Usman Atandahttps://starthustlenow.com
My name is Usman Atanda - the man behind StartHustleNow.com. I'm a serial hustler from Lagos, Nigeria. Here at StartHustleNow.com, I cover topics such as Business Ideas, Side Hustle Tips, Business Tips, Side Hustle Ideas and much more. My ultimate goal is to make the building legitimate and lucrative small businesses and side hustle to be achievable.
RELATED ARTICLES

How to Start A Lucrative Laundry/Dry-Cleaning Business in Nigeria

The dry cleaning industry is a necessity in Nigeria's crowded metropolitan environment, not merely a service. The demand for...

Top 10 Best and Lucrative Business Ideas for the Year 2024

Would you like to be informed about the top and best lucrative ideas for 2024? Are you thinking of...

Top 10 Businesses That Can Make You A Millionaire in Nigeria and Africa

Do you want to become a millionaire in Nigeria or anywhere you are on the continent of Africa? This post is for...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

How to Start A Lucrative Laundry/Dry-Cleaning Business in Nigeria

The dry cleaning industry is a necessity in Nigeria's crowded metropolitan environment, not merely a service. The demand for...

Top 10 Best and Lucrative Business Ideas for the Year 2024

Would you like to be informed about the top and best lucrative ideas for 2024? Are you thinking of...

From Zero to Hero: Segun’s Remarkable Journey as a Millionaire Affiliate Marketer

His name is Segun. Lived in the bustling city of Lagos, Nigeria. Despite coming from a humble background, Segun possessed an insatiable...

The 3 Most Important Things to Make Serious Money from Affiliate Marketing

Have you been wondering about the important things to make serious money from affiliate marketing?  Are you an affiliate...

Recent Comments

SEE ALSO  5 Easy Online Business Ideas You Can Start Now
SEE ALSO  5 Lucrative Business Ideas for Ladies in Nigeria