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Starting a business with 500,000 naira in Nigeria is very much possible but would require great effort and strategy from you to scale the business to a greater height.
These types of businesses you can start with 500k offers many viable opportunities in the long run. Here are some ideas you need to know:
1. Mini Importation Business
You can start this business with 500k by importing low-cost items like fashion accessories, beauty products, or electronics and selling them locally.
Choose cheaper platforms like Shein, Amazon, and others for importance and distribute them locally.
2. Small Scale Poultry Farming
The recent hike in prices of goods in the country affected the poultry Farming system. Initially, you can start with 250k to 300k which can get you around 100 to 150 birds to sell.
Currently, you need up to 500k to start the business. You can choose any species of bird like old layers that lay eggs or the broiler which you can sell the meat. You can also decide to sell the old layers after a few years of laying eggs for you and bring in a new young batch.
3. Thrifty Fashion Clothes
Open a small thrift shop selling trendy clothing and accessories, especially for women. The focus should be on affordability. Once your customers can afford it and they like your brand as well, then you will easily gain a customer base by referral.
4. Frozen Food Sales
You can start this business with 500k by first investing in a freezer and selling frozen products like chicken, fish, goat meat, and turkey.
Strive to also choose a busy location where numerous people reside.
5. Fast Food and Snack Shop
Set up a small eatery where you can sell fast food and snacks to people around. You can focus on popular food like pastries, noodles, and local snacks.
Target university student areas, bricklayers and construction company areas, local markets, and other populated areas.
6. Barbing Salon
Starting this business with 500k will get you all you need. Just get a small space, and equip the space with barber chairs, clippers, mirrors, and other essential tools for cutting hair.
7. Hairdressing/braiding shop and Beauty Salon
You can start the business with 500k which is more than enough. Look for a good location that offers hair weaving, plaiting, styling, facials, makeovers, and nail services.
8. Fish Farming
Start a small aquaculture business with 500k and major on popular species like tilapia and catfish.
Equip your farm with small smoking fish machines where you can smoke fish.
9. Computer Services
Set up a small business offering computer repair, maintenance, upgrades, and software installation.
Conclusion
These ideas you can start with 500k are practical businesses in many Nigerian communities and can be expanded.
With focus, strategy, and consistency, you can raise this small business into a multi-million naira venture.
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