How do I invest 500,000?
What are the best ways to earn more money with just 500000?
What profitable business will I do with #500,000?
Businesses that can be started with 50000 naira?
Business to start with 500,000 naira in Nigeria?
The reason is 90% of people who ask such questions, what you to give them the get rich quick formula.
I know you’re not one of them.
I have been asking myself the best way to approach the question. Hmmmmm…and I realize that it’s best that I tell the truth.
Since i know that I cannot run away, I have to say it as it is to help you. If you think the article will show you ways to get rich quick, then this article is definitely not for you.
If you want to build a business that will last then this article is for you.
Why will I say that?
Business and investment is a gradual thing. It’s like growing a child, it takes the time to reach the desired goal. Why it’s so?
- If you’re new, it’s definitely a learning process
every business whether small or big learns daily. For new businesses, their learning process can be tedious. You’ll need to unlearn to learn.
- You may face temporary setback
Setbacks might come no matter how to try to avoid them. but use it as a stepping stone.
- It takes time to build the customers you need.
You don’t make 1000000 customers today. You build your customers with time.
Top 11 businesses you can start with 500,000
In a country like Nigeria, there are many businesses you can start with such cash.
We’ve clear fully selected the businesses that will better produce the return on investment.
1. Grocery store
This form of business that works irrespective of the business location and provides the daily needs of households and individuals. The items can range from fast food, toiletries, children candies to soft drinks.
With your money, you can create a permanent grocery store where you operate from a location daily or create a grocery store for emergencies where you move from one location to another.
Grocery store for emergencies is a part-time form of grocery store business where it works best in places where camp are held or as a result of natural disasters.
Grocery store business is a great business because once setup, the business provide a residual income.
2. Farming business
The farming business is another sector that you’re to watch out. Plans are under way to boost the sector in other to became another revenue generating industry in Nigeria. One vital farming business is poultry and fish farming.
As new hotels, restaurant, caterers springs up, fast food joint, corporate occasions, and celebrations, the need for poultry egg and meat is on the increase.
Also, as the demand domestically increases, the import is discouraged, to boost local production and to ensure we’re taking a healthy meat.
In poultry farming, there are three ways to enter the business.
- Broilers farming: where you grow bird for meat consumption
- Layers farming: Where you grow bird for egg production
- Cockerel farming: where you also grow the bird for meat consumption
Each of the poultry bird you choose to do, you’re going to make a profit.
According to reports, the demand for fish domestically is higher than the supply, the federal government has to import to augment the demand. This simply shows that the market for fish farming is available.
You’ll need to know the nitty-gritty of the business before you venture into.
In fish farming business, you’ll need a fish pond, easy to water accessibility and good breed for the fish to stand the chance to grow to the required size.
Learn more about fish farming business in Nigeria.
This business works irrespective of your location. The business is about selling books and related items. The bookshop can focus on the most important book and item that people will buy.
For instance, if you stay in a place where you have more of the student, you can decide to start a bookshop to sell academic books, CDs, writing pad and so on.
Whichever type of bookshop you wish to open, you’ll have to look for suppliers. My recommendation is to get 3-5 suppliers and choose from one you can work with.
4. Event Rental Equipment
A wedding planner I got to know some few years ago told me his business is more of outsourcing. He outsources virtually all the equipment he uses which include the tent, canopies, chairs, and table.
Now the owner of that equipment may not necessary be in the business, but renting the equipment to those who are into the business.
You can start the rental equipment business and earn money from it.
Most of the equipment once created stands the test of time. For instance, the canopy stands are created with metal, the only thing you change over time is the canopy itself (which also last longer than you think too).
At the start, create a business where you can be able to rent out this equipment to at least two people. You’ll have the room to expand by reinvesting the profits into the business.
The event rental equipment business is one of the businesses that makes you recover your invested income in time.
5. Building material rentals
Renting of building material equipment is another business you really need to look into. Several materials are available to rent. Some include block making machine, mixer, pan and so on.
Most of the materials are made of metal and really durable. The equipment are rent out on a per day basis.
6. Dry cleaning services
Many have little or no time for themselves because the of the nature of their work. To develop more free time for themselves, they have decided to pay for other services. And one of the popular of such services is dry cleaning.
This business can be started from the comfort of your home and scale it up. Get standard equipment that enhances your work and makes your service stand out.
7. Football viewing centre
Nine out of ten youth love football. The European football has captured the minds of many. Today, the majority of people can pay any amount if you can stream the football.
Even those who have access to view it at home, prefer the viewing centre because of the fun.
Starting the business requires that you have a space (preferably 50X50), satellite dish, Television/projector, standby generator and seats.
Choose the satellite dish that shows majority of the football people love in your area.
Make your place unique and ensure you charges will cover your cost (satellite subscription, generator servicing and fuelling cost and utility bill).
Security measures should be included. Because without security guarantees, no one will visit the viewing centre.
8. Business centre
Even though we’re in a computer age, we still people who like to outsource their printing, typing, photocopy, online registration, laminating and so on.
You can start the business by getting the necessary equipment and start offering the services.
9. Car wash
More cars are plying our roads today than some few years ago. You can start a house to house car wash business or start a standard one in a location that car owners will visit you.
Want to know more about how to create car wash, click here to learn more.
10. Gift shop
Create a business where you sell gift items. the business thrives all year round. Because these items are bought and presented during weddings, corporate occasions, award nights, appreciation and so on.
11. Product line
Maybe you may want to start your own product line, where you find a manufacturer or supplier to create product (s) with your name, contact, logo and cover design on it.
With this business, you stand the chance of building your own business network of suppliers and distributors.
More of businesses to come
This is just the beginning, in our next article, we’ll discuss on the possible investment you can do with 500, 000