This article is designed for individuals who want to launch a tangible business with limited financial resources or for those who are currently employed but wish to start a side venture with minimal capital. As you review the list of business ideas provided, we hope you find one that aligns with your goals and fits into your schedule without being overly time-consuming. Let’s explore 15 profitable businesses you can start with 50,000 Naira in Nigeria:
1. Cryptocurrency Trading:
Crypto trading is an incredibly lucrative business and one of the easier means of making daily and weekly earnings as an individual.
Although, you can start crypto trading with any amount of your desire. This typically depends on your financial strength and capability. But as a complete beginner, it is advisable you start with a small capital to test the waters of cryptocurrency business.
For those that have little resources, with as little as $15 to $30 (45K to 50K Naira) as capital, you can start making daily or weekly gains from your trading.
The following are the prerequisite to starting your crypto journey:
- You must have a smart phone with stable internet connection since you have to be online as often as required to manage and monitor your trade.
- Make all the necessary research about crypto trading before you begin investing. Eg. The best crypto wallet (App) to trade with, reliable crypto (coin) to buy, when is best to invest your funds and when is best to cashout, the different mode of trading, etc.
- Most of the crypto broker (wallet) require KTC verification. You must register the wallet with names that match with the names on your valid documents for easier verification processes.
- Determine how you can fund your wallet either with your local currency, or with USD.
Here are some recommended YouTube channels to learn more about crypto trading as a complete beginner: @CryptoZombie, @OnlineHustleTV, @Benjamin Cowen
2. Blogging:
Another lucrative business you can venture into in Nigeria is Blogging. By creating unique content, promoting it, and getting followers, a simple blog can turn into a thriving business and huge source of passive income for you. However, I always advise people to not just go into blogging, without first not deciding what type of content they want to focus on creating, for their prospective audience. This is one of the foremost aspects you must look into as an aspiring blogger. You must choose your Niche, your goal, and then build your contents around that goal. A blog can cover various topics, from food to lifestyle to business, and many more.
Your blog articles can be monetized through sponsored posts, affiliate marketing, advertising, or posting your personal products on your blog pages especially if you already have some appreciable number of engaged audiences.
3. Digital Marketing:
Digital marketing is another business venture that has gain tremendous growth since the evolution of digital economy in Africa. Even in the first world countries, digital marketing remains a lucrative and fast-growing business venture for a lot of tech individuals. This suffice to say that digital marketing is no doubt a business idea you can go into in a developing country like Nigeria, and still earn a good living from it with minimal capital of 50K.
It is a low-capital business you can start up with either with your smartphone or a laptop with steady internet connection. Another advantage as a digital marketer is that you can work remotely, which can also allow you work and manage more than one job at a time. You can sell your personal products, manage business for other entrepreneurs and get paid for it. With just 50k or less, one can start a digital marketing business by creating a simple website and offering services like social media marketing, SEO services, email marketing, or website design services.
4. YouTubing:
In this digital age that we are in, virtually everything you wish to learn are there on YouTube. People create those contents and upload it on YouTube to educate other people; thereby making money from it. You can do the same if you have knowledge that is sellable on a particular topic or subject, something you feel is important for people learn how to do or something you can teach people, showing them how it works and how to do it. Unlike the blogging venture we talked about earlier, YouTube is typically all about video content, from motion graphics, photo slides, on-screen write ups, etc.
All you have to do is to get all your needed YouTube tools and software ready, create a YouTube channel and start making your video content to uploaded to the channel. From your viewership you can start earning money on a monthly basis.
5. Buy & Resell Social Media Pages:
The use of social media is growing rapidly by the day, businesses are continuously leveraging on these platforms to promote their products and services. A lot of businesses now solely depends of these social media platforms in carrying out their day-to-day business activities, hence the growing need and demands for social media pages or websites with a substantial number of engaged audiences and followers. An excellent way to tap into this opportunity is by buying and reselling social media pages. You can as well create from scratch as many social media pages or websites as possible, build the audience and followers, and then sell whenever you feel the time is right or when there is a considerable monetary offer for the page. The process can be time-consuming, but it’s a profitable business you can start with a very small capital, which will grow exponentially over time.
6. Online Coaching and Training:
Online coaching and training as the name imply is all about rendering training services to people who intend to learn that particular skill you offer, idea or knowledge that you are rendering. This training usually takes place over the internet through video, audio connection, or even via a messaging platform. Some coaches opt to coach individuals through one-on-one sessions or work with groups, while others publish pre-recorded contents for their client’s use.
7. Dropshipping:
If you do Dropshipping business, you are also referred to as a retailer or middleman between your customer and a wholesaler or manufacturer. It is the method where you (the middleman) do not keep the products you sell in stock. Instead, when a customer makes an order for a product, you go purchase the item from a third-party store—usually a wholesaler or manufacturer, and then ship the product directly to the customer. In this process, you act as a middleman between the customer and the manufacturers.
To get the breakdown of how dropshipping works: Click Here.
8. Virtual Assistant:
Since the wave of Covid-19, working from home has widely been adopted across industries and business fields. This has created huge opportunities for people who intend to work as virtual assistants. Virtual assistant is generally self-employed and provides professional administrative, technical, or creative assistance to clients remotely from a home office. As the demands for remote workers keeps growing, new opportunities are opening up for virtual assistants whopossessthe required skills and knowledge that will enable them work and render their services efficiently. The fastest way to get your first gig as a virtual assistant is by building your online presence. Sign up accounts across social media platforms, as well as on all the major job recruitment websites. Update your profile regularly with your project and work practices. This will help your prospective clients see what you can do for them and may decide to reach out to you. As long as you have a laptop and smart phone, with N50k you can better equip yourself with all the necessary tools and accessories needed to start working for clients.
9. Content Writing and Editing:
The major skill of a copy writer is good written communication skill. There are thousands of opportunities out there for you as a copy writer through list of online recruitment platforms for copywriters. Since over 90% of copywriting jobs are remote, you can work with as many clients simultaneously as possible. As you already know, the easiest way to get a remote job as a copywriter is determined by how much awareness you create for your works to be seen. You must consistently publish your work on your social media pages as you practice your research and writing skills, and then regularly update published articles to meet the current needs of your intending audience. Some writers work with laptop while other writers only work with their smartphones. There are numerous App online with smartphone compatibility, which are specifically made for word documents processing and excellent workflow.
10. Website Design and Development:
Becoming a website designer is an undoubtedly a good decision. Website design as a profession is very lucrative, especially at this stage of fast-paced technological development in a developing country like Nigeria and other parts of African. The needs for the services of website designers are in the increase by the day, and it is certain to continue in this pattern as the world plumet into an irreversible phase of connected economy. As lots of businesses keep emerging every day, and building their online presence and relevance, the demands for website designers and developers will also be in the increase. Among the many ways to earn money as a website designer and developer is delivering services to clients through a freelancing. Having acquired the web design skills, you can build website for business persons or organizations, and can as well be hired to keep managing and maintaining websites as an independent web specialist and developer.
11. Make-up and Make-over Artist:
Whether you are male or female, you can work as a make-up or a make-over artist and be making a good living from it. Fixing nails, lashes and other beautification services may not require to start big. As beginner in the business, and with 50k or less, you can buy the needed tools like mirrors, plastic chairs, and other essential makeup Kit to start rendering services to clients. With dedication and routine act of savings, you can invest more in the startup and gradually expand with more durable and needed equipment.
12. Mobile Phone Repair:
If you are technically crafty, have wealth of knowledge in smartphones and computer functionality, then this type of business is for you. An easy-to-setup, yet a lucrative business venture through which you can earn a good living. You do not need expensive tools to setup. With 50k or less, you can get your work tools, pay for a small space (just for your chair and desk) or pair with an existing shop owner for an agreed weekly/monthly payment for the allotted space. The recommended place to setup a phone repair business is any busy area around your city of resident or a market where customers usually come to buy phones and electronic gadgets. Another good approach into phone repair business is to connect with others who do the same business as you, so you can share or swap work tools with one another until you can afford all your needed equipment.
13. Snail Farming:
Smail has become an expensive commodity in the market as well as in the restaurant dues to its scarcity and high demands by consumers. Snail farming is a lucrative business which requires less stress and attention in the whole process from grooming, nurturing till maturity. Another advantage is that in a good nursing environment, a snails can produce up to six batches of eggs in a single year. And in a batch, single snail can lay up to 70 to 80 eggs, that is over 200 eggs per snail in one year. This suffice say that from the start of your snail farming business, you will need not to worry about getting (buying) new hatchlings as the snails can tremendously multiply and boost your farming business.
14. Vegetable Farming:
Nigeria is one of the largest producers of vegetables in Africa, with over 1.8 million hectares of land used for vegetable farming. There will never be a better time to invest in vegetable farming than now. From time immemorial, there has been a growing demand for organic vegetables due to their proven health benefits, and this has opened up more opportunities for vegetable farmers in Nigeria and Africa. With the increasing demand for organic produce, there is a growing demand for organic vegetable exports, providing an opportunity for farmers to increase their production and making more money, in turn, contributing to the economic development of their countries. The good news as a vegetable farmer is that, you do not need to make extra efforts for marketing campaign or sourcing for buyers. Vegetables have become a hot commodity with high demands both in the local and international markets. All you have to do is to choose from the different type vegetables with high demand in the market. With as low as 50k you can rent a landed space, get vegetables seedlings, and start your farming business.
15. Dry Cleaning Services:
Dry cleaning is very profitable if you live in an urban area of the city. Due to the busy life in the city, a lot of people barely find the time handling their chores like washing and ironing their office and domestic clothing. If you render a good service to any of such individuals, they will always come back to patronize you, and even get you referrals. As a startup in dry cleaning business, your customers may not be as much for you to acquire washing machines at the early stage. With as little as 20k, you can get the most important tools and start making a decent earning, and then plan to expand your business with time.
Conclusion
The business ideas outlined above are achievable with the specified minimum of 50,000 Naira, provided the funds are utilized effectively. However, it’s important to note that having a laptop or smartphone is essential for many modern business ventures. Ensure you have one of these devices readily available as part of your preparation for any business opportunities that may arise.
I hope you find this information helpful. Please feel free to share this article and leave a comment if you have any questions or additional ideas to contribute.
