Last Updated on March 4, 2021 by Ope Quadri
Over the years, I’ve read different articles that claimed that you could start a business without money. I find that hard to believe in the present economic reality.
However, in this article, we’ll tell you some businesses you can start with just N50,000 or lesser in Nigeria.
With just N50K?
Yeah, it’s often perfectly feasible.
Here are the things you need to know about how to start a business with as little as N50,000.
Businesses to start with N50K
You read that right, it’s possible to start some businesses in Nigeria with as little as N50K. We won’t talk about starting a business without any money, because you also need money for virtually everything. Is it the research? If it’s online, you need data, the world is going digital.
Is it other materials you need to keep your business running? You need money to procure them.
Is it personal maintenance? You need body money to keep body and soul together for you to have the energy to effectively to keep the business running.
While some businesses require millions or billions of Naira or dollar, there are actually some that require a little capital to get started in your locality.
Below are some businesses you can start with N50,000 in Nigeria:
- Graphic design
- Digital marketing
- Taekwondo training
- Singing class
- Tutoring and training
- Dog walking
- Writing and editing
- Delivery services
The world is going digital and there are thousands of young Nigerians who are showing interest in learning graphic designing.
You can get a fairly used laptop for N30,00K, install CorelDraw and other free applications to get started.
Businesses which aren’t online are ready to pay freelance digital marketers to help them promote their businesses on social media.
Millions of sales are made daily on Facebook, Twitter, Instagram, TikTok, LinkedIn and others around the World.
Let people know your skill and set out to start getting clients on social media. Use your social media to promote your goods and services.
Social media is beyond social, it’s now being used for business and promotions. With less than N50K, you start a digital marketing business in Nigeria.
The security situation in Nigeria has gone so bad that everyone is advocating for self-protection and self-defence.
Most especially social abuse against women has gone up exponentially which makes parents want to train their female child on self-defence.
If you’re good in Taekwando, you can organise a training class for kids. You will be amazed by the turnout and registration.
To start the Taekwando training class, you don’t need N50K, with less than 20K, you can get started.
Get first aid boss, you can use the school field in your community by liaising with the head of school.
Cleaning is beyond the local woman that sweep or watches the toilet in your community. Get sophisticated gadgets with less than N30K to start this business.
This is viable most especially if reside in areas filled with estates.
Singing is a hubby, right? Today, some people are ready to learn how to sing when they are back from school or during weekends when they are free.
With just a Bluetooth device and your phone, you train your class in singing.
Tutoring and training
Are you good at a specific skill? Mentoring startups, how to effectively utilise your skill or any other skill can be monetized.
With this, you can start with as low as N10,000 just for logistics.
Communication is very important in today’s sales, some manufacturers are ready to pay to have a description of their products translated into another language.
Are you good at Chinese or Mandarin or German, there are people who ready to learn some of these languages.
Make yourself known to them on social media.
Very similar to tutoring is consulting, you can begin your consulting business online, on social media, through subscription form etc.
What are you good at? Package it and promote it on social media.
This may not be popular in Nigeria, if you are in UK or US or Canada you talk up dog walking business to get started.
You can start your photography business with just N40,000. You can get an HD camera for as low as N25,000.
When you’re well established and have financial strength, you can later purchase a high-power camera that worth a N1million or more.
Writing and editing
There are companies or writing agencies that need the services of writer and editors. You can search online.
Do you know that you don’t need to purchase a bike to start a delivery service? Get customers, enter into an agreement with a bike man to deliver for you.
This isn’t a theory, I have a friend who started the delivery business with no bike. Apart from that, you can use a bicycle to deliver to your customers.
How To Minimise Your Expenses:
To make this plan a reality, you adopt the following tactics so as to minimise cost
as low as possible:
- You can work from home
- Use free or cheap online services like social media
- Get free equipment
It is very important to draw up a list of all the possible costs for your business.
Try to be as realistic as possible, have a plan