What Business Can I Start With 5k in Nigeria?
Starting a new business is exciting; the possibilities are endless. However, not everyone in the country has the financial capability to start one. This inability alone can discourage someone with the best of dreams; as they say, 'we can only use the money to make money.' Do you have a business idea but have little capital - as little as just 5K? Don't worry! You can always start small, and I know you might wonder, 'What Business Can I Start With 5K in Nigeria?'
Nigeria's population is over 200 million, making it the sixth largest African country. So, there are enough people to market your business to, no matter how small you start. You can do businesses ranging from selling pure water, ice cream, recharge card selling, and many more.
This article will take you down the lane of several businesses to start with 5K in Nigeria. I'm sure you would have decided on one business before reading through. So, follow along!
Drinks and Pure Water Selling
You don't need much to start selling drinks and pure water. All you need is an ad that catches attention or even a catchy jingle and some customers who want what you're offering. The most important thing about this business is that it doesn't require too much investment. If you've got 5K, you can quickly start.
As for the drinks you'll be selling, they have to be what people take regularly. It could be Fanta, Pepsi, Viju Milk, and so on. Also, people love drinking water because it quenches their thirst and keeps them hydrated. So, you can make more money by selling to people stuck in traffic.
Further, getting a distributor is the best way to go about this business. Distributors are usually those who already have a network of customers. They'll be able to introduce you to others and give you goods even when you're low on cash.
Ice Cream Selling
Another business that requires very little capital is ice cream. Ice cream is delicious, and people love taking it. In fact, it's so popular that different types of ice creams are available in the market today. People also enjoy buying ice cream because it gives them something sweet to eat after a meal.
However, starting an ice cream business isn't that easy. First, you need to determine if there are kids and schools around the area. You're lucky if there are, as kids love every ice cream seller. *wink*
The next thing is to get a distributor with a standard freezer since you can't afford that for now. With their help, your ice cream can remain frozen till you sell out.
Recharge Card Selling
Recharge card selling is another profitable business to start with 5k in Nigeria. Whether online or offline, you're sure to make some money from selling a recharge card. Everyone needs a recharge card these days to browse the internet and communicate with their loved ones. Some of the biggest brands include MTN, Globacom, Etisalat, and Airtel.
So, why not sell recharge cards? Well, you can either get a distributor or set up shop yourself. It's also important to note that you can only sell recharge cards at places where people use them. For example, you can't just walk into a bank and start selling recharge cards. Instead, you need to approach shops that sell phones, internet cafes, etc.
The best part about this business is that you don't need special skills to run it. You only need to know how to operate a system if you opt for the online style.
Small Scale Laundry
Laundries are everywhere, especially in big cities like Lagos. However, you can still earn from small-scale laundry services. Many people do small-scale laundry for extra income, but it doesn't mean there's no space for new people to start. So, if you're planning to start this business, you're good!
With 5k, you can buy soaps, bowls, and everything you need to start your laundry on a small scale. Then, start looking for customers in your area; let them know they can trust you with their clothes, as you'll serve them well.
By starting this business on a small scale, you won't have to worry about electricity to wash, except when there's a need to press the clothes. Also, you can work from home, allowing you to avoid spending time commuting to and fro and spending money on transport.Then, as time goes by, you can earn lots of money to buy a washing machine.
Starting an egg retailing business is one of the easiest businesses to start with 5k. All you need is a distributor to supply eggs to you. However, the main challenge is finding a place to store your eggs. Though the best way to keep your eggs fresh is by refrigerating them, you can keep them in an open place for fresh air.
You can choose to sell eggs by weight, so you will charge more than what you would typically pay for eggs. You can add other ingredients, such as salt, sugar, and spices, to your goods. These items will increase the value of your product, making it worth more.
You will need a stall to start the egg retailing business, but since 5k can't do that, you can join an existing shop or preferably start from home. Either way, you'll be able to earn a lot of money from this business.
Selling Fruits & Vegetables
You can also start a fruit and vegetable business in Nigeria with 5k. Fruit and vegetable sellers usually make between N20,000 - N50,000 per month, and there are many ways to start this business, including buying wholesale produce from wholesalers and reselling it to consumers. However, you can also start a roadside stand.
This business is great because you can start it anywhere in the city or the countryside. However, before you start this business, you must first understand the market. Once you've done that, you can decide on the type of fruit or vegetable you'd like to sell.
Once you've decided on the kind of products you'd like, you can start marketing your products. You can either advertise through word of mouth or social media. Also, you must learn to package your goods to attract your customers. Though this might not be an issue in rural areas, it's essential in the city.
Selling of Instant Noodles
If you love cooking, you should consider selling instant noodles. This is because they are easy to prepare, and you don't need special cooking equipment. They are also cheap, which makes them affordable for most Nigerians.
The only problem with instant noodles is that they aren't very nutritious. However, you can use different herbs and spices to enhance the taste of these noodles.
To start this business, you can either partner with someone who already has a franchise or set up a small stand. Either way, you'll need to invest in pots, spoons, gas, and quality ingredients.
Local Phone Accessories Dropshipping
Another option for those looking to start their own business with 5k is local phone accessories dropshipping. In this case, you inform people of what you do, receive their pay with your profit, and order for them.
To get started, you'll need to find a supplier that sells phones at a discounted rate. Then, you'll need to create a website where people can purchase your products. After that, you'll need to promote your site via Facebook and Instagram ads. After you have all of that covered, you can start making sales.
Chinchin and Fries
Do you have baking skills and willing to make money from it? Why not? You can start with 5k in Nigeria. However, you might not be able to expand the business, so you can stick to just chinchin and fries for the main time.
You don't have to worry about space, as you can start from home. All you need is your kitchen and some essential tools; most of these tools exist in the kitchen. With your 5k, you'll get some flour, oil, butter, and other necessary ingredients.
The best thing about this business is that you can quickly scale it up. If you want to grow, you can hire more staff to help you out and pay them from the proceeds.
Iced Block Sales
There's so much heat in the country, making the demand for cold drinks high. Why not make some money from this opportunity by selling iced blocks? To start this business, you must buy ice blocks from a wholesaler. Then, you'll have to pack them into bags and sell them to restaurants and bars.
This is a good business if you live in a place without electricity. You can continue selling iced blocks on the side even when you plan to expand your business by opening a bar or restaurant.
Are you interested in starting a house cleaning service? It's one of the easiest businesses to start with 5k in Africa. All you need is a few pieces of equipment and connections. You can offer services to both individuals and companies. The latter will give you better rates, but you won't have enough manpower to handle multiple clients.
As a freelancer, you can work whenever you want, and you can choose how many hours per day you wish to work. You can also decide whether you'd like to charge hourly or daily rates. Some equipment for your cleaning services include brooms, packers, mops, and many more.
Online Real Estate Agent
If you're an expert in real estate, why not use your knowledge to earn extra income online? This is one of the easiest ways to start a business with 5k in Nigeria because there are no licensing requirements. All you need is a computer, an internet connection, and a smartphone.
As an agent, you can list properties for sale and rent. You can also provide advice on buying and renting homes. With this business, you can reach more customers than you would reach while working in a physical location. You can advertise your services through social media platforms such as Facebook, Twitter, and Instagram.
Selling of Exam Materials in Exam Centers
Another business opportunity to try is selling exam materials in exam centers. With a start-up capital of 5k, this business will be a success. In this type of business, your customer base will be the students that came for the exam.
Some students are so absent-minded that they might have forgotten their exam materials at home. Your job is to sell to them and earn some money. Though this business can't help you live a good life, it's a great way to earn extra money.
Bean Cake Selling
You can start a bean cake selling business with just 5k. All you need is to buy beans, mix them with water, and bake them. Once baked, you can sell them to people who love eating them; your potential customers are people who can't go through the stress of baking them. You can either do this business alone or team up with friends.
In this business, you can set up your stall anywhere, including markets, schools, and churches. You can add bread and cold pap to your sales for extra cash. If you don't know where to start, you can ask someone with experience in this business. They can guide you through the process.
Phone and Bag Keeping Service
Another business to start with 5k in Nigeria is phone and bag keeping service. You can do this type of business in exam centers where the students don't know where to keep their bags and phones.
This business requires you to stay in a place till the students are done with their exams. So, when a student comes to you asking for his/her phone or bag, you'll be able to hand them over without issues. You can charge as little as 100 naira for each keeping service.
Poultry Feed Retailing By Kilogram
The poultry feed retailing business is another profitable business idea to try with a startup capital of 5k. In this business, you can buy chicken feed from wholesalers and resell it to farmers. The profit margin is high because you can make a lot of money by selling small quantities, and this business has a huge market.
However, you must first find out which wholesaler sells the best quality feed to start. Then, you should visit their shops and see what prices they offer. After that, you can contact them and negotiate a price. Also, you must have a fast delivery service to ensure that the goods get to your customers as swiftly as possible.
Affiliate marketing is another profitable business idea that doesn't need much startup capital. This online business involves promoting other businesses' products and earning commission every time a sale happens. To succeed in affiliate marketing, you must create a website promoting the product.
Then, you can promote the product through social media platforms like Facebook, Twitter, and Google+ by sharing your affiliate link. As an affiliate marketer, you can use paid ads to attract more traffic to your site, and you will receive a commission when a visitor buys something after viewing your ad.
Blogging is another online business to try. Though hosting a website is expensive, you can use a content management system called Blogger. Blogger is free, and you only need to buy a domain. With a new account, you can buy your domain with coupons. So, 5k will be sufficient to start a blog.
However, you need to choose a niche that interests you. For example, if you're interested in health, you can write about healthy recipes. Or, if you want to share stories about your life, you can write about personal experiences. However, you must avoid writing about things that aren't relevant to your niche.
You can earn money from advertising on your blog by selling banner ads. Also, you can sell space on your blog to companies who want to advertise their products.
A virtual assistant is a person who helps people with various tasks such as data entry, proofreading, transcription, customer support, etc. These tasks are usually outsourced to freelancers so employers can save time and focus on their core competencies.
To become a successful virtual assistant, you must be organized and efficient. It's also essential to learn how to communicate effectively with clients. If you can do these three things well, you'll be able to charge higher rates for your services.
If you don't know where to start, you can always look for jobs at freelance sites like Upwork or Freelancer. You can also apply for jobs directly via email. All these don't cost much except your skills and money to buy data.
Okrika Clothes Selling
Okrika clothes selling is another lucrative business with high market demand. It's a clothing business that sells second-hand clothes at cheap rates. People often discard old clothes due to a lack of storage space. However, these clothes still have value and can still be worn by people who can't afford the cost of new clothes.
To succeed in this business, you need to find an ideal location where you think the business will thrive. Then, find a wholesaler who can supply you with used clothes. You can also look for a shop that sells used clothes. Finally, you can set up a stall near the place where people usually discard their old clothes.
Online Tutoring or Home Lesson
Parents need lesson teachers to tutor their children at home after school, and you might be the best fit. However, you'll be at a great advantage if you are good at core subjects, like Mathematics, English, Physics, and Chemistry.
Also, many websites allow people to post jobs for tutors. Therefore, you can make money by helping others learn. In addition, you don't need much equipment to tutor online; all you need is a computer system and the internet.
Fruit Salad Retailing
You can use 5k to start a fruit salad retailing business. You can sell fruit salad as fresh or frozen snacks as a retailer. All you need to do is to find a supplier who can provide you with fruits.
For example, you can get mangoes, oranges, bananas, apples, pears, grapes, etc. If you want to add some variety to your business, you can include strawberries, kiwi, watermelon, blueberries, pineapple, and many more. You can offer discounts to customers who purchase multiple fruit salad boxes to increase sales.
Liquid Soap Retailing
Another profitable business idea is liquid soap retailing. This type of business involves selling liquid soaps. To start this business, you need a large container holding several gallons of liquid soap.
Then, you can create a display stand to show off your liquid soaps. You can also create a signboard to attract potential customers. Further, you can deliver the liquid soaps to customers' homes if they decide not to come to your home.
Food Delivery Service
If you love cooking and want to work from home, then food delivery service may be the perfect job. Food delivery services are growing rapidly because it allows people to order food without leaving their house.
There are many different types of food delivery services. Some specialize in delivering only one food, while others deliver a wide range of foods. Starting on a small scale, you can start with one food and a few customers, and since you'll be starting from home, your kitchen equipment is enough. Then, as time goes by, you can move to a new space and add other kinds of foods to your dishes.
Toilet Roll Business
Toilet rolls are in high demand, especially in hotels and companies. However, not everyone is in the business of selling toilet rolls. The toilet toll business is an excellent option for someone who needs a business with 5k.
This business involves buying wholesale and reselling toilet rolls at higher prices. You can either buy them directly from manufacturers or buy them from wholesalers. Usually, wholesalers have a warehouse where they store products before they sell them. So, you can find wholesalers to supply you at wholesale prices.
The profit margin is high when you buy toilet rolls at wholesale prices. Also, you will earn additional income when you resell them.
People love to snack on local food sometimes, making the groundnut business thrive so well. Groundnut business is very easy to start. All you need is a sack of groundnuts and a market stall.
There are many ways to sell groundnuts. For instance, you can sell them at roadside stalls, street markets, supermarkets, and mobile vendors.
However, you should know that most people prefer to buy groundnuts from supermarkets. Thus, you can set up a shop near a supermarket to make money. You can also sell groundnuts online, as many websites allow you to sell your goods.
The phone repair business is a lucrative one to start with only 5k. However, to start a phone repair business, you must have learned the skill. In addition, you must have a good reputation among your friends and family members.
Depending on its condition, you can charge anywhere between N1,000 - N5,000 per phone. It's best to charge less than N3,000 for phones that are working fine. On the other hand, you can charge more than N6,000 for broken phones.
Note: Ensure you don't overcharge your clients; this could lead to bad relationships.
You can easily start a bead business with just 5k. Beads are used in jewelry making and decorating items such as bracelets, necklaces, earrings, etc. Most people love to wear handmade bead jewelry. They usually buy them from shops and stores. But, if you're at their service, you can make their preferred customized jewelry at a lost cost.
So, to start a bead business, you must first learn how to make jewelry. After learning how to make jewelry, you can start a bead business.
If you want to start a business that earns money without much effort, insecticide retailing is a perfect choice. Insecticides kill insects like mosquitoes, flies, ants, cockroaches, spiders, etc. Most people use insecticides to protect themselves from mosquito bites. So, if you have a large area, you can open a retail outlet selling insecticides.
You can either buy directly from the producers or wholesalers. However, the most important thing is that the product you market must be effective. If found ineffective by your customers, you might lose customers. So, the best way to discover its effectiveness is to test the products in your home first.
Selling of E-books
E-book sales have become popular lately. People read e-books on their smartphones, tablets, laptops, etc. Several platforms enable users to download books, including Amazon Kindle, Apple iBooks, Google Play Books, Kobo, etc.
To start an e-book-selling business, you must have a computer and internet connection. Also, you will need to register with the platform where you intend to sell your e-books.
Small-Scale Snail Rearing
Snails are small creatures that eat plants. Some people keep snails as pets. Others feed them to their children. To start a snail-rearing business, you must have some knowledge about snails.
Also, you must have a container to house the snails; you can get these containers from any pet store. The container size depends on the number of snails you plan to rear. Also, the price of each snail varies depending on its age, gender, weight, and health status. You can start with three to four snails and expand the business as you sell them. Another trick is hunting for snails and rearing them, reducing your cost.
Nail Technician Service
A nail technician is someone who specializes in manicure and pedicure services. This includes cutting nails, filing them, applying polish, and more. A nail technician needs to know how to cut nails properly. Also, they should know how to file nails.
The beauty industry has grown tremendously in recent years. Many women prefer getting manicures and pedicures regularly. So, if you're good at this kind of work, you can earn a lot of money. With 5k, you can get a few items needed to run your service from home. However, you need to spread the word through social media.
Hairdressers trim hair, style it, and apply makeup. They also offer other services such as shampooing, blow drying, styling, coloring, and many more. If you have learned this skill sometimes in life, you can start making money from it now.
You don't need to have a shop; all you need are a few tools for the business. Then, you start by telling your neighbors how good you are. You can even make their hair for free to show them what you've got to offer.
However, finding clients and advertising your services is the most common way. You can use social media to promote your services. Also, you can ask friends and family members to refer potential clients.
This is a haircutting technique that involves shaving off unwanted hair. It's usually done when you want to look younger. Barbershops are places where barbers do this job.
You can start rendering home service if you have experience in this field. But, before you start, you need to determine whether this service has enough demand.
Can I Do These Businesses While in School?
Yes, you can do these businesses while studying. You can start doing one of them before you graduate. For example, you can start making nails while still in school. Or, you can start a blog and monetize it.
To start a business successfully, you need to learn everything you can about the market. You can find out which products or services are trending online. Also, you can look up information about the competition.
This way, you'll be able to come up with ideas that no one else has thought of yet. And, you won't end up competing against big companies.
Starting a business requires hard work, patience, determination, and perseverance. The above list shows some businesses you can start with only 5k in Nigeria. We hope it helps you out in your journey. Good luck!