Top 10 Business Ideas to Invest 500,000 Naira
Top 10 Business Ideas to Invest 500,000 Naira. Business Ideas to Invest 500,000k on… This amount would have been worth a lot a few decades ago but with the ever increasing prices of things due to inflation in Nigeria which is even worse in recent times, 500,000 Naira is no longer worth much. Even at that 500,000 Naira when properly used can earn you a lot. When I say, “earn you a lot”, I mean you investing it in a good business venture.
So, what are the business ideas you can invest 500,000 naira in? While, obviously, 500,000 Naira might not worth much, there are businesses you can at least start with the amount to start generating money for you on a regular basis and if managed properly, the businesses can move into the millions region and your business expanding consequently.
1. Mini importation business
This is certainly a good business venture you can invest 500,000 naira in and certainly get rewarding profit. With 500,000 naira you can import countless items from many countries (with China being the top destination).
To start a mini-importation business, you would have to make sure the below are available:
- A home address which is valid
Since the delivery company would have to deliver to your address, it is important that the address is a valid one.
- A naira MasterCard which would be given by any Nigerian bank you bank with. MasterCard is the most accepted debit card.
- The e-commerce website where you can shop at the best prices and quality too. E-commerce websites like com, eBay, Amazon.com, DealExtreme, DH Gate and so many more.
- Reach out to a shipping company that will deliver you goods to Nigeria
If you are using a free shipping option, keep in mind that it would take long to arrive, sometimes 2 or more months.
- Good knowledge of how the mini importation business works
2. Poultry farming
Poultry products such as eggs and broilers are consumed in thousands of tons daily in Nigeria. Especially in the evenings, poultry meat is always barbecued in every street corner in all parts of Nigeria.
- Decide on the poultry bird type you want to rear
- Focus on a type of poultry farming
The many types of poultry farming are:
Poultry feed production
- Decide and get a location for your poultry business
- Build your poultry house structure
- Purchase day-old chicks
- Buy poultry pen equipments such as feeders, egg trays, cages, coops, lighting system, waste disposal system, incubator, nests and the likes
- Get customers to know about your business by advertising it
- Employ qualified farm hands
3. Pig farming
Pig farming is one of the most profitable types of animal farming in the world.
Pork meat is one of the most consumed meat type in the world and Nigeria is no different so you don’t have to worry about the unavailability of the market for pork meat if you go into pig farming.
- Get a location for your pig farm
- Build the perfect pig pens to house your pigs
- Buy healthy piglets that you’d rear
- Purchase pig feed
- Regularly treat your pigs and their pens by employing the services of a veterinary doctor when needed
- Employ experienced farm hands
- Market your pigs
4. Fish farming
Fish farming is certainly rewarding in Nigeria. You could choose from tilapia to catfish to many others but the two are the most profitable in Nigeria. You could also even mix fish farming with aquaphonics.
- Get a good place to locate your fish farm
- Ensure there is a dependable good water source around
- Decide on a fish pond which is appropriate
- Chose the fish species which you think is right for you
- Purchase fingerlings or juveniles that are viable and healthy
- Learn and master the type of fish feeds and feeding habit
- Start advertising your fish before they are matured for sale
- Be professional
- Understudy and expert to get properly trained in fish farming.
5. Goat Rearing/Farming
Goat farming is for many purposes as the market is always there for meat, leather, milk and even for their waste which is animal manure.
- Study the goat market
- Get a large land for pasture for rent or your personal property
- Secure the pasture by fencing it. Barb wires are the cheapest way.
- Build goat barns to shelter your goats from weather elements
- Purchase the right breed of goats. The breeds are Nigerian dwarf goat, Nubian goats, alpine goats and so much more. You could buy female goat which are young like 5 or 6 and when the time is right, you should mate them with high quality he-goats.
- Book schedules with a veterinary doctor which are regular
- Market your goats
- Make plans to keep the kids that are of the best quality and sell of those of lesser quality.
6. Real estate business
To start real estate business, follow the steps below:
- Make a business plan
- Register you real estate business with the official authorities
- Make sure you get yourself an office space
- Employ qualified professionals
- Seek loans or investment to fund your business
- Advertise your real estate business
7. Laundry business
By now you already know there’s a market for laundry business as there are persons around even in your neighbourhood who require laundry services as long as you can provide quality service. Advertisement and good interpersonal skills are also very relevant in this business.
- Study the laundry business
- Draw up a business plan for your laundry business
- Register your laundry business with the right authorities
- Get a shop for your laundry business
- Purchase special laundry equipments
- Fix prices for your laundry services
- Advertise your laundry business
8. Fashion designing business
Fashion designing business is always going to be relevant as everyone always wants to look their best so it is a good business to invest 500,000 naira.
Research about the fashion designing business
- Decide on which fashion style you want to design
- Carry out market survey and the likes via a structure business plan
- Get a shop or office space
- Employ workers who are qualified
- Advertise your fashion design business
- Partner with big brands
If you have good cooking skills or even know how to prepare meals, this is perfect for you. Even if you don’t professional skills,
- Decide on the type of restaurant you want to operate
- There are several types of restaurants such as fast food restaurants, barbecue restaurants, ethic restaurants, quick service restaurants, casual dining restaurants, fine dining restaurants and so much more.
- Study the restaurant business and what is obtainable.
- Decide on a name for your restaurant business brand
- Ensure your restaurant is properly registered
- Draw up a business plan for your business
- Locate you business in a strategic
- Ensure you get restaurant sales permit and other permits, and find out what tax restaurants pay.
- Draw up an attractive menu list
- Purchase a few restaurant business equipments
You could make do of the kitchen utensils you already have, buy big pots, and start up with cheap tables and chairs and tablecloths. When you make more money, you can invest more in it.
- After setting up all of these, you can seek for funds
- Employ catering staff and chef.
- You could start with one and an assistant at first.
- Advertise your restaurant business
10. Event Planning and Management.
The demand for event management and planning services would continue to increase over the years. Event management and planning is basic the organization of celebrations, functions, competitions and so much more more in ways that are orderly and fun. Event management services are mostly demanded for celebrations, education, promotion and commemorations.
To become an event planner and manager, you have to do the following:
- Get the experience
- Make arrangement with partners such as DJs, MCs, caterers, etc
- Determine what category you want to go into where carnivals, weddings, shows, corporate events, seminars, fairs, exhibitions, e.t.c
- Register you business with the Corporate Affairs Commission
- Advertise you business