Want to start a business in Nigeria and you only have 500K? Here are the best and most profitable business ideas you can start with 500K if you live in Nigeria.

There are not a lot of lucrative businesses to start with 500k in Nigeria that can give you a profit consistently. Especially with the uncertainty of the Naira and the current harsh economic conditions in the Country.

There are plenty of business ideas in Nigeria that have the potential to make you lots of money in the long run but starting them depends on your capital and how you go about running the business. While some businesses require little to no capital, every successful business needs some capital eventually.

With just 500k in your pocket and some determination, you can start a business that generates a good source of income for you.

Some of the best profitable businesses to start with 500k in Nigeria are a POS business, a Used books business, a Car Wash business, a small logistics business, a beauty and barbing salon as well as an online store.
Now let us go into more detail. Here are the best businesses to start with 500k in Nigeria and how to go about it. Let's get started.


1. Become a POS Agent



POS business in Nigeria is now a very popular business in the country. If you already have a shop where you sell items then this business is perfect for you. Even if you don't have anywhere where you sell things, you can still start this business.

The stress of visiting banking halls and ATMs has created an opportunity for people to become POS (point of sale) agents and offer financial services in the local community.

Starting a POS agent business in Nigeria doesn't require plenty of capital or any technical knowledge to begin.

POS business is one of the easiest profitable businesses to start with 500k in Nigeria. Here are the requirements to start this business:

- A shop in a good location
- Register with a mobile money agent company
- Get a POS device
- and some cash in hand to pay customers who want to withdraw

Some of the best POS agent businesses to start in Nigeria are GTB POS, Moniepoint POS, Opay POS, Baxi POS, Kudi POS and Palmpay POS.

2. Start a Beauty Salon


This is one of the top profitable businesses to start with 500k in Nigeria, especially if you're a lady.

The beauty market in Nigeria is projected to be around $34.5 billion (2021). Women spend a lot of money on their beauty in their bid to look good. Whether it's making hair, fixing nails, or doing makeup, a beauty salon business is a very profitable business to start in Nigeria with 500k.

What you need are: a good location, top-notch beautician skills (yourself or hired help), and good customer service and your 500k invested capital will start to rake in the millions.

3. Open a Barbing Salon Business



Similar to the Beauty Salon business, a barbing salon is similar, albeit for a man (Women are now going into this business like crazy).

Barbing salon business is one of the best businesses to start with 500k in Nigeria as people cut and treat their hair every day. However, you need to be able to cut hair very well to make money from this business. You don't have to do it yourself, you can recruit someone good at barbing.

In this business, location is important, your space or shop has to be very comfortable for people as well.

4. Sell Fashion Items



Selling fashion items is a very profitable business. Whether it is used or new items, there is a market for it in Nigeria.

If you have great fashion taste, this is one of the most lucrative businesses to start with 500k in Nigeria. You can own a physical shop where you sell and you can also own an online store as well. Doing both is the more profitable strategy.

If you're going to go into this business, make sure you keep in touch with fashion trends and you always sell quality at very good prices.

5. Logistics & Courier Business



This is another business that a lot of people are going into because of the high demand. With the internet and social media, more and more people are buying online, so there's a need to get these items delivered. This is where a logistics and courier business comes in.

This is a great business to start with 500k in Nigeria. However, with 500k you might be only able to buy just one used bike for your logistics and courier business. But if you know what you are doing, you can grow it into a business with multiple bikes.

But it is going to take dedication and innovation

Just make sure that you always deliver your customer's item, safely and fast.

6. Open a Block Moulding Business

As long as real estate continues to thrive, people will continue to build houses. So a block moulding business is one of the best businesses to start with 500k in Nigeria.

The main requirements for this business are:

- You need to understand how the block mold business works
- a space (rent a land maybe?) With a nearby source of water and near where there will be ongoing construction for a long time.
- Get Moulding Machines ( Pallets, Block Mould, Lister)

You can read this guide to checkout the other lucrative businesses you can start with 500k in Nigeria

Take action today. Thinking about it is not enough. If you have more ideas you think should be included please share your thoughts please leave a comment.

Source: https://koboline.com.ng/businesses-to-start-with-500k-in-nigeria/