Small and Medium Scale Enterprises (SMEs) form an integral part of our society. There are several entrepreneurs looking to establish startups, but starting a business these days can seem difficult, especially with the current economic situation in the country. When you consider the kind of business you can start and scale with minimal capital, the idea alone could be impossible. However, with #50,000 or even less, you can start a profitable business or line of businesses and significantly increase your stream of income. Here are 4 businesses you can start with the sum of #50,000 and get monetary returns.
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- Mini-Importation Business
Mini-Importation is a kind of business venture where you import goods from other countries like China, Japan, etc. and sell the goods in Nigeria. In this business, you tend to sell the goods at higher prices to regain your purchasing cost and also make good gains. However, you need to focus on lighter weight goods so as not to pay so much on clearing at customs. The good thing is you do not need to travel to those countries yourself to buy the goods, there are reliable sites where you can place your orders. Such websites are AliExpress, Amazon, eBay, 1688, etc.
When purchased, these products can be easily and quickly sold off on Nigerian e-commerce platforms like Jumia, Konga, Jiji and others. For instance, you could buy an item for #1,000 and sell it at #5,000. This brings your profit to #4,000. When handled properly, this business can be very profitable, as the buying and selling process can start and be completed online. You can start this business with 50k or even less, and expand as you make profits.
- Noodles/Mishai Stand
This business has become a very lucrative one and many seem to be venturing into it. Although, some people have the notion that running the noodles/mishai (bread & fried egg) is for the Aboki man down the street. But that is not true and does not negate the fact that there is a huge gain in it. This is a rough estimate of what you need to start.
Location – You can start with an open space with very little or no cost at all.
Gas cooker (buying and filling) – #10,000
Plastic chairs and table – #15,000 (#10,000 for 4 chairs & #5,000 for 1 table)
Low-cost utensils – #5,000
Two cartons of noodles – #5,000 (#2,500 each)
1 crate of eggs – #1,500
Ingredients and others – #5,000
Estimate: #41,500
- Small-Scale Farming
Farming is gradually being perceived as a crude business meant for only the peasants in rural areas. This is not true in any regard, as the skill and expertise you employ will determine your progress to a very large extent. Everyone consumes food, and everyone should also be able to produce the food. Besides, the aim is to increase your streams of income, and being a modernized farmer is not a bad idea. If you live in an area where you have access to good farmland, this will be a plus. All you need to do is get land with good soil, clear it and start planting.
To start this business, you must first all, consider the type of crop you want to grow and if it can thrive well in your chosen location. When this is settled, you can go further. You can lease land in a remote community for about #30,000, clear land for #10,000, then purchase your seeds for 5-10k.
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- Perfume Oil Sales
Looking good and smelling nice will pass as being in the league of most lucrative businesses today. Inasmuch as contri hard, people still want to smell nice. You can take advantage of this and also make some cool cash for yourself. All you need is to have a reliable supplier that can sell to you at wholesale price, then you can invest a little in packaging and start selling. You can purchase perfume bottles (preferably 1ML) with which you can package the product. With 50k or even much less, you can get this done.
Starting a lucrative business in these times should not be so much of a headache, should it? Just find out your niche; which of them you have a flair for and make it work. You will cash out soon!
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