With the high unemployment rate in Nigeria, lots of youths are now willing to start businesses since they can’t rely on the government to provide them with jobs.
What Businesses Can I Start with 5k in Nigeria?
The sad part is that most Nigerians have little to no capital to start a standard business. With no job around, there is no way to make money and use it as capital. However, with the little available, you can still use it to start some businesses.
1. Liquid soap production
There is this soap poured into bottles that are usually green in color, and with no labels. It’s becoming popular and the best part is that it’s easy to make.
Starting this business as a large-scale enterprise can be capital intensive, but if you’re willing to start small then this is a good business to consider. Humans usually focus more on quantity than quality, and liquid soaps are known for having more quantity than factory-made soap. This means you already have a market in need of your product.
You can watch YouTube videos on how to make this soap safely in your house. Also, try watching some marketing videos for small/home-based businesses so you can know how to attract more customers. If you have neighbors, you should approach them and let them know you just started a business. You can also approach traders in your neighborhood to see if they will be to patronize you.
2. Recharge card business
Even though Nigerians now buy airtime through their bank apps, airtime vendors are still making money from selling airtime. This means banks haven’t taken over the business. You can also opt into this market with the 5k you have.
The profit margin is very small. Each card you sell you will make around 10 naira or so. The way to earn more is to approach the rich/well-to-do people in your neighborhood. Advertise to them so they can always buy from you when they need airtime. You can even offer them an online service by taking pictures of the recharge card and sending it to them via WhatsApp, then they will pay you through the bank.
3. Noodles preparation business
Food is one of the essential things humans can’t live without, and noodles are one of those delicacies that are easy and quick to prepare. If you have a balcony or a spacious front yard, you can start this business with 5k because you won’t need to rent space. You’ll need to build a stall which will have a roof so the sun doesn’t beat you. Planks can be used to make this stall, however, if you have a balcony then you don’t need to worry because you can use the balcony.
Make sure the space you are using is always neat. Uproot weeds if there are any there.
Apart from selling it to the people in the neighborhood, you can approach office/factory workers in your area and advertise your business to them. So during lunchtime, they can patronize you. If they can’t come over to your stall, you can offer delivery services which might cost them a little bit of money.
This business can make you some good cash. You should be able to earn 5k to 10k a day if you run the business well. However, you need to make sure your stall and the space around it are neat, or else the business will die before it starts. You’re in the food businesses and dirtiness is not taken lightly.
4. London-used clothes
London used clothes are called Okirika or Okereka depending on whether your dialect is Yoruba or Ibo, nevertheless, they both mean the same thing. Okirika clothes are used clothes imported from other countries and sold here in Nigeria. About 60% of Nigerians or more wear okirika, but you won’t know because they are first-grade okirika (used clothes that are still in good condition). There are boutiques in Nigeria that sell the first-grade okirika as new clothes and put a high price tag on it.
This business requires more than 5k to set up. To start with 5k you’ll have to meet up with established okirika sellers. You’ll tell them you are a retailer and you’ll be picking clothes from them to resell. They will give you the clothes at a wholesale price so you can make some profit.
With your 5k, you won’t be able to open a shop, so you’ll have to sell it from home. You can tell your neighbors you now sell first-grade okirika so they can patronize you. You can also sell it at busy areas such as the railway station or bus stops. You will iron the cloth and place it on hangers so it looks appealing. This will make passersby willing to stop and check it out.
These are the business opportunities that are viable with 5k as the start-up capital. The profits you’re making, make sure to reinvest it so that in a few more years your business would have transitioned to a standard one.