Making the rounds on social media is Nigeria’s current unemployment rate. According to Bloomberg, the rate of unemployment in Nigeria has moved to 33.3% that makes more than half of Nigeria’s Labour force unemployed.
What this means is that you probably know at least one unemployed person. Sadly, thousands of graduates join the pool of jobseekers yearly with little hope of gaining employment that same year.
If you are currently out of a job, starting a business might seem like the quickest route to self-sustenance. If you do have a job, a side hustle is an added security. We have even seen situations where side hustle became the main hustle.
If you are ready to start a business but wonder what to do, here are 8 businesses you can start with under ₦500k.
Capital expenditure would go towards owning an oven, baking tools and materials, and the cost for actual ingredients can come from an advance fee from your client.
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The most expensive capital project would be the shed which can cost as much as ₦300,000 depending on the size. Televisions are usually used units, and the cost of a DSTV dish plus a premium subscription for two decoders is about ₦50,000. You can save costs by constructing your shed close to adjoining walls.
With a high-end laptop of about ₦350,000 and a few hours on Youtube, Udemy or any other self-learning site, you can be on your way to becoming a web developer using content management systems like WordPress or Joomla.
Buying a work machine, a motorcycle or some other equipment for another person’s use while you get daily or monthly remuneration can help you get along just fine.
This is a tricky one, as the cost for the motorcycle alone could almost exhaust your capital. The thing is to make sure you get a good deal for the bike and negotiate your rider’s salary. Use your immediate network to start and ask for referrals.
A photocopying machine could cost below ₦100,000. The cost for rent around a school environment or office district could be around ₦200,000. ₦100,000 can be spent on a computer and other fittings, and of course, word of mouth advertisement would push your business.
Food business would always sell. All you need is capital for the disposable plates, stickers and ingredients and you’re well on your way. Oh, you need to know how to cook too.
You can import used clothes, or other grades of merchandize from turkey or china with an initial capital of less than ₦200,000. You can set up a Facebook advert with less than ₦30,000 and start getting orders almost immediately.
In all, you would need a high level of accountability and discipline to succeed. You might be wondering where to get the ₦500,000 initial capital to even start any of the 8 businesses. We can help you there too. With a stake of ₦50, you could win our jackpot of ₦500,000. Just promise us you won’t spend it all in one day. Click here to begin. Good luck in your business endeavour, as you become employers of labour that our country desperately needs.