15 Businesses You Can Start with ₦500K to Earn ₦200K Monthly

Starting a business with ₦500,000 in Nigeria is possible, and you can generate up to ₦200,000 monthly with the right approach.

Whether you’re looking to tap into a growing market or provide services that meet local needs, there are several business ideas that require minimal startup capital but can offer steady profits.

Below are 15 businesses you can start with ₦500,000 to earn ₦200,000 or more each month:

1. Food delivery service

What you need: Delivery vehicles (motorbike or car), smartphone, and marketing.
How it works: Partner with local restaurants or provide meal delivery services for busy individuals.
Potential: High demand for food delivery, particularly in urban areas.

2. Grocery store (Mini-Mart)

What you need: Store space, inventory (groceries, snacks, and essential items), and staff.
How it works: Offer everyday essentials and build relationships with repeat customers.
Potential: Profitable with good location and proper inventory management.

3. Mobile phone and accessories shop

What you need: Stock of mobile phones, accessories, and repair tools.
How it works: Sell mobile devices and accessories and offer repair services.
Potential: High demand for smartphones and tech-related products in Nigeria.

4. Event planning and decoration

What you need: Event planning skills, decorations, and marketing materials.
How it works: Organize weddings, birthdays, and corporate events, and provide décor services.
Potential: Profitable in Nigeria’s event-driven culture, especially with weddings.

5. Fashion and tailoring business

What you need: Sewing machines, fabric, and tailoring skills.
How it works: Offer bespoke clothing or alterations for traditional and contemporary attire.
Potential: Fashion is a major part of Nigerian culture, creating a consistent demand.

6. Car wash and detailing service

What you need: Car cleaning equipment, water supply, and a location.
How it works: Provide car washing and detailing services for customers, either on-site or mobile.
Potential: Steady income with repeat customers and a strategic location.

7. Beauty Salon and barber shop

What you need: Salon equipment, beauty products, skilled staff, and location.
How it works: Offer grooming services, including haircuts, styling, and skin care.
Potential: High demand for beauty services in Nigeria’s growing urban areas.

8. Courier and delivery service

What you need: Delivery vehicles (motorbikes or vans) and logistics management.
How it works: Partner with businesses to offer delivery services for packages, documents, or goods.
Potential: High demand, especially with the growing e-commerce industry in Nigeria.

9. Fitness and wellness center

What you need: A gym space, fitness equipment, and trainers.
How it works: Offer gym memberships, fitness classes, and wellness services like yoga or meditation.
Potential: Nigeria’s rising health consciousness can provide steady business.

10. Pet grooming and boarding services

What you need: Grooming equipment, a pet-friendly space, and staff.
How it works: Offer grooming and boarding services for pet owners.
Potential: As more Nigerians own pets, there’s growing demand for these services.

11. Photography and videography business

What you need: Camera equipment, editing software, and photography skills.
How it works: Offer photography services for weddings, events, or business purposes.
Potential: High demand for photography in the wedding and corporate event sectors.

12. Digital marketing agency

What you need: A computer, internet access, digital marketing skills.
How it works: Help businesses grow their online presence through SEO, social media management, and digital ads.
Potential: As Nigerian businesses increase their digital presence, this sector is booming.

13. Mobile hairdressing services

What you need: Hairdressing tools, a vehicle (optional), and styling skills.
How it works: Provide hairdressing services at clients’ locations, offering convenience and flexibility.
Potential: High demand for personal services, especially in urban areas.

14. Snack business (Chin Chin, Puff Puff, etc.)

What you need: Cooking equipment, ingredients, and packaging.
How it works: Produce and sell popular Nigerian snacks like Chin Chin, Puff Puff, and small chops to local markets, offices, or events.
Potential: Low start-up cost with the ability to scale quickly through sales at local markets.

15. Online store (E-commerce)

What you need: A computer, website or e-commerce platform, inventory, and marketing.
How it works: Sell products like clothing, accessories, or electronics through an online store.
Potential: With Nigeria’s growing internet usage, e-commerce is a rapidly expanding market.

Key tips for success in Nigeria:

Location: Whether it’s a physical store or a service business, a strategic location will significantly boost your chances of success.
Customer service: Excellent customer service is key to retaining clients and gaining referrals.
Marketing: Utilize social media platforms like Instagram, Facebook, and WhatsApp to promote your business and connect with potential customers.
Consistency: Keep providing great service and stay consistent to build a reliable reputation that brings in repeat customers.