Nowadays there seems to be countless small business that can be started with little capital. But the reality is that not all of them are built equal. Only a select few have the potential to genuinely make N500,000 fast in Nigeria.
This article will go over 33 small businesses that you can start today if your goal is to make 500,000 Naira in just a few days or weeks.
33 Ways to Make 500,000 Naira Fast in Nigeria
1. Become a business broker
A business broker helps people buy or sell their privately owned businesses. For each sale they make, they receive a commission.
Many profitable businesses are worth hundreds of thousands or even millions of dollars. So from just one sale, you can just imagine how much money you could make.
A lot of people who are looking to sell their businesses don’t know where to begin, so make sure that you have a website with all your contact information, as well as social media pages. Make it as easy as possible for people to find you online.
2. Dropshipping
Dropshipping is a product fulfillment method where vendors don’t keep an inventory of the products they’re selling.
Their job is just to advertise them, and whenever they get an order through their eCommerce store, they then use the money to order the products from a cheap supplier and then ship it directly to the buyer. It’s such a fantastic business to start in Nigeria.
3. Open an eCommerce store
You can start a full-fledged eCommerce business where you actually keep an inventory of the products you’re selling. The advantage of this model is better quality control and faster delivery times.
You can research products that have huge demand but are relatively hard to find, and then order them in bulk from AliExpress. Ordering in bulk helps keep your costs low.
4. Language translation
Despite all the advances in machine translation (such as Google Translate), the demand for skilled translators remains high.
If you are multilingual, you can start a translation service and find work via platforms like Fiverr and Upwork. You can also contact website owners to ask if they would be interested in having their websites translated into another language. A single gig could easily make more than 500k.
5. Affiliate marketing
Affiliate marketers are people who promote other businesses’ products/services and make commissions from the sales they generate. Amazon is the most popular affiliate network given the range of products it has. However, there are many other options such as Clickbank and CJ Affiliate.
You just need to sign up and then start promoting any product through social media, YouTube, or any other means. Whenever somebody makes a purchase using your link, you get paid a small commission. Affiliate marketing is one of the best ways to make N500,000 fast in Nigeria.
6. Digital marketing campaign manager
Digital marketing has transformed marketing as we used to know it. It’s now the responsibility of campaign managers to deliver the best results.
You can start your digital marketing career by learning from the internet and trying out different techniques. Check out our guide on digital marketing for startups and small businesses.
Understanding PPC, SEO, and Social media marketing is essential for success in this field. After you have a good understanding of your business model, you can cold-call local businesses to ask them if they are interested in your services.
7. Niche website owner
Every day new trends emerge. As a niche website owner, your job is to grab the market before it becomes saturated.
You can create a niche website (using WordPress) and then do some SEO to get it to rank well on Google for relevant keywords. This will result in thousands of visitors per day. Using to blog effectively will help you grow your audience.
Websites can be monetized through ads, affiliate marketing, sponsorships, and many other ways. It’s one of the best ways to make N500,000 fast in Nigeria – in a day or a week.
8. Become a data analyst
With the rise in “big data”, more companies are required to understand huge amounts of data to optimize their business strategies. Data analysts are people who have the technical knowledge to make sense of this information. They often have a background in finance, math, or economics.
Data analysts working for international corporations can make more than enough to live extravagant lives.
9. SEO expert
Search Engine Optimization (SEO), is a must-have for anyone who wants to be found on the internet.
In a matter of months, a skilled SEO expert could turn a failing business into a profitable one. It’s no surprise that SEO professionals can make as much as experienced software developers.
10. Self-Publishing
You can write your book on any topic that would be of interest to a certain niche. For instance, you could write a keto cookbook for keto enthusiasts. The great thing is that you don’t have to be an expert in the field you’re writing on. You can totally rely on research to find information.
If you think writing a book is just too much work, you can outsource the work entirely to a ghostwriter, and then take credit for the final work as the author. That’s what most writers do nowadays.
11. Become a social media manager
Many small businesses don’t have the time or expertise to manage their own social media accounts and therefore have to outsource the work.
If you are a social media guru, then this business is perfect for you. You can choose to specialize on a specific platform or offer general management services for all the major social networks.
12. Become a content writer
Content marketing is essential for businesses that want to attract customers and establish themselves as market leaders.
A content writer must be able to quickly and efficiently digest complex topics in order to create engaging posts that can be search engine optimized.
13. Podcasting
Are you a fan of ethnic music or video games? Are you interested in startups and entrepreneurship? Many people are just like you and would enjoy your show while they commute to school or work. Podcasts can be monetized through ads, affiliate marketing, sponsorships, and several other ways.
14. Blogging
Although competition is fierce in the blogging industry, it still remains one of the most lucrative business ideas for people who enjoy writing (and doing some SEO work). It can also be monetized through ads, affiliate marketing, and sponsorships.
Its barrier to entry is so low, you can literally get started right now. A popular blog with lots of visitors can easily make more than 500,000 Naira in a month (or less).
15. Office sharing
Office sharing is a rapidly growing industry driven largely by young entrepreneurs who are working to create the next Google or Amazon.
Your investment costs will be minimal if you already have a suitable property. If that is not the case, then you will need to lease an office space in a desirable location, and then partition it to make smaller offices than you can then sublease.
16. Create and sell handmade goods
If you’re good at making hand-made products such as wooden carvings, knittings, scented candles, organic soaps, etc, you can make lots of money by selling them on platforms such as Etsy. You can also sell at farmers’ markets.
People are usually open to spending more on hand-made products than on mass-produced items.
17. Become an image consultant
Image consultants are fashion and marketing experts who are often hired by people looking to improve their public image. If this is something you think you could be good at, then it’s definitely worth looking into. The barriers to entry are not so high and you can make a good living out of it.
18. Create an e-magazine
Creating e-magazines is so easy. You don’t even need to do any work yourself, you can outsource everything to freelance writers and editors and just act as the chief editor. You can make money by either using a subscription model or by running ads on the site.
19. Build WordPress themes
Are you a web designer or developer looking to make some passive income? You might want to consider creating WordPress themes. Your themes can be sold on websites such as Envato and Themeforest.
20. Become a drone videographer
Although professional drones can be very costly, you can begin small with an average-sized drone and a GoPro cam. Drone videography is a niche with a rapidly growing demand globally.
21. Become a graphic designer
Graphic designers create digital or printed design work such as website graphics and layouts. Many designers choose to focus on small jobs, such as logo design.
Depending on how experienced you are, and how appealing your portfolio is, you can earn anywhere from $15/hour up to $300/hour on freelancing platforms like Upwork.
22. Become a language teacher
Language teaching has long been a popular way to make extra money for students, as well as full-time university or high school teachers.
If you don’t know any foreign languages, but are fluent in spoken/written English, then you can become an English teacher and target foreign students.
23. Create an online course
Unlike online teaching, creating an online course allows you to earn passive income since your course will be pre-recorded and uploaded to platforms such as Udemy, and people can access it by paying your subscription fee. You won’t have to spend any time actively teaching.
24. Become an event planner
The internet has allowed people to connect with like-minded individuals across the globe, making it a great opportunity for event organizers.
Event planners use their organizational skills to help other people organize events such as weddings, birthday parties, and trade shows.
25. Offer guided tours of your city
Is your city a tourist hot spot? If so, then consider yourself lucky.
Offering guided tours can be a great way to make extra income during summer. You can also use it as a stepping stone to starting a larger tour company that offers even more services to tourists, such as car hire and hotel reservations.
26. Build an app
If you have a great app idea and know how to code, then you can build your own app. Even if you don’t know how to code, you can hire freelance developers to help bring your idea to life.
27. Develop VR/AR apps
VR and AR are rapidly catching on around the world. It’s definitely worth taking the time to learn how to develop apps that leverage the technology. For instance, you could build an app that allows real estate agents to create virtual tours of their homes.
28. IoT service provider
The Internet of Things is growing at an incredible rate and all our devices will soon be connected to cloud computing. Many businesses and homeowners looking to adopt the technology require someone to support them with the infrastructure, sensors, and ongoing support.
29. 3D printing services
3D printing has taken the world by storm. To join the revolution and make some money out of it, you will need to invest in a reliable 3D printer.
You can offer your printing services to real estate companies looking to create 3D models of their properties, manufacturing companies that want unique spare parts, toy companies, and many others. It’s one of the best businesses to make 500k fast in Nigeria.
30. Smart home contractor
Modern smart home solutions allow you to remotely control light bulbs, air conditioning, curtains, garden sprinklers, and many other things through your smartphone.
As a smart home contractor, your job will be to advise your clients on the best solutions for their homes, sell them the required products, and do the installation for them. It is important to have a deep understanding of the industry in order to find the best possible solutions.
31. Online career coaching
The millennial generation is facing a very difficult job market. Many are confused about what career paths to take, and their schools are not helping much in that regard.
As an online career coach, you can have clients from all over the world. You can help them decide what to do with their lives after school. You can also help with their resumes, cover letters, and even interview preparation.
32. Virtual assistance
The term “virtual assistant” refers to anyone paid to do some work for another person over the internet.
Let’s suppose that someone owns an online shop. This person may need assistance with customer correspondence and social media management, and rather than hiring a full-time employee, they can hire a VA instead, since it’s a lot cheaper for them.
Virtual assistants work on an hourly rate and can often serve multiple clients at once.
33. Become a personal trainer
Many people are hopping onto the fitness bandwagon and the demand for personal trainers is currently through the roof. If you’re into fitness, then you should consider becoming a trainer. It’s one of the most fulfilling jobs as you’re helping others become the best versions of themselves.
If you’re an experienced trainer then you can easily make N500,000 in just a week by providing personalized training and selling meal plans to your clients.
