Starting a business in Nigeria does not come cheap. It involves a lot from writing business proposals, doing market research, getting funding, hiring staff, buying equipment and office space etc. The whole process dissuades people with big ideas from executing their business ideas.
With the coronavirus outbreak, some jobs have become redundant. Some people have become out -of-jobs, temporarily unemployed, or completely unemployed. Instead of counting their losses, these people can get back on their feet. In times such as this, to stay productive and make ‘passive’ income, going to business is a good option.
Research shows that the best time to start a business is during economic crisis or financial meltdown. This is because most start up enter into the market with fresh energy, problem solving abilities and passion. Startups are large employers of labour. Apple, Facebook, Google are examples of startups that overtime grew to be big businesses.
Getting loan to set up a business can be tasking because of the several requirements. But do you know that there are profitable businesses to venture into with 50,000 or less? They include:
1. Soap Production
Every home uses soap for laundry, dishes, bathrooms, and personal hygiene. Dishwashing liquid and bar soaps are in high demand for these activities. Many skill acquisition centres that offer training on how to produce dishwashing liquid, and bar soaps. The individual would need to pay for the training, soap ingredients and use the remaining amount for production. He/she would the balance to brand the products to be more presentable and marketable. The bar soaps and dishwashing liquid can be produced from the comfort of one’s home and sold to supermarkets and government parastatals.
2. Food business
Social media has made it easy to set up a food business. With 50000 naira, the business can rent a space for a mini restaurant and start making money. He/She can offer delivery services so that people do not have to always eat in. Or the business owner can sell food to companies during lunch hours. The most important thing is knowing where the target customers are. Social media is a good advertising platform to sell foods. He/She must make it enticing for people to want to patronise.
3. Dry cleaning business
Even though most homes have washing machines, it is not everybody that has free time to do the laundry themselves. With 50000 naira, one can go into the dry cleaning business. Buy a washing machine and kick-off services from the confines of their home if they cannot afford to buy/rent a space.
4.Freelance writing services
This has become a lucrative venture in this era. Entrepreneurs, students, and other people seek professional writing services for business plans, proposals, grants applications, speeches, letters, blog posts, and others. All you need is a laptop, internet modem and the writing skill. With 50,000 or less, you can get a fairly-used laptop and use the balance for internet services.
5. Online Fitness Training
Many people are now concerned about their weight and want to stay fit. The business owner can go into online fitness training to help meet this need. He/she would only need to learn the job faster with the help of the internet to know about the different body type and their requirements. The 50,000 naira should be invested in getting the fitness equipment and books.