Can You Start a Business With 50k (or less)?

You don’t always have to have a huge sum of money in order to start a business that scales well. Does having access to a huge sum of money make it easier to start a meaningful business and scale? Sure, it does.

However, if you do not have that, it certainly does not mean that there is no hope of starting a business for you. There are lots of businesses to start with 50k, these are some of them:

Perfume Oil Business

A profitable business to start with 50k is the perfume oil business. This is an easy business to set up, and all you need to worry about is getting a perfume oil supplier that is both reliable and has good stock.

Your next step is to get perfume bottles to package the perfume oil, and then market the perfume. This is a profitable business to start with 50k or even less. Getting perfume oil supply could cost about 1,800 for 10ML – that’s N180 per ML. The 1ML bottles will cost around N100. So, if you place your selling price for 1ML perfume oil at N1,000, you have a profit of about 700 from each bottle sale.

Food Business

When we add food business to the list of businesses to start with 50k, we don’t mean the large-scale fancy eateries and restaurants, of course, we mean on-demand food business which involves cooking for clients as needed by them.

You will simply need to be a fantastic cook and great networker, as your number one challenge is to get as many people to know that you offer on-demand cooking services. You may need to print complimentary cards, purchase cooking utensils, and decide on your prices.

Thrift Store

A thrift store is simply a clothing store where second-hand clothes are repackaged and sold at cheap prices. Your first task is finding a place to buy second-hand (popularly known as Okrika) clothes.

There are many places like this, like the Oil mill in Port Harcourt, Yaba in Lagos, and Supa Market in Lagos. You will also need to liaise with the merchants and do a lot of selection.

After purchase, you can go ahead to package properly and market.

Mini-Importation

Another business to start with 50k is the mini-importation business. This involves buying items at very cheap prices from foreign sites like Aliexpress and Alibaba and then selling on eCommerce sites or social media. Your aim is to be as lightweight as possible, to avoid incurring extra pay while clearing.

You should buy items based on their demand. For example, rechargeable fans of all sizes will be in high demand because of the hot weather combined with the poor electricity and fuel scarcity.

You can also buy and resell things like phone cases, wristwatches, earbuds, headphones, etc. These items can be purchased for less than 1,000 and then sold for 5,000 and above.

These are just a few of the many businesses to start with 50k. As you earn more, you can continue to expand until your business grows beyond just you.

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If you need further help and advice with starting and running your business, do not hesitate to contact us here.