10 Businesses You Can Start With 50K in 2024

Although the economy is what it is, there are still some businesses you can start for as low as 50k in Nigeria as of today.

1. Fast-Food Business
2. Soap Production
3. Writing
4. Social Media Management
5. Artwork
6. Fashion Designing
7. Making Or Cutting Hair
8. Make-Up Artistry
9. Selling Perfumes
10. Home-Schooling business

Let’s dive in.

1. Fast-Food Business

“One cannot think well, love well, sleep well, if one has not dined well.”

Virginia Woolf

Food is an essential part of living that can never go out of style.

You do not necessarily need a stall or shop before you can sell food. You can start in your kitchen. With your gas cooker and pots, you are set. It is advisable to start with a particular food item, then over time, add snacks and other side dishes.

You can also start selling yourself at events, and parties, by offering to cater for their feeding. You can also leverage the use of social media platforms like Instagram and TikTok, to promote your business. How’s that for starters?

2. Soap Production

Soap production is another business you can venture into in 2024. This is also a required item needed in most homes.

All you need is to get the ingredients and a few YouTube videos. You can start making washing soaps and bathing soaps for homes and sales. Collaborate with supermarkets to supply them probably at the end of every week. Publicizing your business on your social media can also get you leveraged.

If you have good writing skills, put yourself out there and kickstart your career today. 

3. Writing

You do not need to have a laptop before you can start writing and earning money. With your phone alone, you can start writing.

Careers in writing include copywriting, content writing, scriptwriting, resume writing, academic writing, technical writing, etc. All you need to do is build a portfolio with your experience, and there are free websites for that. If you have good writing skills, put yourself out there and kickstart your business today. 

4. Social Media Management

To be a professional social media manager, you need to have certifications, have experience, and take courses. There are free courses you can take, and internship classes you can apply for to get certificates.

If you are good at handling social media presence and managing pages, with content that you think will do well on those platforms, then this is the job for you.

Maximizing social media to your advantage is something that you will do very often and you can create content even from your bedroom.

5. Artwork

This is another business you can start from your bedroom. Many times, it is a talent. 

If you are good at drawing and painting, then it is best that you utilize it to the fullest. You can start by buying painting brushes, paints and canvasses. Draw and sell them. They would always be in demand, depending on your type of art too.

After which you can use the money to set up a studio and teach people also, and yes you can charge them for the learning process. There you have it, a career born out of 50k!

6. Fashion Designing

Now this is a tricky one. You may be thinking—”Where would I get a sewing machine for 50k in this economy?“

But you do not have to. There are two things you can do, either you borrow people’s machines to carry out your job, or you can offer to cut clothes for the actual designers. Yes, you can make money through these ways.

Before you know it, you are buying your sewing machine, a whipping machine, and your fashion designing business is on its way to being global.

7. Making or Cutting Hair

It cannot be overemphasized that this is a digital age. This is one business that for as long as you do it, you may not necessarily require having a salon at first.

All you need is a mobile phone and you are on a roll. You can offer home services to people. You can start by creating a TikTok channel to advertise yourself and the customers will come rushing in.

8. Make-Up Artistry

Make-up is never going out of style. Instead, it keeps evolving. There is always a new way to go about it.

If you are interested in beautifying yourself and people, this is one lucrative business you can venture in. You can start by getting the basic make-up materials and using relatives as your muse.

You can also create a YouTube/TikTok channel to teach people how to apply your makeup products to their faces. 

Consistency is key when it comes to make-up. You can also suggest types of make-up materials they can use depending on their types of skin tones.

9. Selling Perfumes

This is another business that is common in Nigeria. Buying perfumes in 3ml, 5ml, and 10ml for starters can earn you money in good numbers, and with this, you can get bigger products.

You can also get perfume oils, if the bigger ones are not affordable, then sell them at double the prices, so you can make profits. You can also maximize social media to help you promote your business.

10. Home-Schooling business

This can mostly work for people who have degrees in courses like Education and the like. 

You can start by being a lesson teacher to kids after school. You can start by buying books for kids, to be abreast of what their current curriculum is like and know where and how you can come in as a teacher.

You can charge the parents based on your experience and kickstart your business that way.

Conclusion

The world has changed so much that most things can now happen at the snap of our fingers and there are several things you can still do with just 50K Naira in your bank account. However, you have to put in the work and be determined to succeed.

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