5 Businesses you can start with just N250,000

With the current economic outlook in Nigeria and increase in cost of goods and services, making ends meet and taking care of daily demands/ expenses in the country on only one source of income is getting burdensome.

Even if you are currently working, it is advisable to get another extra means of income to enable you meet up with the ever growing demands and sharp increase in cost of goods and services in the country. So it is advisable to be both an employee and an entrepreneur to earn extra cash.

There are different businesses one can do and this article will give you an insight into various businesses you can start with a little as N250,000 initial capital. However, remember to carry out the necessary research about the business you which to start, basic requirements and most importantly, get a mentor that will assist in various areas you have any challenges.  

Barbing saloon and beauty Saloon:

Running a barbing saloon or beauty shop is highly lucrative as most people will need to have their hair cut, both finger nails and toenails done or even their hair plaited (for women). Starting this lucrative business is very easy, all the basic equipment you need for are a big mirror, 3-4 sets of clippers, after shave cologne, powder, hair brush, generator, piece of cloth for cover and a shop to rent. For beauty shop you need the basic equipment like Hair dryers, straightener, rollers, mirrors, table with drawers, combs and brushes etc. You can decide to either employ someone who will work for you or if you are currently unemployed, this is a very lucrative business to start with.

Laundry Services:

There are so many working class and business men/women who rarely have the time to wash their clothes due to work and busy schedules. You can set up a professional laundry business and earn extra cash by employing washer men or buying a washing machine, renting a spacious shop, getting pressers, available water tank and a stand-by generator. With this and further research on the business, you are good to go and start making that cash.

Photography:

Photography involves taking pictures and capturing memorable events but you will need to get some professional training to acquire the basic photography skills before you venture into this particular business. Ensure you have the requirements needed for photography like a camera, laptop for editing, studio etc. If you are working, this will be very good business to venture in to earn extra cash as you can work over the weekends focusing mainly on weddings and special occasions.

Football viewing center:

Football business is a very lucrative business as people are looking for a place where they can interact, discuss football, watch matches uninterrupted and relax. This is a very lucrative business as football is a unifying sport that attract people from all around the country sitting down to support either their country or favorite club and since the arrival of DSTV, Startimes and GOTV, doing this business is very easy. All you need is to rent a shop or space, subscribe to cable television (e.g. DSTV, Startimes and GOTV), flat screen TV, speakers and sale of soft drinks and other refreshments (this is optional).

Catering/ Food Vendor:

One basic necessity that is constant is that people must always eat. Either poor or rich, food is a very vital substance that keeps everyone going as nobody can function properly without food. For one to run a catering service or open a food restaurant, you have to be a good cook. If you aren’t good in cooking, you can learn by enrolling in cooking schools to boost you chances of being successful in this business. Ensure that the place you rent is very clean and fully equipped with all the cooking items and ingredients. You also need to employ about 3-4 staff that will assist you in running the business successfully.

Overall, it is advisable to have a mentor in any business you wish to start up who can give you the basic advise, dos and donts to ensure that your business is successful.