Most businesses you can start require a lot of capital, but there are a few others that don’t need a lot of money to be launched. The key to wealth is not really saving and managing, but creating new streams of income that can bring in more money than you spend.
Money always goes out in many ways, so the trick is to ensure that you have it coming in from many sources so there can be a balance in income and expenditure. This is where owning a business comes in. You can work a 9-5 and still run your own thing on the side to augment your income, and you don’t have to break the bank to do this.
Here are two businesses you can start with N5,000:
1. Plantain/potato chips business
The average plantain/potato chips sells for N500 per one dozen. Your N5, 000 can get at least 10 dozen plantains. This will get you a profit of at least N1, 000. Your turnover can be five times more than this depending on who your customers are and how much you sell.
2. Mobile and electronic Accessories (pouches, chargers, USB cables earphones):
You can start this with N5, 000 but you’ll need a little more than that to get established in this business. You can source good and cheap stock on Ali Baba, Ali Express, Deal Extreme and so on.
In thinking of businesses you can start where you are, you must look around and think about the unique needs and problems of people in your immediate environment. What do people need to buy in your area that is scarce? It could be snacks, recharge cards or even bottled water. Just look around you and you will find a problem to solve.
Doing business and making money starts from solving problems and creating value. If you can do this, you will succeed. Also, in any business, you need the right attitude, patience and tenacity to make it.