What Business Can I Start With 50k As A Student

Schooling in Nigeria can be demanding in terms of finance. So, it’s understandable why you’re looking for businesses to start as a student. While a 50k budget isn’t much capital, you can still work with it. Read on as we discuss five good businesses you can begin as a student with such an amount.

5 Top Businesses to Start With 50k As a Student

If you have 50k in hand, these are the businesses you can launch as a student:

1. Cloth Selling

For entrepreneurial students looking to make the most of the bustling university environment, starting a cloth-selling business with just 50k is a practical and profitable venture.

First, identify the fashion trends popular among your peers. University students often seek trendy yet affordable clothing. With 50,000 Naira, you can purchase wholesale items from online marketplaces or local distributors at discounted rates. Focus on things in high demand, like graphic tees, hoodies, or thrift clothing, which is currently a hit among youths.

Setting up a pop-up shop or a small stall within the university premises during events or on weekends can attract a crowd. However, given the digital savviness of the student population, establishing an online presence on platforms like Instagram, Facebook, and WhatsApp is crucial. Utilize these platforms to showcase your collection, post student-friendly deals, and create a buzz with creative content.

To manage inventory and sales efficiently, use simple bookkeeping apps. This helps track expenses and profit, ensuring the business remains financially healthy. A cloth-selling business in a university setting doesn’t just promise financial gain but also helps hone entrepreneurial skills amidst the academic environment.

2. Oil Perfume

Starting an oil perfume business within a university can be a lucrative and fragrant venture for students with a budget of 50k. Here’s a step-by-step guide:

1. Research and Source: Understand the types of scents popular among your peers. Source quality oil perfumes from reputable wholesalers. Prioritize long-lasting and allergen-free options.
2. Small Batches: Begin with small batches to test the market. Opt for a variety of scents to appeal to a wider audience.
3. Branding and Packaging: Create an appealing brand name and design attractive packaging. Since students often prefer aesthetically pleasing products, your packaging can be a game-changer.
4. Pricing Strategy: Price your perfumes affordably, keeping the student budget in mind. Offering smaller quantities at lower prices can encourage impulse buys.
5. Marketing: Utilize social media platforms and word-of-mouth to market your perfumes. Create visually appealing posts and share reviews from early customers.
6. Pop-Up Stalls: Set up pop-up stalls at university events or in high-traffic areas. Engaging directly with customers can lead to immediate sales and valuable feedback.
7. Custom Orders: Offer to create custom blends for special occasions, adding a personal touch that can command a higher price point.

By focusing on quality, variety, and strategic marketing, students can establish a thriving oil perfume business in their university, turning a passion for fragrances into a profitable enterprise.

3. POS Stand 

A POS can be a rewarding venture, especially within a university environment. And you can start with just 50k. The first step is to identify a strategic location within the campus where foot traffic is high. Places near lecture halls, cafeterias, or hostels are ideal. Security is paramount, so ensure the location is safe and secure.

Partnering with a bank is crucial for your POS business. In Nigeria, several banks offer reliable POS services. The best banks you could consider include OPay, MoniePoint, and PalmPay. These banks are known for their fast network and relatively lower charges, which can help you maximize your profits.

Once you’ve secured your POS machine, familiarize yourself with its operation and the transaction processes. Additional services such as cash withdrawals, transfers, bill payments, and airtime recharge can attract more customers.

As a student, balancing your studies and business will be essential. Consider hiring a trustworthy fellow student to manage the stand during your lecture hours. This not only provides employment but also ensures your business runs smoothly throughout the day.

4. Dry Cleaning

Dry cleaning services are always in demand, especially in a university environment where students are constantly in need of clean clothes for lectures and social events. It doesn’t have to be significant; a small, well-ventilated room or a secure spot close to the hostel area would be perfect. Ensure that the site is accessible and visible to students.

Invest in basic laundry equipment. With 50k, focus on essential items like washing basins, ironing boards, a good quality steam iron, detergents, and hangers. You might not be able to afford a washing machine initially, but that’s okay. Starting small is key.

Offer competitive prices and student discounts to attract your fellow students. Services like same-day cleaning, pick-up, and delivery can set you apart from any competition. 

Consider operating your service during off-lecture hours or employing a trustworthy fellow student part-time to help with the workload. This ensures that your service is available when most students are free and looking to get their laundry done.

5. Helping with Shopping and Payments

Time is often a luxury many students can’t afford. Juggling academics, extracurricular activities, and personal life leaves little room for mundane tasks like shopping or standing in long queues to pay bills. This is where a shopping and payment assistance service comes in. It’s a business idea that not only fills a niche but also requires minimal start-up capital. 

Here’s how to set it up:

• Understand Your Market: Start by gauging the demand for such services. Talk to fellow students, conduct a small survey if necessary, and identify the most common shopping needs and payment chores.
• Service Offerings: Decide on the range of services you’ll provide. This could include grocery shopping, picking up laundry, buying stationery, or even paying utility bills and school fees.
• Set Your Charges: Determine a reasonable fee for your services. You could either charge a flat rate, a percentage of the total bill or have varied charges depending on the complexity of the task.
• Reliability and Trust: When handling money or shopping for others, trust is paramount. Always provide receipts and maintain transparent communication with your clients.
• Efficiency and Convenience: Your service should save time and offer convenience. Perhaps offer delivery to dorm rooms or specific pick-up points to make it as hassle-free as possible for your customers.

Conclusion

Choose one of the five businesses listed above if you only have 50k as a student. They’re cost-friendly, and you can manage them conveniently with your studies.