Businesses you can start with less than 5k capital, by Aisha M Auyo
Businesses you can start with less than 5k capital, by Aisha M Auyo
With the rise in the cost of living, the removal of fuel subsidies, and other factors affecting the common Nigerian, I thought of how we could do something to augment our income. A business or service rendering that will bring more into our account, known as a side hustle, depending on our skills and capital.
In this write-up, I’m starting with a 5k or less business idea, and I plan to proceed with a more complex skill and larger capital.
So what’s a side hustle?
A side hustle is an additional employment opportunity that is non-related to a person’s full-time job, which provides supplemental income. In other words, a side hustle is a way to earn extra income in addition to a full-time job. With the extra money, it might be easier to pay your bills, contribute to savings, or assist with other expenses. The additional income could also help make your side hustle a growing business. Unlike a part-time job, a side hustle commonly has more freedom and more control over what a person does, when they do it, and how many hours they devote to it.
Individuals can typically pursue a side hustle that involves their passions and talents, and some may eventually make their side hustle their primary career. If you’re interested in making extra money outside of your full-time job or want to explore a new career, consider starting a side hustle.
To pursue one successfully, it is helpful to choose the type that matches your interests, skills, and professional goals. Learning more about side hustles may allow you to earn money while doing something that engages you and gaining professional experience in a new field.
Benefits of having a side hustle
Gaining flexibility: Individuals typically manage the time they dedicate to their side hustle, making it easier to integrate into their existing schedule as full-time employees. By controlling their schedule, they can make their side hustle accommodate other events or commitments they have while still earning additional income. This may help them gain flexibility and maintain employment in their existing role while also pursuing their passion.
Improving your finances: A side hustle is a way to earn extra income in addition to a full-time job. With the extra money, it might be easier to pay bills, contribute to savings, or assist with other expenses. The additional income could also help make your side hustle a growing business.
Exploring your passions: One advantage of a side hustle is the opportunity to pursue a career you’re passionate about. Pursuing your passions as part of a side hustle might allow you to develop your side hustle into a career. You can also develop specific skills that may help make your side hustle successful.
In this article, I’ll discuss 16 ideas for side hustles you can try with a capital of 5k or less.
They are as follows:
1. Tutor/ lesson teacher: Many families seek extra help with their children’s schoolwork. Offering tutoring services may be a successful side hustle, and helping students can be rewarding. This side hustle may accommodate a full-time job since many tutors only work before or after school hours. I’ll advise you to find the students near your area so you can trek, or not far from the area where the transport is less than 500.
2. Babysitting: With a lot of nursing mothers going to work or other engagements daily, the necessity for a babysitter has come to rise. Also, the lack of relatives and extended family households had given rise to mothers depending on others to help with their kids. You can stay at the person’s home and look after their children, or the baby could be brought to you if you live in a baby-friendly environment.
3. Cleaner: This side hustle has a wide range of options, including cleaning residential homes and businesses. Other service options could include cleaning the inside, outside, or both aspects of buildings. You may offer as many or as few of the services as you wish, and you could charge different prices depending on the service.
4. Car wash: You can offer to wash the cars in your neighbourhood or look for a car wash in your area where you can help the owners when they’re overwhelmed.
5. Technology repairer: If you have an affinity for technology, a potential side hustle may be fixing technology. This could include fixing computers, laptops, smartphones, or tablets. These devices are a big part of many people’s lives for work and leisure, and some pay for repairs on these devices. You may have the option to control how these repairs come to you, such as having them sent through the mail, having clients bring them to you, or picking them up yourself.
6. Rental properties manager: If you own a residential or business space, renting it could be a successful side hustle. Whether you rent it out short or long-term and for businesses or vacations, there are many options and potential clients. You can either advertise on your own or use realty sites or companies that can help you reach potential renters.
7. Personal trainer: Helping others reach their fitness goals can be a very rewarding side hustle. You can maintain a schedule of clients around your availability, and you could work at a public gym or park your facility if you have one. There are certifications and licenses you may be interested in earning as you enter this job field.
8. Tailoring: If you have experience with tailoring and sewing, another side hustle could be making alterations. This is when a customer comes to a tailor to have their garments altered to fit their bodies. A common example is wedding dresses, as many brides order dresses and have tailors alter the dresses to their exact measurements.
9. Plating hair: If you have the skill of plaiting hair, you can do this in your free time. If the customers are not coming, you can offer to do home service in your neighbourhood or places not far from your area. Home service also allows you to see others who might want to do their hair.
10. Henna design: In this era of women wanting to look their best, henna design has come to stay. Women want to adorn themselves with this natural product. If you have the skill of either red henna, dye, Rani, or Sajem design, offer to do it at your place or at home services. These things sell and don’t cost a lot.
11. Manicure and pedicure: Working-class women / Men want to pamper themselves and look their best. So doing their nails, foot, and toes is something they will need. The tools for this service may not cost up to 5k. Also, home service will work just as fine if one doesn’t have space.
12. Roasting corn/plantain/yam: This business is everywhere, yet we can’t get enough of it. Try roasting on the roadside on a busy route in your area when you are free. Buying corn or plantain or yam for a start-up won’t cost more than 1k, then coal and rack for roasting.
13. Making snacks: Making small chops or snacks for events or daily for school children and workers is another way to get a steady income. Parties and social functions are always coming up. You can even do a home service where the client buys all ingredients, and you make the snacks for them to refrigerate.
14. Selling drinks/Zobo/ kanun aya Depending on the weather, cold drinks always sell. But with the advent of health awareness and the vices of carbonated drinks, people are going for natural drinks. Nonetheless, one can combine natural and carbonated drinks in a bucket with ice. This will cost less than 5k.
15. Selling fruits and veggies: Fruits and veggies are always needed, and not everyone has the luxury of going to the market or store every day. So bringing these to their location will always be welcome, from cucumbers, bananas, plantains, peppers, carrots, or onions. One can always get a customer needing one of these.
16. Online adverts: If you are a netizen, you can help with social media posting or managing business handles. You can take videos or pictures of items and advertise, then get paid for them. If you have many contacts on WhatsApp, you can advertise products and services on your status and get paid for doing so.
Which of the above businesses sounds appealing or doable to you? Is this feature helpful? In what ways? Please share your thoughts with us.
Aisha Musa Auyo is a Doctorate researcher in Educational Psychology, a wife, a mother of three, a Home Maker, a chef, and a parenting/ relationship coach. She can be reached via email@example.com.