People often say when you have as much money as 5 million naira you should allow it to sit in the bank for a whole year while you think of what to do with it. While that may not be a totally bad idea; why wait when we have thought for you? Here are 10 businesses you could delve into right now and start making even more money.

1. School: you can never go wrong with owning a school. Depending on where you reside you can choose to rent a building and use PVCs to make some demarcations within the building which should form classrooms. You will also have to consider getting furniture for students and some play equipment.

2. Food processing/preservation: Tons of food goes to waste every year in Nigeria as a result of poor processing and preservation practices. With your 5 million naira you could decide to go into fruit processing; making fruit into fruit juices and extracting oil from crops such as carrots, groundnut, coconut etc which are now in high demand. See how you can also run this business with as little as 509,000. https ://smartsmssolutions.com/blog/118-sms-marketing/small-business/1720-businesses-to-start-with-500,000-naira-in-nigeria

3. Restaurant/eatery: a restaurant is a great way to go when it comes to business. With 5 million naira, you can set up a middle-class restaurant in a middle-class neighborhood. Do not wait until you have 5 million to start this business. It is one that you can venture into with 1 million naira. See how. (List of businesses to start with 1 million).

4. Transportation: the transportation sector in Nigeria is dominated by private individuals and so you can be sure that there is a place for you as well. With four million naira you could get two fairly used vehicles in sound conditions that you could hand over to individuals on hire purchase. After having done that you would be left with a sum of 1 million naira which you can use to make whatever repairs that need to be done on the vehicles and register the vehicles under road transport associations and also pay a lawyer to draw up an agreement between yourself and the drivers to whom you would be handing over the vehicles. The weekly returns for each vehicle are dependent on what kind of transportation service the drivers choose to offer. The returns on e-hailing services differ slightly from the regular public transport services. No matter what kind of service the drivers choose to offer you are sure to be getting returns on your investment within a year. Before deciding to go into this business, you should check out the risks associated with it. https://www.legit.ng/1132835-problems-road-transportation-nigeria.html

5. Auto shop: Considering the number of vehicles that ply the roads daily, you are sure to make a profit from an auto shop. An auto shop should be able to deal with any issues that vehicles may have. This includes having a mechanical engineer on the ground, an electrical engineer, a vehicle AC expert, the panel beater(auto body), a painter, etc. You do not need to be an expert in this field, you just need to do research and find out all that's needed to set up an auto shop, hire the right hands and play a supervisory role.

6. Jewellery sales: 5 million naira can get you a lot of jewellery. Imagine making money from those beautiful pieces. Every day people purchase items such as rings, earrings, wristwatches, nose rings, anklets, bracelets etc. Sales of jewellery need a measure of expertise, so you might want to take some time to learn from an expert before launching your franchise or employ an expert to work at your outlet while you learn from him for some time

7. Unisex beauty salon: A standard unisex beauty salon is another great venture to put your money into. The best thing about this business is that you do not need to be an expert or have the knowledge on how to do anything beauty related. All you need to do is get the necessary equipment and hire people who have been trained and are skilled in offering the services to do the actual work. You would just play a supervisory role

8. Boutique: people would always require clothes to wear. Opening a unisex boutique would be to your advantage as there is always a ready market for whatever kinds of clothes you choose to sell. Having as much as 5 million means that you can start more than the basic or roadside boutique business. With 5 million you can get a space or a shop in a busy mall and still have enough money left to stock the shop with different kinds of clothes for both sexes. The great thing about selling clothes is that once you are buying in bulk the price is reduced drastically which means that you can sell an item for about three times the price you got it.

9. Mother/child care enterprise: this business is best situated close to a hospital where you have mothers coming and going. When it comes to childcare there will always be a ready market. This business involves the sales of everything that a mother or a couple would need during pregnancy and after childbirth. It also involves selling toys for children and gift items for children. It involves the sales of anything that mothers would need to take care of children during infancy. With 5 million naira you can invest in this business and smile to the bank every day.

10. Fabric sales: Putting 5 million naira into fabric sales would make you a major dealer in fabrics. It is best to major in sales of Ankara and Lace fabrics considering that those are the most commonly bought fabrics in this part of the world. You can also choose to get involved in sales of tailoring materials/sewing items as this would make your store a one-stop outlet where customers would always want to come as they are sure to get everything they need from you.

All of the businesses listed above require adequate planning to ensure success.

Here's a guide on how to write a great business plan. https://smartsmssolutions.com/blog/122-sms-marketing/sales-and-marketing/1524-how-to-write-an-effective-business-plan

SmartSMSSolutions- how we come in.

We at SmartSMSSolutions can help you promote your business and help you earn some cash by the side while at it. In promoting your business, we will help you run campaigns using our tools such as bulk SMS, voice OTPs and emails and this will attract more people to your business.

You can start making money from SmartSMSSolutions anytime you refer someone to the business using your referral link. Find out more about our Refer and Earn program. While at it, also buy airtime and data at a very affordable rate as well as payment for your electricity bill.