Alright! You’ve worked hard and saved consistently with your PiggyVest Target Savings wallet and finally have ₦100,000 in your bank account. Great job! We are so proud! Looking for businesses you can start to earn sweet returns? We’ve got you.
The best businesses to start with 100k in Nigeria include a massage business, a wig revamping and cleaning business, a fashion accessory business and a gift curation business. You can also offer fitness classes, start a bead-making business, open a beauty salon or offer decluttering services.
Don’t worry: getting these ideas off the ground is pretty easy. All you need is 100k (which you already have!), some skill and maybe the power of social media. In this article, we’ll explore 8 of the most profitable businesses to start with 100k and show you how they work. Let’s jump right in!
1. Beauty salon
Beauty salons are one of Nigeria’s most popular physical businesses (behind food businesses, of course) and for good reason. In fact, it’s almost impossible to find a community in Nigeria without at least one beauty salon. Why? Everyone loves to look good!
With 100k, you can open up your own beauty salon and offer any type of cosmetic service — from hairdressing and barbing to nail painting and pedicure services — for a fee. All you need to do is rent a shop (or kiosk), buy the required equipment or materials (like a clipper if you want to focus on barbing), and market your services online or offline.
It’s that easy!
2. Wig revamping and cleaning business
Wig revamping and cleaning is big business in Nigeria — if you know how to do it well. And while it might not seem as lucrative as selling wigs, you can profit nicely from helping wig owners restore and revive their hairpieces.
To start this business, you’ll need hair essentials like shampoos, conditioners and maybe a hair dryer. Of course, you’ll also need to know how to clean and revamp wigs to ensure your customers are always satisfied.
Don’t know how to do it? You can check out online resources like this WikiHow article on restoring human hair wigs to get started.
3. Gift curation business
From Valentine’s to Christmas and birthdays, everyone loves to give (and receive) gifts. In fact, gift-giving is such a big deal on special days that many people plan and save for months to get the perfect present for their friends, family or significant other.
Guess what? You can get in on the action! By offering gift curation services, you can help individuals and businesses create gift baskets (or boxes) by packaging pre-selected or customised items.
You can start by focusing on a niche (say, birthdays) and offering relevant boxes (maybe a package that includes a cake and other birthday paraphernalia) to a few clients. Then, you can expand to different niches and even offer tiered packages as your customers increase.
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4. Fitness class
In our article covering how much Nigerians are willing to spend to be happy, we discovered that more people are willing to spend more money to get fit and stay healthy — and with good reason! In today’s Nigeria, falling sick can be a pretty expensive affair — even if it’s a minor illness.
If you offer fitness classes, you can make easy cash and help the people around you — a win-win situation.
Of course, before you get started, you’ll want to decide exactly what kind of classes you want to offer (you can create a backyard gym or provide dance lessons) and where you’ll have these classes. The good news is that 100k can help you set up a modest shop, and fees from your student can help push things even further.
Still, you’ll need to plan things well and ensure you offer classes that suit your neighbourhood. For example, you can offer to be a weekend run instructor if you live in an estate with many 9-to-5 workers.
5. Massage business
Are you a trained physical therapist looking for a relevant venture? With 100k, you can get the basics needed for a massage business and offer on-the-go services to customers in Nigeria. As a massage therapist, you can offer your services for as low as ₦10,000 per session or charge by the hour — it’s up to you.
To start, you’ll need covers, towels, oils and sanitisers. Afterwards, you can invest in pricier equipment and materials like massage tables and guns.
6. Fashion accessory business
Fashion accessory businesses are similar to beauty salons in many ways. Here, you can sell jewellery, neckties, scarves and any other fashion item you can think of — for both genders.
In fact, there’s almost no limit to what you can sell. You can even sell varieties or focus on a single niche when you start your business. It’s up to you!
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Starting this business is relatively inexpensive (thanks to retail platforms like AliExpress), and 100k will help you get more than enough items for sale. Plus, you can skip setting up a physical store by using social media to market your products to a broader audience.
You can also take your fashion business online by opening a Shop on Pocket by PiggyVest. With your Pocket Shop, you can take charge of your business and simplify sales while promoting your venture.
You can also link your Pocket Shop to your Instagram and enjoy the best of an e-commerce store and a social media presence.
7. Bead-making business
Beads have been part of human fashion for thousands of years — way before inflation came for your pot of jollof rice. They’re still all the rage today, appearing as friendship bracelets, part of traditional attires and even on clothes.
Guess what? With 100k, you can buy beads, start your own bead-making business and cash out!
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You can turn these beads into fashionable statement pieces — like bracelets or necklaces — or incorporate them into ready-made clothes and sell for a profit.
Of course, you’ll need to know how to make beads to be successful in this business. Fortunately, your ₦100,000 capital should be more than enough to get all the materials needed to set up shop — including beading wire, threads and different coloured beads.
You can also use social media and your Pocket by PiggyVest Shop to get started.
8. Decluttering business
Japa-ing is more or less the norm in Nigeria these days. In fact, it’s become pretty standard to come across posts of a newly relocated friend or family member when scrolling through Instagram. And while it might seem everyone is running away from the country, you can turn this exodus into a profitable business.
How? One word: decluttering!
In this business, you help migrating individuals sell their household items for a commission or buy these products cheaply and resell them for a profit afterwards. Either way, you can make a decent sum in little to no time — even without leaving your home (thanks to social media and Pocket by PiggyVest!).
To start, you can reach out to relocating individuals and offer your services to them. Chances are they’ll gladly accept your business. After all, japa-ing can be expensive, and every Naira counts when starting a new life.
Final Thoughts
Starting a business in Nigeria isn’t easy — even if you have more than enough capital to set up shop. However, with careful financial planning, strong business principles and excellent customer service, you can turn your 100k startup into a thriving venture — just like Omobolade Kolade Mayowa did with her crochet business, HookedByLade.
And with PiggyVest, you can easily save and invest some of your profits and start the journey to financial freedom. Ready? Download the PiggyVest app today!
The articles on the PiggyVest Blog are developed by seasoned writers who use original sources like authoritative websites, news articles and academic journals to perform in-depth research. An experienced editor fact-checks every piece before it is published to ensure you are always reading accurate, up-to-date and balanced content.
- Forbes: The Power Of Social Media To Capture Today's Consumer
- Statista: Number of food and beverage serving establishments in Nigeria from 2016 to 2021
- WikiHow: How to Restore Human Hair Wigs
- Vanguard: Wrong time to fall sick in Nigeria, as cost of medicines skyrockets
- Healthline: 8 Benefits of Dance
- The Hindu: The Great Bead Story: Beads are a fashion statement and a window to cultures
