How To Start Okrika Clothes Business in Nigeria
‘Okrika’ business probably needs no introduction to the average Nigerian. This business is one that requires little capital to start and is readily marketable. As it is, so many business men and women out there have no idea of just how profitable this business can be. Mostly due to the fact that not everyone has the resources to afford high quality designer stuff, but instead would readily opt for getting the same quality designer stuff for way less.
The fact is that you can actually turn your okrika business into a money machine in little or no time.
So let’s walk you through how you can start up your okrika business in Nigeria.
Do some research
To be successful in okrika business you need to be familiar with the latest trends in fashion. You can’t afford to put your money into a fading fashion trend, as this can result in loses. And this is why it is important to learn and know the latest fashion trends to add to your stock as this will increase your sales especially when buyers know that they can always get the best from you.
Of course you know that before venturing into the business, there has to be money kept aside to cover typical running costs for the first 6 months of your business. The amount of money you decide to put in will determine the size of the business; it’s either you want it to be small scale or large scale.
Your capital requirements here includes;
- Shop space ( avoidable)
- Bale(s) of clothing
Get a good location
Location is everything. So be sure to get it right from the start. Although this depends on how you want to start. For someone with a tight budget, you could decide to sell from home; this way you get to take your goods to your customers’ locations. And on the other hand, if you have money and decide to rent a shop, your location may depend on the type of clothes you want to sell. For example, if you sell children wears; locating your business around residential communities and areas relevant to your target customers will best suit you.
Choosing a niche
Since okrika business is so broad, with so many business options available, it is recommended that you stick with a particular niche that you can easily track and grow in.
This is an important decision to make, as it will certainly affect how you start up ( in terms of funds and other resources), as well as where your business will be located. You can decide to base in ladies designer outfits, or even men’s jeans, or children wears etc. This should provide you the template to function with as you start up.
Get a supplier
You have to find a reliable supplier that you can partner with to supply you with bales of clothing for sale. Most businessmen and women actually get theirs from Cotonou, while others buy from Katangua market in Lagos. The most important thing is simply identifying with a mega supplier of used clothes, finish. Alternatively, you can actually buy from e commerce websites like Amazon, eBay and Alibaba.com etc.
How to sell your okrika clothing
To ensure that your okrika business is profitable, you need to get certain things right. Check out this list
- If you are considering getting a shop space for your business, as you put your clothes on display, always make sure that you first wash and iron them in order to have a competitive edge. Always work on improving the ‘quality’ of your clothes. Take out torn and worn out clothing etc.
- Be consistent in the quality of clothes you sell
- Always buy clothing items that the larger percentage of your customers prefer and mostly ask for. An example can be women who ask for tank tops etc
- Try to minimize the rate at which people buy on ‘credit’
- Try as much as possible not to overprice your goods so that you can have higher turnover. Hoarding goods will only serve to prevent that. Do your very possible best to sell off stock on hand so as to order for another immediately. It’s in your best interest if you can go four to five bales per month.
- Pay for your own clothes. If you have to get items from your business, be disciplined enough to pay for and make account for them.
Profitability of okrika business
Alright. This is the part you’ve probably been waiting for.
With as low as N70,000 you can get a good grade A, UK, USA bale of 55kg
This typically comes with about 350 – 450 pieces of items.
So if you’re selling each for say N400 – N700, you will surely amass a minimum profit of
N400× 350= N140,000
You’re beginning to follow right? Meaning that if you’re selling, say; chiffon gowns you can actually decide to sell them at N1k each depending on quality. If you calculate that, here’s what you’ll get:
Right? OK, so enough said.
How much money do I need to start up?
With as little as N70,000 or less, you are ready to launch your own okrika sales business.
Reasons why you should consider okrika business
There are so many reasons why you need to seriously consider okrika clothing business as a viable business option in Nigeria. A few of them are;
- Has minimum capital requirements. With okrika business, you don’t require a large amount of money to start. And just like I stated earlier, you can comfortably start this business with N70,000 or way less and still make up to 100% profits
- Its high demand. What really makes this business appealing is , the fact that your product offerings are extremely cheap and easy to afford. So many people opt for okrika clothes because they get to buy good quality designer clothes for little money. Believe me nothing beats that kind of appeal. And just like the old rule says; ‘ the cheaper the price, the higher the demand’.
- Its durability. It is generally believed by most people that okrika clothes last longer than others
- You don’t need any ‘special’ skill before you can qualify to start the business
If you need more information or would like to book a consulting session with us, you can call us on 08105636015, or 08076359735. Alternatively, you can send a mail to email@example.com
Latest posts by DayoHub (see all)
- World Bank Youth Summit 2018 Free 3 Days Travel To US: Unleashing the Power of Human Capital - September 17, 2018
- How To Become A Social Media Influencer in Nigeria - September 13, 2018
- How To Set Up A Quail Farm Business in Nigeria - September 11, 2018