In this post, I will show you how to start a fashion boutique business here in Nigeria. Here, you will see everything you need; the capital, where to buy clothes at wholesale price as well as tips to make money from it.
Starting a fashion boutique business is an interesting venture to do as well as a lucrative and profitable business to do. You might want to ask, is boutique business profitable in Nigeria? The answer is “YES”. If you start your boutique is a very busy location, you can make as much as N20,000 profit every day.
Another question is…is clothing business profitable in Nigeria? The answer again is, “YES”, very profitable. You can buy cloth for N1,500 and sell them for N2,000 to make a N500 gain. If you make up to 20 sales in a day, you can calculate how much you can make every day. Then, calculate how much profit you can make in a month, a in a year. This a business that has a lot of potential and growth if properly planned and managed because it is a business that provides a service that is needed by everybody.
See Also: Fashion Design Business Plan in Nigeria
The fashion boutique business in Nigeria entails selling high-quality clothes and wares along with some good accessories. The business is seen as one that is mostly set up and run by women, this may be true in some cases, but these days we now see men coming into and setting up the business giving their female counterparts good competition in the business.
So for those who feel that this is a business solely meant for women may have to rethink again as men are holding their own in the fashion world.
Again there are people that feel and consider that this is a business that receives a lot of patronages mostly from women and therefore when starting and setting up that a lot of concentration should be placed on purchasing women’s clothes and items to be successful in the business.
This assumption too could be wrong as these days men have shown to be more aware of their clothes and what they wear and also take out time to make sure they look good.
Why Fashion Boutique Business?
1. People Always Need to Wear Clothes
There is a high demand for clothes from people as they need to wear clothes. Also, people like to look good and feel good and with this in mind are willing to buy good and quality and stylish clothes.
2. You can Sell Any Type of Cloth
When starting the business, there a lot of areas to specialize in, although if you can cope you can as well dip your hands into all areas of the business.
You can decide to specialize and sell cloths and wares for women only or you can decide to concentrate on men only. There is also the market for teenagers, little children or babies.
You can decide to cater to the needs of young people or old people. You can further create a niche for yourself by deciding to sell only a particular type of wear.
For example, you can decide to deal in formal wear catering to the working class or business executive market. You can also decide to specialize in evening and dinner wears and so on.
There is also the option of deciding the labels or designers you sell. You can be made popular by the fact that customers know that they can find a particular designer in your boutique. It is your choice to make.
How much does it cost to open a small boutique?
You might want to ask, how much does it cost to open a small boutique in Nigeria? Sure, you can start a small boutique with N500,000 to N1M. Out of this money, you will rent your store, buy hangers for clothes, buy a mirror that the customer will see, buy a small generator, buy lightings as well as cloth products you will use to start.
How to Start Fashion Boutique Business in Nigeria
1. You have to Understand the Business
The great thing about this business and probably a negative aspect of this business is that the fashion world is ever-changing bringing out a lot of new styles and designs making this business a bit delicate because if you do not know your fashion well it can make you lag behind and lose customers.
It is therefore important to learn and know the latest fashion trends and stock up on them as this will increase your sales especially when your customers know they can get the best with you.
2. Decide on what type of cloth you want to sell
As explained earlier, there are various options available to you to decide what part of the business you will like to partake in. This will be an important decision to make as it can affect how you start in terms of the amount of money you will need to spend when starting as well as where your business will be located.
You can decide to specialize in designer wears or local fabrics or it could be children’s wear or any other area, once this is done you now have a template to work with.
3. Chose a Nice Location
This depends on what aspect of the business you want to get involved in. First of all you have to decide how you are starting the business, if you do not have enough money to start big, you can start small and begin from your home.
You can buy clothes at wholesale prices and sell them to people. You can start from your neighborhood and build up your customer base.
If you have the money and choose to rent a shop, your location may depend on the clothes you sell. For example, if you are selling international designer labels and outfits you may have to be located in an area where the people can afford your clothes.
4. Rent a Store (if you don’t have it already) and make it ready.
While looking for a store, please make sure you look for a busy area. A typical example of a good place for boutique business are bus stops, busy roads, inside the market, around school vicinity, etc. Once you secure a business place, tush it, and make it ready for business.
5. Buy your Stock
Now that you have a good business place, go ahead and buy your stock. A good place to buy cloths at wholesale price is Alaba international market, Aba, Wuse market etc. Some people prefer going to the Benin Republic to get fashion products at an even cheaper rate. Apart from looking far away, you can get yourself involved in mini importation or find an importer near you and buy your clothes.
6. Do Paper Works and Open Bank Account
Remember to register your business with the Corporate Affairs Commission to make it legal. After business registration, go ahead and open a business account for your business. Also, collect a POS machine from your bank because some of your customers may want to pay you via POS. Just get everything ready.
You are ready to go…
How to Market your Cloths
1. Advertise your products
You can advertise and sell your business by creating flyers, brochures, pamphlets giving details and showing the various clothes as well as accessories that you sell. You can also add the prices of items especially if your prices are cheaper than your competitor.
You can also advertise online using social media platform or even create your own website showing the numerous designers and clothes you have.
2. Do Proper Feasibility Studies before you start
Before starting the business ensure you do a feasibility study and register your business and get all the needed approval from the relevant authorities.
3. Have Good Customer Service
Another important thing to do to help you succeed in the business is to have a good customer service. This is very important as you will be dealing with a lot of people on a daily basis.
That is it on how to start a boutique business in Nigeria. If you need a comprehensive business plan for boutique in Nigeria, simply contact us. We have good business analysts that will put that up for you. We also have good business development managers who can help set the business up for you.Buy and Sell Bitcoin in Nigeria - Register for free on Luno
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