How to Start a Fashion Boutique Business in Nigeria
Are you interested in a fashion boutique business? Maybe you wish to start one and don’t know how or what is involved, then you are surely at the right place. As you read on, we will be guiding you on what the fashion boutique business is.
Fashion Boutique Business
Fashion is evolving at a fast rate thanks to the large and numerous interest in designs. Locating a fashion store is certainly a profitable business here in Nigeria, particularly if you’re dealing with women’s wear and the stores are strategically situated.
Ladies love fashionable clothes, shoes, and accessories. It is certainly not an exaggeration to state that it’s a business you’ll want to very into very much and it is truly fascinating.
When you purchase a fashion item for N3,000 within the market, you’re doubtless to sell at N4,000 – N4,500, making N1,000 – N1,500 gain.
At N3,000 for that item, if you sell it at N3,500, you create a N500 gain per item. If you sell 10 of those items, you make N5,000 gain. Honest and profitable, right?
The Required Processes
A productive fashion store doesn’t solely need to know the newest fashion trends, it additionally needs a good business setup. Be knowledgeable of what you’re doing.
People like shopping for garments from a store that they believe is neat and clean. Many people hold the belief that clothes and fashion items sold in boutiques are quality items that are durable and are certainly of foreign make.
The demand for quality fashion items especially branded ones, is a socio-economic statement in Nigeria.
People who patronize fashion boutiques are seen as generally better off financially compared to most of the masses and hence people who can afford these items patronize them for this reason and more.
Several known individuals do well engaging this business. The fashion industry is growing fast in Nigeria and different African countries.
It’s a business you’ll begin from scratch, buying in bulk or wholesale and retailing them at profits of your choice.
You can begin with very little capital. It’s not necessary to start as big as the biggest known names in your city at first.
The paramount issue is knowing a way to market your merchandise and effectively so. With time, you’ll grow as big as you wish. The tips stated below are useful to begin with.
1. Decide the Type of Store you Wish to Open
Choose the fashion accessories you’ll deal with. And, also, the size of your store depends on the cash you have got at hand. Now, let’s look into the sort of clothes you’d prefer to deal with.
i. High Designers: Some high-end boutiques deal completely on high designer label like Gucci, Fendi, Channels, Dolce and Gabbana, Versace, Louis Vuitton, Alexandra, etc.
If you’re dealing completely with these labels, your store should be situated in a very cosmopolitan highbrow neighborhood wherever individuals of high net value may be found.
ii. Children’s Wear: This can be typically seen in several boutiques as a result of kiddies’ wear being comparatively cheaper. Many businesses are doing well selling branded wear and clothing for children.
iii. Women’s Fashion: More fashion boutiques cater to ladies. If you’re a lady and you’re thinking that you’d be more successful serving ladies solely, you’ll opt for this line of fashion boutiques. The same scenario plays out for men.
iv. Your style: If you’re a dressmaker, you may begin by marketing your styles. Find a store, make the clothes in your own style, and sell to your customers. With time, your label might become well-liked.
2. Evaluate the Competition
Do a practicable study concerning people who sell similar things to what you wish to sell, and find out what their worth is and the way they sell. this may assist you prepare your business setup and effective selling strategy.
3. Map Out a Business Plan
Mapping out a business plan is incredibly vital in beginning any business venture. This setup ought to involve the price of the shop, the location, initial capital, wages of employees, etc.
4. Location
Location is incredibly vital during this business. Site your boutique in an area with little traffic jam on the accessing roads.
Areas with traffic gridlock would make your store less accessible to your customers. An area with a spacious automobile parking space is even better.
Before you choose a location, you would like to visualize the number of shops or boutiques there already and how well they are thriving.
5. Decide The Variety You Desire
N600,000 may be enough for a fashion boutique in some neighborhoods that deals in native wear and a few items made in China. However, if you’re going for famed designer labels, then your capital could be as much as N9 million.
You could stock your boutique with different items of different brands and depending on your capital.
6. Publicity
For your fashion boutique or store to get the right attention and considerable patronage, you have to be fashionable yourself.
Wear those fashion items, advertise your business on social media, to friends, neighbors and colleagues, and family.
Print handbills, and complimentary cards, do promos, and provide discounts on fashion items bought. All of these would bring additional customers to your business.
7. Good Client Services
Good customer service is incredibly vital in any business. However, how you treat your customers can indicate whether or not they will return once more or bid you and your fashion boutique farewell permanently.
Nothing sustains business like repeated sales. Treat your customers well and they will return. Treat them wrongly and they’d give bad publicity to your business making you lose even potential customers.
As stated at the onset of this article, a fashion boutique or fashion store business in Nigeria is profitable as long as you follow the right work ethic required in any business to be successful.
You can check out some other productive articles that may be of interest to you as you will find on this platform.
CSN Team
