How To Start A Boutique Or Fashion Business In Nigeria – 2018
Technological advancement is bringing new changes in the life of modern individuals. The world has taken the form of a global village but one thing is common since the dawn of time. It is the fondness for clothing and accessories, which is an amazing idea to initiate or start a fashion business in Nigeria.
Now, the question is “how to start a fashion business in Nigeria.” Given below is a valuable insight, which can assist in initiating the startup:
Prepare A Business Plan
The very first step in starting a business starts with preparing a business plan. An idea looks amazing in the head until it is written on a piece of paper. A business plan gives information on the marketing, budgeting, and various tools, which are essential for the success of any business.
The financial costing depicts the financial health of the business, which in turn enables a person to take a final decision. If the numbers seem favorable and the cost is bearable, it is always wise to take a step in favor of that particular business.
For example, in order to start a fashion business or a boutique in Nigeria, it is important to collect all the vital information, which is must for starting the business and jot it down systematically to prepare a business plan.
This particular business plan would decide the future of the boutique as to whether this step is favorable for the business owner or whether they should avoid it because of the high cost.
Choose A Niche
After making a business plan, the next step is to select a niche. A business person might want to cater everyone, however, it is better to divide the market into a small sample size.
For example, in case of the fashion boutique, the target market can be the women, the men, or the children. The next step is to further evaluate the niche and group it according to the age.
For example: If the plan is to open a fashion boutique for women than what would be the age of women? Would the target market be teenagers, adults, or the elderly woman?
It is always wise to have a plan in mind so the businessperson can arrange the materials accordingly. It is advisable to take the business slowly with one-step at a time and then when there is enough profit in the pocket, a person can tap other portions of the market catering men, children of different ages.
In order to be successful in a fashion boutique business in Nigeria, location is extremely important if a person is planning a brick and mortar style rather than becoming a part of the virtual world.
People nowadays prefer to sell clothes online rather than relying on the traditional methods; however, keeping in view the market if brick and mortar style is preferred that location would be the topmost priority.
Obviously, no customer is going to visit a shop, which is at such a location that is out of reach. The location has to be reachable and accessible to the customers.
Otherwise, the clothes have to be of such outstanding quality that people would make an exception to go out of miles and visit the shop, which in the majority of the cases is rare.
It is important to use the right marketing techniques in order to grab the attention of the customers. Some people prefer to make flyers and brochures while those who can afford can even display their advertisements on the television screens or they use radio for the means of marketing.
Nowadays, people also rely on the SEO techniques in order to make their product renowned among the masses.
The modern means of marketing are quite easier as they do not involve a lot of cost for example:
- A person can market their fashion boutique on social media. There are various social platforms where a person can spread information on the boutique and it act as the word of mouth. Some social platforms even offer groups and pages where different users can interact and exchange information.
- Another method is to take assistance from the friends and family members. They can spread the word about the fashion boutique among the people they know. Once the place gets famous, it is likely to make great chunks of profits, which is very important in the first year of business. Usually, the feasibility analysis depicts the business under loss for the initial years, however, if the right marketing tools and techniques are considered then it would just be a matter of time before which the business would be running with excellence.
- Radio is another great medium for marketing however, one should have the budget for the radio advertisement. That is why, it is important to list down each and every detail on the business plan just to get an idea about any possible cost, which the businessperson would incur in future.
- Pricing has to be such that it is bearable by the target market. The pricing strategy has to be devised keeping in view the economy of Nigeria. Pricing plays a vital role in the sale of the products since a product, which is highly priced is likely to stay in the shop for a long time.
Many businesses open but they fail to provide the utmost level of customer satisfaction, which is crucial to the success of any business. A happy and satisfied customer is likely to return to make a purchase and can offer word of mouth in case the service is extremely reliable.
High-quality clothes, properly stitched, and within a reasonable range is something everyone seeks for. It is very hard to satisfy the customers but the key is to keep them happy because if they were not making a purchase than the entire business would eventually fail.
A person can invest a fortune in a business, can even put up a lot of hard work, and might even find the best location in the world but if the customer refuses the brand because of any reason, the business is doomed.