Every business is a risk,and it has the potential to succeed or fail,the only difference between a successful business that is generating millions is just knowledge and practice.
If you want to start a boutique in Nigeria this year, you have to know the ropes,because its a business that is dynamic, its not like real estate where a built building will have the potential to generate more money than it did the previous year.
Now lets get to it.
How To Make Money From Running A Boutique Business In Nigeria
Actually its a very lucrative business if done properly.
With the emergence different social media platforms people would naturally want to look good and show off.
And as for the average typical Nigerian,your worth is estimated by the quality of outfit that you are puting on.
Nigerians go online to social media sites like facebook or Instagram etc to post fashionable pictures of themselves,everyone wants to look good,and everyone wants to put on quality clothes.
In summary the sudden popularity of social media platforms has triggered an increase in the demand of fashionable clothes and items.
Having a Boutique can be a very lucrative money making business if done properly.
- Q1. Why do I need to start a boutique fashion business in Nigeria?
A. Take a look at what is happening online and on social media,everyone wants to look good and spend money on High quality clothes,that’s why you should consider opening a fashion boutique.
- Q2. How much do I need to start a fashion boutique in Nigeria?
A. Honestly it depends on your budget and how much your start up capital is,if you want to open a high quality boutique then you should have an estimated Capital of about N10 million naira,but if you want to open a moderate boutique that you can grow then you should have a budget of about N600,000 to 1 Million Naira.
- Q3. As a man can I venture into fashion boutique?
A. That is actually one of the most popular questions men that want to venture into this business ask,as a matter of fact most successful boutiques are owned by men,however some of them employ female attendants.
However if your still skeptical,you can decide to open a boutique that sells only trendy women shoes,you don’t need too much knowledge about women fashion to be able to run that type of business in Nigeria.
Right now, its one of the fastest growing business in Nigeria.
- Q4. List the benefits of having a boutique in Nigeria?
A. The benefit of operating a boutique in Nigeria are actually a lot, but iam going to enumerate some of the major benefits below.
1. Not Seasonal
So many businesses in Nigeria are limited by seasons.
When I say seasonal I mean a particular time of the year that there is an exponential increase in sales.
When it comes to operating a boutique business in Nigeria in 2018 it is not seasonal,that means you can make high sales all year around.
2. People Must Look Good
Looking good is good business and no matter how tough the Nigerian economy is,people must look good, that means steady business sales.
3.You can Sell Any Type of Cloth
When it comes to boutique business you can decided to sell both male and female wears.
Yes,what that means is that you will be able to attract both male and female customers hence increasing sales and profit.
4. Less Business Planning And Strategy
Boutique business is not rocket science lol,it doesn’t involve a lot of terminologies and calculations,its just a business that specializes in making people look good.
5. Non Perishable
Clothes and fashion accessories items can be stored for a long period without losing its quality and appeal.
That means you can still sell your old stocks alongside your new stocks.
6. High Income Generation
Boutique business in Nigeria 2017 is a money doubling business if done properly,a boutique owner can buy a clothing item for N5000 and selling it for N15,000,now that’s a lot of profit.
7. No Fixed Price
That is a big advantage,take for example we all know the price of food items in the market, when a seller decides to inflate the price we will spot it immediately and look for a cheaper seller.Well that’s not the case with running a boutique business,when it comes to boutique business you can sell and fix the price you want to sell any of your fashion articles.
You call the shots,and most often people believe that items priced higher have more quality than the lower priced ones so they go for the most expensive ones,hence more profit.
Q5. How do I create a successful boutique that will generate millions as profit,what are the steps I need to take?
A. When it comes to business,experience is the best teacher,however there are some steps that you need to take in other to facilitate the process,remember your aim is to create a successful boutique and not to lose your money and capital.
One of the main reasons why boutiques fail is that they did not research well before venturing into the business.
Listed below are some of the steps you need to take to ensure you create a successful boutique.
1. You have to Understand the Business
Every business has a general formula,that you must understand.
You have to know and understand the basics about boutique business and how to go about it.
2. Make Extensive Research
Go online, surf the internet, read fashion and boutique magazines, research and enrich your self with vital informations about boutique business.
3. Ask Questions
You can’t go wrong when you ask questions,go ahead and visit some already established boutiques,find the owners or sales girl and ask them questions,you will get some valuable answers from them.
4. Business Strategy
I think this is actually one of the most important facts when trying to open a boutique in Nigeria.
You have to sit down and map out a definite business strategy,this is not online business where you can decide to use the ‘trial and error’ method,your capital is at stake here so you must define a strategy.
For example when it comes to boutique business a lot of people say that female fashion items are sold faster because women love fashion more than men,so you can consider selling feminine items or open a uni sex boutique where you can sell both female and male clothing.
This is one of the major reasons why your boutique might become successful or might fail.
Get a shop where your target customers are most likely to be around, stay away from areas already saturated with other well established boutiques.
You must advertise to be ahead,for example CocaCola.com one of the world’s most popular brands still spends millions on media adverts each year,you might want to ask why? Well the answer is simple, Adverts converts to more sales and puts you miles ahead.
7. Boutique Name
This is one of the most important factors but at the same time it is overlooked.
You have to understand that there should be a difference between shopping at Alaba International Market and shopping inside your own personal boutique,there is a reason why your customers don’t want to go shopping inside a public market, don’t go and name your boutique ‘Baba Ijebu Original Boutique’ or ‘Chima And Sons boutique’ lol those names are not proper.
You should give your boutique a classy befitting name.
8. Recent Trends
If you do not have the flair for fashion,or if you are not sophisticated or in tune with fashion, do not venture into fashion business.
You have to be in tune with whats trending in the fashion world,that way,you can buy and sell current in-vogue fashion items and make more sales.
9.Fashion is dynamic
Fashion is dynamic, its not static,so you should know what the latest trend is,you can read fashion blogs or follow fashion trends on Instagram, Facebook Etc to keep in touch with what is happening in the Fashion World.
10. Customer Notification
This is also very important ,make sure you write down the phone numbers of your customers,whenever your new clothing items arrive,always endeavor to send sms to notify them hence making more sales.
Take out some time to send Bulk sms to your loyal and faithful customers,also you can give them a discount when they make purchases,also try to get a little bit personal with them.
Don’t get too personal tho,ask them to drop their birthday dates,then send birthday Sms to them on their birthdays, its a small gesture, but it will make sure they keep coming back to patronize you.