How To Start a Boutique Business in Nigeria
Clothing is one of the basic life necessities needed to survive. It is something people wear everyday and have them in their wardrobes as collection. A business in the clothing line is therefore a very lucrative thing to go into. One thing is that Nigerians especially women purchase clothes especially if it is beautiful and of high quality no matter how expensive it is. Clothes also do not last long as they pill and become loose overtime
People have different clothing for different purposes. School children wear uniforms and sport swears to school, a lawyer wears his suit to court, a doctor wears his corporate wear and laboratory coat to the hospital. This is also the case with every known occupation. In the night, people wear pajamas to bed. In cold weathers, we wear cardigans and sweat shirts. In hot weather, we were different forms of light clothing. Even occasions and events are not excluded. It is a common sight to see an array of colourful apparel in different occasions. All these are forms of clothing worn by people and in different places. One of the most popular places these clothing items are sold is a fashion boutique.
Being a necessity needed by every living being, fashion boutique business can be considered the most lucrative business in the world after food. If you want to start your own fashion boutique business, then this article is for you.
How To Start a Fashion Boutique Business in Nigeria
Just like every business is based on the need of people for something. Fashion boutique business is also based on people’s need for clothes and clothing materials. If you have the thought of opening your own fashion boutique, this article will guide you on how to go about it.
Before starting your fashion boutique, here are the steps to take to ensure a successful business.
1. Decide On The Type Of Clothes And Fashion Accessories You Want To Sell
The first thing you need to do in your plans of opening a fashion boutique store is to decide the kind of clothes you want to sell. You can go for female wears, male wears, children wears, corporate wears, casual wears, or made to measure clothes. You can also decide to combine everything. Deciding on the type of clothes to sell will assist you in drafting your business plan.
2. Write A Business Plan
For every successful business, there must be a business plan. This is why you also need to have a business plan for your new business. The plan will help you to determine your steps and how your business will be run. It is like the overall summary of your business. It will also give you the direction to go.
3. Make Research to Learn about Fashion and Fashion Trends
One thing about fashion is that it has its trends. Since you are going to be working in the fashion world, you need to be well versed in current and popular fashion trends. This will enable you to stock clothes that are in line with current wants of people. You can get this information by reading fashion magazines, books and videos. The internet will also go a long way in helping you.
4. Scout For a Good Location
Location is a very vital for every business. You cannot decide to open a boutique in a slum or local area and expect it to thrive. This is because the people living in these areas can hardly afford to buy quality clothes which is usually expensive to them. It is also their believe that buying clothes from boutiques is simply a waste of money. If you are looking for a good location for your boutique, you can choose a location in a shopping mall/complex in a busy area. You can also decide on a location near a hotel, higher institution, or any other place frequented by fashion lovers.
5. Get Your Capital
Capital is very necessary to bring your business idea to life. Without capital, no further step can be taken. You can get your capital from your personal savings, loans from friends, banks and cooperative societies or crowd funding. Your capital will be used to register your business, pay for rent, stock your shop, purchase electrical gadgets and other expenses. For a fashion boutique in Nigeria, you might need a capital of around 500,000 to 10million naira to get stated. Below is an estimate of what your budget should look like.
- Business registration: #40,000-70,000
- Rent: #100,000-1,000,000 (per year)
- Shelves: #30,000-300,000
- Generator: #100,000-150,000
- Mannequin: #50,000-150,000
- Airconditioner/fan: #100,000-150,000
- Inventory equipment and computer: #200,000
- Stock: #200,000-5,000,000
- Staff salary: #10,000-20,000
6. Register Your Business Name
When starting any business in Nigeria, it is important to get the business registered so as to prevent government intrusion. It is a legal obligation every business owner is expected to perform. Upon the completion of your registration, you will be given a Corporate Affairs Commission (CAC) registration number.
7. Rent Your Shop
Once you have your business registered and recognized by the government, you can now make steps to rent a shop. You can also decide to construct one. Either way, choose the one that you think is best for you. You should also decide on the size of your shop as the size determines the quantity of goods you will sell.
8. Get The Painting, Electrification, Shelving And Other Necessities Done
Now that your shop is available, the next thing to do is to get it ready. You will need to paint it so as to give your boutique a beautiful outlook. For your shelving, you can get a carpenter to have it done or you can purchase an already made one. You will also need to have your electrification done if it is not available in the shop yet. Also, you will need to arrange your computer and inventory equipment. This will make payment easy and documented.
9. Stock Your Goods
Now that your shop is ready, you can get your stocks in. There are different ways you can get clothes and clothing items for your boutique. You can purchase them in local markets like, Ariara and Alaba market both in Aba, Balogun market, Lagos, Bodija market in Ibadan and package them as packaging is what makes your shop different from the common “Okrika” market. You can also get your stock imported from countries like; Dubai, Italy, U.S.A., among others. Ensure the goods purchased are of current fashion trends.
10. Get A Good Signboard Designed
One of the steps in advertising your boutique is to have a good sign board designed and placed outside your shop. This will enable people know about your business thereby bringing in new customers. Ensure your signboard is designed by a professional as it communicates a lot about your business to potential customers.
11. Employ Sales Representatives And Start Selling
Now that everything is in place, you can start selling your clothes. Since it might not be easy for you to manage the boutique alone, you can employ representatives to help you with the sales. Ensure payments are made with inventory equipment. This will help you keep track of your sales and profit.
Fashion And Fashion Accessories You Can Sell In Your Boutique
- Designer wears
- Night wears/pyjamas
- Perfumes, deodorants and body spray
- Sunglasses etc.