Opening a clothing store is a very lucrative business idea, especially in Nigeria a country with high population.
To make boutique business a successful project, it is important to know all the details related to the investment and operation.
For this reason, in this post, you’ll discover everything you need to know about opening or starting fashion boutique business in Nigeria from the structure of the startup to the business model, the expenses.
Also, in this post, you will discover how much it costs to open a fashion boutique business in Nigeria.
Ideas to Set Up a Fashion Boutique
There are different ideas of how to set up a fashion boutique or clothing store.
This will depend on your investment capacity and experience in the area.
You can open a multi-brand distribution clothing store or choose to establish an online store if you do not have the necessary resources to rent a physical space.
Also, you have the possibility of opening a fashion boutique by associating yourself with a low-cost clothing franchise already established in the market.
This simply means that you can be a somewhat independent salesperson for an already existing cloth brand.
This last option is usually one of the favorites for a new entrepreneur.
You must manage the information of all the options to make the best decision on opening clothing store or fashion boutique.
Steps to Opening a Fashion Boutique or Clothing Store
As you know that knowledge is power, you must gather relevant information and ideas to help you attain success in your business.
There is every need to learn fashion boutique business before going into it fully.
Things you need to open a boutique clothing store and discover the best tips to achieve it successfully through the tips which are highlighted below in this article:
Know your market
Specializing in a sector is essential to achieving your goals.
First, look for real statistics on the sex, age, job, income level, and activities of the customers and the overview of the fashion sector.
The customer you must captivate will be determined by the largest population and their needs. Use fashion trends only as added value, remember, the type of customer comes first.
Create a business plan
This cannot be overemphasized. Your business plan will be your ally in solving different aspects that comprise the start of your business.
In this sense, it is vital to establish the type of store you will be, the market to which you belong, the public, and the trend in the items for sale.
Likewise, you must define the capital with which you intend to invest in operating expenses (rent, services, marketing, personnel, and advertising).
Look for financing
Setting up a clothing business on-premises involves a significant capital investment.
Raising capital should be based on your savings accumulation or your capability.
If you do not have the resources for the initial investment, it is necessary to request financing.
You can get this resource through personal savings, loans, private banking credits, government credits, borrowing from families and friends.
Find a place with a good location
This particular requirement can either make or mar your new fashion boutique business.
At this point you must choose the place thinking about attracting potential customers, that implies certain requirements.
In this sense, the premises must be in a busy area and easy to locate.
For a matter of reducing investment risks, it is recommended to rent instead of buying the premises.
For example, places like Ikeja and its axis in Lagos are known for entertaining a large number of people on daily basis.
So, if you are in Lagos, you might want to consider renting a shop somewhere with great proximity to potential customers for fashion boutique business.
Search for suppliers and carry out an inventory of garments
Choosing the right suppliers implies describing the types of garments, models, sizes, quantities, and diversity according to your prospects of customers.
With this inventory, select the suppliers, buy a few quantities, so you can evaluate the volume of sales of the garment.
You will also check the quality of the product and the service of the supplier.
Use the internet to find the best textile sellers
Get location and visit their facilities, compare quality and price.
Request the list of suppliers in textile associations in your area and check their reputation.
Narrow down the list based on best price, quality, and reputation.
Create a Marketing Plan
The opening day is vital to start your business, for this, carry out a promotional campaign by any means.
Inform all your contacts, and request its dissemination, this will reproduce the information very effectively.
Drawing attention visually is important, make ads and place them in places near your store.
On the other hand, creating a digital marketing plan for your clothing store is vital.
Use Instagram, Facebook, Twitter, Website, video advertisement to create online visibility for your brand.
Keep abreast of new trends to communicate your brand.
How Much Money Do I Need to Open a Clothing Fashion Boutique?
When considering the idea of opening a clothing store, surely one of the first things that to mind is expenses and investment.
Next, we show you an approximate of these:
Rent of Space: This price varies depending on the state and location of the local you decide to choose, you can get them from N50,000 to N400,000 per year.
Services: Payment for services such as electricity, water, can add up to N2,000 to N5,000 per month based on your agreement with the landlord.
Various Expenses: Various expenses include professional agencies, financial expenses, and others that can add up to N40,000.
These kinds of expenses are mostly unavoidable.
Initial Investment: On the other hand, when opening a clothing store, investment is needed in reforms, furniture, advertising, and, of course, the initial merchandise or products.
These are the investments that need greater financial capacity.
The price tag to these can be suggested as it depends on your goal and how big of a brand you want to develop.
Tips for Opening a Successful Fashion Boutique
Below are some tips that will help you start a successful fashion boutique business in Nigeria.
- Evaluate the store model options well (multi-brand store, online store, or franchise), and choose the most favorable for you.
- Spend time working on your brand and discover the best ways to reach your audience.
- Consolidate good relationships with suppliers and make sure that your merchandise is aesthetic and quality garments
- Study your competitors, keep abreast of trends so that your merchandise remains current.
- Find a successful cloth seller and learn how they achieved success.
Having read this article, it is important for me to also add that if you follow these outlined steps and you keep an optimistic mind about your business, trust me in no time you’ll rise to the top and become a top merchant in fashion boutique business in Nigeria.
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