Starting your own clothing shop boutique is a good business idea because the fashion industry is one powerful sector that will always be vibrant in any economy because all over the world, people have a basic need for clothing. Beyond this need, fashion are also evolving on daily basis due to the huge and diverse interest in styles.
Setting up a clothing shop boutique is a profitable business here in Nigeria especially if you are dealing on ladies wears. Ladies loves good clothing, shoes and accessories, it is not an exaggeration to say that it is a business you will fined very interesting.
When you buy a cloth for N3,000 in the market, you are likely to sell at N4,000 – N4,500, making N1,000 – N1,500 at the spot. I don’t want you to be greedy about this. So, let’s make it N3,500, if you make N500 per cloth and sell up to 10 in a day, you will make N5,000 for that day. That’s a good business, isn’t it?
A successful clothing shop boutique does not only requires knowing the latest fashion trends, it also requires good business plan as well as good knowledge about what you are doing, most people prefer buying clothes from the boutique because they believe the clothes are very neat and clean, most people have a feeling that all the clothes sold in boutiques are foreign clothes and not home made clothes.
I have a number of people that are doing greatly in this business and fashion industry is picking up so fast in Nigeria and other African countries. It is a business you can start from the scratch, getting wholesale supply and setting at the retail price. You can start with little capital, it’s not necessary you must be as big as Mr. Price at the beginning. The most important thing is knowing how to market your products very effectively, with time, you will grow as big as you want. This are some useful tips to start up with:
Decide The Kind Of Boutique You Want To Open
There are varieties of fashion and fashion accessories you can deal on. And the size of your boutique depends on the money you have at hand. Now, let’s look at the type of cloths you would like to deal on.
Top Designers – Some high ends boutiques deal exclusively on top designers label such as Gucci, Fendi, Channels, TM Lewis, Versace, Karl Cani, Alexandra, etc. If you are dealing exclusively on these labels, your shop must be located in a cosmopolitan highbrow neighborhood where people of high net worth could be found.
Children Wears – This is generally acceptable in many areas because children clothing are relatively cheaper. PEP is currently doing very well in this line of clothing shop boutique, serving branded children wears within average neighborhoods in Nigeria.
Women Fashion – The top choice of boutique for women. If you are a woman and you think you’d be more comfortable serving women only, you may go for this line of clothing shop boutique. The same thing goes for men too.
Your Own Design – If you are a fashion designer, you could start by selling your own designs. Set up a boutique, design and sell off to your customers. With time, your label may become popular. A very good example in this regards in Yomi Casual who have grown from small to household name.
Having decided on the line of boutique you want to venture into, the next step is to look into the market.
Evaluate The Competition
Do a feasibility study about those who sell similar things with what you want to sell, find out what their price ranges are and how often they sell. This will help you prepare your business plan and effective marketing strategy. Having a good Business plan is very important in starting any business venture, this plan should involve the cost of location, business supplies, costs of starting up, staff and marketing etc.
Location is very important in this business, all you need is to get a very good location with less traffic congestion, probably along the road will be better for easy access to you customers. if possible a place with a good parking space will be better. Before you decide on location, you need to see how many boutique are already in that area and how well they are doing.
What Is Needed When Starting Up A Boutique
Depending on the class of fashion you want to start with, N500,000 may just be enough for a local boutique that deals on local designs and some made in China wears. But if you are going for well known designers label, then you have to prepare from N10 million. Women clothes, shirts ,trousers, jeans, traditional clothes, hair ties (gele), lace materials, Ankara, etc.
If possible stock your boutique with different clothes from different makers so customers will be given the opportunity to make their choices, the setting of your boutique depends on the location of the business.
Good Marketing For Your Clothing Shop Boutique
In this kind of business you have to market yourself , invest in yourself wear those clothes, do good marketing, advertise you business on social medias, friends, neighbors and colleagues. Make handbills, complimentary cards, do promos, give discounts on clothes bought so as to attract more customers to your business.
Good Customer Services
Good customers services is very important in any business. How you treat your customers will determine whether they will come back again or bid you and your shop farewell for good. There is nothing that sustains business like repeat sales, treat your customers well and will come back again and again. Treat them bad and will take even other potential customers along with them.
Like I said at the beginning, fashion business in good business in Nigeria, the earlier you start, the better.