OKIRIKA BUSINESS IN NIGERIA
One of the fundamental needs of humans all over the world is Shelter. Shelter may come in many form including a house, shed; but the one we will talk about here concern clothing. As a fundamental need of man, any business offering products or services on it are bound to succeed due to the boundless market available for such products. Okirika is an African nomenclature given to fairly used clothes, usually the ones once used by a first hand user of the piece of clothing. The business of purchase and reselling of these used clothing materials to the final consumers is called the Okirika business.
The clothing business in Nigeria is worth millions of dollars since it is a commodity that is in popular demand by the general public, both the rich and poor. Coupled with the huge population of people in Nigeria, the Okirika business has such a huge market where entrepreneurs can key in to invest and eventually earn profits. One of the major reasons why these clothing material are hugely in demand is the perceived sense of quality the products have for cheaper price, as well as the high poverty rate in the country. Most people who don’t have the cash to afford new clothes will usually go for the Okirika option where they can still get quality for a minimal price.
As an extra, the Okirika business is not only limited to clothing materials, but also include other second-hand materials like shoes, belts and many other personal wears. As such, the Okirika business is a huge one which entrepreneurs can explore, invest, and earn huge profits. It is a great business option because it is so easy to start. One of the factors that make it so easy to start is the fact that it is not capital intensive, unless you intend to start a large scale business.
Okirika Business in Nigeria
The Okirika business has been in existence in Nigeria for so many years. It’s existence in Nigeria for so long is further evidence to prove that the business has been successful and lucrative. Some of the factors that contribute to the success of this business is the poor economic situation of the country, poor standard of living, Affordability, variety, and so on. Another fact that contribute to the success of the business is that it is sourced from overseas, from countries like UK, America, and China. There are lots of entrepreneurs already in this business, but that fact should not encourage you from setting up your own business in this market because there is just enough space for every bird to fly. If you follow the right steps in setting up your own business in this business, then you will have no problem earning tangible profits from it.
How to Start Okirika Business in Nigeria
As noted earlier in thus article, there are lots of entrepreneurs already in this market, just like many other businesses you may plan to go into. The Okirika business in particular has so many entrepreneurs in it already due to its relatively low capital requirement to set up. With as low as N20,000, an entrepreneur can have a business in Okirika that is earning considerable profit. This makes it relatively easier to start for many. The steps outlined here will help enlighten you with all you need to know and do to have a successful Okirika business in Nigeria.
Learn the trade
This is the first and one of the most important prerequisites required before entrepreneurs can venture into the Okirika business. This step help provide you with everything you need to know about the business, the tricks involved in it, what you have to do to earn more, how to get the best products, where to get them, and many other trade secrets regular people have no idea about. To learn the trade, you have to become an apprentice to someone already established in the business, someone who will be willing to teach you everything the business entails. Other important things to learn include the best market for the business, where to buy the best bales of clothes and other products, and selective markets to get quality for money. Entrepreneurs should not be deceived into thinking they will get quality anywhere they source the bales from. Major markets where entrepreneurs can get the best Okirika goods include Tejuosho market, Aswani market, Okirika market, and other markets across Nigeria. Each of these markets have warehouses where entrepreneurs can get the goods in bulk and at wholesale prices which will favor your profit margin.
You will also find that there are different clothe grades available in the Okirika business. You have to take this into consideration when sourcing for bales of Okirika goods. The higher the grade of cloth you intend to get, the more expensive it is to buy. The extra amount paid will however be covered through the selling price, as long as you sell them at favorable rates. Okirika clothes are graded according to the country it is imported from, quality, trendiness, and the condition of the clothes whether new or old.
After the cloth wares have been obtained, entrepreneurs will also be educated on how to sell the goods at maximum rates. The price any clothing material is sold depends on how trendy the cloth is, and the quality. The better the quality, the higher the selling price and vice-versa. Make no mistake of selling quality goods at a lower price because the cost of respective clothe in each Bale reflects on the final cost price. Selling at a cheaper price will either result in you running the business at a loss or with a low profit margin. It is a popular knowledge among People already in the business that Bales from UK are the most expensive, while the ones from China are the cheapest. The contents of a Bale of cloth range from Chiffon, Suits for both genders, children wears, leggings, jeans, and so many others.
Start Up Capital
The next clear step to follow is to source of the capital which you will need to put the business in place. It could be personal funds, or funds sourced from investors who have great belief in the business which you intend to start. Since the funds required to set up the business depends on the scale of business you intend to establish, you will know exactly how much you need to start the business also in the learning phase of the business discussed earlier. At the minimum, N10,000 is enough to set up a small scale Okirika business without considering the rent of the place you will set up the business. Entrepreneurs should know that with thus amount, you will only get Okirika goods at a retail price since you are not buying in Bale. This translates to a reduced profit and possibly low grade cloths. To have a solid standing in the business, you should have up to N100,000 to buy bales of clothes with good quality at wholesale prices. This way, you will earn huge profits when you sell either to retailers or the final consumers.
The location of your Okirika business will go a long way in determining how fast you sell off your goods and how much profits you earn from this business on a daily basis. On a general note, the Okirika business thrive better in markets because you always have standby customers who are ready to buy clothes once you come with new bales of clothes. Everyone has seen a familiar scene where customers rush dealers who just arrive with new bales of clothes. This is done so as to get the best quality of clothes out of the new Bale of clothes being delivered. One good thing about the business is that entrepreneurs in this business always sell out; it might be at profits or at a loss, but one sure fact is that the goods always sell out. Other places where the Okirika business is done is in shops, but customers usually don’t like patronizing shops for Okirika goods because it is more expensive here due to the extra fees to cover for the rent of these shops. Roadsides are also another option for entrepreneurs, especially for the ones who are setting up a small scale. It cost nothing to sell by roadside, as long as you have the funds to buy the goods.
Marketing & Sales
In the Okirika business, othing much needs to be done regarding the aspect of marketing the clothes and possibly other accessories like bags or shoes. All entrepreneurs have to do is display the Okirika wares in a clean and attractive manner for customers who are passing by. Usually, customers go to the suppliers of Okirika clothes to get some for themselves. Much advertisements is not needed because everyone needs to wear clothes, and if they are presented to the public in a manner that is attractive enough to them, you will surely earn customers. You can clearly display the clothes with the use of mannequins, dummies, and hangers which make these clothes well arranged. Remember, quality will always attract the right customers.
You might as well sort out the clothes according to gender, size, and grade. This helps customers to easily identify clothes for different functions and the ones particular to them. You can easily promote your business through customers that you already have. These ones can help spread the word about your business as a reliable source of clothes. You may also make use of social media networks like Facebook, Twitter and Instagram to advertise the best of your wares. While these may be effective, we advise sticking with just pictures and refrain from paying for expensive ads which may cut down on your profit margin. Other popular sites you can advertise your goods include Jiji, Nairaland,
Okirika business is a booming business in a country like Nigeria and the rest of Africa. The huge number of people who patronize this business ensures that entrepreneurs willing to go into the business have a huge market for their goods. Its highly lucrative potential makes it an attractive business opportunity for entrepreneurs to explore and invest in. The best fact concerning this business is that the probability of running losses is extremely low. If you are looking for the business to set up on any scale with a potential to earn huge profits, Okirika business is one for you.