A boutique is a small shop that you sells stylish and fashionable clothing, jewelry, shoes or other usually luxury goods.
Boutiques, unlike the regular shops commonly occupy small spaces in enclosed malls or in strip plazas and deal exclusively on wears and accessories.
Starting a clothing shop boutique business is an awesome business idea because of the power of the fashion industry. Unlike many other types of businesses the fashion industry is one kind of business sector that any one that has phobia for business losses can venture into. Every business (including the fashion business) is risky but the fashion world tends to have a lesser degree of risk than many other types.
How Lucrative Is The Boutique Business In Nigeria?
Generally, the boutique business is very lucrative here in Nigeria especially for those dealing on ladies' clothing and accessories. Ladies generally love putting on the latest designers and can spend any amount of money to dress up to the standard.
Let's take a look at the how a typical boutique business works:
You can buy a cloth for ₦3,000 in the market and then sell them at ₦4,000 or ₦5,000 depending on your location. If you stay in a place like Onitsha, you might have to reduce the price to ₦3,500 because of competition.
If you make ₦500 profit on every cloth and sell 10 clothes a day you'll be smiling home with an average of ₦5,000 per pay. This is a good business and all things being equal you'll be making a minimum of ₦100,000 per month.
How Much Does It Cost To Open A Boutique In Nigeria?
Your budget depends on your capital, location and the available resources. You'll also need to rent a shop and it can vary with location. Furnishing the store and start-up adverts will also cost some good amount of money.
You can check out Vantazo for generating invoices.
The final start-up expense will be to purchase your first wares. Depending on the size of your shop and money available, you can go to Dubai to buy your clothes because things are relatively cheap there because it's a free trade zone.
- Understand the business: The fashion world is every changing and new designs and styles are introduced regularly so if you lag behind,you might end up incurring loss instead of profit.
- Decide on the type of cloth to sell: There are tens and hundreds of clothes you can sell as a boutique owner but it'll be best to choose a few that you'd be known for. The type of clothes you decide to sell will also affect your capital. We'll list out some different types of cloths you can sell before the end of this article.
- Choose a good location: Your location plays a major role in every business and should be handled with great caution. Your choice of wares will also affect your location. If you sell expensive designers, you'll have to rent a shop in an executive residential area.
- Have a good customer service: Having a good and active customer service will also contribute to the success of this business because it'll help in building trust among your customers. Remember, how you treat your customer will determine whether he or she will return to you.
- Do proper feasibility study: Before starting the business fully, ensure that you conduct a feasibility study and also register your business to avoid future issues.
- Advertise your business: You can create banners, pamphlets, brochures and flyers that will clearly explain your business. You can also include some prices if they are attractive and cheaper than the average market prices of similar products.
You can also decide to take your business to the internet by advertising online and having a business website [contact us if you need one].
- Children Wears: Children Wears are accepted in many areas because they are relatively cheaper than the other ones. If your cloths are of high quality, parents won't mind patronising from you even when costlier.
- Men's Fashion: If you have a shop that deals exclusively on men's clothes like suits,shirts and trousers, you won't find it hard getting customers in an enlightened area.
- Top Designers: Some boutiques deal exclusively on top designers like Versace, Gucci, Alexandra, Channels, Fendi, Karl Cani, Lewis and the rest of them. If you want to deal on these you shop should be located in an area where people of high net worth live.
See Next: Best designers every lady should know
- Women Fashion: If you're a lady you might consider staring a boutique for only ladies. Women generally love fashion and can pay thousands and million on the cloths.
- Your Own Design: As a fashion designer, you can start your boutique as a way of showcasing and selling your own designs. It all requires being creative and with time you'll see your business going higher.
The final start-up expense will be to purchase your first wares. Depending on the size of your shop and money available, you can go to Dubai to buy your clothes because things are relatively cheap there because it's a free trade zone.
What Do You Need To Start A Boutique Business In Nigeria?
The capital might be there but your business can't go high without the best mindset. You should plan your business, survey the market and explore the trends. In starting a fashion business you should:- Understand the business: The fashion world is every changing and new designs and styles are introduced regularly so if you lag behind,you might end up incurring loss instead of profit.
- Decide on the type of cloth to sell: There are tens and hundreds of clothes you can sell as a boutique owner but it'll be best to choose a few that you'd be known for. The type of clothes you decide to sell will also affect your capital. We'll list out some different types of cloths you can sell before the end of this article.
- Choose a good location: Your location plays a major role in every business and should be handled with great caution. Your choice of wares will also affect your location. If you sell expensive designers, you'll have to rent a shop in an executive residential area.
- Have a good customer service: Having a good and active customer service will also contribute to the success of this business because it'll help in building trust among your customers. Remember, how you treat your customer will determine whether he or she will return to you.
- Do proper feasibility study: Before starting the business fully, ensure that you conduct a feasibility study and also register your business to avoid future issues.
- Advertise your business: You can create banners, pamphlets, brochures and flyers that will clearly explain your business. You can also include some prices if they are attractive and cheaper than the average market prices of similar products.
You can also decide to take your business to the internet by advertising online and having a business website [contact us if you need one].
Different Types Of Cloths You Can Sell
There are many different types of clothes you can sell in your shop and all are lucrative. If you are still confused, here are some types of cloths you can sell in your shop:- Children Wears: Children Wears are accepted in many areas because they are relatively cheaper than the other ones. If your cloths are of high quality, parents won't mind patronising from you even when costlier.
- Men's Fashion: If you have a shop that deals exclusively on men's clothes like suits,shirts and trousers, you won't find it hard getting customers in an enlightened area.
- Top Designers: Some boutiques deal exclusively on top designers like Versace, Gucci, Alexandra, Channels, Fendi, Karl Cani, Lewis and the rest of them. If you want to deal on these you shop should be located in an area where people of high net worth live.
See Next: Best designers every lady should know
- Women Fashion: If you're a lady you might consider staring a boutique for only ladies. Women generally love fashion and can pay thousands and million on the cloths.
- Your Own Design: As a fashion designer, you can start your boutique as a way of showcasing and selling your own designs. It all requires being creative and with time you'll see your business going higher.
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