Overview of Second-Hand Clothing (Okrika) Business in Nigeria

Okrika business which involves the trading of "used clothes" or "Tokumbo items" is a business anyone can do with reasonable amount of certainty for profit and low danger of business failing. You can begin it with a little capital as low as ₦20,000.00 and expand your business gradually. Almost all places can be used including rural areas to trade in okriika business as far as there are human beings there. As much the population of the community is fairly large. Nigerians including rich and not so rich use clothes in differing levels. Some low-income earners use it as a matter of course, other use it since they have detected designer and fashionable wares. Okrika clothes, Okrika bags, okrika footwears is incredibly popular amongst Nigerians that makes Okrika business really profitable.

Potentials of Second-Hand Clothing (Okrika) Business in Nigeria

You can never ever make a loss in this business except you purchased substandard quality wears or you did not put in your best to market and sell them. There are a lot of things to sell in okrika market it can be kids/children dress, adult dress, chiffon, cotton shirts for children, jeans, men cotton shirts, gowns for women, men's polo, under wears, towels, bedsheets, bags, used footwears, belt, scarf, teddy bears, caps, and so on. Many people think that children’s clothes, women tops and undies move market most. There are methods to make more cash and that is what many people that have shops are doing. You purchase second-hand clothes of top quality or first grade okrika, show them in your shop for a higher sale rather than #500 that we presumed it might go for #1500.

Steps to Begin Second-Hand Clothing (Okrika) Business in Nigeria

Carry out a Market Survey

Carrying out a market study is just one of the initial steps you ought to take before starting your okrika business in Nigeria to know how things operate in this market. When you eventually start your business, this will help you determine your target market in addition to the type of akube clothes or wear to sell. To avoid running at a loss, you ought to likewise research different places to see which one will favour the growth of your second-hand business when you begin.

Write Your Business Plan

After completing your feasibility study, you ought to likewise prepare your business strategy. This is rather optional for akube businesses since couple of people really follow the standards of creating a business plan for their okrika business as they believe that the business can be successful with or without a strategy.

Capital

Your okrika business capital ought to be made available as this is the foundation that will identify the degree to which your business grows. Capital is essential for any type of business to flourish. you do not require a lot of cash to get started. You can begin with as low as ₦20,000, and if you work hard at it, you can expand your business to better heights.

Stay clear of taking out significant loans to launch your akube business if you know you will not have the ability to pay them back within the stipulated time frame. You can ask friends and family to support you with money from their free will and after that grow from there moving forward.

Location

Next, choose an appropriate site for your okrika business, as this will be essential to its success. If you wish to begin big, you can rent a storefront in a busy location where it will be easy to attract clients. If you wish to begin little, you can do it from home and ensure that people know you are running an Okrika business. In time, you can expand your business and get a shop to suit it.

Buy Your Okrika and Start Selling

When you have completed all the steps required to set up your okrika business, you should buy your okrika and start selling. You can get Okrika bundles in Yaba, Kantagua and in Badagry in Lagos State. You can import okrika from various other European countries or close-by countries like the Benin Republic.

Advertise Business

In order for people to recognize you of what you sell, which is okrika business. Advertise your okrika business on every social media platform you get on to obtain people to know you of what you do. Social media is a fantastic place to begin since people engage with what they often see. You can learn ways to grow your business on Facebook and WhatsApp, after that use what you have found to expand your reach. Furthermore, use all the available marketing channels and word-of-mouth promotion to obtain your business out there to as lots of people as possible. This enhances sales and generates profits for you.

Overview and Features of the Excel Template

The excel template comes with a powerful presentation and a thorough financial analysis and model for succeeding in this business venture. The template will enhance your chances of getting grants, attract investors and bank loans.

Inside this template, you will get:

1. 3 years Income Statement.
2. 3 Years Financial Position
3. Cash flow Statements
4. Trial Balance and Account Charts.
5. Automated Macros to make the template faster, user friendly and accurate with little or no manual input.
6. 24/7 Support from our team of financial experts and analysts.