How To Start Profitable Okrika Business In Nigeria
Okrika means a lot to so many people especially the youths, the low-income earners and fashion freaks. So many Nigerians today are wearing okrika knowingly or unknowingly. Most of the stock boutique you see around the road and streets are mostly been stock with first grade okrika.
On market days, you need to see the population of university girls and guys, parents, corp members, bankers, civil servants that troop to the market to buy fairly used clothes, shoes, bags, undies etc. The okrika business is a hot cake in Nigeria that hundreds and thousands of people are looking for how to make success in okrika business. The business is one that require little start-up capital and have readily available market.
REASONS WHY YOU SHOULD CONSIDER STARTING OKRIKA BUSINESS
1. Easy to Start
You don’t require any technical skills, experience or a university degree to start okrika business, just the right business mindset you are free to go. You can locate someone who has been in the business for a longer time to put you through the intrigues of the business.
2. Low start-up capital
The business does not require large start-up capital. With #20,000 –#50,000 you can get started.
3. Okrika wears are affordable {Cheap}
There is a saying that ‘’cheap products attract many buyers’’. Most of the okrika wears are very cheap that you begin to wonder whether they were dashed to the traders. And since they are cheap it create more market and more profit for the trader.
4. Okrika wears last longer
Many people tend to purchase okrika wears because they believe it last longer and are made of good materials than the so called new ones. This also send a positive signal to how lucrative the business is.
5. Fashion
As we all know today, fashion is the order of the day, no one want to be left behind. When the rich flex and flaunt their wears, even the middle and lower class would like to feel among, especially among the youths. With okrika, they have been given the opportunity to wear high designer clothes at a cheap rate. The more reason okrika business is profitable.
6. Okrika wears are easily recognize and attracts attention anywhere they are displayed.
WHO SHOULD DO OKRIKA BUSINESS?
Like I said earlier, okrika business does not require you having a university degree or any special skills. Students, employed, unemployed, educated, uneducated, retiree, housewife, male, female etc. you all are eligible for this business. As a student you can stuff them into your box and show them to your roommates, hall mates, classmates. Am very sure they will patronize you.
But one thing the devil will want to use in convincing you from achieving your aim on this business is shame. If you are that type that shame a lot, then forget it because you are not even destined to be rich through this line of business.
WHERE TO START OKRIKA BUSINESS
This is a very important aspect to consider before starting your okrika business. This is what tells if you’ll succeed or not. If you get it wrong, you’ll definitely quit and cry. Your location depend on the kind of wears you want to sell, For example, if you wish sell kids' clothes, it is a good idea to set up a shop close to a kids' school (e.g primary school or day care center) or an amusement park for children. If you want to sell wears for the big boys and girls, you can set up your okrica business in a university campus or even as a student you can stuff them into your box and show them to your roommates, hall mates, classmates etc. they will surely buy from you.
You can also locate your okrika business preferably close to a very busy road or junction which connects two busy streets. When deciding the class and type of okrika wears to sell, you should consider the type of people living or plying the area where your shop would be located. Poor neighbourhood would most likely buy second or third grade okrika clothing unlike richer neighbourhood that would rather go for first class and quality fairly used clothing.
You can also make your business mobile, move about to schools, offices and places where many people gather – churches, mosque, conference centres, etc.
HOW MUCH IS NEEDED TO START OKRIKA BUSINESS?
Before starting this business, you need to set some money aside and the amount of money you have will determine if the business will be on a small or large-scale. Since okrika is a low capital business, you can start with any amount and still make huge profits.
No amount is too small for this business, #10,000 can start the business. You buy from people who open bales, select the ones you can market and pay for them, the sellers will give you discount if they know that you are going to retail them. But if you want to be buying in bales then you need not less than #100,000 to start.
WHERE TO BUY OKRIKA WEARS IN BULK
You can buy in Lagos at Tejuosho market (Yaba/Sulurele), Katangua market, Alaba market or from kofa wanbai market in Kano or you can go to Cotonou to buy. You will see massive warehouses where they are stock for sale at a reasonable amount.
When buying be sure to buy from a trusted dealer because many people have bought rags in the name of first grade you wouldn’t want to learn the bitter way. That is why you have to get closer to people who have been in the business for years or are well experienced in the business. {Follow Who No Road}
HOW PROFITABLE IS OKRICA BUSINESS?
Okrica business is very profitable. A bale of okrika contains betwen 400-500 pieces of clothes. Let say you bought first grade of okrika bale for 120,000 naira and find 400 cloths inside it. After sorting them, you find 250 quality cloths that worth 1,000 each, and the other 150 [second grade} that worth at least 500 naira each. Now let's do the calculation together. N1,000 x 250 pcs = N250,000. Then N500 x 150 pcs = N75,000. Now let's plus both together: N75,000 + N250,000 = 325,000 . Now less your cost of purchase and other miscellaneous expenses, the result should tell you how lucrative okrika business is.
You can never make a loss in this business except you bought inferior (less) grade wears or you did not put in your best to market and sell them. There are so many things to sell in bend down select business it can be children/kids gown, adult gowns, chiffon, cotton shirts for boys/girls and kids, children mix, jeans, men cotton shirts, gowns for ladies, men’s polo, under wears, bags, used shoes, belt, scarf, teddy bears, caps, etc.
Some people believe that children clothes, ladies tops and undies move market most. There are ways to make more money and that’s what some people who have shops are doing. You buy a bend down select of high quality or first grade okrika, display them in your shop for a higher sale instead of #400 that we assumed it could go for #1000.
HOW TO START OKRIKA BUSINESS IN NIGERIA
Having known how lucrative okrika business is, let’s delve into how you can start this business and make money. Before starting, it is advisable to first conduct a good feasibility study to check how well the business will work in your area and if possible, draft out a business plan. Many prospective entrepreneurs make the mistake of not doing their homework in regards to research and analysis before kicking off and when the business fails, they will say their village people are after them and blame other things for their failure. However, when you do your feasibility study, you are more likely to succeed because you would be more prepared and ready to make the business a success.
There are some more things you need to do before investing your hard-earned money into okrika business.
LEARN THE TRADE FROM THE BIG BOSSES
You can’t just invest your money into a business you know nothing about, it’s risky my dear. You need to master the tricks of the trade. Learn the used clothes unwritten laws. You can do that by Partnering with someone who has been in the business for long time, ask helpful questions (try to be inquisitive).
Below are what you need to learn about okrika business
1. Where to purchase all classes of grades of okrika wears.
2. How to Grade okrika wears
To sell okrika clothes, you must understand how the clothes are graded. For example, the country from where the okrika was imported from, how fashionable the clothes are and the clothes newness and quality, i.e the condition of the clothes.
3. How to market your wares
You must learn how to price your okrika clothes and the price you attach to each of the wares will depend on the grade of the cloths. So you price your clothes on how new they are, how fashionable they are and the general condition of the fabric at the time of sale.
4. Know what is contained in a bale of okrika and the type of potential market for the clothes. The content of a bale include the following:
I. Chiffon – this usually gowns and tops for women
II. Leggings for women
III. Jeans and chinos trousers for men
IV. Up and down mixed for children
V. Suits for men and women
VI. Complete wares for babies etc.
How To Market Your Okrika Wears
First of all, before you talk about marketing your wears, you need to learn how to package your wears. Your packaging is what brings in extra cash. There are some who buy okrika and sell them as if it’s new. That’s because it’s clean, ironed and wrapped neatly with a good scent. Take your packaging serious to avoid customers from under-pricing your wears.
You can promote your okrika business in the following ways:
1. You can tell your neighbours, friends, families about your business and products and invite them over to your shop or home to make their purchase.
2. Through social media marketing. Take some pictures of your wears, upload them on social Medias like Facebook, Instagram, WhatsApp etc. This will increase your patronage and in turn bring more cash to your pocket.
3. Mobile marketing
Take your products around offices, schools, churches, mosque and other places where there is large gathering of people.
Tags:
Business
