Boutiques are one of the most lucrative and exotic businesses in Nigeria yet still, they’re one of the most expensive engagements because basically they require huge starting capitals. This characteristic of expensive start up explains to a very large extent the reason why they aren’t popular structures or regular establishments.
Most people who prefer to shop in boutiques in Nigeria, do so categoricaly because of the reasonable comfortability of service which they afford and the quality of products which are usually delivered by such ventures. Granted, some of these stocks could sure be found in the open market but still people who don’t have much time to spend scouting for their wants in the market and those who prefer to buy guaranteed products refer to boutiques for purchases which in effect makes it a profitable venture for owners because these services are delivered at a more expensive rate than the open market.
So lets discuss a step by step guideline on how to start up a boutique in Nigeria.
1… CHOOSE A SPECIFICATION
Okay so this is the very best step you need to take while trying to start up your boutique in Nigeria. You need to choose a brand specification you’d like to deal on. The two basic factors that should influence this decision is
Yes, passion has to do with what you want or what you’d like to deal on from your own perception while location has to do with what is most likely to sell in your location due to human factors and accessibilty. So consider this two together and choose a specification of wears to trade. Female clothing, male clothing, kids attire ecetera.
2… STUDY YOUR INTENDING MARKETPLACE
Study your intending marketplace. This is important to help you become cognizant of your competitors if there are any around. If there are, you’ll need to study their mode of operation, what they’re doing already, what they aren’t doing, what the customers around complain of and just how you can do this better plus what new things you can introduce to your brand to stand out different and grow quicker.
3… FIND SUITABLE SUPPLIERS
Yes, so next on the list is finding suitable suppliers that would give you the best products or goods to impress your prospects to purchase and become repeat customers. Now, you’d need to decide whether to import your stuffs through a known or online supplier/dealer from UK, US, China (hey they’ve got quality products too) or would you need to travel personally to these places to buy and ship down your stuffs (depending on your capital and development plans anyways) or would you be buying from direct importers once their stuffs are in? would you go to the open market yourself to select and buy original stuffs to stock your boutique? There are so many ways of going about getting the right suppliers.
4… GET YOUR FUNDING READY
So then, is your capital for commencing your start up ready and handy? If not, how do you intend to raise capital for your adventure? And remember, this is only after you’ve created a budget and an estimate of what it’ll cost you to run your boutique for at least 5 months should in case sales are low or profit doesn’t come in much so you can maintain your business and don’t go bankrupt. Would you need a bank loan or borrow from friends? You need to know!
5…LAUNCH YOUR BOUTIQUE
Here’s the long awaited time. After you’re done with all the prelisted necessary and due protocols, it is now time to launch your boutique. Invite friends, invite family and prospects to your location. Please make sure you have the best of stock and a very neatly designed atmosphere with attractive glassy enclosures of flashy goods like jewelries and the likes (if you choose to include them), if possible an air-conditioned environment is very much comfortable, all these are necessary to attract the right clients to your boutique. Try to make this launching as memorable as possible and watch how your business unfolds.
Written by Ogbaragu Michaels