Okrika clothing business is one of the most lucrative businesses you can start with small capital. This article will shed more light on why you should start Okrika Clothing Business.
Today, the Okrika business is thriving, not only because of the country’s ongoing economic hardship but also because of the popularity of being durable and retaining its original condition for an extended period of time.
The following are some of the reasons why Okrika business is one of the easiest and most profitable businesses to start today:
Nigeria’s population is still growing, and many people – young and old, rich and poor – wear used clothes, so demand remains high.
It is relatively inexpensive – the vast majority of Nigerians are low-income and prefer to purchase cheaper Okrika wares.
Ready market – the availability of a market for cheaper and more affordable used clothing in every part of the country makes trading in it profitable. Despite the fact that the market appears to be saturated, demand for this body and footwear continues to rise.
Affordability – Because clothes are graded according to newness, quality, fashion, and style, the majority of people can afford them.
Everything must go syndrome – in the Okrika business, there is no unsold stock because everything must go. It means that all stocks must be liquidated. Aswani market is the market for all grades of Okrika, where any unsold stock can always be sold through “clearance sales.”
The popularity of Okrika clothing – many people, including myself, believe that used clothing is more durable and retains its original texture and color for a longer period of time than new fabrics.
Location – You do not need to rent an expensive shop to succeed; you can rent space on the side of the road or in an open market, and you can also move around to schools, offices, and places where many people congregate – churches, conference centers, and so on.
Choices – There are always a variety of grades from which to choose, such as A, B, and C.
The rate of return on capital is relatively high. This type of business can be profitable if you learn and follow the rules of the game. This entails purchasing high-quality materials and selling them at reasonable prices in order to profit by “turning over.”
Capital is relatively low – Because you do not need to pay for a shop and can even hawk the products around, the amount of capital required to start an Okrika business is relatively low.
This article will teach you how to start and succeed with an Okrika business. Okrika Business Plan in Miniature You will not go wrong if you follow the steps.
How to Start an Okrika Business
Anyone can start an Okrika business by following these steps.
1. Study the craft
Since no one can be successful in any business without first mastering the tricks of the trade, the first step is to learn the unwritten laws of used clothing. You can accomplish this by;
Partner with someone who is already in the Okrika business. It is not enough to ask a few questions about the trade and dabble in it only to lose money right away.
You will learn about the major markets for used clothing, i.e. where you can buy all grades of Okrika, because not all markets will be advantageous to you. Among the popular markets are:
I. Okrika market, which is in River state
II. Tejeosho market, which is in Yaba, Logos state
III. Aswani market – This is a weekly market (only on Tuesdays) in Isolo, Lagos.
Grading used clothing: To sell Okrika clothing, you must understand how used clothing is graded, i.e. what factors are considered when grading.
For example, the country from which the Okrika was imported, the fashion of the clothes, and the newness and quality of the clothes, i.e. the condition of the clothes.
How to market your wares; You must learn how to price your Okrika clothes, and the price you assign to each ware will be determined by the grade of the clothing.
So you price your clothes based on their newness, fashion, and the general condition of the fabric at the time of sale.
Learn about the contents of an Okrika bale and the potential market for the clothes.
The most popular and expensive Okrika bale is from the United Kingdom, followed by bales from the United States, and finally bales from China, which is the cheapest. In Cotonou, you can also find cheap Okrika bale.
A bale’s contents include the following:
I. Chiffon – this fabric is commonly used in women’s gowns and tops.
II. Women’s Leggings
III. Men’s jeans and chinos trousers
IV. Mixed up and down for children
V. Men’s and women’s suits
VI. Baby products in their entirety
The level at which you will begin trading is determined by the capital with which you intend to trade.
At the most basic level, you’ll need around ten thousand (10,000.00) or less. Begin by looking for clearance sales. Clearance sales entail purchasing leftovers – these are low-grade materials that are inexpensive, so you sell at low prices and profit.
You can select and pay at the intermediate level, which means you can choose from available materials and pay the seller. This is now the clothing you can sell in your store.
At the advanced level, you can purchase bales (sealed sacks of used clothing) and sell them in bales or open the bales and sell the contents.
You have three main options when it comes to location.
Roadside – here you pay the “Area Boys” and park in the designated area.
Open market – here you pay the daily market fee collectors and use the space that has been assigned to you.
Lock up shops can be found in a market, shopping mall, or on the street. The rent for lock up shops is relatively high, so unless you have a lot of money, you will discover that after paying the rent for a lock up shop. You will not have enough money to start your own business.
Okrika boutique is what you can call it. Most major boutiques in Nigerian cities sell Okrika products.
4. Marketing and Sales
To be successful in the Okrika business, you must make your wares appealing to passersby and others interested in purchasing the clothes. So you wash the clothes (with toilet soaps like lux, joy, premier, imperial leather, and so on) to get rid of the stinky odor associated with Okrika.
Put them in first class, especially if they are relatively new. It is also intended to clean clothes and attract potential buyers when they are displayed in a store
Those who sell in open markets or on the roadside, on the other hand, are not required to wash their wares because they do not display the clothes by hanging or using a dummy.
Grading the clothes will help you sort them out. There are different grades of used clothing.
I. Grade A: This is a fairly new material, whether it has been worn before or not has been worn before and does not have any defect.
II. Grade B: This has a small or minor dent-like stain.
III. Grade C: This has a major dent, either torn in a vital part, fairly old, or it has been amended.
IV. Mixed grade: This has little of grades A, B and C
How to promote the used clothes: You can promote your Okrika business in the following way:
I. Word of mouth – you can tell your friends and invite them to your place of business to select and pay.
II. Social media You can use FaceBook, Instagram, and WhatsApp to sell your wares and invite your friends to like your page. You can also advertise the clothes on social media. You can form a group and advertise your products to them.
III. You can create a forum and advertise your products on such websites as Nairaland, jiji.com, olx.com.ng and ady.ng.
IV. You can hawk your products by carrying them about and to offices, schools, and places where there is a large gathering of people.
V. You can take pictures of the finest of these clothes and shoes and send them to your friends on your constant list.
Okrika is a relatively simple business to start because it does not require a large amount of capital.
Generally, no registration of a business name or incorporation is required. There is no compliance with any regulatory body as far as you purchase your products in Nigeria.
This is because the importation of secondhand clothing into Nigeria is prohibited. If you own a lock up shop, you almost certainly pay taxes and other levies imposed by the state and/or local government authority.
This is one of the best small-scale business ideas in Nigeria.