One of the most profitable businesses to start in Nigeria at the moment is a fashion, tailoring, and laundry business. This is because clothing and fashion is one of the most vital necessities and needs of Nigerians, and Nigerians love fashion. In this post, we’ll be looking at how to start a profitable fashion and laundry business with 2 million naira in Nigeria.
There’ll be a breakdown of the process, procedures, steps, and needs of this business before you venture into it. These would be treated fully in the next section:
How to Start a Profitable Fashion and Laundry Business with 2 Million Naira in Nigeria
1. Learning the Skill and Act of the Business
The first step is learning the skill and process of this business. You need to learn from the masters of this business in your area before venturing into it. You can do this first by learning the act of tailoring, fashion designing, and laundry.
You have to learn it properly, and to perfection. Patience and dedication on the process of learning the skills are also needed. Once you are done learning, and you are sure of being one of the best in that field, you can go on to establish it.
2. Securing Capital
To have a standard fashion design, tailoring, and laundry business, you’ll need about 2 million naira and above. You should source for it and secure it months or days before you formally start up the business. The 2 million naira capital will cover the cost of renting, painting, and designing the stores.
The capital will also cover the cost of getting tailoring machines, mannequins, laundry machines and store shelves. While spending money getting all of these, you should endeavor to leave some funds for marketing and promoting your business, or get extra funds for it.
Nonetheless, you should note that you need to build your stores and location to be standard and attractive as such it will attract customers on first sight.
3. Choosing Location and Stores
When you have the funds to choose a location and stores, you need to choose a place that’s a main road in a residential area. This is because the business you are doing is connected to residential area and not industrial area. People need to see your stores while going home or in their homes so they can easily patronize you.
It should be along a major road, too, so it can be hugely visible. Your store design should be different and creative, marking you out, and keeping your business in the limelight. You also need to choose a striking name.
This business moves very well or is very good for populous and high-income cities in Nigeria. They have your target audience. Cities like Lagos, Abuja, Kano, Kaduna, Port Harcourt, Calabar, Benin, Aba, Enugu, and so on.
4. Marketing and Promotion
The next step in the business is marketing and promotion. You need to keep an extra budget for this, around 200K to 500K naira should go for marketing and promotion of your business and location. Of course, you should know that this business is somewhat competitive, so you need to promote the business.
You can promote and market your business by telling your friends and family, marketing it on social media targeting the people in your location, creating social media pages for your business and constantly posting there, and doing offline advertising in terms of posters, complimentary cards, and signposts.
You need to advertise your business aggressively. The more your advertise, the more customers you get, and the larger your business expands and grows.
5. Offer Good Services and Customer Support
After setting up the business and promoting it, customers would start trooping in. The next thing you should do is to offer good services and customer support. Once you offer excellent services and customer support, your customers would always come back. You should also make your pricing afford and competitive in such a way that your quality service and pricing edges out your competitors.
6. Consistent Expansion and Growth of Business
The business will continuously expand and grow if you do the right things and run the business well. From having your first customer, you will get to the stage of having up to 20 customers and more each day. You just have to keep to standard, deliver quality services and goods.
In addition, you need to expand with more growth. You can add the sale of clothing material or already made clothes with time. You can also get another store entirely to sell clothing materials, already made clothes, and other accessories. Just stick to selling and marketing quality and the best.
7. Profitability of the Business
This business is very profitable if it is done right. You can make more than 10,000 naira daily profit if the business is running smoothly with a good number of customers. Your income and profit would grow with time as well as your business expands.
Conclusion
This is it on how to start a profitable fashion and laundry business with 2 million naira in Nigeria. You need to also make your own research before you start. You can do this business well and profitably if you set your mind to it.