This article is about how to start okrika business in Nigeria currently in this year 2023. Okrika business, also known as akube or thrift store business in Nigeria is the business that involves the sale of fairly used clothes, shoes, bags, many of which are imported into the Nigeria from other countries and are sold at affordable prices to the general populace. Okrika clothes are cheap but very durable and long lasting, and we will discuss the various processes involved in setting up a thrift store if you are interested in doing so.
Although the clothing, shoes, and purses sold in akube shops in Nigeria are secondhand, they still have some quality, and many Nigerians prefer to purchase okrika rather than the more expensive, original goods found in upscale shops across the country. In many parts of the country, you can find thrift/tokunbo clothing stores along the sides of the road, and some of the best places where you can buy wholesale clothing are located in Lagos State. These shops are a very popular substitute for many people who cannot afford to buy designer clothing but still want to look fashionable.
This post is for you if you are really interested in starting an okrika business and want to learn more about the different steps involved in establishing your akube business. We will go over all the details you need to know before starting your own thrift business. Without further ado, let us proceed.
HOW MUCH IS NEEDED TO START OKRIKA BUSINESS IN NIGERIA?
We cannot say for sure how much money is required to start an okrika business in Nigeria, but on average, it will cost you anywhere from ₦20,000 – ₦200,000 to get started. As your thrift business grows and you add more locations, you can invest more money in your akube business so that the business can thrive in a market that is becoming increasingly competitive. Due to the fact that okrika clothing is sold in bales, the more expensive and higher-quality the bale, the heavier it weighs.
GUIDE ON HOW TO START OKRIKA BUSINESS IN NIGERIA 2023
The following are the step by step processes on how to start okrika business in Nigeria this 2023:
CONDUCT A FEASIBILITY STUDY/MARKET SURVEY
Conducting a feasibility study or market survey is one of the first steps you should take before establishing your okrika business in Nigeria to understand how things operate in this industry. When you eventually start your firm, this will help you identify your target market as well as the kind of akube clothing or wear to sell. In order to avoid operating at a loss, you should also research various locations to see which one will favour the growth of your thrift store business when you start.
DEVELOP A BUSINESS PLAN FOR YOUR OKRIKA BUSINESS
After finishing your feasibility study, you should also draft your company strategy. This is somewhat optional for akube businesses because few people truly adhere to the guidelines of creating a business plan for their okrika business as they think that the venture can be successful with or without a strategy. To anticipate your capital, the amount of employees you will hire, your returns on investment, and anything else that will assist your okrika business successfully launch, you will need a business plan if you intend to go all the way in this thrift shop business.
MAKE AVAILABLE YOUR CAPITAL FOR YOUR OKRIKA BUSINESS
Your okrika business capital should be made available as this is the foundation that will determine the extent to which your business grows. Capital is crucial for any business to thrive. As we have already mentioned in the course of this article, you don’t need a lot of money to get started. You can start with as little as ₦20,000, and if you work hard at it, you can expand your business to greater heights.
Avoid taking out significant loans to launch your akube business if you know you won’t be able to pay them back within the stipulated time frame. You can ask family and friends to support you with cash out of their free will and then grow from there going forward. This thrift store business is a lucrative and profitable one, and if you sell quality second hand clothes, shoes, bags, etc, you will always have your customers coming back for more.
FIND A GOOD LOCATION FOR YOUR OKRIKA BUSINESS
Next, choose a suitable site for your okrika business, as this will be crucial to its success. If you want to start out big, you can rent a storefront in a busy area where it will be simple to attract customers. If you want to start out small, you can do it from home and make sure that people know you are running a thrift store. Over time, you can grow your business and acquire a store to accommodate it.
BUY YOUR OKRIKA AND START SELLING
Once you have completed all the steps necessary to set up your okrika business, you must purchase your okrika and begin selling it because that is why you established your business in the first place. In addition to the locations in Lagos State mentioned in the link at the beginning of this post, where you can purchase akube in bulk, you can also import okrika from other European nations or close-by nations like the Benin Republic.
ADVERTISE YOUR OKRIKA BUSINESS
In order for people to recognize you for what you sell, you can which is okrika, you must advertise your okrika business. Promote your okrika business on every social media platform you are on to get people to know you for what you do. Social media is a great place to start because people interact with what they frequently see. You can learn how to advertise your business on Facebook and WhatsApp, then apply what you’ve discovered to expand your reach. Additionally, use all of the available advertising channels and word-of-mouth promotion to get your business out there to as many people as possible. This improves sales and generates profits for you.