Starting A Profitable Okrika business in Nigeria
To some persons starting a business is simply a dream. It’s now obvious that the best form of investment is having a business – a successful business. And “Okrika” business as we call it in Nigeria is certainly one of those businesses you can start to profit highly from.
The Okrika business is very popular among Nigerians. Hardly will anyone deny not knowing this business. It’s one of the many businesses that require you to start with little capital and with high turnover.
Over the years, this business has been neglected by many as a “petty” business and this attitude has contributed immensely to the lucrative nature of the business as will be seen below.
You can comfortably turn your home and online presence into an ATM Machine in no distance time with this business.
But, before you start the business, there are key factors I want you to bear in mind.
Why Okrika Business Is Very Lucrative
1. High Demand: there is a growing demand for Okrika wears in the market. Because it’s relatively cheap – and with high quality (for some), most Nigerians love to patronize them. This has led to the creation of more market for the dealers
2. The Durability: It’s no longer gainsaying that most Nigerians believe that Okrika’s are very durable. To one of my friends, its quality is simply non-comparable. No wonder most boutiques stock Okrika shoes known as “OK Shoes” in their stores. Due to this belief, the market will continue to grow
3. Looking Good is a Good Business: nothing is more truthful than the statement. Everybody wants to look good, but not everyone has the finance to buy expensive designer clothes. But Okrika dealers have allowed the masses to spend less and still look good. The truth is, most of the items sold in this business are of the same quality, while others are of more quality than the new ones. And because they are affordable, the masses tend to go for it
Why Should You Start Okrika Business In Nigeria
This business has become very popular with patrons and profitable to the dealers due to many reasons. One of which can be attributed not only to the current recession that has plagued the county but also to the continuous testimonies in quality and long-lasting conditions of the materials traded in Okrika business in Nigeria.
Here are the reasons why you should start the business.
1. The population of Nigeria is growing at a very high pace with no intent of dwindling – this includes the young, old – the wealthy few and the poor. The majority of Nigerians fall within the low-income earners, hence, the demand of Okrika will also be in high demand due to the cheapness of the products.
2. The truth is that there is a ready market in every part of Nigeria for this business. although, you still need to do your proper market evaluation to differentiate yourself.
3. In the Okrika business, there are no leftovers. The market is ready to buy every single item in stock. So you need not worry about leftovers. However, you should always prioritize high-quality products to make the most profits.
4. The startup capital for the Okrika business is relatively cheap. If you’re looking for businesses to start with little capital, this might just be for you.
5. You may not even need a rented shop for the business. With the way business trends are going – traditional shops are less becoming important in doing business, except for administrative functions, which can also be done from the comfort of your home. The internet also has contributed greatly to small businesses. And you can leverage it to run your business.
RECOMMENDED How To Grow Your Small Business In Nigeria
What You Need To Start Okrika Business
Once you have concluded to start this business – it’s advisable that you conduct a market evaluation to know how well the business will do in your area. Even though there is an overwhelming success story of dealers in other parts of Nigeria, there may be a slight difference in people want and need in your location.
Also, develop a business plan. Most entrepreneurs abandon this critical approach to business. Having a road map of where you’re going makes the journey very easy. A business plan will serve as a guide to you. A business plan helps outline the difficulties you will face and how you can overcome them.
So, here are the other things you should put into consideration to start your business.
1. Choose A Business Name: Choose a very good name for your business. Don’t just run your business like anyone out there. Be different! A memorable business has a great impact on the success of your business. Come to think of it. You don’t want to be addressed as ‘oga Okrika’ or ‘madam Okrika’. This will also be very useful if you’re like most persons that have to build their business solely on the internet.
2. Register Your Business Name: Many benefits abound for registered business owners. If you truly value what you are doing and the business name, then, registering the business with the Corporate Affairs Commission is necessary. At least, to secure the business name.
The good news is that we can help you to register your business name at a very cheap price. You could send us a WhatsApp message now - +234 (0)9015226474.
Another thing you may want to consider is to register social media handles with the business name – just to secure them, even if you’re not ready to manage them now.
3. Choose A Niche: There are many product options available to Okrika dealers. Your aim shouldn’t be to become a jack of all trade and master of none. At least, for the start, you should focus on a particular niche.
Some persons specialize in male clothes while others deal only on men’s jeans. This you should put into consideration to help monitor the process and growth of the business.
Variety is good, no doubt but specialization is the key.
Once you have decided on the aspect of Okrika you want to venture into, the next step is to get a supplier.
4. Get A Supplier: Like in Mini importation, you should look for a reliable supplier of the product. And of cause, at an affordable price.
Most dealers buy in bale from Cotonou while others buy from Lagos and in Aba. In whichever market you choose to patronize, ensure the price is affordable.
Imagine buying a bale with 250 pieces of cloths inside at a cost price of N150, 000 and selling each cloth for N1500.
The business is profitable if you know how best to play your game. Now with digital marketing, you can put your business in front of thousand – millions of persons who need them.
5. Get A Business Location: The importance of a good business location to a business can’t be underestimated. Business location contributes to the success of a business and you don’t want to risk it.
Your location should be a business area, where your target audience can see your business. You can check out this publication on the right things to consider in choosing a business location.
6. Brand Your Products: The difference between success and failure in business is simply the approach. Like most persons, once the items have been supplied to them – they beautifully, package it, thereby making it look more attractive and of high quality. Of cause, you know that this will attract more customers and lead to an increase in sales.
Those who have learned the art of packing a product have gone ahead to open boutiques using Okrika products well packaged.
7. Market Your Business: Marketing is the live-wire of every business. You must know how to properly promote your product to your ideal customers.
How To Promote Your Okrika Business
There are mediums by which you can take to market your business, both within your location and nationwide. It all depends on the goal you have.
Notwithstanding, here are methods you can adopt:
- Word Of Mouth Promotion: First you can promote your business by telling family, friends, and neighbours of what you do. Don’t ever miss an opportunity of telling someone what you do. And encourage them to refer customers to you. As a starter, you can even have an affiliate program for your business; in the sense that anyone who refers 5 persons to your business will have a gift.
- Through Social Media: social media is a very powerful tool to promote your business. You can start by having a page and invite your friends to like the page. So that whenever you have new arrivals or make any sales post, they will see it. Another option you can explore is the paid advertisement on facebook.
If you don’t know how paid advertisement works, you can either learn or pay someone to do it, whichever option, ESY Media can help you. Send us a WhatsApp message now - +234 (0)9015226474 to get started.
- Free Advertisement Platforms: the internet has made the promotion of products online very easy and affordable. If you like, you can still promote your products in online communities that permit such, like jiji. I have extensively discussed free online advertisement platforms in Nigeria. You should check them out.
- Hawk Your Product: some business owners find this easier to do. And you can consider it also. Taking your products to schools, offices and a large gathering of people won’t be a bad idea at all. I know someone who makes a living from this particular marketing strategy.
Okrika business in Nigeria is very lucrative, only if you do it the right way, with the right strategies. And if you carefully follow the steps given in this publication, you will surely profit greatly from it.
With N70, 000 or less you can start this business. Remember, the higher your startup capital the more profit you will make.
As a startup, you should be more concern with minimizing every form of expensive. And that is why, I may not advise you to own a shop for now (although, depending on your financial status). But you can own an online store where you display your goods and customers can buy the products. All you then need do is to take care of the logistic aspect.
Similar to Okrika business is mini importation, which you can start from the comfort of your home without much stress. If you would want to consider mini importation – you should check out this publication here. Further, there are many times business ideas you can start with little or no capital to make huge gains here in Nigeria. You can check them out here.
To every startup, finance is always a problem. Nigerian banks are willing to give you a loan without collateral. Check them out here
ALSO READ: Online lending Platforms - To Get Loan