Is boutique business profitable In Nigeria? 10 simple steps to starting a profitable boutique

Christopher and I have set up more than 4 successful boutiques for our followers yet you, returning readers and new visitors keep asking “Is boutique business profitable in Nigeria”? My answer to this thread is ” YES“, boutique business is very rewarding than most businesses you may think of. Many chit-chats and rumours carry that boutique business drain a lot of people. This could relate to how you set your business.

In this step-by-step guide, I will be giving you the same approach we have been using to set up a successful boutique business. Do not miss a thing in this discussion, pleaseūüôŹ

What is a boutique?

A simple and concise definition is;

  1. A small shop, especially one that sells fashionable clothes, jewelry and the like.
  2. A small shop located within a larger one
Is boutique business profitable In Nigeria

These give a clear view that boutique doesn’t necessarily need a very big, award-winning edifice. No!! If you have a small shop, you can convert it becoming a boutique.

Is boutique business profitable?

Yes! The boutique business is profitable. It can be a bit shaky when starting but it will balance within one year period. Do not fold because you are encountering losses in the first 3,4,5, months. Remember it is an entrepreneurial trip!

keep following the steps for about 6 months.

Why is boutique business profitable?

1 We must wear clothes:

The bitter truth is that you will never want to walk naked on the street, I don’t want to either. Funny right? Everyone needs clothes and so there is a huge demand for clothes.

The rich quest for good and expensive material. The average search for good but less expensive material. Irrespective of your status financially, you will always look for what to put on(not leaves).

2. You can sell any clothes:

This brought us to the fact that material quality has a location. Award-winning material is sold in boutiques while Okrika(cheap but good quality) materials are sold in local markets and roadsides.

The funny part is that you can sell inferior, Okrika and presidential materials in your boutique. You have to be careful with your brand reputation.

3. You make more profit than selling clothes in the market or street:

I bought one shirt(short sleeve) from a local market near me at the rate of N500($1), after washing and ironing I realized that the material was a “boutique standard”(the minimum price for the cloth is N4,000($8) in the boutique). The market seller must have made N250 interest or less instead of N3,500 interest in a boutique setting. Think about this.

If you know where to buy your boutique materials, you will make 5X to 10X your initial capital. Read to the end to get the full digestible guide.

Why is my boutique business not profiting?

It could be your approaches were totally wrong or you messed. Up somewhere in the process. Few reasons why your boutique business is not profitable enough could be attributed to

Is boutique business profitable In Nigeria
Fashion from boutique
  1. Poor location: Your location is a perfect determinant factor why you are not profitable in you business if you are not mobile enough. But if you do, it affects but seldomly does.
  2. Your branding: No one knows. About you and your quality materials but lot of people know about your competitor and their less quality materials. Up your game.
  3. Inability to catch returning visitors: were you making sales when you started but suddenly drops? is boutique business profitable to your other competitors around there? If yes is your answer, then you have to again learn how to close a deal properly. I have given an intro on how to close deals in this article but if you want a full post on it, drop a comment below and I will write the post for you
  4. Lack of patience: If you are a dog the group asking me “is boutique business profitable in Nigeria in one month time,4 months time, am sorry but the first 6 months is always an infant stage for business to even balance on two legs. You need to be in this business for a minimum period of 1 year 6 months to even know where you are heading

How do I start the boutique business?

You should know that most businesses require capital and this is one of them. If you are looking for a business you can start with no capital, this is not for you.

#1 Have a business model

Any time of business requires thinking. Never jump into a business you don’t know about at least 50% pros and cons. I know you have been thinking about starting a business and that’s why you are reading this! Do not stop learning because it never ends.

Ask different people around your area who perhaps, is into boutique business or any fashion at all like shoes, caps, wrist watches, belt, even clothes( men’s wear or women’s wear ) about their business and setbacks they have encountered so far.

This will give you clear info about the business you are planning to start. I would have said search the internet also but you are already here ( you can still search anywhere) and I am telling you that we have done this for people in Nigeria and we can do the same for you if you need our services.

#2 Get your cash ready

In case you are wondering “how much do I need to budget for this boutique business”, I will advise that you set a minimum startup of N300,000 if you are in Nigeria. Don’t worry it can start something.

This money can kickstart your boutique but on a low level. You will still benefit just start.

If you are still looking for money, one of the easiest ways to raise money is our platform Omegapayz “write for us” page. Here we allow you to make money from us for yourself and also for your startup. It takes us just 45 minutes to draft out a 2000 words article and you can do this in just an hour to make N500. Cheap right? Ok, let’s say you work for 12 hours and submitted just 10 articles, that is N5,000 in just one day. Still cheap? Ok, how much will that cost if you consistently work 10 posts a day for 30 days? 500X10x30 = N150,000. You work 12 hours daily and make N150,000 and you say it’s cheap?? Come on.

You can get your cash from anywhere but do not use ” no cash” as an excuse for delay.

#3 Find a good location for your boutique store.

Of course, you do not need your room to start a boutique business, or do you have 100k loyal followers on socials? If yes, you can start your boutique anywhere and do the branding on socials. yea!

You do not need a busy location or a very quiet area. All you need is a place that is always very accessible and a major route to companies and workplaces.

Is the boutique business profitable at all around junctions?

Many businessmen will come up with different proves saying “junction is the best location for anything. Ahhh did you hear that”?

Do not get your shop at the junction. Nobody pays attention to what’s around the junction other than traffic and how they can manoeuvre their way in the transit. Express could be better but do you have the money to pay? Is the route taking you from major work zone to major residential zone and vice versa? Consider them when searching your shop location.

Try to get a shop that has a big space outside. Here you will always have to display your images. This is what will attract the pedestrians to check your products. Make sure your samples tells them what to expect inside. Even the workers who Are going for work will surely branch when they returned only if they see what they like.

#4 set and design your boutique.

You give quality to products based on how they are packaged, right!

Not all expensive fabric is worth the price. But people buy them based on hype and brands. Remember you are promoting your brand with another brand. Funny! Adidas is a brand and you are using it to promote your store name.

What you need to get your shop set

  1. Your inner store must be painted with aesthetic design. It doesn’t mean you should get a million pieces of paint to get the design right. Adorable designs like flowers, multi-colored and that kind of flashing wall mat can go. The plain white wall is only good if you have proper lighting that glows
  2. Get your flex or signboard well designed with proper branding.
  3. You have to make a good floor for your boutique. A thick rubber carpet is ok but if the shop is tiled, no need for another flood finish.
  4. Have a show glass, cupboards, hangers, images and mirrors

#5 Get your stocks available

No one will come to patronize an empty, well-furnished boutique. Try to keep some money for your stocks so you won’t start thinking about where to get money after setting your store. You can start buying your stocks(materials) even when the setup is in progress.

Where should I buy my stocks?

This requires a very detailed explanation of how you can go about when buying stock for your boutique store. If you need this post about “where you can get your boutique products”, let me know in the comment section below. It will serve as a reminder to serve you.

Flaunt your materials on images during the boutique setup. Let your workers see what you’re are dealing with.

Make sure you go for quality materials. 70% quality and 30% middle man games. This call everyone to take part in the shopping.

Please do not deal with only formal wear. Choose either men’s wear or women’s wear. Sell different varieties of gender wear. Start small if you don’t have enough capital(1 million +)

I will try and create a post on this.

#6 promote your boutique on social media

Life is all about packaging. If you have an online store great if you don’t have one, we can create one for you it’s easy Just check our services and hit us up.

If you don’t want to have or you are financially constrained, you can still leverage on social media platforms like Facebook, Instagram, WhatsApp, Twitter. Social media has turned to be a very useful marketing tool. Youtube can even make you an overnight millionaire by just promoting your business.

#7 Introduce different payment options

Nowadays, people patronize shops that use POS do you know why? The world has gone digital and people tend to go cashless. What if they fall in love with your products, how do you close a deal at that moment if you don’t have a payment gateway to reach where their money is? You’ll tell him to go and bring the money? Note that a moment he leaves your shop, 99% chances that he might not come back.

Smartphones have access to mobile banking apps. Get the one that resonates with your bank, print your account number and paste it in your shop, you can get a POS if you have money or when the shop has grown.

With this, you will miss a very few deals. The reason why Amazon is the richest man is that he changes his marketing strategy to meet the current marketing standard. Do something about this if you haven’t.

#8 Mobilize your products

2012 business model in Nigeria was to get a shop, set it up, stock products, and wait for customers. Could you imagine how old this pattern sounds? It doesn’t work anymore

delivery guy

I started a small courier business for my mum’s restaurant. This was for her regular customers who later had a job in a distant location. To my greatest surprise, this delivery brought lots of customers to my mum in that she doesn’t even need customers to come and eat there in the shop but makes her money daily.

It changed my view and approach to business.

Get your goods to your customer who needs them. Let them have your contact details because when they see your flashy materials on social media, on your online store, they will want it but trust me they will want you to bring it or forget it. Try and breach this gap and reap the benefits

#9 Never keep a deal open

Do you like this article? If you don’t like go away but If you like read this…..

Does that make sense? Sorry if I played with your mind but I wanted you to know the power in closing a deal. It could make you a returning customer and it could also make you lose lots of customers.

What if I say, It’s ok if you don’t like this article, what can I do to make you enjoy my next article?….

or

what should I add/omit to make this article worth your reading?…..

Am sure this will cause you to be more engaged either to see if I have effected the changes or if you like it, you will just say “oh! that was a great article, you don’t need to do more than this thanks a lot”! Which to me makes me happy.

Closing a deal is very powerful never let a deal go open. When a client says I will come back after you have given your price, chances are that he will not. How do you do this?

The best and entrepreneurial approach is to make your customers happy.

Come on, I know you don’t like the price I gave and you are not coming back, what’s should I do to make you buy this product?”

If the price resonates with his bidding, he will say he is fine with the price and that’s not a problem. If that’s the case, he will buy but if it wasn’t, he will tell you to bring the price down. Now try to convince him to buy a fair price or a quality that fits his pricing.

#10 Remember to say thank you

branding bag

The power of branding is not necessarily about your shop or your words. A simple bag pack goes a long way to promote your brand. Gift cards and little gift items could make you returning customers.

Always package the customers’ products with a branded bag. Don’t be afraid it cost a few bucks. If you want to know more about branding, reach out to our services.

Summary

please refer people to read this thread up or you can tell them to consider the following list.

If you have questions, contributions, advice, ideas please don’t hesitate to share in the comment section below.

I hope this has answered your questions? If it hasn’t, this post has not ended so drop a question I will either add it here or drop another post

Thanks

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