One of the type of businesses that I recommend for new business starters is to sell a product consumed by a lot of people or something used by a lot of people. Fashion accessories business in Nigeria is really a lucrative one because there are many options to choose from this business. Fashion accessory is an item used to contribute in a secondary manner to an individual’s outfit. Examples of some fashion accessories that you can sell in Nigeria are; necklaces, wristwatches, bangles, rings, handbags, bracelets and the rest of them.
Before you go into fashion accessories business in Nigeria, you should have a full understanding of the business. It is good to know what is trending and focus on selling those things. One of the areas that have a high turnover in this business is women’s fashion accessories.
You can start this business in a small or large scale. Sell either online, offline or both. Make your business stand out by selling quality and affordable fashion accessories.
How to start a fashion accessories business in Nigeria
1. Decide on the type of fashion accessories that you want to sell
If you want to go into this business, there are somethings that you need to consider. Select a fashion accessory or group of fashion accessories that you want to venture into. One of the things that should influence your choice is your location. For instance, in some parts of Nigeria where they people living there likes to wear there traditional outfits, I will recommend that someone living in such area to sell beads Jewelries and other wearable arts. You can equally add some types of wire work necklaces in your necklace collections.
Also, if your location is in an urban area, you can sell according to what people in that area likes to wear. High profiled people will like to quality accessories most times, irrespective of the price. Don’t make the prices of your accessories outrageous as it can lead to low patronage.
2. Develop a Business Plan
There is a great need for you to have a well written business plan for any business that you want to venture into. In your business plan, the name of your business should be stated, type of business, location, aims and objectives, business strength, number of workers required and other information pertaining your business.
This will help you in obtaining loans from corporate organizations and other loan rendering service institutions. A business plan will equally help in making decisions in your business. Such decisions includes financial decisions.
3. Choose a target group
Fashion accessories business thrives in areas where there are many grown-ups. If you are venturing into fashion accessories for women, I will advise that you sell more of the ladies fashion accessories. You can equally add a little of matured women’s category to it. When I am talking about ladies I mean from ages 25-45, then, women are older adults. Your choice should also be influenced by the highest number of the age group of people that you want to sell to.
4. Choose a Supplier
There are many importers of fashion accessories that you can buy from. Some of them imports quality Fashion accessories from China, Dubai and other parts of the World. Look out for those that are selling quality Fashion accessories and buy from them. You can equally see marketplaces and stores that you can buy in wholesale from.
For instance, if you are living in Lagos State, you can go to Balogun Market in Lagos Island and make your purchase. Having a basic knowledge of this business will help you when making purchases. Such knowledge can be gotten from people who are already into the business.
5. Create Your Own Brand
I know some fashion accessories sellers who after selling in small scale later levelled up by creating their own brand. Another way to achieve this is if you have the skill of manufacturing any type of fashion accessory, you can start manufacturing it and sell in wholesale as well as retail. On the other hand, you can have your own unique brand name, make your specifications and give it to people who are manufacturing those things to manufacture for you.
This method will help you to determine the quality as well as the design of your products. You can equally hire people who have these skills, open up a shop so that they will be producing these things under your guidelines and supervision. Also get a broad knowledge of the business before starting up all these. It is worthy to note that Nigerian produces a lot of Fashion accessories including those worn in the country and equally exported. Handbags, shoes, jewelries are among their products.
6. Determine Your Price
The aim of every business person is to make profit. The truth is that you will not make enough profit without proper planning. The cost of your purchases will determine the price you will set your products. Remember, you need to check with other sellers of the same accessories so as not to set your own too high or low. Once your buyers are satisfied with your product quality and price, you will have a good customer retention and recommendations leading to greater sales.
7. Choose whether you will sell online, offline or both
From your business plan, you be able to determine the level of your capital. This will influence your choice of a marketplace for your business. If your start up capital is low, then, renting a physical store may not be the best option because it will cost a reasonable amount of money. You can start by marketing your products on social media and other online E-commerce stores like Konga or Jumia. You can equally promote your posts or run sponsored ads for it.
Now that you have known how to start a fashion accessories business in Nigeria, go ahead and start one. Remember to consider your capital, target group and location before kicking off.
Also Read; 10 Best Online Jewelry Stores in Nigeria