This article is an educative one; it gives all the necessary information you need to start up an Okrika business in Nigeria.
The term “Okrika” is not new to the ears of Nigerians. It is a known and accepted name for “second-hand wears,” sometimes called “OK” as an abbreviation by most Nigerians.
There is no doubt that lots of high-quality clothes are found in Okrika bale at a very reduced price.
Among other businesses spinning up in Nigeria, Okrika business has proved to have what it takes to make investors “keep smiling to the bank” as the business is highly lucrative and has very little business risk.
This business has actually been a money-making machine for lots of people that are into it. They may not reveal it to you because they believe you will be competing with them.
But the truth is that the Okrika market is so large and can accommodate an unlimited number of dealers.
Okrika is a business just anybody can do with a reasonable sum of money. One good thing here is that the chances of risk are very low.
Surfing the internet, you will find lots of people wanting to know how much is needed to start an Okrika business” That we will answer in the next paragraph.
Capital Requirements to Start an Okrika Business
One can actually start an Okrika business with ₦100,000 or even less and grow your business with time. But if you have the finance then start it in a big way – why not!
Okrika goods are not perishable, they can last the test of time, so you should have absolutely nothing to fear about, what matters most is knowing your target market.
I laugh when I hear people saying that Okrika business is for the poor people. Never listen to them, this business “brings people out from being poor” – as it requires very little capital even the poor can afford. Okrika business very lucrative; let no one deceive you from investing in it.
Why You Should Invest In Okrika Business
1. Okrika Business Is Easy To Start
On like most other business, to start an Okrika do not require much stress to kick up. Simply know where you get your products from, and people you will sell or supply to.
Much experience or much training in the business is not required, but if you can get them, it will be great.
You can actually start as a novice if you are very smart – you will learn in the process. But remember, you should always ask questions if you want your business to pick up and flourish in time.
2. Okrika Business Is Very lucrative
The main objective of every businessman is to make profit. A good business is always judged by profit turnover.
In the case of Okrika business, there is no limit to the amount of profit one can generate with just little effort.
The profit ratio in Okrika Business is very high. In this business, you can double or even triple your invested fund on batches of sales you made.
3. Can Start With Low Capital
We classified the Okrika business as a type of business that requires low capital to start. But that does not mean that one can’t invest a huge sum of money into it if they have the capacity to do so.
With as little as a hundred thousand naira you can have a fair start and grow your business by reinvesting your profit to make the business grow big over time.
4. Attractive Customer Base
On like most other businesses, in the case of Okrika business, it has unlimited customers.
Most people are ready to buy Okrika clothes, shoes, and bags as long as they are in good shape. The reason for this is because high-quality products are found in Okrika stocks.
5. Not perishable
Those involved in perishable business always find it very difficult as they always try to strike a balance between their sales and stock for it not to get spoilt.
But in the case of Okrika, your stocks/goods, can last a very long period of time. It loses its value only if the stock goes out of fashion, and that hardly occur, there is always a group of people always willing to buy.
6. Choice Of Specialization
Okrika business gives you the opportunity to specialize. Okrika stocks are available in different varieties.
You can choose to specialize in Men Okrika, Women Okrika, Children Okrika, Okrika Shoes or Okrika Bags, and so on. You can also choose to combine depending on your choice and business range.
7. Low Business Risk
Risk is one thing that scares investors away in most risky business. When a business has high-risk factors, it discourages people from investing in it. But if the involved uncertainties are minimized – it builds a level of confidence in the business.
The biggest business risk Okrika traders may encounter is theft of their stocks, which if they can manage it will be a good go ahead.
8. Mobility Of Trade
An Okrika business may not really need a shop to sell – as the product can be mobile. One can actually base the business on supplies or mobile trading. It can even be a part-time job.
What Is Required To Start An Online Business
1. Good Business Location
A favorable business location is the first thing you have to consider in starting up an Okrika business.
If you choose the wrong location, the business may suffer or even possibly fail within a short period of time.
It will be advisable to choose a location with a high population and less competition. Make sure that people in your chosen location wear Okrika stocks.
It will be the wrong choice to start your Okrika trading business in an environment where the super-rich stays even if it is highly populated.
The reason because they may not much be interested in what you have to offer.
2. The Required Capital
Before starting the Okrika business, you should have a reasonable sum of money you are willing to invest in.
The amount of money you are investing will determine how big you want to start the business. More money means bigger business as well as a bigger profit.
3. Type Of Okrika Stocks
When it comes to Okrika business, there are several options available for you to choose from and invest in.
Deciding on the specialization of the Okrika business you want to go into is important as it would definitely affect how you start, in terms of the total amount of money that you will need to spend when starting the business.
It will also have a role to play in choosing your business location.
4. Suppliers You Can Count On
Your supplier has a role to play in the success of your business. It is necessary to have a reliable supplier in your Okrika business.
Your supplier may be someone who orders Okrika in large quantities, someone who travels out to buy them, or you may even choose to order them by yourself via e-commerce sites like eBay or Alibaba, if available at that point in time.
5. Good And Attractive Packaging
Attractive packaging is what attracts customers the most. Make your Okrika wears look good and presentable. Wash, starch, and iron them if necessary.
Display them in hangers or sealed them with nylon. You may even apply soft perfume on them. This will increase the price buyers will be willing to pay for, and you get extra profit.
This is where most Nigerians are getting it wrong. Don’t start a business an embezzle your profit.
To be very successful, you must create a room for expansion. Reinvest part of your profit into the Okrika business for the growth of the business over time.
How To Promote Your Okrika
For a business to grow very well, it has to be promoted and marketed using the most effective means of promotions.
- Mouth To Mouth Marketing: Here you walk up to people and tell them about your business, then try to convince them to buy from you.
- Online Marketing: Make use of online platforms to market the product. You can make use of Facebook, Twitter, Instagram, and others to market your product and reaching out to people. You can even develop your own online store to attract sales.
Where To Buy Okrika Cloths In Lagos
- Katangua market
- Yaba market
- Balogun market
- Tejuosho market
- Oshodi market
- Aswani market
- Badagry market
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