The Nigerian business industry is one with a wide variety of options that can be explored. It is almost impossible to find a business that will not thrive in the country. One of such businesses is the Okrika business. It involves the sales of fairly used clothes, which happens to be one of the most lucrative businesses in Nigeria today. One thing that actually makes this business as popular and lucrative as it is is the fact that in Nigeria, most people prefer to go for low-cost items. Even if it means going for an already used one. Clothes are like essentials so it has a very high demand which directly results in it being a profitable venture.
Okrika business is a business that has been in the market for a very long time. As mentioned, people prefer acquiring low-cost and affordable items over spending excessively on a single item. An average Nigerian lives on a low income and they cannot afford to spend a tangible amount of that on getting new things. They can just get a fairly used one for a very cheap price as compared to the price of the real or new product.
Clothes are not actually the only thing that can be gotten as fairly used. There is a long list for other things which also includes cars, phones, and other gadgets.
The general thought behind the success of okrika clothes is that “Why buy something new when you can get a used one for a fairly affordable price? “. The products are basically the same. Whatever the new one can do, the used one can also do the same depending on how long it has previously been in use. The only thing different is of course that the product is not new, it doesn’t have the look, build or even probably the scent of a new product. And when you look at it, these features do not really matter to many individuals. As long as the product can still do what the manufacturer set it out to do.
“Okrika” or “Tokunbo” clothes, as they are popularly called, actually come in different types depending on the quality of the product. It might not have the quality or original look of the product but for it to be marketable, it has to still be in good condition. There are four different grades for a fairly used item and they\’re Grade A, Grade B, Grade C, and the mixed grade.
Grade A is a product that can be considered as fairly new. It is not a new product but it still looks neat and clean without any problems at all. The Grade A product has been used for only a very short time and still looks exactly as the real product. Grade B, one the other have, is a Grade A product with a minor dent or issue with the product. The product still looks fresh but it has a scratch, small tear or anything small that cannot be easily noticed.
The Grade C product does not really look like the real product anymore. It has been in use for a long time and must have lost some of the quality of the product. There is a major dent or tear or scratch or any kind of problem that could make the product look a lot different from what the new product looks like. For the mixed grade, the product might look good and still have a fault. It is simply a mix of the three different grades. Regardless of whatever grade it is, there will still be people willing to buy the clothes and then look to mend or repair the faults in the cloth. Despite that, it is advisable to get the clothes still in good condition as they are most likely your best chance of succeeding and getting the profits.
In the next sub heads, I’ll discuss the procedures involved in starting a fairly used cloth business in Nigeria and some of the necesary factors involved in making sure the business is successful and all your efforts don’t go to waste
1. Learn from Experts
This is similar to going around and doing a comprehensive research on the business. There are quite a number of people in this business that can be considered as experts and have been in the business for a very long time and also know the in and out of the business. These individuals have already established themselves very well in the market and are known for the sale of fairly used clothes. You can visit markets where fairly used clothes are sold and meet up with some of the people involved in the business. They are most likely the only reliable option for good information about the business.
You will be able to ask questions and also be aware of some unclear things about the business. All the necesary things or rudiments required to start up and also the market requirements for the business will be discussed. Also, you can consider taking a short survey of what customers want and the kind of clothes they expect to get when they come to the shop or market. When meeting up with experts, you can interact with more than one person as everyone has different opinions and experiences also differ especially in a business like this.
After you’ve completed your research or your interaction with the experts, then you can decide if it’s a business that you can do or not.
2. Create a Budget
One of the most interesting and impressive things about the okrika business is that it can be started with a very low amount of money. Entrepreneurs with as little as five thousand naira only can start the business. Though they would be involved in the small scale aspect of the business. You don’t necessarily need too much in a business like this especially if you’re starting small. All that is important is getting the clothes and putting them in good condition that will make them marketable to customers.
In cases where capital is substantial and individuals plan for a large-scale start, setting up a small shop or acquiring a space becomes crucial. This step involves scouting specific markets dedicated to these products, allowing you to find a suitable shop space. These markets cater primarily to such merchandise. By exploring these areas, you can locate a shop to establish your business presence and commence your operations. Aside the fact you’re starting big, you don’t necessarily need a shop. These days, social media can be implemented for organizing the business.
3. Marketing and Sales
At this point, the clothes have been gotten. Just like I’ve mentioned, there are specific markets where fairly used clothes are sold. Visit them, select the clothes you want, and then the business can start. If you’re not setting up a shop for the business, you’ll need to market your goods with social media. Set up an online profile for your business. From there, you can advertise your products to a lot of people and make sales. This can also be applied even for when you have a shop. Another effective method is word of mouth which is quite popular for this type of business.
The Okrika business is one of the easiest businesses to start in Nigeria. No skill, educational qualifications or experience is needed to start. Just simply following the easy steps in getting started is enough to get properly established in the business. Also, you’ll need to put in hard work and be committed to what you’re doing to be able to succeed. Once properly organized, the business is one that will most likely bring profits for you. The demand for these kinds of products is quite high in Nigeria. This makes it a suitable and profitable business to start.
