This is a detailed guide on how to start a shoe and bag business in Nigeria.
Starting a shoe and bag business is not a problem, the problem is how well you started it.
The way you start your business will determine your output, so it is important to start your business well to avoid problems.
This article is aimed at educating you on how to start your shoe and bag business properly.
Shoe And Bag Business In Nigeria
Venturing into the shoe and bag business can be very productive as some people prefer purchasing shoes and bags at the same time.
Shoes and bags are necessities as people cannot walk about bare-footed or struggle with things in their hands.
Moreover, some people carry bags for aesthetic purposes as it is part of the dressing.
The shoe and bag business is a business for fashion enthusiasts as they will source quality and attractive bags to purchase and sell.
However, to venture into this profitable business, and be successful, you must know the right steps to follow.
This article is aimed at educating you on how to start a shoe and bag business in Nigeria.
Steps to start a Shoe And Bag Business In Nigeria.
There are many steps on how to start a shoe and bag business in Nigeria, but the steps provided here are the best.
1. Have the right mindset
The principle of attaining success in businesses does not differ, so regardless of the business you are pursuing, having the right mindset is the principal thing; it will catapult you to success.
Having the right mindset entails that you understand that success is not magic, it does not come overnight. You must also be prepared to face business challenges, rejection from customers, and tough competition in your business line.
2. Understand the fashion industry
The fashion industry is not static, it evolves rapidly, giving rise to new fashion and fashion accessories.
For you to succeed in the shoe and bag business, you must understand the fashion industry, and possess the ability to source trendy products months before they overwhelm the market.
Moreover, you must be creative, smart, and flexible in your business.
3. Decide On The Type Of Shoes And Bags To Sell
Before you jump into the shoe and bag business, you must be sure of what you want to sell.
Being sure of what you want to sell will enable you to source your customers properly.
There are trendy bags and shoes and there are also thrift bags and shoes, focus on the one that will sell more. Examples of trendy bags are:
- Transparent jelly bag
- Women oneastern handbag
- Veracruz handbag
- Kuoy women’s handbag
- Ladies fashion handbag with scarf
- Ladies structured handbag
- Women portable and smart handbag
- Ladies’ bag crack
Examples of trendy shoes are:
- Fur design slide with chain details
- Transparent ladies’ heeled slippers
- Female ankle sandal
- Ladies come heeled slippers
- Ladies’ cover shoe
- Men’s classy pam
- Men sneakers
- British rivet men’s shoes.
4. Do Your Market Survey
Carry out a market survey both online and offline, it will help you know if the products you want to sell have marketable values or not.
Research on how people are making their sales, the strategy they are using to drive sales both online and offline.
Carrying out your market research will gear you towards your success in the business and also provide a valuable understanding of the feelings, attitudes, and preferences of your audience.
Steps To A Successful Market Survey
- Set a clear goal.
- Know the target market to survey.
- Know what you want to investigate
- Get help from the people who know surveys
- Consider the best way to get your answers.
- Administer the survey effectively.
- Conduct a thorough survey analysis.
- Uncover the wider implications.
5. Create A Business Plan
After carrying out your market research, you need to draft a good and long-term business plan.
Your business plan should capture your business objectives and goals.
Write your business plan describing the type of shoes and bags you want to sell, your sales venue(both online or offline), your marketing approach, and the startup capital you want to commence the business with.
Your business plan must be well written because it is a compass that will lead you all through your business journey. Moreover, It is also an essential piece for the funding of your business.
6. Source Fund For Your Business
Every business needs money so does the shoe and bag business.
Moreover, Adequate money is needed to start the shoe and bag business if you want to sell quality shoes and bags.
Most times we may have the business idea lingering in our minds but no fund to bring it to life.
Lack of funds shouldn’t thwart your ambition of starting your shoe and bag business, so these are the ways to raise funds for your business.
- Personal savings
- Angel inventors
- Apply for Government grants and subsidies
- Get money from family and friends
- Get venture capital from investors.
- Use crowdfunding to fund your business.
- Get a small business loan
- Raise money from the sales of personal properties
- Raise money from business partners
7. Get A Business Name
Your business name is the most crucial part of your business.
If you want to be known by customers, then you need a business name.
A business name is your business identity, it will make people connect with you easily and find it easy to recommend you to people.
The right business name will help differentiate you from your competitors.
Your business name must give customers a sense of what you are selling.
A striking business name is very important to create a strong impact and evokes strong passion among consumers in the long run.
In addition, your business name must be short and captivating, it must be a word that is easy to pronounce and also memorize by people. Learn why your business needs the perfect name, and how to find It.
8. Register Your Business Name
It is necessary to register your business name as it gives your business a legal position in the business world.
The appropriate authority to register your business name is the Corporate Affairs Commission.
However, to register your business name, you do not need to move to and fro, you can register your business online through the Commission’s website.
There are certain privileges you will enjoy when you register your business name with the Corporate Affairs Commission.
These privileges are:
- You will be offered a Certificate of Incorporation
- You will establish a reputation With Customers
- You will easily open an account in Your Company Name
- You have a Legal Liability Protection
- It will be easy to Get Loans
- It will help you Hire Employees
- You can easily obtain a visa to embark on a business Trip to other Countries.
9. Create A Bank Account For Your Business
The mistake most people make in their businesses is not having a separate bank account for their businesses. If you want to succeed in your bag and shoe business, have a separate bank account for your business.
After registering your business name, it is important to create a separate bank account for your business, so that your expenses can be separated from your business expenses.
10. Search For Good Location
A good location is everything in business, it is a good marketing strategy. A good location will trigger the sales of your shoes and bags and make your business successful.
A good location can boost your company’s long-term performance, and influence your business’s ability to market itself.
You must situate your business in the area where your potential customers are to avoid losses. Your business location must be easily accessible by customers and must be a well-known area.
Factors To Consider When Choosing Your Business Location
- Potential for growth
11. Source For credible Suppliers
You need trustworthy suppliers for your shoe and bag business.
You need suppliers that will always give you the best products and be involved in your buying experience.
These days, there are so many fake handbags and shoe stores across the country and even online, and if you are not careful enough, you fall victim to these fake bags and shoe dealers.
However, there are also genuine bag and shoe dealers who sell quality handbags and shoes in bulk at affordable prices.
Below are the markets in Nigeria where you can buy good and quality bags and shoes at wholesale
- Balogun market
You can also buy your shoes and bags from wholesale online stores or import quality shoes and bags from China, or any other country that manufactures quality shoes and bags.
12. Market Your Bags And Shoes
After purchasing your bags and shoes, you need to market them very well. A closed mouth is a closed sales. Don’t be ashamed of talking about your products because the more you talk about them, the more people will get to know you.
Moreover, consistency is needed in marketing. Sales might not occur immediately, but when you are consistent, you will start getting unlimited sales.
To market your bags and shoes and make sales, you need to have a good relationship with your customers, be friendly with them, follow up with your customers, offer them bonuses and discounts.
Additionally, know your product very well because you cannot sell what you don’t know.
Ways To Market Your Bags And Shoes
The following are the ways to market your bags and shoes.
1. Market Your Bags And Shoes Online
Marketing your bags and shoes online will connect you to a bigger audience. Although you may not start making sales immediately, as time goes on, people will start knowing and buying from you.
Moreover, you need to know your marketplace, a platform your products are bound to sell.
You can sell your products on Poshmark, ThredUp, eBay, Jumia, etc. You must ensure you understand these platforms before making use of them.
Furthermore, to market your product online, you need to make your products look appealing to your audience.
Make sure you take clear photos of your products and edit them very well before releasing them to the public.
Make sure you write honest descriptions of your products. Do not provide false details about your products.
Ensure your customers send in their reviews as this will boost your sales.
Have a good delivery system that will convey goods to your customers.
Additionally, other online platforms you can use in marketing your shoes and bags are:
- Websites, etc.
2. Create A Website For Your Products
Having a shoe and bag website will boost your business and also make people trust you.
Hire a professional website developer to develop a website for your Products. Talk about your shoes and bags frequently.
Write articles about shoes and bags. Educate your customers on existing and quality shoes and bags, and keep on updating them on the new trending shoes and bags available.
That’s all on how to start a shoe and bag business In Nigeria.