This article outlines the four easy steps to Start a lace fabric business.
Lace is a very popular fabric in Nigeria, mainly worn to parties popularly called Owambe among the Yoruba tribe. Lace fabric is synonymous with class, though almost every woman has a piece in their wardrobe as they don’t mind saving a fortune to acquire it because every woman wants to be treated with pride and honour. Starting a profitable lace fabric business would mean you put into consideration first, ‘who your customers will be’. Location, accessibility and connection with the active middle class of the economy would guarantee constant purchase, since this would be the focus group that can afford to stock their wardrobe with the best and latest lace, as the yoruba society lady would say ‘won a gba’ literally meaning in pidgin ‘them go take’.
Important things you need to know before starting your own lace fabric business in Nigeria.
Lace fabric business is a very lucrative Business which can produce more than 100% percent return on investment in just a few months of operation. As profitable as this Lace fabric is, without gaining adequate knowledge before commencing the business, it could fail even before it starts.
Here is the four major things you need to know prior startup.
- Types of Lace Fabrics It is imperative that before getting started into the business fully, you must have an understanding of the different types of Lace fabrics like nylon lace,crocheted lace, elastic lace, french embroidered lace, guipure lace, Net lace, 3D lace, dry lace for men etc. This can take a long period of time, but the time you spend will definitely worth it, as it will help deepen your knowledge of the business.
- Find Credible Lace fabric Suppliers, wholesalers or Distributors in this business you need to know where to purchase quality lace fabrics. This article will also expose you to knowledge about reliable suppliers and distributors that will provide your business with the best lace at the most affordable prices and how to avoid the Balogun Idumota market hussle which may not typically payoff if you do your cost analysis properly.
3. Make your Lace fabric Brand Outstanding you must extensively learn to find a way of creating a well packaged brand with your business. There is no lace fabric business that has not spent reasonable time, effort and money to do this. You must pay this price, if you are ready to make it big time in this Lace material business. Example of popular names in the business are Morkal fabrics, SAS fabrics, Oyeog fabric, www.ankara.com.ng….the list is endless. Also learn to create personality for this business. While doing that, ensure you work with your vision and element of styles for your business.
4. Promoting your lace business online it is imperative to understand how social media and other online marketing works, the best method to get results from online promotion.
Lace business Feasibility Study All of what was stated in the previous aspect of this article should be part of your feasibility study. This will ensure that you are well equipped to run the business. You definitely want to reduce your chances of failing and losing your capital. You also need to understand your market and what your prospective customers want. What may likely be in demand in the southern part of the country may not be necessarily be in high demand in North.
Feasibility study like earlier mentioned should consider socio-economic class, buying power, rate of socialization and culture of your potential customers.
Lace fabric Business Plan. once you are done with your feasibility study, the next step is writing a business plan. It is extremely important you do this so your business has a map of operation. A lot of entrepreneurs and business owners take this aspect for granted and end up regretting bitterly later in the business. You do not need to write it yourself you can simply seek the knowledge of a professional in the field at a little cost. The business plan helps give your business direction, and create opportunities for investors to consider investing in the business.
Business Registration This is another aspect, that small business owners or entrepreneurs take for granted. It is however essential to do this to avoid unnecessary problem while running your business. You can register with the corporate affairs commission (CAC) in any state of the country. You can also visit their website and complete your business name registration there.
Rent a Lace Shop for a simple start up business it is advisable to rent a shop instead of building. You can later grow into owning your own complex. The location of your shop will affect to a large extent how successful your business will be . Note! It is best, if your shop is in a place with a very high traffic, a hgh brough neighborhood should be considered.
Buy Quality Lace Fabric online. At this point, ensure you purchase good quality lace fabrics to be sold at your shop. To make this purchase at whole price you can either visit a big fabric stores or fabric market like Balogun market, oshodi market etc or our website www.ankara.com.ng/c/lace/ and register as wholesaler and get the same balogun market prices while the products are delivered to you in the comfort of your home or shop. The website sells quality lace fabric materials.
Promote Your Lace Business
If you have learnt about the advantages of social media to business advertisement, this is the time to learn it and use it to your advantage. Instagram and facebook are good marketing tools. For offline advertisement you can include handbills, billboards, radio advert etc. you can run promotions and provide discounts and price slashes occasionally to boost sales.