Are you currently unemployed in Nigeria and you are looking for a side hustle to do and make good money? Well, the Okrika business is a smart small scale business idea you should consider.
There is a high rate of unemployment in Nigeria. Therefore, the only solution to unemployment is creating a business or doing side hustles.
Several people in Nigeria are thinking of business ideas they can do to get financial independence. Therefore, the Okrika business is a good business idea you should consider.
Okrika Business Idea
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Mans basic needs are food, cloth, and shelter. When a man/woman needs to make a choice between covering their nakedness and food, they will definitely choose to clothe themselves.
So Imagine setting up a shop in a community where people can buy affordable clothes; you will definitely make a good profit when people begin to patronize your products.
Credit source: Pexels
What is Okrika Business?
Okrika business is the trading (Buying and selling) of used clothes or other products like bags, shoes, etc. to make profits.
It’s a business anybody can do with a reasonable amount of funds. And it is also a business idea you can start with little funds.
Several Nigerians especially the low earners patronize the Okrika marker because it helps them cut their spending expenses on clothing. Moreso, several medium-income earners also patronize fairly used clothes.
Reasons why you should start this business
Okrika products are more popular in the Nigerian market because of the recession in the country. Also, there are good brands of fairly used clothes. Hence they are durable and can retain its original condition for a long period.
Below are some other good reasons why you should start this business:
- It is relatively cheap, Hence people will patronize you
- There is a ready market in the country for cheaper and affordable used clothes
- It is affordable irrespective of the social status of people in the country
- There is a good return on the capital invested
- Low start-up cost.
How to Start Okrika business in Nigeria
Here are the basic things you should put in place before doing the Okrika business.
1. Get basic knowledge about the business
It is expected of you as a newbie in the business to get a basic knowledge of the business before investing your funds. Therefore you should do the following:
- Partner with someone who has been in the Okrika business for long and learns from them where you can get good and cheap products.
- You can also learn from asking people about the major markets for used clothes. This will help you to know several markets where you can buy all the class/grade of Okrika.
2. Get a good location
Every business needs a location to thrive, therefore you should get a good location where you can easily attract potential customers.
3. Fund the business
Every business idea needs funds; so does the Okrika business. You will have to decide if you want to start big or small.
For a small scale Okrika business, you can easily start with as little as ₦10000 – ₦15000.
The funds you invest determine the products you get. You can get any of the following depending on the funds at your disposal:
- Clearance sales: which mean that you buy leftovers
- Select and pay: you select from available materials and settle the seller
- Buying bales of Okrika: this means you buy bales (sealed sacks of used clothes) and resell in bales or open the bales and resell to retailers.
4. Marketing Strategies
To generate good sales you need to have a good marketing strategy in place. Below are some good ways to promote the business.
- Display your products on social media
- Design a business card
- Design a banner
- Model your product by using them
The clothing business (Okrika) can become your shot at the employment you have been praying for. It can make you become self-employed and the profit is huge if well managed. Hence to run this business here are several other things you must do.
- Don’t be greedy for much gain; rather focus on getting more sales
- Be consistent in the quality of cloth you sell
- Get feedback from your customers and sell what they are demanding for
- Minimize credit purchase so you won’t incur any form of loss.
Feel free to drop your comments in the comment section. You can also ask questions on anything you want to get clarification about and I will respond to it. Thanks.