Okrika business is one of the oldest businesses in Nigeria, and till now, it is making people a lot of money on a daily basis.
This business can be started by anybody in any part of the country, as there’s always a high demand for Okrika wears in Nigeria. Regardless of your gender, you can start an Okrika business either with a small or huge capital.
Of course, the business is very profitable, if you don’t know how to go about starting it, you may end up wasting your time and money, which is what you want to avoid by all means as an entrepreneur.
That is why we’ve curated this post to show you exactly how to start okrika business in Nigeria. You’ll discover the cost of starting, how profitable it is, where to buy, how to sell, and so on.
So, if you’re ready, let’s get started!
Understanding Okrika Business in Nigeria
Also known as the bend-down-select business, or London used clothing business in Nigeria, the Okrika business is a very lucrative business that can be started by anyone regardless of your location in Nigeria.
Okrika in Nigeria simply means used fashion material shipped from abroad. These include shirts, trousers, shoes, bags, caps, socks, etc. On the other hand, Okrika business involves buying okrika products in bulk and selling them in pieces for good profits.
An average Nigerian prefers okrika over new clothes, and this is because they are cheap and believed to “last longer” than new low-quality fashion materials. Therefore making the business fast-moving as there is high demand for the products.
From buying and selling raw (the local way, or perhaps as they come), to packaging and displaying them in a shop (usually a boutique), there are lots of ways you can start the okrika business in Nigeria.
Related: How to Start a Profitable Foodstuff Business in Nigeria
How Much Does it Cost to Start an Okrika Business in Nigeria?
You can start an okrika business in Nigeria with as little as 5,000 Naira, although if you have more, you can start on a larger scale, as it is the most profitable way to operate the business.
Starting on a small scale, your startup capital will account for the cost of the okrika, and they are sold in bales (weight). First-grade okrika is the best quality you can get, but they weigh more, which means they are more costly. This is because the more the goods weigh, the more costly they will be.
Read Also: Top 50 Daily Income Business Ideas to Start in Nigeria
Is Okrika Business Profitable?
Yes, Okrika business is profitable in Nigeria. Although the profit you can get from this business depends on some factors including the quality of the goods, types of goods, your mode of operation, and also location.
Talking about the quality of the goods, first-grade okrika are top quality, so they sell for more profit than lower grades. For the type of goods, there are some okrika products to make the most profits, e.g selling okrika shoes.
More so, if you repackage okrika products by washing, and packing them with nylon, or putting them on manikins in a boutique, they will sell for higher prices which means more profits. Also, due to the difference in the cost of living across the country, the okrika business is more profitable in some places than others.
How to Start Okrika Business in Nigeria
Here’s a comprehensive step-by-step guide to start a profitable Okrika business in Nigeria in 2023:
1. Get to Understand the Business
Firstly to start the okrika business, you need to understand the in and out of the business, as well as the unwritten laws. Of course, the business is easy to start and it can be started by anyone, but can you start without knowing where to buy, where to sell, and how to know the best types of okrika to buy? I guess not!
So, that is why you need to carry out market research to understand the business well. This market research should be based on where you want to start selling.
To achieve this, meet with someone already in the okrika business in your area or near you. Do your findings by asking them various questions about the things you want to know. This includes, how easy is the business, how much do you need to start, how to process and package okrika for sale, and so on.
2. Arrange for Capital
After completing your market research, you should know how much it requires to start an okrika business in your area. Now, the next thing is to raise that capital.
You can do that by funding the business via your personal savings, seeking partnerships, or seeking loans from friends, family, and even banks to get started. Although the cost of starting on a small scale is not high, I believe bank loans aren’t worth it for this kind of business.
3. Secure a Suitable Spot for Okrika Business
Of course, okrika sells well and fast, but not in all places. You can expect to drive hundreds of sales weekly sitting your shop inside an estate. Instead, the okrika business moves fast in open markets and busy areas.
You can start without a shop in open markets, and roadsides, as you can just secure a spot for a small fee where you can display your goods and use an umbrella as a shade.
Starting on a large scale with reasonable capital, you’ll need to rent a shop to start the business. These shops are usually referred to as okrika boutiques in Nigeria. Your shop can be located anywhere busy including a market square, malls, or street.
4. Purchase Okrika at Wholesale Prices
After getting a shop or where to sell, the next thing is to buy okrika in bales. Although a lot of big sellers travel to Cotonou to buy okrika, you can buy your goods from any local okrika market near you. (keep reading to find out where to buy).
If you did your market research well, you should know the best types of okrika to buy as they come in different quantities and quality. They include.
— Grade A (First Grade): These types are fairly new okrika. They come with no defects and are usually top-quality materials. They may have been worn a couple of times before, and sometimes, not even worn.
— Grade B: The okrika second grade are also high-quality materials, just that they do come with minor dents like stains.
— Grade C: The C grades are fairly old okrika. They usually come with major dents, either large stains, torn, or amendments.
— Mixed Grade: Here, you get the mixture of all the grades above including grade A, B, and C in one sack.
Related: How to Start a Profitable Egg Supply Business in Nigeria
5. Start Selling
Once you buy your okrika in bales, the next thing is to start selling. Selling okrika is very easy, as there’s always a high demand for the product.
However, before selling, after buying especially okrika clothes you might need to wash and iron, and even amend the torn ones. This is to ensure that all the dents they come with aren’t too obvious while selling.
Another vital thing in selling okrika is the pricing. You would want to make sure that your goods are not too costly. To do this the right way, you’ll need to get experience on how to price your okrika from someone already in the business. If your market research is well done, this should be a problem.
Marketing is also a part of the okrika business. As a seller, you must promote your products to get sales. This can be done in many different ways including word of mouth, and leveraging social media like Facebook groups, Instagram feed, WhatsApp status, etc.
You can also promote your products through hawking by carrying them to offices, schools, and gatherings. Also, online forums and ecommerce sites could help you sell faster.
See Also: Top 45 Small Scale Business Ideas to Make Millions in Nigeria
Best Places to Buy Okrika in Bulk in Nigeria
Okrika products can be found in many parts of the country. Here are some of the places you can buy okrika at wholesale prices.
- Okrika market in Rivers state
- Tejuosho market at Yaba, Lagos state
- Aba international market at Aba, Abia state
- Aswani market at Isolo, Lagos state. This is a “Tuesday-only market” (weekly).
- Dugbe Market at Ibadan, Oyo State
Conclusion
Okrika business in Nigeria is a very lucrative venture to venture into in any part of the country, as it can be started both on a small scale and a large scale. If you’re looking to get started, I believe this post on how to start an okrika business in Nigeria has supplied you with all the needed knowledge and information you need as a complete beginner.
