How to start a Lace fabric business in Nigeria
Lace is a delicate fabric made of yarn or thread in an open weblike pattern, made by machine or by hand. Originally linen, silk, gold, or silver threads were used. Now lace is often made with cotton thread, although linen and silk threads are still available. Manufactured lace may be made of synthetic fiber.
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 the startup.
To avoid being crumpled, before it’s commence. Here is the four major things you need to know prior startup.
- VARIETIES 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 etc. This can take a long period of time, but the time you spent will definitely worth it, as it will help you have in depth knowledge of the business.
- CREDIBLE SUPPLIERS OR DISTRIBUTORS in this business you need to know where to purchase quality lace fabrics. This studies will
also expose you to knowledge about reliable suppliers and distributors that will provide your business with the best lace at the most affordable price.
3. LEARN TO MAKE YOUR 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. 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. ONLINE MARKETING now it is imperative to understand how social media and other online marketing work and knowledge of the set of tools and methodologies used for promoting products and services through the internet. Online marketing includes a wider range of marketing elements than traditional business marketing due to the extra channels and marketing mechanisms available on the internet.
Now that you have understood all of the above and obtained the necessary knowledge and information then you can begin the process to start your lace fabric business. Before you start i must let you know that it is not going to be easy as there are quite a number of difficulties you will face. This is however trivial compared to what you will gain from the business if handled or managed properly. In this section we shall be discussing shortly what you need to set in place while starting your lace business. Here is it:
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 falling and losing to the barest minimum. You also need to understand your market and want your prospective customers want. What may likely high in demand in the southern part of the country may not be necessarily be in high demand in North. You feasibility study will extensively expose you to this kind of information.
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 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, which must be accessible for vehicular and human traffic.
PURCHASE OF QUALITY LACE FABRICS. 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 and register as wholesaler. The website sales quality fabrics materials: Lace, Ankara, Senator materials etc at both retail and wholesale price, and deliver to your shop almost immediately at an affordable price. Their delivery service is amazing.
PROMOTE YOUR 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. Aside social media, you can also find other online marketing strategies that can improve your business in no time. Some of them are email marketing campaign strategies, search engine optimization strategies (SEO), search engine marketing (SEM), content marketing strategies, etc some of these strategies are the methodology used to locate and engage your real prospective customers for online conversion. 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.
HIRE EMPLOYEES. If you need to employ anyone this is the time to do so. Ensure that people that will be employed have a good heart for your business and are honest and trustworthy. You may not be available at the shop at all times, so you need people that will treat your business as theirs and handle affairs properly.
