Okrika is a Nigerian name for used or second hand wears like shirts, trousers, bags, belts and other accessories.
These okrika wears are imported from other countries and sold in most Nigerian markets at cheap rates. The okrika business is a hot cake in Nigeria that hundreds and thousands of people are looking for how to make success in okrika business. In African forums likeNairaland, you’ll see many threads from people trying venture into the business. Many of them want to know how lucrative the business is before venturing into it.
How Lucrative Is Okrika Business
The okrika business is very lucrative and can fetch you good money monthly if you’re in a good location. Generally, many people like okrika wears over the new ones because they tend to last better and are made of good materials. Okrika traders buy the okrika in Cotonou at cheap rates and sell them in Nigeria.
Some reasons many people consider the okrika business as lucrative include:
– They are cheap
There is a law that says, ‘the cheaper the price, the higher the demand!’ and it applies here. Most of the okrika wears even in retail prices that you begin to wonder whether they where dashed to the traders.
This is because they are imported in bulk and sorted before being released into the market. The first grade ones are also sent to the boutiques and are usually higher in prices.
– They last longer
There is a popular belief among Nigerians that these used clothes last longer than the newer ones. In a normal sense, it sounds ironical believing that a used product lasts better than a new one but seems true in this case.
Many of the clothes produced in Nigeria are of low qualities and might wash out after a short while but these ones tend to survive even after months of being used. In fact, many Nigerian families pass these ok clothes to their younger ones when out-grown.
– They look good
With first grade okrika, the average Nigerians are given the opportunity to rock the same designers used by the high net worth individuals. You’ll find it hard spotting a difference between a jacket purchased from a boutique and a neat okrika jacket, all that matters it the wearer’s packaging.
– Easy to start
Okrika business doesn’t require any technical skills or degree, just the right business mindset. You can venture into it with as low as ₦10,000 capital and expand with time. It’s among the 10 easiest ways to make ₦50,000 in two weeks with just ₦10,000.
How To Start A Successful Okrika Business In Nigeria
Having seen how lucrative the okrika business is, we’ll have to show you how to start trading on these used clothes as a beginner. The first step will be to conduct your feasibility study and if possible, write down your business plan.
Avoid the mistake of rushing into the business without proper planning as it might affect you in the future. Conduct proper market research and analysis and also think of the available competitions and how to bat them. After these check whether you have done the following:
– Gathered enough capital
I’ve earlier said that the okrika business requires little capital but your capital will determine your business scale. It’ll determine whether your business will be on a large scale or small scale. However, if you don’t have enough capital you can still proceed and expand with time.
– Choose your business location
The nature of the okrika business makes it more lucrative in some areas than the other. You need a busily location or a location filled with pedestal traffic. The location is the most important factor in this business and failure to make a wise decision as regards to it will have a negative impact on the success of the business.
– Get a supplier
You’ll need a reliable supplier for your business to run smoothly. There are many ways of getting suppliers and you should choose the most convenient for you. You can order directly from foreign eCommerce websites Alibaba and eBay or work with Nigerian suppliers. Some traders also source from markets in Cotonou or Katangua Market in Lagos.
– Start selling
At this stage it’s assumed that you have done all the necessary preparations so you can start selling people. Packaging matters in okrika business and can add value to your wares. You can wash, iron and package your clothes before displaying them for sales. If your customers must purchase your clothes at good prices, then you should package them very well.
How Much Is A Bale Of Okrika
Many people are interested in knowing the prices of okrika bales in Nigeria. The price varies and ranges from ₦40,000 to ₦150,000. The factors influencing the prices depends on the category of clothes and grades you want to buy.
Categories include Men Shirt (MCSH), Ladies T-Shirt (LTS), Ladies Cotton Dress (LCD), Ladies Chiffon Dress (LSD), Men Underwear (M Under), Men’s Cotton Pant (MCP) and others.
The grades are divided into grade A and grade B but it’s better to go for grade A.
Okrika business is a profitable business anyone can venture into. As with every business, it requires wisdom to beat competitors. You should package your wares very well and also choose good and busy locations.