7 Steps on How To Open A Thrift Shop In Nigeria
Maybe you’ve heard about Okrika as a businesswoman in Nigeria. Okrika sells second-hand things. You may be called the second-hand shop or thrift shop. Anyway, the whole thing in the shop is selected goods that are still of good physical quality. If you want to follow the Okrika business, you may read our explanation until done. We will explain the whole process in detail so that you can run a second-hand shop in the future.
1. Do Research
Every business needs research so that it can gain profit based on demand. You should learn about your circumstances and the customer’s behavior. You can do research on other things too. Learn whether the market is already saturated or not. A saturated market will lead to an overwhelmed supply of products, which means a shortage of consumers. Even though the demand for second-hand goods is limited.
2. Create a brand that is easy to remember
The second step is creating the brand for your second-hand shop. You can try searching on Google, in a dictionary, or generating the brand from the website or application. The website to generate for brands is available free of charge, so you only have to pay for the internet. Keep the brand short so that people can easily remember it. Choose a brand that has a good meaning too, so that it can be used to go international.
3. Budgeting and Compiling a Business Plan
You get the name of your brand. Then, you can try to make a business plan and budget too. You should write the plan in detail, such as understanding the strategy, long-term vision, and mission. You should mention budgeting or finances. You can choose to buy the stock and rent a space. It would be better to offer it through an online shop.
4. Find Source Products
Another important step in running a thrift shop is finding the right product source. Nigeria is different from other countries regarding retail. It is difficult to buy the product in bulk. It will be better to buy the small stock first than to buy a large amount of the source. You can also search for the stock from the donation.
5. Make Product Storage
You should think about product storage too. The space adjusts to the existing stock. There is no need to rent warehousing first. You only need to prepare a special space at home, such as a special cupboard or just a special suitcase.
6. Choose only quality goods
Even if you sell used goods, you should maintain the same high-quality of product as your brand. Select only good second-hand things. Take a good photo of it and describe it in detail. You will need a lot of light and background to make good photos. You can also use a sophisticated camera to take the photo.
7. Create the Right Price
You should know how to set the right price for every second-hand thing. You can learn about the prices both offline and online. The right price can help you survive your competitors.
You already understand the whole process of running the thrift shop. The last thing you should do is take action. Keep being consistent to find loyal consumers. Be friendly to them and give them the best service you can.
