The okirika business grew rapidly in the 1980s and 1990s, as the economic crisis and the structural adjustment program made new clothes more expensive and scarce. The okirika business also benefited from the liberalization of trade and the availability of cheap transportation and communication. Today, the okirika business is a multi-billion naira industry, with millions of Nigerians involved in the importation, distribution, and retailing of the used clothes. The okirika business also has a significant social and cultural impact, as it influences the dressing styles, tastes, and identities of many Nigerians.
How to start a profitable "Okirika'' Business
Okirika's business is the trade of used clothing, such as clothes, shoes, and bags. It is a popular and profitable business in Nigeria, as many people prefer to buy affordable and quality second-hand clothes from Europe and America.
To start a profitable okirika business in Nigeria, you need to follow some steps, such as:
Learn the Okrika trade
You need to understand the different grades, categories, and prices of okrika bales, which are bundles of used clothes wrapped together. You also need to know the best sources, suppliers, and markets for okrika bales in Nigeria.
Get a location
You need to find a suitable place to sell your okrika clothes, such as a roadside, an open market, a shop, or an online platforms. You need to consider the accessibility, visibility, and security of your location, as well as the demand and competition in the area.
Choose the category of Okrika bale to deal on
You need to decide what type of okrika clothes you want to sell, such as men's, women's, children's, shoes, bags, etc. You need to consider the preferences, tastes, and needs of your target customers, as well as the availability and profitability of the category.
Decide on where to buy Okrika bale from
You need to find a reliable and trustworthy dealer or supplier of okrika bales, either locally or internationally. You need to compare the quality, quantity, and price of the bales, and negotiate for the best deal. You also need to factor in the cost of transportation, clearing, and taxes.
Determine how much to sell each wear
You need to set a reasonable and competitive price for each okrika item, based on the grade, quality, and demand of the item. You need to consider your cost of purchase, overhead expenses, and profit margin. You also need to be flexible and willing to bargain with your customers.
Advertise/promote your okrika business
You need to create awareness and attract customers to your okrika business, using various methods, such as word-of-mouth, flyers, banners, social media, online platforms, etc. You need to highlight the benefits, features, and uniqueness of your okrika products, and offer incentives, discounts, and bonuses to your customers.
Maintain good sales record
You need to keep track of your sales, expenses, and profits, using a simple bookkeeping system, such as a ledger, a spreadsheet, or an app. You need to monitor your cash flow, inventory, and customer feedback, and make adjustments as necessary. You also need to pay your taxes, bills, and dues on time.
Source: https://hubforjobs.com/how-to-start-a-profitable-okirika'-business