In this post, we shall be schooling on the cost of starting a tailoring business. However, garment making is one of the most profitable business options available in Nigeria today.
The basis for this is that Nigeria’s population is rapidly increasing, and we are a fashionable community.
Nigerians are renowned for fashion and will attend many events per month. Once you can design and sew garments, you could be sitting in a gold mine.
Cost of Starting a Tailoring Business in Nigeria
The cost of starting a tailoring business in all ramifications finance is one of the most critical elements to consider before beginning a new business. It is nearly hard to start a new firm without financing.
Whenever you inquire about the cost of beginning a tailoring business in Nigeria, you are essentially inquiring about the amount of capital required. In this section, we’ll offer you an overview.
The cost of starting a tailoring business is determined by the level of operation desired. For instance, if you want to start as a small-scale tailor, you’ll need between N100,000 and N150,000 to get started.
You’ll require between N500,000 and N700,000 to start as a mid-scale tailor. You should expect to pay over N1 million for a large-scale tailor.
The basic tools and instruments needed to start a tailoring business in Nigeria are listed below:
- Shop: Between N40,000 and N250,000 depending on your location
- Sewing machine: Between N31,000 and N40,000 for manual machines, between N80,000 and N200,000 for electric machines
- Scissors: N300 – N500
- Measuring tape: N500 – N700
- Sewing machine needles: N2,000 – N3,000 per pack
- Thread (60 pieces mixed colors): N3,000 – N4,000
- Worktable: N5,000 – N15,000 depending on the size
- Generating set: N80,000 – N210,000
Depending on the size at which you operate, you may also require the following items:
- Overlook machines
- Weaving machines
- Embroidery machines
Note; apart from the cost of starting a tailoring business, you definitely want it to be prolific and profitable and there are other mechanisms attached to it. in the process of this article here in Glass Suite, we present you.
Ways to Start a Profitable / Prolific Tailoring Business in Nigeria
In order for your tailoring business to be successful in Nigeria, you must accomplish several things. We’ll go over a couple of them in this section to assist you.
Understand the ropes
Outfit-making is a trade that necessitates a high level of expertise. In fact, it’s one of those industries where you never stop learning.
This is due to the fact that fresh styles and novel stitching processes will always be available. You must first learn some talents before you can begin this business.
To do so, you’d need to go to an existing tailor and go through instructions. You can enroll in a fashion school and earn a credential if you have the financial means.
The quality of the training you receive will have a significant impact on how successful you are.
Some tailors prefer to specialize in a specific specialization, such as male or female clothing, children’s clothing, jerseys, and so on. Others aspire to be multi-talented.
We recommend that you learn as much as possible about everything before specializing based on the results of your feasibility study.
A Feasibility study and a business plan are required
Many tailors lack a business plan and have never conducted a feasibility study before launching their operations.
They simply fell in love with the concept and decided to pursue it. One of the reasons why some tailors would remain average is because of this.
Apart from the cost of starting a tailoring business, a feasibility analysis gives you an overview of the industry in which you wish to launch your company. It will inform you who your most important clientele is and what they expect from their tailors.
A feasibility study can also help you figure out where to buy supplies, how much equipment and instruments cost, and how to set your prices.
Not to be forgotten, a feasibility study identifies your competitors, what they’re up to, and how to outperform them in the market.
The findings of your feasibility study will aid you in developing a detailed business plan. Business plans serve as a road map for a company.
They also assist the business owner in obtaining funds and investors. If you’re unsure where you’ll get the money for your startup, start by drafting a business plan.
You can then submit it to affluent family members and friends, banks, and angel investors after you’ve finished composing it.
Another significant factor in determining how successful your tailoring business will be excluding the cost of starting a tailoring business is location.
The location you pick will be determined by your niche and how you wish to manage your company.
Find a good shop that fits your budget and meets all of the requirements listed below. When selecting a site, there are various aspects to consider. A few of them are:
- Possible expansion
- Accessibility to customers
- High human traffic
- Proximity to market
- Power supply
You and I know it is impossible to manage this firm without finance. It’s important to note that capital does not only refer to the physical cash used to make payments and purchases.
It also refers to the tools and instruments you’ll require, it’s possible that you won’t need to get everything. Some of the options for raising cash for this company include:
- From friends and family members
- Bank loans
- Government grants
Finally, here It is critical to publicize your company if you want it to succeed. Today, there are a variety of techniques to market a firm.
From traditional print to social media platforms like Instagram, Facebook, and YouTube, there’s something for everyone. Make use of as many avenues as possible to spread the word about your company.