Jewelry demands in Nigeria are not a fluke, as Nigeria loves to add a glowing look to their everyday fashion. So in this guide, we shall show you how to start a Jewelry business in Lagos.
To start a business is quite a hectic thing, especially if you are new at this. Capital is one of the essential things when starting any business.
This will vary depending on the type and size of the business. Here is a look at how to start a jewelry business in Lagos.
Table of Contents
How Much Capital Do I Need To Start A Jewelry Business
Deciding on the amount of jewelry you want to stock, the capital may vary. The startup capital may be from 500,000 Naira to 2,000,000 Naira.
The rent is also included in this, and due to the value of the items, you will be selling them safely to consider security either by installing CCTVs or employing guards.
Tips To Starting A Jewelry Business In Lagos
1. Select a niche that you will concentrate on.
2. Know your target market. You can also research to know what their needs are.
3. Develop a business plan that you will follow to the latter. Make sure to include your target market and the niche you will concentrate on.
4. Develop a marketing strategy to the point of marketing your business on social media platforms.
5. Choose a manufacturer from whom you will buy your jewelry at a friendly price.
6. Give your business a unique name.
7. Always be up to date with the latest prices and jewelry.
8. Know the challenges that other similar businesses face, what are their strengths and weaknesses.
9. Acquire all the necessary business permits and insurances for your business.
10. Rent a space near a mall or main road where the target market lies, and the place should be secure.
11. For jewelry, especially gold, it is better if you go for training to sharpen your skills.
12. Hire competent employees who will help you run your business.
Best Places To Set Up A Jewelry Business In Lagos
For the jewelry business, one must look for a place with good security and a target market.
One can consider setting up the business in the following places in Lagos:
- Along main roads
- Outside shopping malls
- Near recreational centers
- Near airports
- Near universities and colleges
Is The Jewelry Business Profitable
Everyone loves jewelry; they can be bought as gifts for birthdays, weddings, or even special friends and family.
This means that even when one cannot afford the jewelry, they will save up to buy it.
That renders the jewelry business profitable.
Finally, here is where we leave you on the road on how to start a Jewelry business in Nigeria.