Are you thinking of starting a bridal shop business in Nigeria or maybe you are thinking of starting a bridal accessories business in Nigeria? This article is for you. In this article, I am going to teach you how to start a bridal shop and accessories business in Nigeria, the capital needed to start. Whether you need a bridal accessories business plan, whether the business is profitable, and how to make profits from the business.
All these information are important because you cannot go into a business like this deformed so I tell you everything you need to know. In case you do not know the bridal accessories business is a lucrative business in Nigeria because everyone – I mean every Nigerian wants to get married one day. Wedding is inevitable and even if there are people that are not interested in getting married this percentage is very low – almost little to none.
So weddings are big deals to us here especially to Nigerian women who cannot wait to become brides to their grooms one day. This is why there is a large market and a huge demand for the bridal accessories business in Nigeria. And with the provision of the bridal shop and accessories women who want to get married can rent wedding gowns (wedding gown rental business) if they cannot buy new ones and they can also have a one-stop-shop as to where they can buy their bridal accessories.
With a bridal accessories shop in place, they do not need to stress looking for where to buy shoes, necklaces, wedding dresses, flowers, and more for their wedding day. They can buy all these in your bridal shop this is why I call this business a one-stop-shop for brides.
Is Bridal Accessories Business Profitable?
Bridal accessories business is a profitable business in Nigeria for three good reasons. The first reason why it is a profitable business is that every Nigerian lady needs wedding gowns and accessories for their wedding so they will always come to buy. The second reason why the bridal accessories business is a profitable business in Nigeria is that you can buy your bridal accessories at a particular price and sell double the price.
Asides from these, there are other businesses you can do alongside your bridal accessories business to increase your profits regularly. One of these businesses is the wedding gown rental business. Wedding gown rental business is where you can rent wedding gowns to want-to-be brides who cannot afford to buy new wedding dresses for their weddings.
Another reason why the wedding accessories business is also a lucrative business is because of how expensive Nigerian women want their weddings to be and when you ask why they are spending so much they will tell you because they have to look special besides they only wed once in a lifetime. Lastly, the bridal shop and accessories business is a lucrative business because the wedding industry in Nigeria alone is a billion naira industry.
This means no matter the people in this business there is still enough money to go round for everyone.
Top Bridal Accessories to Sell in Nigeria
Below are the top bridal accessories you can sell in Nigeria. These bridal accessories will always make women and brides-to-be visit your bridal shop all the time. These are:
1. Wedding gowns (new and for rent)
3. Bridal shoes
6. Bridesmaid gowns
7. Bouquet of flowers
How to Start a Bridal Accessories Business in Nigeria
How to start a bridal shop and accessories business in Nigeria.
1. Do your Market Survey
When it comes to starting a bridal shop and accessories business in Nigeria the first step is to do your market survey. Doing the market survey of this business is very important because you need to know if the bridal accessories business will thrive in the area you are in. Despite the fact that weddings are a necessity in Nigeria there are areas in Nigeria where weddings are not lucrative.
For example, a bridal accessories business will be more lucrative in cities like Abuja, Lagos, and Port-Harcourt than in areas like Ogun, Osun, and more. This is the reason why a market survey is very important in this business. It will make you know if your bridal accessories business will be a successful business or if the business will fail from the start.
Imagine you going into a jewelry business in a poor area, the jewelry business will fail because the customers of a jewelry business are the rich. Check out our guide on how to conduct a market survey for new or old business.
2. Write a Business Plan
A bridal accessories business plan is very important especially if you’re going into the business with huge capital. So you need to write a bridal accessories business plan just to make sure your bridal accessories business is safe from losses. Asides from this, your bridal accessories business plan will also inform you of different ways you can make profits in your bridal accessories business.
You can follow our guide on how to write a business plan in Nigeria. But if you are not experienced in writing business plans or you do not have time to write a detailed one, you can contact us via email@example.com to help you out. Our charges for this service are not outrageous.
3. Get Capital for Your Business
The capital needed to start a bridal accessories shop and accessories business depends on how much you have or how big you want to start. However, the capital needed to start a bridal accessories business in Nigeria is from N500,000 – N5,000,000.
You can use N500,000 – N2,000,000 to start on a small scale and you can use N3,000,000 – N5,000,000 to start on a large scale. Read our post on how to get funding for your business in Nigeria.
4. Rent and Furnish the Bridal Shop
After getting capital for your bridal shop and accessories business the next step for you should be renting a shop and furnishing it for the business except you want to start your bridal shop from home. When renting a shop for your bridal accessories business you have to put in mind the area you are renting a shop and the cost of rent in that area.
You cannot afford to spend too much on rent nor can you afford to rent a shop in a place where customers cannot easily locate you. If you are looking for a shop you have to look for a shop in an area where thousands of Nigerians pass daily and the cost of rent there is still pocket friendly – at least to an extent.
After getting this shop and paying your first rent you can now proceed to furnish the bridal shop to your taste. Most bridal shops are painted in white so you might consider painting yours too in white and after this buy and install shelves and shows glasses for display in the shop. You also needed other equipment like AC, white light, standing fan, and a generator for your bridal shop and accessories business.
5. Buy your Bridal Accessories
After furnishing your shop buy your bridal accessories and display them neatly in your shop. As for your first set of customers, you can convince your family and friends who want to get married to patronize you. You can also give small discounts to these people to attract them to your shop.
6. Making Profits from the Business
There are different ways you can increase sales which will in turn increase profits in your bridal accessories business. Some of these methods might cost you money and some of these will not cost you a dime.
A. Diversify your Bridal Accessories Business
Diversifying your bridal accessories business should be your first option if you want to increase profits fast. As I explained earlier, you can do wedding gown rental business but asides from this; you can also do normal dress rental business and more.
B. Advertise and Sell your Accessories
Another way you can increase profits in your bridal shop and accessories business is to advertise and sell your bridal accessories online. As we all know there are thousands of women and brides-to-be online that do not have the time to visit bridal shops physically. These women will joyfully buy from you online if they see your adverts.
C. Do Wedding Consulting Services
This is another method you can increase profits in your bridal accessories business in Nigeria. You can do wedding consulting for women who want to get wedded and do not know the colours that are perfect for them. You can also help them by suggesting gowns that will fit the bride-to-be.
You can do this service for free to attract more customers to your bridal shop or you can charge a token fee for this. It depends on you.
Bridal shop and accessories business is a lucrative business in Nigeria if you are established in the right location in Nigeria and you make use of your online presence. As time goes by in the bridal accessories business you will also start gaining recognition if you know how to give the best to your customers.